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1、摘 要并购是企业进入更广阔业务范围与市场领域,进行快速扩张的一种重要发展战略。企业并购的主要动机是谋求协同效应,即获取“1+1 2”的效果。它是我国转换企业经营机制,调整经济结构、产业结构,使我国国有企业走出困境的必然选择。但是,我国企业并购成功的案例不超过20%。究其原因主要在于两方面:一是交易缺口(Transaction Gap);二是转化缺口(Transition Gap)。如何有效解决这两个缺口,是每一个并购管理者都不得不考虑的问题。并购企业应根据其具体情况和条件选择恰当的并购模式、方法对目标企业进行选择、定价和整合,并不断完善和创新,才能使并购双方协同运作,不断增强企业的核心能力,从
2、而达到并购的目的。 本文在较系统地阐述公司并购有关理论的基础上,结合运用定量计算和定性分析两种方法,试图以交易成本的分析和定价策略解决交易缺口问题,以整合成本的分析和整合策略解决转化缺口问题,为企业并购实践提供思路,为企业并购决策者提供决策依据。 全文共分四个部分: 第一部分:通过引入唐龙流血兼并湘民案例,揭示出我国企业并购大量失败的主要原因: 交易缺口和转化缺口,进而提出对企业并购成本进行分析和对企业进行有效整合的必要性,以及本文试图解决的主要议题。第二部分:对并购交易成本内涵、影响因素、计算公式以及就如何对企业并购定价提出相应的方法和措施。第三部分:对并购整合成本内涵、影响因素、以及就如何
3、对目标企业进行有效整合提出相应的方法和措施.第四部分:以杭州金龙集团成功兼并杭州手巾被单厂为案例进行分析,从而与本文所阐述观点相照应。论文按并购过程的两个阶段并购完成阶段和并购整合阶段,将并购成本分为并购交易成本和并购整合成本,按整合内容将并购整合策略细分为企业经营资源整合策略、资产资源整合策略、债务重整策略、人力资源整合策略和企业文化整合策略,并理论联系实际对每一种成本进行了分析并提出了有效的控制策略。这对企业并购者在对目标企业的定价和整合过程中均具有一定的指导和应用价值。 本文的创新之处: 首先,在本文选题上,选择了一个颇具现实意义的问题进行研究并理论联系实际,体现了MBA学员应具备的务实
4、作风; 其次,对并购成本的内涵进行了深入的探索和有效的定位:将并购成本分为交易成本和整合成本; 再次,综合采用三种定价模型对目标企业定价,并对其在实际操作过程中应请注意的问题进行了较深入的探讨; 最后,按整合内容将并购整合策略细分为五大类,并提出了自己见解。关键词:并购 交易成本 整合成本 交易成本分析 定价策略 整合成本分析 整合策略 Abstract M&A (Merger and Acquisition) are developing strategies of great importance for an enterprise to enter broader business an
5、d market scopes and to expand with high speed. The major motivation is to achieve the coordination effect, i.e., to acquire the effect of “1+12”. However, a great many M&A practices ended up in failure. The major reasons for the failure lie in two facts: one is Transaction Gap; another is Transition
6、 Gap. How to solve the two Gaps is an urgent issue that every M&A enterprise has to consider about. Enterprises engaged in M&A should choose appropriate patterns and methods to integrate the two parties according to specific situation and condition. And with constant improvement and innovation, the
7、two parties to the M&A can coordinate and the kernel power of the enterprise can be enhanced and thus M&A can be achieved. The thesis is an attempt to summarize systematically the fundamental theories of enterprise M&A and integration, to discuss what the meaning of the transaction cost and the inte
8、gration cost and how to control them based on the analysis of some typical case of M&A home and abroad. The purpose of the thesis is to provide a helpful reflection on the practice in China and urge the acquirer to attach more importance to integration so as to decrease the M&A cost and achieve M&A.
9、 The thesis consists of five chapters:Chapter one describes a typical failure case _the Tanglong M&A Xingmin enterprise to draw a conclusion that the major reasons for M&A failure are the transaction Gap and the transition Gap, which will let us see it is very necessary to analysis and control the M
10、&A cost.Chapter two discuss the effective measures and practical operating techniques to control the transaction cost based on the analyses and studies the fundamental ideas and methods of enterprise M&A pricing. Chapter three discuss the effective measures and practical operating techniques to cont
11、rol the transition cost based on the analyses and studies the fundamental ideas and methods of enterprise M&A integration.Chapter four describes a typical case the M&A activity taken after JingLong group has merged HangZhou hand towel factory and based on the observation and analysis upon the afores
12、aid case, which explains the specific steps to be taken during the course of M&A based on a practical stand point. Due to the M&A process can be divided into two phases: M&A acquisition phase and M&A integration phase, the M&A cost has been divided into transaction cost and transition cost, and also
13、, the transition cost has been divided into M&A management resource integration cost, assert resource integration cost, human resource integration cost, debt reforming cost and enterprise culture integration cost so that our reader can be have a clear idea about this thesis. The conclusion to the we
14、stern enterprise M&A pricing theories and models, the application and analysis of real case in this thesis will be helpful to improve the theory study and practice of enterprise M&A in china.The innovation of this thesis:First: chose a practical issue to study based on the analysis of theory and typ
15、ical case, which should be qualified for a MBA student.Second: discussed deeply the intension of M&A cost and divided it into transaction cost and transition cost.Third: further discussed the effective and practical measures to the pricing of M&A based on the three pricing model.Final: according to the M&A contents, divided the M&A conformity into five class and bring forward my personal view.key words Enterprise M&A Pricing model Transaction GapTransition Gap M&A cost Transaction costTransition cost Transaction cost analysis an