上汽與吉利跨國(guó)并購(gòu)案例對(duì)比分析
發(fā)布時(shí)間：2018-07-24 14:18
【摘要】：在經(jīng)濟(jì)全球化背景下，企業(yè)之間競(jìng)爭(zhēng)愈加激烈，越來(lái)越多的大中型企業(yè)用跨國(guó)并購(gòu)來(lái)實(shí)現(xiàn)其戰(zhàn)略目標(biāo)。1990年以來(lái)，在多重因素如全球產(chǎn)業(yè)升級(jí)、結(jié)構(gòu)調(diào)整、放松管制及一體化浪潮等的推動(dòng)下，跨國(guó)并購(gòu)的規(guī)模和數(shù)量在世界范圍內(nèi)迅速膨脹。中國(guó)企業(yè)也逐漸積極參與跨國(guó)并購(gòu)，它已經(jīng)成為我國(guó)對(duì)外直接投資的重要方式，這是國(guó)內(nèi)企業(yè)實(shí)力不斷壯大和世界各國(guó)市場(chǎng)開放程度加深的必然結(jié)果。通過(guò)并購(gòu)獲得國(guó)內(nèi)稀缺的關(guān)鍵資源和技術(shù)，以最快的速度壯大自己，實(shí)現(xiàn)企業(yè)擴(kuò)張。 雖然并購(gòu)重組勢(shì)頭迅猛，案例頻發(fā)，但并購(gòu)后整合成功的卻很少，大部分企業(yè)財(cái)務(wù)表現(xiàn)和業(yè)務(wù)表現(xiàn)平平，沒(méi)有獲得預(yù)期并購(gòu)目的。出色的文化整合，在整個(gè)并購(gòu)及整合過(guò)程中占有重要地位，，是并購(gòu)成功的關(guān)鍵因素。而多數(shù)企業(yè)的并購(gòu)失敗，大多是由文化整合的失敗引起的。中國(guó)獨(dú)特的文化與西方文化具有鮮明的反差，這就給中國(guó)企業(yè)在跨國(guó)并購(gòu)整合過(guò)程中尤其是文化整合上帶來(lái)了嚴(yán)峻的挑戰(zhàn)。不僅如此，中國(guó)企業(yè)在跨國(guó)并購(gòu)領(lǐng)域還屬于摸索階段，缺乏具有市場(chǎng)意義的并購(gòu)經(jīng)驗(yàn)和方法，在一段時(shí)間內(nèi)中國(guó)企業(yè)在并購(gòu)整合的路上將經(jīng)歷一個(gè)艱難的歷程。 “走出上海，走向國(guó)際化”，一直是上汽的戰(zhàn)略構(gòu)想。為此，上汽近年來(lái)做出了諸多努力，最具標(biāo)志性的就是2004年，收購(gòu)韓國(guó)雙龍汽車公司，成為國(guó)內(nèi)汽車企業(yè)跨國(guó)并購(gòu)的第一例。上汽雖然在并購(gòu)后整合過(guò)程中采取了一系列措施，但終究未能改變并購(gòu)失敗的命運(yùn)，上汽在并購(gòu)及整合過(guò)程中的教訓(xùn)，給中國(guó)企業(yè)進(jìn)行跨國(guó)并購(gòu)帶來(lái)了警示。 而作為民營(yíng)企業(yè)的吉利集團(tuán)，以18億美元收購(gòu)了具有悠久歷史的沃爾沃，完成了被稱為“蛇吞象”的跨國(guó)并購(gòu)，但這只是吉利整個(gè)并購(gòu)計(jì)劃中的一小步。吉利的并購(gòu)工作從12年前關(guān)注沃爾沃開始，至今從未停止過(guò)。吉利近年來(lái)的業(yè)績(jī)表現(xiàn)足以說(shuō)明其并購(gòu)及整合工作的出色，值得中國(guó)企業(yè)借鑒。 本文包涵五個(gè)部分，以緒論開篇，闡明了選題背景及文章對(duì)我國(guó)企業(yè)進(jìn)行跨國(guó)并購(gòu)的現(xiàn)實(shí)意義，在文獻(xiàn)綜述部分介紹了國(guó)內(nèi)外學(xué)者對(duì)于跨國(guó)并購(gòu)及并購(gòu)后整合的相關(guān)文獻(xiàn)，最后闡述了本文的主要?jiǎng)?chuàng)新點(diǎn)。 第二部分分別介紹了上海汽車集團(tuán)和吉利汽車集團(tuán)的基本情況，并分析闡述了兩個(gè)企業(yè)的收購(gòu)動(dòng)因。第三部分主要?dú)w納了上汽與吉利的并購(gòu)過(guò)程和整合過(guò)程。第四部分主要從財(cái)務(wù)指標(biāo)、人力資本整合效應(yīng)以及組織文化整合效應(yīng)三方面對(duì)比分析了上汽與吉利的整合績(jī)效。 第五部分討論了上汽與吉利并購(gòu)案例對(duì)我國(guó)企業(yè)進(jìn)行跨國(guó)并購(gòu)的啟示，提出跨國(guó)并購(gòu)及整合過(guò)程中應(yīng)著重關(guān)注的問(wèn)題，具有現(xiàn)實(shí)意義。
[Abstract]:Under the background of economic globalization, competition among enterprises is becoming more and more intense. More and more large and medium-sized enterprises use cross-border mergers and acquisitions to achieve their strategic objectives. Driven by the wave of deregulation and integration, the scale and quantity of cross-border mergers and acquisitions are expanding rapidly in the world. Chinese enterprises gradually participate in transnational mergers and acquisitions, which has become an important way of China's foreign direct investment, which is the inevitable result of the growing strength of domestic enterprises and the deepening of the opening degree of the world market. Acquires the domestic scarce key resources and the technology through the merger and acquisition, strengthens oneself with the fastest speed, realizes the enterprise expansion. Although M & A has a rapid momentum and frequent cases, the successful integration after M & A is very few, and most of the enterprises' financial performance and business performance are mediocre, and they do not get the expected purpose of M & A. Outstanding cultural integration plays an important role in the process of M & A and integration, and is the key factor of M & A success. Most M & A failures are caused by the failure of cultural integration. Chinese unique culture is in sharp contrast with western culture, which brings severe challenges to Chinese enterprises in the process of transnational merger and acquisition integration, especially in the process of cultural integration. Not only that, Chinese enterprises in the field of cross-border M & A is still a groping stage, lack of market significance of M & A experience and methods, in a period of time, Chinese enterprises will experience a difficult process in the road of M & A integration. "out of Shanghai, towards internationalization", has been SAIC's strategic concept. For this reason, SAIC has made many efforts in recent years, the most iconic of which is the purchase of Korea Ssangyong Automobile Company in 2004, which became the first case of cross-border merger and acquisition of domestic automobile enterprises. Although SAIC has taken a series of measures in the process of merger and acquisition integration, it has failed to change the fate of merger and acquisition failure. The lessons of SAIC in the process of M & A and integration have brought warning to Chinese enterprises in cross-border M & A. Geely Group, a private company, bought Volvo for $1.8 billion, completing what it calls a "snake swallowing" cross-border merger and acquisition, but it was only a small step in Geely's overall merger and acquisition plan. Geely's merger and acquisition work began 12 years ago, focusing on Volvo, and has never stopped. Geely's performance in recent years is a good example of its M & A and consolidation efforts and is worth learning from Chinese companies. This paper includes five parts, with the introduction, it clarifies the background of the topic and the realistic significance of the article to the transnational M & A of Chinese enterprises. In the part of literature review, it