吉利并购沃尔沃的协同效应研究

发布时间：2018-05-19 03:01

本文选题：企业并购 + 协同效应　；参考：《兰州大学》2016年硕士论文

【摘要】：企业间的并购是个高收益同时具有高风险的活动,而跨国并购则风险程度更高,复杂程度也更高。跨国间的兼并与收购作为企业对外投资的一种方式,对企业规模的扩大具有重要的推动作用,相对于在国外投资建设厂房,跨国兼并与收购可以在短时间内整合全球的优势资源,提升自己的行业地位和产品竞争力。每年全球都有大量的并购活动发生,但是真正并购成功且实现企业预期并购目标的企业却不多。大量的企业并购的例子表明,许多企业在并购后的收益都未超过并购时付出的对价。目前我国正处于一个并购的活跃期,企业间并购的规模和数量一直在不断扩大,但是我国企业的并购失败率也比较高,如TCL收购汤姆逊就以失败而告终。相反的例子,如联想在2004年收购了IBM旗下的电脑品牌Thinkpad,以及吉利在2010年并购沃尔沃汽车都是成功的并购案例。这两个案例的成功很大一部分来自于收购后的重新整合,使得企业在收购后保持越发地高效有序的运转。本文就将从企业的经营协同效应,财务协同效应,管理协同效应以及无形资产协同效应这四个方面来分析研究吉利并购沃尔沃这一案例,试图探究吉利并购沃尔沃的协同效应成果。本文研究的是吉利并购沃尔沃的协同效应,以吉利并购沃尔沃为分析案例,采用的是案例研究法。第一章是绪论,主要介绍了本文的研究背景、研究意义、研究内容、研究思路与研究方法。第二章则详细介绍了吉利并购沃尔沃的案例,先对吉利和沃尔沃公司进行了概述、然后介绍了并购的背景、并购的过程、以及吉利并购沃尔沃的动因。第三章则对吉利并购沃尔沃案例的并购协同效应进行分析,分别从经营协同效应、管理协同效应、财务协同效应和无形资产协同效应这四个方面展开分析。结合吉利并购沃尔沃前两年以及并购后五年,总共八年的财务数据和财务指标来进行分析研究。第四章是研究结论及建议,总结了吉利并购沃尔沃的协同效应的分析结果,以及从中得出的一些建议。
[Abstract]:M & A between enterprises is a high profit and high risk activity, while transnational M & A is more risky and more complex. Cross-border mergers and acquisitions, as a way for enterprises to invest abroad, play an important role in promoting the expansion of enterprises' scale, as opposed to investing in the construction of factories abroad. Cross-border mergers and acquisitions can integrate global advantage resources in a short period of time to enhance their position in the industry and product competitiveness. There are a lot of M & A activities in the world every year, but few of them are successful and realize the target of M & A. A large number of M & A examples show that many companies in the M & A after the earnings are not more than the price of the merger. At present, our country is in an active period of M & A, and the scale and quantity of M & A between enterprises are constantly expanding, but the failure rate of M & A of Chinese enterprises is also relatively high, such as the failure of TCL acquisition of Thomson. In contrast, Lenovo's 2004 acquisition of IBM's Thinkpad computer brand and Geely's 2010 acquisition of Volvo Motor were all examples of successful acquisitions. A large part of the success of these two cases is due to the acquisition of the re-integration, so that the enterprise after the acquisition to maintain a more efficient and orderly operation. This paper will analyze and study the case of Geely's merger and acquisition of Volvo from four aspects: business synergy, financial synergy, management synergy and intangible asset synergy. This paper attempts to explore the synergy of Geely's acquisition of Volvo. This paper studies the synergetic effect of Geely's merger and acquisition of Volvo, taking Geely's merger and acquisition of Volvo as an analysis case and adopting a case study method. The first chapter is the introduction, mainly introduces the research background, research significance, research content, research ideas and research methods. The second chapter introduces the case of Geely's merger and acquisition of Volvo in detail, first summarizes Geely and Volvo Company, then introduces the background of M & A, the process of M & A, and the motivation of Geely's merger and acquisition of Volvo. The third chapter analyzes the synergetic effect of Geely's merger and acquisition of Volvo from four aspects: management synergy, financial synergy and intangible asset synergy. Combined with Geely's financial data and indicators for the first two years and five years after the acquisition of Volvo. The fourth chapter is the conclusion and suggestion of the research, summarizes the analysis result of the synergy effect of Geely's merger and acquisition of Volvo, and some suggestions from it.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271;F426.471

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