基于核心竞争力的证券公司战略并购研究
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摘要
核心竞争力理论引发了企业基本价值观的重新思考和思维方式的转变,并从更深层面进化了企业的发展战略观。并购是企业资本运作的一个重要手段,将并购和核心竞争力联系在一起,也即企业并购行为围绕提升核心竞争力这一中心展开,就是本文对战略并购的诠释和理解。
证券公司作为资本市场的主体,影响着资本市场的发展前景。证券公司核心竞争力是证券公司内在的一种难以模仿和替代的知识性能力或资产,是区别于其他证券公司从而形成自身持续竞争优势的基础。对日渐成熟和激烈竞争的资本市场来说,未来证券公司之间通过并购重组方式实现成熟的竞争格局将是一个必然的趋势,在此预期前景之下,将从事并购业务的证券公司自身的并购行为作为研究对象,具有一定的现实意义。
本文首先指出了战略性并购对企业发展的重要性,同时根据并购理论,将战略并购分为挖掘期和提升期两个阶段,构筑了本篇论文研究的基础理论框架;其次,将证券公司作为研究实体,依据证券公司核心竞争力影响因素指标体系,用因子分析的实证方法,将反映证券公司核心竞争力的因素划分为三个等级,并以此作为证券公司战略并购模式构建的依据;最后,文章选取中信证券的并购成长史作为案例,分别从正反两个角度进行剖析,从中得出核心竞争力的识别、目标企业的选择是证券公司战略并购成功与否的关键前提,证券公司只有做好充分的前期准备,才能最终实现自身的战略目标。
最后,文章指出在未来激烈的证券市场竞争中,证券公司只有依靠自身的核心竞争力才能获取更多的机会。选择并购这种外延方式来培育并提升核心竞争力的证券公司可以借助于并购,把不同证券公司分散的专长、技能等能力要素,通过有效并购,使这些能力要素在相关联系和作用中形成新的、更具竞争优势的核心能力。
Kernel competitiveness theory has triggered rethinking of the basic enterprise value and change of thinking way, meanwhile, it evolved the development strategy view of enterprise from a deeper layer. Merge is a important method of enterprise capital behave, it connected combination and kernel competitiveness together, this means that merge of enterprise goes along with enhancement of kernel competition, this is the interpretation and understanding of strategy merge by this article.
as the main body of the capital market, Securities companies,affecting the prospects of the development of the capital market. kernel competitiveness of securities company is inherently difficult to imitate and also an alternative intellectual ability or assets different from other securities companies , form their own the basis of sustainable competitive advantage. To competitive capital market becoming market-oriented, the future securities restructuring through mergers and acquisitions between companies achieving the competitive landscape will be ripe is an inevitable trend, expected in the future, will be involved in mergers and acquisitions of securities companies of their own merger and acquisition activity as a research object to a certain extent practical significance.
This article points out the importance of the strategic acquisition to the development of enterprise, as the acquisition theory, which is divided into mining of strategic acquisitions and upgrading of two phases, the structure cast on the basis of this artile, theoretical framework and secondly, securities companies as a research entities, according to the the index systeme of influence by the Kernel competitive of securities company, with the analysis of the empirical factor, these factors which have influented the kernel competitiveness,will be divided into three grades, as a mode of acquisition of securities companies build strategic basis ;Finally , the article select CITIC Securities merger as a case history of growth, both positive and negative from the point of view of analysis, and draw the kernel competitiveness of identification, is the choice of target enterprises strategic mergers and acquisitions of securities companies is the key prerequisite for success, only securities companies make full preparations to realize its ultimate strategic goal.
In short, the future of the stock market competition will become more intense, securities companies rely on their own core competitiveness in the face of fierce competition to get more opportunities. This extension means acquisitions choice to nurture and enhance kernel competitiveness of securities companies can help mergers and acquisitions, securities companies scattered in different expertise, skills, capabilities elements, through the effective acquisition, the ability of these elements in the relevant links and in a new role and enhancing the competitive edge of the kernel competencies.
证券公司作为资本市场的主体,影响着资本市场的发展前景。证券公司核心竞争力是证券公司内在的一种难以模仿和替代的知识性能力或资产,是区别于其他证券公司从而形成自身持续竞争优势的基础。对日渐成熟和激烈竞争的资本市场来说,未来证券公司之间通过并购重组方式实现成熟的竞争格局将是一个必然的趋势,在此预期前景之下,将从事并购业务的证券公司自身的并购行为作为研究对象,具有一定的现实意义。
本文首先指出了战略性并购对企业发展的重要性,同时根据并购理论,将战略并购分为挖掘期和提升期两个阶段,构筑了本篇论文研究的基础理论框架;其次,将证券公司作为研究实体,依据证券公司核心竞争力影响因素指标体系,用因子分析的实证方法,将反映证券公司核心竞争力的因素划分为三个等级,并以此作为证券公司战略并购模式构建的依据;最后,文章选取中信证券的并购成长史作为案例,分别从正反两个角度进行剖析,从中得出核心竞争力的识别、目标企业的选择是证券公司战略并购成功与否的关键前提,证券公司只有做好充分的前期准备,才能最终实现自身的战略目标。
最后,文章指出在未来激烈的证券市场竞争中,证券公司只有依靠自身的核心竞争力才能获取更多的机会。选择并购这种外延方式来培育并提升核心竞争力的证券公司可以借助于并购,把不同证券公司分散的专长、技能等能力要素,通过有效并购,使这些能力要素在相关联系和作用中形成新的、更具竞争优势的核心能力。
Kernel competitiveness theory has triggered rethinking of the basic enterprise value and change of thinking way, meanwhile, it evolved the development strategy view of enterprise from a deeper layer. Merge is a important method of enterprise capital behave, it connected combination and kernel competitiveness together, this means that merge of enterprise goes along with enhancement of kernel competition, this is the interpretation and understanding of strategy merge by this article.
as the main body of the capital market, Securities companies,affecting the prospects of the development of the capital market. kernel competitiveness of securities company is inherently difficult to imitate and also an alternative intellectual ability or assets different from other securities companies , form their own the basis of sustainable competitive advantage. To competitive capital market becoming market-oriented, the future securities restructuring through mergers and acquisitions between companies achieving the competitive landscape will be ripe is an inevitable trend, expected in the future, will be involved in mergers and acquisitions of securities companies of their own merger and acquisition activity as a research object to a certain extent practical significance.
