【摘要】：近幾年來,國內(nèi)企業(yè)自身的發(fā)展及國內(nèi)經(jīng)濟(jì)發(fā)展的放緩使得它們開始向海外擴(kuò)張。從2004年到2015年,中國跨境交易金額增加了十倍。2016年上半年,民營企業(yè)海外并購的金額也首次超越了國有企業(yè),成為中國海外并購的主力。然而并購后整合活動卻是中國企業(yè)并購最為突出的問題,大部分企業(yè)把并購當(dāng)作目的,往往忽視了并購之后的整合工作,以至于無法形成協(xié)同效應(yīng),發(fā)揮種種資源優(yōu)勢。而并購整合的考慮層面不僅涉及到財(cái)務(wù)與股價(jià),從大的范圍上更應(yīng)該考慮并購對企業(yè)長期發(fā)展?jié)摿?甚至對企業(yè)外部顧客、社會的影響,所以需要綜合地衡量并購整合效應(yīng)。為深入研究并購后整合及整合績效問題,本文以吉利公司并購沃爾沃汽車為對象,從財(cái)務(wù)整合過程、財(cái)務(wù)績效指標(biāo)、銷售業(yè)績等諸多方面,采用文獻(xiàn)研究法、個(gè)案研究法、數(shù)量研究法對整合及績效問題進(jìn)行分析。文中首先對并購整合問題的文獻(xiàn)進(jìn)行綜述,然后對于吉利并購沃爾沃整合活動中的財(cái)務(wù)整合過程等進(jìn)行分析,再通過對吉利并購沃爾沃前后幾年財(cái)務(wù)指標(biāo)與銷售業(yè)績的變化進(jìn)行分析,闡述吉利的并購整合活動的得與失。海外并購整合活動最為困難的部分是企業(yè)文化的整合,中國企業(yè)跨國并購失敗的案例多在于文化的融合失敗,為此國內(nèi)企業(yè)在進(jìn)行海外并購的時(shí)候一定需要著重注意這一方面。在本文的研究中,財(cái)務(wù)指標(biāo)主要側(cè)重于企業(yè)盈利能力與營運(yùn)能力兩大維度,銷售業(yè)績則分為吉利自有品牌的銷售及沃爾沃品牌的銷售,同時(shí)本文還運(yùn)用了主成分分析法對財(cái)務(wù)指標(biāo)進(jìn)行綜合分析。通過上述研究分析,本文從短期效果及長期效應(yīng)兩個(gè)角度得出了結(jié)論與建議。從短期效果來看,吉利對于沃爾沃的并購整合卓有成效。雖然在這一過程中困難重重,也有著管理決策的失誤,但最終吉利還是獲得了市場的好評及豐厚的利潤回報(bào)。企業(yè)也需要根據(jù)自身的實(shí)際情況做好并購的戰(zhàn)略準(zhǔn)備工作,選定合適的并購對象,并制訂完善的并購整合工作計(jì)劃。從長期效應(yīng)來看,吉利對于沃爾沃的并購整合還在進(jìn)行中,甚至只處于前半階段。海外并購的平穩(wěn)整合是一項(xiàng)長期的工作,無論是從管理理念還是企業(yè)文化上,并購方和被并購方都需要一個(gè)很長的時(shí)間進(jìn)行磨合,同時(shí)整合雙方的資源為企業(yè)和社會創(chuàng)造價(jià)值和財(cái)富。
[Abstract]:In recent years, domestic companies have begun to expand overseas because of their own growth and slowing domestic economic growth. The amount of cross-border deals in China increased tenfold between 2004 and 2015. For the first time in the first half of 2016, private companies overtook state-owned enterprises to become the main force of overseas mergers and acquisitions in China. However, the post-merger integration is the most prominent problem in Chinese M & A. Most enterprises regard M & A as the purpose, and often ignore the integration work after M & A, so that they can not form a synergy effect and play a variety of resource advantages. The consideration level of M & A integration involves not only finance and stock price, but also the impact of M & A on the long-term development potential of enterprises, even on external customers and society, so it is necessary to comprehensively measure the effect of M & A integration. In order to deeply study the problem of integration and integration performance after M & A, this paper takes Geely Corporation M & A Volvo car as the object, from the aspects of financial integration process, financial performance index, sales performance and so on, adopts literature research method, case study method, etc. Quantitative analysis of integration and performance issues. This paper first reviews the literature on merger and acquisition integration, and then analyzes the financial integration process of Geely's merger and acquisition of Volvo. Through the analysis of the changes of financial index and sales performance before and after Geely's merger and acquisition of Volvo, this paper expounds the gains and losses of Geely's merger and integration activities. The most difficult part of overseas M & A integration is the integration of corporate culture. The failure of cross-border M & A of Chinese enterprises lies in the failure of cultural integration. Therefore, domestic enterprises must pay attention to this aspect when undertaking overseas mergers and acquisitions. In this paper, the financial indicators mainly focus on the two dimensions of corporate profitability and operational ability, sales performance is divided into Geely's own brand sales and Volvo brand sales. At the same time, this paper also uses the principal component analysis method to analyze the financial index synthetically. Through the above research and analysis, this paper draws conclusions and suggestions from two aspects: short-term effect and long-term effect. From the short-term effect, Geely for Volvo merger and acquisition integration is fruitful. Despite the difficulties in this process, there are also management decisions, but ultimately Geely won the market praise and rich profit returns. Enterprises also need to do a good job according to their own actual situation of M & A strategic preparation, select the appropriate M & A object, and formulate a sound M & A integration work plan. In the long run, Geely's merger and acquisition of Volvo is still in progress, even in the first half. The smooth integration of overseas mergers and acquisitions is a long-term work, whether from the management concept or corporate culture, the merger and acquisition parties need a long time to run in. At the same time, the integration of both sides of the resources for enterprises and society to create value and wealth.
【學(xué)位授予單位】：電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.471

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