企业并购的战略整合研究
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摘要
在激烈的市场竞争中,并购己经成为企业迅速扩张、实现跳跃式发展的重要途径。自19世纪末以来,全球已发生了五次大规模的企业并购浪潮。我国自改革开放以来,由于宏观经济的快速增长,在经历过两次大的并购浪潮后,目前已进入第三轮并购浪潮。
当今世界经济格局的变化和国际竞争的白热化,使企业间的并购活动日益频繁,规模越来越大。但与日益高涨的并购金额和数量巨大的并购案例相比,企业并购的成功率并不高。并购失败和没有任何效果的并购活动占并购活动总数的42-46%。国内外学者为此作了大量调查分析,普遍认为并购过程中缺乏有效的整合措施是导致并购失败的关键因素。
战略整合是企业并购其它要素整合的先导,贯穿于并购整合的全过程,涉及企业战略的各个层次,如果被并购企业的战略不能与收购企业的战略相互融合,并在融合的基础上制定全新的战略,那么两者之间很难发挥出战略的协同效应。因此,对企业并购的战略整合进行研究具有重要的理论意义与实践意义。
本文首先从战略整合相关理论入手,总结国内外理论研究与实践研究的成果;然后依据战略层次理论,论述了企业并购的战略整合内容;根据并购双方战略依赖性与组织独立性需求,归纳了四种典型的战略整合模式,并对其进行了具体分析与对比。
其次构建了战略整合的过程,并对整合过程进行项目管理,建立整合管理办公室,引入整合经理,从而确保整合工作的顺利进行。
最后通过一个典型案例,对战略整合的实际操作进行具体的分析。
本文通过研究企业并购的战略整合工作,试图为企业并购的整合行为提供理论上的参考和实践上的借鉴。
With the increasing market competition, the M&A of enterprises is an important way to achieve the rapid expansion and the development in jumps. Since the end of the 19th century, the world has undergone five mass waves of corporate mergers and acquisitions. Since China's reform and opening up, because of the rapid growth of macroeconomic, experienced two major waves of mergers and acquisitions, it has entered the third round of mergers and acquisitions wave.
With the change of world economic structure and intensified international competition, M&A activity between enterprises is increasingly frequent and the scale is growing. But compared with the increasing M&A amount and huge number M&A cases, the success rate is not high. Studies show that the defeat and not any effect accounts for 42-46%. Many domestic and foreign scholars have made much survey and research, generally believe that the lack of effective integration measures is the key factor leading to the M&A failure in M&A process. Strategy integration is the forerunner of other elements integration, throughout the entire M&A process, involving all corporate strategic levels, if strategy of both M&A enterprises were not meet each other, and developing new strategy on the basis of cooperation, then it is very difficult to play synergy. Therefore, the research of the M&A Strategy integration was of great theoretical and practical significance.
This paper begins from the Strategy Integration theory, summary the domestic and international research results on the theory and practice, then based on the strategy integration level, introduces strategy integration content and model selection. Second, elaborates the strategy integration process, takes project management into the process, constructs the integration management office and introduces integration manager. Finally, adopt a typical case to specific analysis the actual operation of the strategy integration. This paper researches on strategy integration of M&A, attempts to provide theoretical and practical reference for enterprises M&A acts.
当今世界经济格局的变化和国际竞争的白热化,使企业间的并购活动日益频繁,规模越来越大。但与日益高涨的并购金额和数量巨大的并购案例相比,企业并购的成功率并不高。并购失败和没有任何效果的并购活动占并购活动总数的42-46%。国内外学者为此作了大量调查分析,普遍认为并购过程中缺乏有效的整合措施是导致并购失败的关键因素。
战略整合是企业并购其它要素整合的先导,贯穿于并购整合的全过程,涉及企业战略的各个层次,如果被并购企业的战略不能与收购企业的战略相互融合,并在融合的基础上制定全新的战略,那么两者之间很难发挥出战略的协同效应。因此,对企业并购的战略整合进行研究具有重要的理论意义与实践意义。
本文首先从战略整合相关理论入手,总结国内外理论研究与实践研究的成果;然后依据战略层次理论,论述了企业并购的战略整合内容;根据并购双方战略依赖性与组织独立性需求,归纳了四种典型的战略整合模式,并对其进行了具体分析与对比。
其次构建了战略整合的过程,并对整合过程进行项目管理,建立整合管理办公室,引入整合经理,从而确保整合工作的顺利进行。
最后通过一个典型案例,对战略整合的实际操作进行具体的分析。
本文通过研究企业并购的战略整合工作,试图为企业并购的整合行为提供理论上的参考和实践上的借鉴。
With the increasing market competition, the M&A of enterprises is an important way to achieve the rapid expansion and the development in jumps. Since the end of the 19th century, the world has undergone five mass waves of corporate mergers and acquisitions. Since China's reform and opening up, because of the rapid growth of macroeconomic, experienced two major waves of mergers and acquisitions, it has entered the third round of mergers and acquisitions wave.
