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  本文關鍵詞：液化空氣集團戰(zhàn)略并購Airgas案例研究　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 戰(zhàn)略 并購 動因 整合 協(xié)同效應

【摘要】：戰(zhàn)略并購,是指并購企業(yè)和目標企業(yè)以各自核心競爭優(yōu)勢為基礎,通過并購后對雙方資源進行優(yōu)化配置和整合,在適度范圍內強化主營業(yè)務,從而達到協(xié)同效應和資源互補效應,以產(chǎn)生新增價值的目的。在全球經(jīng)濟放緩的背景下,一些大公司難以通過內生性增長提高收益,轉而以戰(zhàn)略并購的形式擴展自身的市場份額,提高市場競爭力,實現(xiàn)可持續(xù)性的發(fā)展。但過去的多項研究結果都清晰的表明,并購的失敗率遠高于成功率。在2015年全球企業(yè)并購交易總額創(chuàng)出年度新高的潮流下,世界工業(yè)氣體巨頭法國液化空氣集團宣布了對美國工業(yè)氣體公司Airgas的并購,此舉將使液化空氣集團迅速拓展美國市場,同時成為全球最大的工業(yè)氣體供應商,改變了世界工業(yè)氣體行業(yè)的競爭格局。本文以液化空氣集團并購Airgas案例為研究對象,結合全球經(jīng)濟及工業(yè)氣體行業(yè)發(fā)展趨勢,利用現(xiàn)有企業(yè)戰(zhàn)略管理、戰(zhàn)略并購、并購動因分析和并購整合等理論,采用案例分析、比較分析、SWOT和CAGE模型等分析方法,探索液化空氣集團實施該項并購的動因,分析其并購后采取的整合措施,以及所取得的財務及市場效果,目的是發(fā)現(xiàn)并購背后的邏輯,找出其中值得借鑒之處,為其他企業(yè)實施戰(zhàn)略并購提供參考和指導,提高企業(yè)并購的成功率。通過案例研究發(fā)現(xiàn),企業(yè)如果想通過并購實現(xiàn)公司的快速發(fā)展,提高市場競爭力,就需要根據(jù)外部環(huán)境的變化趨勢和企業(yè)內部優(yōu)勢制定出正確的并購戰(zhàn)略,選定優(yōu)勢互補、協(xié)同潛能大的并購目標,采取積極合理的整合措施,特別要注重企業(yè)文化的整合,在整合過程中要給予目標企業(yè)及員工充分的尊重,并積極吸取和學習目標企業(yè)的優(yōu)勢,使并購雙方的協(xié)同潛能發(fā)揮出來,從而達到最初的并購目的。
[Abstract]:Strategic M & A refers to M & A enterprises and target enterprises based on their respective core competitive advantages through the optimal allocation and integration of the resources of both sides after M & A to strengthen the main business within a moderate scope. In the context of global economic slowdown, some large companies are difficult to improve their earnings through endogenous growth. In the form of strategic mergers and acquisitions to expand their market share, improve market competitiveness, achieve sustainable development. But the past research results are clear. The failure rate of M & A is far higher than the success rate. In 2015, the global M & A volume reached an annual high. Air Liquide, the world's industrial gas giant, has announced a takeover of US industrial gas company Airgas in a move that will allow Air Liquide to expand rapidly in the United States. At the same time become the world's largest industrial gas suppliers, changed the world industrial gas industry competition pattern. This paper takes the case of Airgas acquisition by Air Liquide Group as the research object. Combined with the global economic and industrial gas industry development trends, using the existing enterprise strategic management, strategic M & A, M & A motivation analysis and M & A integration theory, using case analysis, comparative analysis. The SWOT and CAGE models are used to explore the motivation of the merger, the integration measures and the financial and market results obtained by Air Liquide Group. The purpose is to find out the logic behind M & A, to find out what it is worth using for reference, to provide reference and guidance for other enterprises to implement strategic M & A, and to improve the success rate of M & A. If enterprises want to achieve rapid development and improve market competitiveness through mergers and acquisitions, it is necessary to formulate the correct M & A strategy according to the changing trend of external environment and the internal advantages of enterprises, and to select complementary advantages. We should take positive and reasonable integration measures, especially pay attention to the integration of corporate culture, and give full respect to the target enterprises and employees in the process of integration. And actively absorb and learn the advantages of target enterprises, so that both sides of M & A synergy potential to play out, so as to achieve the initial goal of mergers and acquisitions.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F416.7

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