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1、 企业并购-企业混合并购活动管理模式摘 要自第二次企业并购浪潮以来，企业混合并购一直占据着重要地位，并在第三次企业并购浪潮中成为主要并购形式。但并购失败率却高居不下，缺乏协同或协同效应有限是导致并购失败的重要原因。混合并购的动因是为了获得协同效应，其中，管理能力的转移和扩散形成的管理协同效应是混合并购的根本动因。本文以混合并购的管理协同效应为研究对象，首先提出了“管理协同效应是混合并购的根本动因”的观点，并阐述了混合并购的管理协同效应的来源、表现和产生条件。其次，从人力资本转移和结构资本转移两方面对管理协同效应的实现路径、实现成本、实现风险与评价进行了重点分析。然后，结合我国实际情况，分析了我
2、国企业混合并购管理协同效应的现状、原因，并提出相应的对策。最后，以华润集团的多元化战略为对象进行了案例分析。管理协同效应是通过组织资本与组织经验相结合形成的管理能力的转移和扩散来完成的。相应地，管理协同效应的来源有两个：一是体现管理能力的人力资本转移扩散产生的。人力资本转移扩散产生管理协同效应的途径有：并购后人力资本的转移和优化配置、并购后人力资本的扩散和共享。采用工作轮换和组建团队的方式，可以使优势资本连同其所有者个人一起转移，通过这种转移实现并购双方人力资本的优化配置；采用编码化和人格化的策略来实现并购双方优势人力资本的扩散和共享。二是属于组织资本的结构性资本转移扩散产生的。企业战略、企业
3、文化、企业结构三方面构成了企业结构资本。混合并购的战略资本转移可采取保护式模式和共栖式模式。混合并购中文化资本的转移可以采用强入式模式和渗透分离式模式。企业结构由企业的法人治理结构、组织结构和基本流程结构来体现。另外，管理系统的整合是法人治理结构、流程结构、组织结构整合的制度保证。混合并购中管理协同效应的实现成本包括并购溢价、整合成本和前期交易费用。实现风险包括由人力资本转移过程中的风险和结构资本转移过程中的风险构成的部风险，以与由政策风险、法律风险和产业风险构成的外部风险两大类。利用传统的协同效应评价模型，并引入修正系数建立了管理协同效应的评价模型。结合我国企业并购活动的实际状况，本文认为我
4、国企业混合并购活动的管理协同效应实现不理想，其原因既有宏观制约因素，也有企业部因素。针对这些问题，文章提出了相应的策略选择：首先改善企业混合并购的宏观环境，包括建立和规企业产权交易市场、发挥政府在企业并购中的指导协调作用、大力发展和规市场中介机构；其次，企业部应该采取具体策略，包括明确混合并购的战略目标、构建合理的企业组织结构、提高人力资本转移效率，以与选择合适的企业文化转移模式。关键词：混合并购，管理协同效应，人力资本，结构资本 / AbstractSince the second wave of corporate M&A, conglomerate merger has occupied
5、 an important place, and has been a major M&A form in the third wave of corporate M&A. But the failure rate of merger remains high, and the important reason is the lack of synergy or the limited synergistic effect. The dynamic of conglomerate merger is to obtain synergy effects. Among them, the mana
6、gerial synergy effect formed by transferring and spreading of the management capability is the fundamental dynamic of conglomerate merger. This article takes the managerial synergy effect in the conglomerate merger as the study objective. Firstly, this article puts forward the point of view that man
7、agerial synergy effect is the fundamental dynamic of conglomerate merger, and discusses the sources, conditions and performance of the managerial synergy effect in M&A. Secondly, this article analyses the realization path of the managerial synergy effect from two aspects of the transferring of human
8、 capital and structural capital. Then, the articleanalyses the actual situation and reasons of the dissatisfactory managerial synergy effect in the conglomerate merger of Chinese enterprises, and puts forwards the counter-measures. Finally, the paper analyses empirically the diversification strategy
9、 of the “HuaRun” Group in China.Managerial synergy effect generates from the transferring of management capability formed by combination of the organizational capital and organizational experience. Accordingly, managerial synergy effect has two sources. The first is the transferring of human capital
10、 embodying the management capability. There are two ways to get managerial synergy effect through transferring of human capital. The first is transferring and allocating optimally of the human capital after M&A. The second is spreading and sharing of the human capital after M&A. Work rotation and te
11、am approach enables the advantage capital to transfer with the individual owners, through which getting the optimal allocation of human capital. The coding and the personification strategies can achieve the spreading and sharing of the advantages human capital between two enterprises. The second is
12、the transferring of the structural capital corresponding to organizational capital. The structure capital consists of enterprise strategy, enterprise culture, and enterprise structure. The transferring of strategy capital of conglomerate merger can take the protection-model and commensalisms-mode. T
13、he transferring of culture capital of conglomerate merger can take the strong-model and penetration & separation-model. The enterprise organizational structure is embodied in the enterprises governance structure, organizational structure and the basic process structure. In addition, the management s
14、ystem ensures the integration of governance structure, process structure and organization structure. The cost of the managerial synergy effect in the conglomerate merger concludes premium value, integration costs and pre-transaction costs. The risk of the managerial synergy effect in the Conglomerat
15、e Merger concludes internal risks such as the risks in the process of transferring of the human capital and structure capital, and external risks posed by policy risks, legal risks and industry risks. With the actual situation of M & A activities of the Chinese enterprises, this articleproposes that
16、 the result of managerial synergyeffect in conglomerate merger activities of the Chinese enterprises is not satisfactory. The reason concludesboth the macro constraints and enterprise internal factors. In view of these problems, the articleputs forward the optional strategies. Firstly, macroeconomic environment of conglomerate merger should be improved, including the establishment of enterprise property rights market, playing coordinating role of