With the change of world economic structure and intensified international competition, M&A activity between enterprises is increasingly frequent and the scale is growing. But compared with the increasing M&A amount and huge number M&A cases, the success rate is not high. Studies show that the defeat and not any effect accounts for 42-46%. Many domestic and foreign scholars have made much survey and research, generally believe that the lack of effective integration measures is the key factor leading to the M&A failure in M&A process. Strategy integration is the forerunner of other elements integration, throughout the entire M&A process, involving all corporate strategic levels, if strategy of both M&A enterprises were not meet each other, and developing new strategy on the basis of cooperation, then it is very difficult to play synergy. Therefore, the research of the M&A Strategy integration was of great theoretical and practical significance.
This paper begins from the Strategy Integration theory, summary the domestic and international research results on the theory and practice, then based on the strategy integration level, introduces strategy integration content and model selection. Second, elaborates the strategy integration process, takes project management into the process, constructs the integration management office and introduces integration manager. Finally, adopt a typical case to specific analysis the actual operation of the strategy integration. This paper researches on strategy integration of M&A, attempts to provide theoretical and practical reference for enterprises M&A acts.
引文
[1] 齐艳秋等.论购并后整合战略[J].外国经济与管理,2001(9):20-25
[2] P·S·萨德沙拉姆著.兼并与收购[M],胡海峰等译.中信出版社,1998:286
[3] 称兆谦,徐金发.并购中价值创造的三个基本问题[J].经济管理,2001(18):4-11
[4] 周林.企业并购与金融整合[M].北京:经济科学出版社,2002.5:28
[5] 李显君.关于管理整合的初步研究.中国软科学,2003.4
[6] P·普里切特,D·鲁宾逊,R·克里克森著.并购之后[M] (凌晓萍译) .中信出版社,1999.7:126
[7] 王长征.企业并购整合[M].武汉大学出版社,2002:47
[8] 程兆谦,徐金发.购并中价位创造的三个基本问题[J].经济管理,2001(18):4-11
[9] 王长征著.企业并购整合——基于企业能力论的一个综合性理论分析框架[M].武汉大学出版社,2002:10-12
[10] Singh,Montgomery.Corporate Acquisition Strategies and Economic Performance[J].Strategic Management Journal, 1987(8):377-386
[11] Shelton.Strategic Business Fits and Corporate Acquistion:Empirical Evidence[J].Strategic Management Journal, 1987(8):279-287
[12] Jemison, D. and Sitkin, S.Corporate Acquisition:a Process Perspective[J].Academy of Management Review, 1986(11):145-163
[13] 程兆谦,徐金发.购并中价值创造的三个基本问题[J].经济管理,2001.18
[14] Dana,D. K.Organizational Fit and Acquisition Performance Effects of Post-Acquisition Integration[J].Strategic Management Journal, 1991(11):281-297
[15] [美]萨缪尔·韦弗和弗雷德·威斯通著.兼并与收购[M],周绍妮等译.中国财政经济出版社,2003.78
