本文關(guān)鍵詞： 跨國(guó)并購(gòu) 績(jī)效分析 并購(gòu)整合　出處：《湖南大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)全球化不斷深化，世界市場(chǎng)的競(jìng)爭(zhēng)者越來(lái)越多，企業(yè)面臨著更大的生存壓力和挑戰(zhàn)�？鐕�(guó)并購(gòu)可以在相對(duì)較短的時(shí)間內(nèi)實(shí)現(xiàn)資源的優(yōu)化配置，幫助企業(yè)積累更多的財(cái)富，有效提升企業(yè)的國(guó)際競(jìng)爭(zhēng)力，因而成為許多企業(yè)實(shí)施國(guó)際化戰(zhàn)略部署的關(guān)鍵決策之一。我國(guó)企業(yè)于20世紀(jì)80年代開(kāi)始了跨國(guó)并購(gòu)的探索。近年來(lái)，隨著國(guó)家經(jīng)濟(jì)體制改革，尤其是貿(mào)易領(lǐng)域和金融領(lǐng)域的進(jìn)一步對(duì)外開(kāi)放，我國(guó)企業(yè)跨國(guó)并購(gòu)的數(shù)量和金額不斷增長(zhǎng)。然而，，由于缺少跨國(guó)并購(gòu)相關(guān)經(jīng)驗(yàn)，對(duì)國(guó)際市場(chǎng)了解不充分，導(dǎo)致目前大多數(shù)蛇吞象式的跨國(guó)并購(gòu)以失敗告終。如何評(píng)價(jià)我國(guó)企業(yè)跨國(guó)并購(gòu)的績(jī)效，影響企業(yè)跨國(guó)并購(gòu)績(jī)效的因素是什么，這些因素是如何影響企業(yè)跨國(guó)并購(gòu)績(jī)效的，如何使得我國(guó)企業(yè)在未來(lái)的跨國(guó)并購(gòu)中獲得成功，是本文研究的重點(diǎn)。 本文首先對(duì)關(guān)于企業(yè)跨國(guó)并購(gòu)績(jī)效的國(guó)內(nèi)外文獻(xiàn)做了整理，總結(jié)了企業(yè)并購(gòu)的動(dòng)因，跨國(guó)并購(gòu)對(duì)企業(yè)經(jīng)營(yíng)績(jī)效影響和企業(yè)跨國(guó)并購(gòu)績(jī)效評(píng)價(jià)方法。然后對(duì)企業(yè)跨國(guó)并購(gòu)績(jī)效的相關(guān)經(jīng)濟(jì)學(xué)原理進(jìn)行了機(jī)理分析，從并購(gòu)績(jī)效的概念出發(fā)，闡述了并購(gòu)動(dòng)因分析對(duì)研究并購(gòu)績(jī)效的作用，以及跨國(guó)并購(gòu)績(jī)效效應(yīng)分析。運(yùn)用財(cái)務(wù)分析法、主成分分析法和非財(cái)務(wù)分析法構(gòu)建了企業(yè)跨國(guó)并購(gòu)績(jī)效評(píng)價(jià)體系，分別從長(zhǎng)期績(jī)效和短期績(jī)效角度，利用聯(lián)想集團(tuán)歷年財(cái)務(wù)報(bào)表數(shù)據(jù)進(jìn)行橫向比較，同時(shí)以《企業(yè)績(jī)效標(biāo)準(zhǔn)值》為參照進(jìn)行了縱向比較。在通過(guò)對(duì)聯(lián)想并購(gòu)IBM PC業(yè)務(wù)的分析后可以看出，從財(cái)務(wù)角度看，無(wú)論是基于單個(gè)財(cái)務(wù)指標(biāo)的比較分析，還是從實(shí)證分析得出的綜合績(jī)效得分，聯(lián)想集團(tuán)的短期績(jī)效較為良好，長(zhǎng)期績(jī)效并不是很理想。尤其是其償債能力比較差，這對(duì)于企業(yè)未來(lái)的發(fā)展會(huì)造成很大的負(fù)擔(dān)。從非財(cái)務(wù)績(jī)效角度看，聯(lián)想集團(tuán)的并購(gòu)績(jī)效還是比較令人滿意的。這也說(shuō)明了從財(cái)務(wù)角度和非財(cái)務(wù)角度綜合評(píng)估績(jī)效的現(xiàn)實(shí)意義。在分析企業(yè)并購(gòu)績(jī)效的影響因素時(shí)要綜合考慮宏觀因素和微觀因素，尤其關(guān)注于跨文化管理整合上。最后，通過(guò)分析聯(lián)想集團(tuán)并購(gòu)前后的經(jīng)驗(yàn)和教訓(xùn)，并結(jié)合我國(guó)企業(yè)的特性，分別從企業(yè)角度和政府角度對(duì)我國(guó)企業(yè)未來(lái)跨國(guó)并購(gòu)提出政策性建議，以提高我國(guó)企業(yè)在未來(lái)的跨國(guó)并購(gòu)行為中的并購(gòu)績(jī)效。
[Abstract]:With the deepening of economic globalization, more and more competitors in the world market, enterprises are facing greater pressure and challenges. Cross-border mergers and acquisitions can achieve the optimal allocation of resources in a relatively short period of time. To help enterprises accumulate more wealth and effectively enhance their international competitiveness, it has become one of the key decisions for many enterprises to implement international strategic deployment. In 1980s, Chinese enterprises began to explore cross-border mergers and acquisitions. With the reform of national economic system, especially the further opening to the outside world in the field of trade and finance, the number and amount of transnational M & A of Chinese enterprises are increasing. However, due to the lack of relevant experience in cross-border mergers and acquisitions, The inadequate understanding of the international market has led to the failure of most of the current cross-border mergers and acquisitions. How to evaluate the performance of transnational mergers and acquisitions in China and what are the factors that affect the performance of transnational mergers and acquisitions? How these factors affect the performance of transnational M & A and how to make our enterprises succeed in future cross-border M & A is the focus of this paper. In this paper, first of all, the domestic and foreign literature on the performance of cross-border M & A is summarized, and the motivation of M & A is summarized. The paper analyzes the mechanism of the economic principle of transnational M & A performance, starting from the concept of M & A performance. This paper expounds the effect of M & A motivation analysis on the performance of M & A, and analyses the effect of M & A performance, and constructs the performance evaluation system of transnational M & A by means of financial analysis, principal component analysis and non-financial analysis. From the point of view of long-term performance and short-term performance respectively, using the financial statement data of Lenovo Group over the years to carry on the horizontal comparison, At the same time, the vertical comparison is carried out with reference to the Standard value of Enterprise performance. Through the analysis of Lenovo's acquisition of IBM PC business, we can see that, from the financial point of view, whether based on a single financial index, the comparative analysis, Or from the empirical analysis of the comprehensive performance score, Lenovo Group's short-term performance is better, long-term performance is not very ideal, especially its poor solvency, This will create a great burden on the future development of enterprises. From the perspective of non-financial performance, The M & A performance of Lenovo Group is still satisfactory, which also shows the practical significance of synthetically evaluating performance from the financial and non-financial angles. When analyzing the influencing factors of corporate M & A performance, we should consider both macro and micro factors. Finally, by analyzing the experiences and lessons of Lenovo Group before and after M & A, and combining the characteristics of Chinese enterprises, we pay special attention to the integration of cross-cultural management. In order to improve the M & A performance of Chinese enterprises in the future, policy suggestions are put forward from the angle of enterprise and government respectively.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.671;F271

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