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1、I联想并购 IBM 的财务效应分析研究摘 要当市场经济发展到一定阶段，企业为谋求快速发展这使得并购出现在企业活动中，并购的直接动力源于追求资本的最大增值、并购是多因素综合平衡的过程、并购尤如一把双刃剑，本文通过联想并购 IBM 的财务效应进行分析研究得出企业并购具有多方面的效应，对企业并购的动因以及过程进行研究得出相应的结论，通过对企业各项财务指标的列举和分析得到相关的结论。从联想并购后的第一个 5 年翻盘中我们可以从偿债能力等指标看到并购即对企业带来利端，又给企业带来弊端。机会总是留给有准备的人，虽然联想在并购经验、整合技术甚至运作团队上都没有十足把握然而在并购程序和漫长的整合过程中，至少看
2、到了联想的耐心，看到弹性和以进为退，在战略定位、发展视野上，联想基本做到了清晰明确。联想当年作为年营业收入 30 亿美元的中国本土企业收购了年营业收入 90 亿美元的海外企业，这被称为“蛇吞象” ，联想通过海外并购实现国际化，联想集团用资金换取技术加品牌加国外市场，当初在并购时不被看好的“蛇吞象”最终以“中国蛇”成功消化“外国象”暂时宣告并购整合成功。关键词：关键词：企业并购；财务效应；偿债能力；营业收入IIIILenovo mergers and acquisitions of IBMs financial effect analysis researchAbstractWhen the m
3、arket economy development to a certain stage, Enterprises to seek rapid development which makes mergers and acquisitions appeared in enterprises activity, Mergers and acquisitions motivation directly is derived from the pursuit of the maximum value of capital 、Mergers and acquisitions is a process o
4、f multiple factors comprehensive balance 、Mergers and acquisitions like a double-edaged sword，This article by Lenovo mergers and acquisitions of IBMs financial effects analysis of the enterprise mergers and acquisitions has variety of effects，For the enterprise mergers and acquisitions motivation an
5、d process analysis draw the corresponding conclusion，Through the various of financial affairs indicators of the enterprise listed and analysis get relevant conclusion. From Lenovo mergers and acquisitions in the first five years after come back, we can see, Mergers and acquisitions can brings benefi
6、t side to the enterprise also brings disadvantages side，Opportunities always for the prepared person, Although Lenovo failed to grasp at the mergers and acquisitions experience、the technology of concordancy and the teams, However, in the mergers and acquisitions program and the long process of conco
7、rdancy, At least see the Lenovos patience、elastic and in order to enter to back, On the strategic positoning and development field of vision, Lenovo base made it clear. Lenovo as a Chinese native enterprise which business income $30 billion a year acquisitions the international which Overseas enterp
8、rise income $90 billion a year. this called “snake swallow elephant“, Lenovo through the overseas mergers and acquisitions to achieve internationalization，Lenovo group with money in return for technology and brand and foreign markets，When in mergers and acquisitions underachieving “snake swallow lik
9、e“ in “China snake“ digest “foreign image“ successfully temporarily declared successful merger integration.IIIKeyWords:Enterprise merger;Overseas enterprise;Repay ability;Do business proceedsIV目目 录录摘摘 要要 .Abstract .1 1 绪论绪论 .11.1 本文研究的背景 .11.2 国内外研究文献综述 .11.2.1 国内研究文献综述.11.2.2 国外研究文献综述.11.3 研究的内容及方法
10、 .21.4 研究的目的及意义 .22 2 并购双方概况介绍并购双方概况介绍 .32.1 联想集团介绍 .32.2 IBM 公司介绍 .33 3 并购原因及过程分析并购原因及过程分析 .53.1 并购的概念及目标 .53.2 并购的类型 .53.3 并购的财务动因 .53.4 并购的过程介绍 .64 4 企业并购后的财务效应分析企业并购后的财务效应分析 .8V4.1 企业并购的正向效应分析 .84.2 企业并购的负向效应分析 .84.3 并购后联想的财务分析 .94.3.1 短期偿债能力分析 .94.3.2 长期偿债能力分析 .94.3.3 营运能力分析 .104.3.4 盈利能力分析 .115 5 并购后联想的得与失并购后联想的得与失.125.1 并购后的利端与收获 .125.2 并购后的弊端与付出 .125.3 并购后带来的启示 .13 5.3.1 分析三个维度带来的启示 .135.3.2 分析四个标准带来的启示 .14结论结论 .15致 谢 .1