[16] Cartwright,Cooper.The Role of Culture Compatiblity in Succssful Organizational Marriage[J].Academy Management Review, 1993.7(2):57-70
[17] Birkinshaw,Bresman and Hakanson.Managing the Post—Acquisition Integration Process::How the Human Integration and Task Integration Porcess Interact to Foster Value Creation[J].Journal of Management Studies, 2000.37(3):395-425
[18] 郑海航,李海舰.中国企业兼并研究[M]. 北京:经济管理出版社,1999
[19] 陈重.公司重组与管理整合[M].企业管理出版社,2001
[20] 项保华,殷瑾.购并后整合模式选择和对策研究[J].中国软科学,2001.4
[21] 何艳桃.基于核心竞争力培育的并购后管理整合浅析[J].西北农林科技大学学报(社会科学版),2005.1
[22]魏江.基于核心能力的企业购并后整合管理[J].科学管理研究,2002(1):31-36
[23] Nardozza,Francis J.After the Merge: Now What? [J].Loping Hospitality, 1997.54(3):33-35
[24] 方华,吕巍.企业战略管理[M].复旦大学出版社,2002:9-32
[25] [美]汤姆森、斯迪克兰德.战略管理[M],段盛华等译.北京大学出版社和科文(香港)出版有限公司,2000.3
[26] [美]迈克尔·波特著.竞争论[M],高登第等译.中信出版社,2003:46
[27] 赵国杰,于海洋.企业发展战略的选择[M].天津大学出版社,2000.5
[28] 熊南京.并购管理[M].四川:四川人民出版社,2003
[29] 于春晖主编.并购案例解读.上海财经大学出版社,2005.1
[30] 王长征著.企业并购整合—基于企业能力论的一个综合性理论分析框架[M].武汉大学出版社,2001:145-146
[31] [美]约瑟夫·克拉林格著.兼并与收购:交易管理[M].中国人民大学出版社,2000:29
[32] 加里·哈默尔,C·K·普拉哈拉德,王振西主译.竞争大未来[M].昆仑出版社,1998.4
[33] 黄煦图.论企业核心竞争力的培育[J].南方经济,2001.10
[34] Prahatad,C.K. and Hamel,G.The Core Competence of the Corporation[J].Harvard Business Review, 1993(5):79-91
[35] 王长征.并购整合:通过能力管理创造价值[J].外国经济与管理,2000(12):13-19
[36] 熊南京等著.并购管理[M].四川人民出版社,2003:144
[37] 戴丽萍.并购双方企业战略的整合管理研究[J].工业技术经济,2006(7):19
[38] 胥朝阳,蔡根女.战略并购模式选择的三维原理及应用研究.管理科学与系统科学研究新进展,2005:507-508
[39] P·S·萨德沙拉姆著.兼并与收购[M].中信出版社,1998:57-59
[40] [日]伊月一敬之.经营战略的内在逻辑—看不见资产的动力论[M].中国审计出版社,1992:16
[41] [美]大卫·J·科利斯等.公司战略:企业的资源与范围[M].东北财经大学出版社,2000.9
[42] 项国鹏.企业战略管理范式的转换[J].经济管理,2001(16):8-11
[43] Reter H. Fuchs.Strategic Integration:Competing In The Age of Capabilities[J].California Management Review,2000.42(3)
[44] 陈小平.战略整合模型研究[J]. 外国经济与管理,2001(7):21
[45] 张一纯,张秀兰.企业并购整合中经营理念的一体化策略.企业经济,2005 (7)
[46] [美]迈克尔·波特著.竞争战略[M],陈小悦译.华夏出版社,1997.3
[47] 刘振伟,殷莉茹.企业并购过程中的市场资源整合.经济师,2006(2):77-78
[48] 陈重著.公司重组与管理整合[M].企业管理出版社,2001:173-174
[49] 何艳桃.并购企业管理整合研究.西北农林科技大学,2005
[50] 田艳利.跨国并购的文化与人力资源整合研究.对外经贸大学,2006
[51] 邱明,整合经理在并购整合中的角色和职责.中央财经大学学报,2004(4):47
[52] 安迪·尼利等著(李剑锋等译).战略绩效管理—超越平衡记分卡.北京:电子工业出版社,2004
[53] 刘宏君.开思“二婚”:不一样的结局[J].中外管理,2002.5
[2] P·S·萨德沙拉姆著.兼并与收购[M],胡海峰等译.中信出版社,1998:286
[3] 称兆谦,徐金发.并购中价值创造的三个基本问题[J].经济管理,2001(18):4-11
[4] 周林.企业并购与金融整合[M].北京:经济科学出版社,2002.5:28
[5] 李显君.关于管理整合的初步研究.中国软科学,2003.4
[6] P·普里切特,D·鲁宾逊,R·克里克森著.并购之后[M] (凌晓萍译) .中信出版社,1999.7:126
[7] 王长征.企业并购整合[M].武汉大学出版社,2002:47
[8] 程兆谦,徐金发.购并中价位创造的三个基本问题[J].经济管理,2001(18):4-11
[9] 王长征著.企业并购整合——基于企业能力论的一个综合性理论分析框架[M].武汉大学出版社,2002:10-12
[10] Singh,Montgomery.Corporate Acquisition Strategies and Economic Performance[J].Strategic Management Journal, 1987(8):377-386