This article points out the importance of the strategic acquisition to the development of enterprise, as the acquisition theory, which is divided into mining of strategic acquisitions and upgrading of two phases, the structure cast on the basis of this artile, theoretical framework and secondly, securities companies as a research entities, according to the the index systeme of influence by the Kernel competitive of securities company, with the analysis of the empirical factor, these factors which have influented the kernel competitiveness,will be divided into three grades, as a mode of acquisition of securities companies build strategic basis ;Finally , the article select CITIC Securities merger as a case history of growth, both positive and negative from the point of view of analysis, and draw the kernel competitiveness of identification, is the choice of target enterprises strategic mergers and acquisitions of securities companies is the key prerequisite for success, only securities companies make full preparations to realize its ultimate strategic goal.
In short, the future of the stock market competition will become more intense, securities companies rely on their own core competitiveness in the face of fierce competition to get more opportunities. This extension means acquisitions choice to nurture and enhance kernel competitiveness of securities companies can help mergers and acquisitions, securities companies scattered in different expertise, skills, capabilities elements, through the effective acquisition, the ability of these elements in the relevant links and in a new role and enhancing the competitive edge of the kernel competencies.
引文
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[2]Collis.DJ,cynthis M. Competing on resourse strategy in the 1990s[J], Harvard Business Review,1995,26-36
[3]Prahalad CK,Hamel G.The core competence of the corporation [J], Harvard Business Review,1990,89-98
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[6]Andrade, Gregor,Mark L.Mitchell,and Erik Stafford.New evidence and perspectives on mermers[J],Economic Perspectives,2001
[7]Bruner,Rober F. Does M&A Pay? [J],Applied Finance,2003
[8]Stefano Rossi and Paolo Volpin.Cross Country Determinants of Mergers and Acquisitions[J],London Business School,2002
[9]Teece,Pisano G,shuen A. Dynamic capabilities strategic management[J],Strategic management,1997,23-36
[10]George stalk,Philip Evans,competing on capabilites:The New ruls of corporate strategy[J], Harvard Business Review,1992
[11] J.弗雷德·威斯通(美).接管、重组与公司治理[M].大连:东北财经大学出版社,2000
[12]周春生.融资、并购与公司控制[M].北京:北京大学出版社,2005
[13]干春晖.并购实务[M].北京:清华大学出版社,2004
[14]王东,张秋生.企业兼并与收购案例[M].北京:清华大学出版社,2004
[15]李春玲,丁新娅.并购的效应[M].北京:中国人民大学出版社,2006
[16]干春晖.并购案例解读[M].上海:上海财经大学出版社,2005
[17]解植春.投资银行发展与管理研究[M].北京:中国金融出版社,2005
[18]钱弘道.金融核心投资银行产业发展分析[M].北京:经济科学出版社,2000
[19]李富祥,王天有.中国投资银行业务创新[M].甘肃:甘肃人民出版社,2000
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[23]黄明元.并购企业文化整合与企业核心竞争力研究[J].科技管理研究,2005.3
[24]王春和,王俊岭.并购:提升企业核心竞争力的主要手段[J].经济论坛,2004
[25]刘 剑.并购中企业核心竞争力问题的几个方面思考[J].内蒙古统计,2002.5
[26]高明华.多角化还是专业化:基于核心竞争力的并购方式选择[J].中国高校科技与企业产业化,2005
[27]毛恺起.核心竞争力与混合并购[J].社科纵横,2003.6
[28]张 峥.基于核心竞争力的跨国并购整合模式研究[J].商业时代,2006.2
[29]赵 卿.基于核心竞争力的企业并购[J].经济与管理,2003.8
[30]张玉珍.基于核心竞争力的企业并购动机研究[J].经济问题研究,2004.5
[31]邓万全.基于核心竞争力的企业并购行为与战略分析[J].价值工程,2004.6
[32]杨海波.基于核心竞争力的企业并购战略研究[J].现代管理科学,2003.5
[33]曹玲莉等.基于核心竞争力理论的企业并购行为的研究[J].商业研究,2004.9
[34]何艳桃等.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,2005.1
[35]张云辉.跨国并购与黑龙江省企业核心竞争力的提升[J].商业现代化,2006.9
[36]夏金华.论核心竞争力与国有企业并购[J].北方经贸,2005.2
[37]梁朝华等.企业并购:核心竞争力角度的解析[J].工业工程,2003.9
[38]陈六宪等.企业并购与核心竞争力[J].商场现代化,2006.8
[39]藏传胜.企业并购与核心竞争力的培植[J].山东省农业管理干部学院学报,2004.2
[40]邢颖等.企业并购中的目标企业核心竞争力的评估[J].交通科技与经济,2004.4
[41]吕志勇.企业核心竞争力与企业并购行为研究[J].山东经济战略研究,2002.12
[42]徐波等.企业核心竞争力与我国企业战略并购整合[J].企业改革,2006.6
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