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1、本文以经济学和管理学为理论摘 要本文以经济学和管理学为理论基础，以我国企业并购实践为基点，以企业并购效应为主线，把企业并购区别为横向并购、纵向并购和混合并购三种方式，采用规范分析和实证分析相结合的方法，从企业和社会两个层面对这三种并购方式的并购效应分别进行了论述，并进一步对三种并购方式的综合效应进行了分析。最后在对我国企业并购效应现状及其成因进行分析的基础上，从企业自身经营方法和国家宏观经济制度安排两个层面提出了改善我国企业并购效应的可行的政策建议，期望通过本文的理论分析，能给我国企业并购提供切实可行的理论指导，提高我国企业并购整合的成功率，最大限度的发挥企业并购的经济效应，规避企业并购的负面
2、效应。横向并购效应主要表现为规模经济效应、反竞争效应以及福利效应三个方面。在对横向并购的规模经济效应进行分析之时，笔者突破国内外一贯采用的前提限制，分析了企业技术和生产要素价格可变的情况下企业并购的规模经济情况，得出了更加符合企业实际情况的结论。此外，笔者从我国产业集中度的实际情况出发，分析了企业并购的反竞争效应情况，从分析中可以看出我国绝大部分产业的产业集中度都偏低，因而在这些产业内实施横向并购不但不会形成垄断，产生反竞争效应，反而可以改善我国企业规模经济状况，提升产业集中度，最终提高我国企业的国际竞争力。因此，当前我国企业并购横向并购仍是主流。笔者以横向并购为例对企业并购的福利效应进行分析
3、，从而得出并购的福利影响是正的还是负的判断主要取决于并购导致的资源节约与并购导致的价格上升引起的消费者剩余减少而产生的福利损失之间的比较关系。企业纵向并购效应主要体现在企业交易费用的节省上和消除不完备契约的不利影响两个方面，企业混合并购的效应主要体现在产业效应、风险降低、学习曲线效应、资产有效利用、范围经济效应等几个方面，笔者在对企业产业效应进行分析的时候将企业学习曲线运用到企业并购效应的分析之中。企业并购的综合效应主要体现在社会资源的有效配置效应、财务协同以及组织成本的增加等方面，笔者从企业并购引起企业组织结构变化的角度分析了企业并购如何带来组织成本的增加。关键词：企业并购，并购效应，规模经
4、济，学习曲线，产业集中度ABSTRACTIn this thesis, the author divides the MA into horizontal MA，Vertical MA and conglomerate MA, and then analyses the respective effects of these three k- inds from two aspects , i.e. enterprise and society ,with the application of norm ana- lysis and positive analysis. The article
5、 bases on the theories of economics and mana- gement, and the practice of Chinas MA. In the article, the effects of MA as a main line get through from the beginning to the end. Furthermore, the author analy- zes the comprehensive effects of the three kinds of MA. Finally, by analyzing the present si
6、tuation and the causes of domestic MA， the author puts forward the feasible policies and advices about improving the effects of domestic MA in the view of the enterprises management and the national macroscopic economic system . The author wishes this thesis can give some suggestions for the MA of C
7、hinese enterprise, and raise the successful ratio of Chinese enterprise, maximizing the active effect of MA and avoiding the negative effect as well.The effect of horizontal MA includes scale economic effect , Anti competit- ion effect and welfare effect. As to the scale economic effect of horizonta
8、l MA , the author takes the technique and factor prices as variables to draw a conclusion that match the actual situation of the enterprise more, by changing the used premise. In addition, the author analyzes anti-competition effect of horizontal MA with the reality of Chinese industrial concentrati
9、on. From the analysis ，we can see that the industrial concentration of majority industry in our country is too low to form monopoly and has the anti-competition effect. On the contrary, it can improve the scale economic of our country enterprise, promote the industrial concentration degrees, and str
10、engthen the international competitiveness of our enterprise. Therefore, horizontal MA is still the main trend at present. On this premise, the author takes the analysis of the welfare effect of horizontal MA for example, and deduce a conclusion that the comparison between saving of resources and the
11、 decrease of the consumer surplus because of the price rising determines the positive or negative welfare effect of MA.The effect of vertical MA mainly includes the decrease of transaction cost and eliminating the effect of imperfect contract. The effect of conglomerate MA includes the following asp
12、ects: the industrial effect, the reduction of risk, learning curve effect, valid exploitation of property and scope economy effecte etc. The author uses the learning curve as a tool to analyze the industrial effect of conglomerate MA. The comprehensive effects of MA include the effective distributio
13、n of social resources, the increment of organizational cost and financial synergy effect etc. The author analyzes the increment of the organizational cost from the point of view that MA causes the organization structure variety.Key Words: Merger and Acquisition of enterprise, The effect of MA, Scale
14、 economy, Learning curve, Industry concentration目 录第1章 导 言11.1 本文的选题背景、意义和目标11.2 本文的研究方法与理论创新21.2.1 本文的研究方法21.2.2 本文的创新之处21.3 企业并购的内涵31.3.1 兼并31.3.2 联合41.3.3 收购41.4 企业并购效应理论述评41.4.1 并购效应理论综述41.4.2 西方企业并购效应理论的新发展61.4.3 国内有关企业并购效应理论研究成果概述8第2章 横向并购效应102.1 实证分析：横向并购我国企业并购的主流102.1.1 当前中国企业并购应当选择以横向并购为主10
15、2.1.2 我国企业并购方式实证分析112.2 横向并购实现规模经济效应132.2.1 新古典经济学派的规模经济理论132.2.2 技术条件和生产要素价格可变条件下横向并购规模经济效应的实现142.2.3 企业横向并购实现规模经济效应的条件和成因152.3 横向并购与市场集中度及横向并购的反竞争效应162.3.1 横向并购与市场集中度162.3.2 横向并购具有潜在的反竞争效应172.3.3 我国工业企业集中度分析182.3.4 结论与启示202.4 横向并购的福利效应分析202.4.1 横向并购造成垄断使得价格上升的社会福利效应分析202.4.2 横向并购使得价格下降的福利效应分析。212.4.3 结论与启示23第3章 纵向并购效应243.1 纵向并购的交易费用降低效应243.1.1 新制度经济学的交易费用理论243.1.2 纵向并购能够有效降低企业交易费用243.1.3 结论263.2 纵向并购的战略利益和成本273.2.1 纵向并购的战略利益273.2.2 纵向并购的战略成本283.3 纵向并购与契约的不完备性29第4章 混合并购效应324.1 混合并购的产业效应324.1.1 产业效应存在的原因324.1.2 混合并购与进入壁垒324.2 混合并购降低企业经营风险3