[11] Shelton.Strategic Business Fits and Corporate Acquistion:Empirical Evidence[J].Strategic Management Journal, 1987(8):279-287
[12] Jemison, D. and Sitkin, S.Corporate Acquisition:a Process Perspective[J].Academy of Management Review, 1986(11):145-163
[13] 程兆谦,徐金发.购并中价值创造的三个基本问题[J].经济管理,2001.18
[14] Dana,D. K.Organizational Fit and Acquisition Performance Effects of Post-Acquisition Integration[J].Strategic Management Journal, 1991(11):281-297
[15] [美]萨缪尔·韦弗和弗雷德·威斯通著.兼并与收购[M],周绍妮等译.中国财政经济出版社,2003.78
[16] Cartwright,Cooper.The Role of Culture Compatiblity in Succssful Organizational Marriage[J].Academy Management Review, 1993.7(2):57-70
[17] Birkinshaw,Bresman and Hakanson.Managing the Post—Acquisition Integration Process::How the Human Integration and Task Integration Porcess Interact to Foster Value Creation[J].Journal of Management Studies, 2000.37(3):395-425
[18] 郑海航,李海舰.中国企业兼并研究[M]. 北京:经济管理出版社,1999
[19] 陈重.公司重组与管理整合[M].企业管理出版社,2001
[20] 项保华,殷瑾.购并后整合模式选择和对策研究[J].中国软科学,2001.4
[21] 何艳桃.基于核心竞争力培育的并购后管理整合浅析[J].西北农林科技大学学报(社会科学版),2005.1
[22]魏江.基于核心能力的企业购并后整合管理[J].科学管理研究,2002(1):31-36
[23] Nardozza,Francis J.After the Merge: Now What? [J].Loping Hospitality, 1997.54(3):33-35
[24] 方华,吕巍.企业战略管理[M].复旦大学出版社,2002:9-32
[25] [美]汤姆森、斯迪克兰德.战略管理[M],段盛华等译.北京大学出版社和科文(香港)出版有限公司,2000.3
[26] [美]迈克尔·波特著.竞争论[M],高登第等译.中信出版社,2003:46
[27] 赵国杰,于海洋.企业发展战略的选择[M].天津大学出版社,2000.5
[28] 熊南京.并购管理[M].四川:四川人民出版社,2003
[29] 于春晖主编.并购案例解读.上海财经大学出版社,2005.1
[30] 王长征著.企业并购整合—基于企业能力论的一个综合性理论分析框架[M].武汉大学出版社,2001:145-146
[31] [美]约瑟夫·克拉林格著.兼并与收购:交易管理[M].中国人民大学出版社,2000:29
[32] 加里·哈默尔,C·K·普拉哈拉德,王振西主译.竞争大未来[M].昆仑出版社,1998.4
[33] 黄煦图.论企业核心竞争力的培育[J].南方经济,2001.10
[34] Prahatad,C.K. and Hamel,G.The Core Competence of the Corporation[J].Harvard Business Review, 1993(5):79-91
[35] 王长征.并购整合:通过能力管理创造价值[J].外国经济与管理,2000(12):13-19
[36] 熊南京等著.并购管理[M].四川人民出版社,2003:144
[37] 戴丽萍.并购双方企业战略的整合管理研究[J].工业技术经济,2006(7):19
[38] 胥朝阳,蔡根女.战略并购模式选择的三维原理及应用研究.管理科学与系统科学研究新进展,2005:507-508
[39] P·S·萨德沙拉姆著.兼并与收购[M].中信出版社,1998:57-59
[40] [日]伊月一敬之.经营战略的内在逻辑—看不见资产的动力论[M].中国审计出版社,1992:16
[41] [美]大卫·J·科利斯等.公司战略:企业的资源与范围[M].东北财经大学出版社,2000.9
[42] 项国鹏.企业战略管理范式的转换[J].经济管理,2001(16):8-11
[43] Reter H. Fuchs.Strategic Integration:Competing In The Age of Capabilities[J].California Management Review,2000.42(3)
[44] 陈小平.战略整合模型研究[J]. 外国经济与管理,2001(7):21
[45] 张一纯,张秀兰.企业并购整合中经营理念的一体化策略.企业经济,2005 (7)
[46] [美]迈克尔·波特著.竞争战略[M],陈小悦译.华夏出版社,1997.3
[47] 刘振伟,殷莉茹.企业并购过程中的市场资源整合.经济师,2006(2):77-78
[48] 陈重著.公司重组与管理整合[M].企业管理出版社,2001:173-174
[49] 何艳桃.并购企业管理整合研究.西北农林科技大学,2005
[50] 田艳利.跨国并购的文化与人力资源整合研究.对外经贸大学,2006
[51] 邱明,整合经理在并购整合中的角色和职责.中央财经大学学报,2004(4):47
[52] 安迪·尼利等著(李剑锋等译).战略绩效管理—超越平衡记分卡.北京:电子工业出版社,2004
[53] 刘宏君.开思“二婚”:不一样的结局[J].中外管理,2002.5