introduces the relevant literature of the scholars at home and abroad on cross-border M & A and its post-merger integration. Finally, the main innovation points of this paper are expounded. The second part introduces the basic situation of Shanghai Automobile Group and Geely Automobile Group respectively, and analyzes the motivation of the two enterprises. The third part mainly summarizes the merger and acquisition process and integration process between SAIC and Geely. The fourth part mainly analyzes the integration performance of SAIC and Geely from three aspects: financial index, human capital integration effect and organizational culture integration effect. The fifth part discusses the inspiration of SAIC and Geely M & A cases to the transnational M & A of Chinese enterprises, and puts forward the problems that should be paid attention to in the process of cross-border M & A and integration, which is of practical significance.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.471;F271
本文編號(hào)：2141643
[Abstract]:Under the background of economic globalization, competition among enterprises is becoming more and more intense. More and more large and medium-sized enterprises use cross-border mergers and acquisitions to achieve their strategic objectives. Driven by the wave of deregulation and integration, the scale and quantity of cross-border mergers and acquisitions are expanding rapidly in the world. Chinese enterprises gradually participate in transnational mergers and acquisitions, which has become an important way of China's foreign direct investment, which is the inevitable result of the growing strength of domestic enterprises and the deepening of the opening degree of the world market. Acquires the domestic scarce key resources and the technology through the merger and acquisition, strengthens oneself with the fastest speed, realizes the enterprise expansion. Although M & A has a rapid momentum and frequent cases, the successful integration after M & A is very few, and most of the enterprises' financial performance and business performance are mediocre, and they do not get the expected purpose of M & A. Outstanding cultural integration plays an important role in the process of M & A and integration, and is the key factor of M & A success. Most M & A failures are caused by the failure of cultural integration. Chinese unique culture is in sharp contrast with western culture, which brings severe challenges to Chinese enterprises in the process of transnational merger and acquisition integration, especially in the process of cultural integration. Not only that, Chinese enterprises in the field of cross-border M & A is still a groping stage, lack of market significance of M & A experience and methods, in a period of time, Chinese enterprises will experience a difficult process in the road of M & A integration. "out of Shanghai, towards internationalization", has been SAIC's strategic concept. For this reason, SAIC has made many efforts in recent years, the most iconic of which is the purchase of Korea Ssangyong Automobile Company in 2004, which became the first case of cross-border merger and acquisition of domestic automobile enterprises. Although SAIC has taken a series of measures in the process of merger and acquisition integration, it has failed to change the fate of merger and acquisition failure. The lessons of SAIC in the process of M & A and integration have brought warning to Chinese enterprises in cross-border M & A. Geely Group, a private company, bought Volvo for $1.8 billion, completing what it calls a "snake swallowing" cross-border merger and acquisition, but it was only a small step in Geely's overall merger and acquisition plan. Geely's merger and acquisition work began 12 years ago, focusing on Volvo, and has never stopped. Geely's performance in recent years is a good example of its M & A and consolidation efforts and is worth learning from Chinese companies. This paper includes five parts, with the introduction, it clarifies the background of the topic and the realistic significance of the article to the transnational M & A of Chinese enterprises. In the part of literature review, it introduces the relevant literature of the scholars at home and abroad on cross-border M & A and its post-merger integration. Finally, the main innovation points of this paper are expounded. The second part introduces the basic situation of Shanghai Automobile Group and Geely Automobile Group respectively, and analyzes the motivation of the two enterprises. The third part mainly summarizes the merger and acquisition process and integration process between SAIC and Geely. The fourth part mainly analyzes the integration performance of SAIC and Geely from three aspects: financial index, human capital integration effect and organizational culture integration effect. The fifth part discusses the inspiration of SAIC and Geely M & A cases to the transnational M & A of Chinese enterprises, and puts forward the problems that should be paid attention to in the process of cross-border M & A and integration, which is of practical significance.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.471;F271
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