高技术企业并购风险及防范研究
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摘要
在新经济背景下，并购作为企业扩张的一种有效途径，已经得到越来越多的高技术企业的青睐。并购所表现出的“时间效率优势”使得这些遭受技术进步迅速与市场竞争双重压力的高技术企业不得不改变原始的依靠自我积累发展的思路。但是，实践证明，企业并购是一项复杂的系统工程，并购活动存在着巨大风险，正是因为许多并购企业没有认识到也未能有效的防范风险而导致并购行为的最终失败，甚至并购方从此一蹶不振。所以，正确的识别风险、化解风险是并购成功的关键所在。
论文首先在大量实证案例研究的基础之上，运用矩阵式匹配分析方法全面分析和总结了高技术企业并购活动中潜在的各种风险因素和风险事件，并进一步提炼出风险类型；然后根据风险管理的理论与方法，对高技术企业并购的风险评价和风险防范进行系统而规范的应用分析，最终提出基于并购阶段的整体性风险防范策略。
从研究的结果与分析的过程来讲，论文期望能够达到这样的目的—— 一有助于高技术企业决策者对并购扩张的理性思考；二为高技术企业并购风险的分析提供思路与方法上的启示。
Under the new-economic background, M&A has been paid attention to by more and more hi-tech enterprises as a resultful method for enterprise expanding.“Time-efficiency advantage”represented by M&A makes these enterprises，which ever were suffered from rapidness in technology and competition in market, have to change their original ideas that corporation’s growth only depends on self-accumulation .But practice has proved that M&A as a systems engineering is numerous and complicated , and lots of risks exist in it.And it was just because many companies were not cognizant of risks and didn’t take any actions to deal with them , few M&A deal was successful.So how to rightly identify and deal with risks is the key to success of M&A .
This paper is arranged as follows: Firstly,On the basis of study in many demonstrated cases, a matrix－matching analytical means is used in this paper to roundly analyze and sum up various factors and affairs in M&A of hi-tech enterprises, which may lead to risks, and risk types are further abstracted from these factors and affairs.Secondly, according to theories and methods of risk management , how to estimate and keep away risk is analyzed systemically and normatively.Lastly,a set of holistic strategies based on different M&A phases for keeping away risks are put forward.
From the results of study and the course of analysis，two purposes are expected to reach by the paper — one is to help decision-makers of hi-tech enterprises to think M&A rationally;the other is to give some revelations on thought and method in risk analysis of M&A of hi-tech enterprises.
论文首先在大量实证案例研究的基础之上，运用矩阵式匹配分析方法全面分析和总结了高技术企业并购活动中潜在的各种风险因素和风险事件，并进一步提炼出风险类型；然后根据风险管理的理论与方法，对高技术企业并购的风险评价和风险防范进行系统而规范的应用分析，最终提出基于并购阶段的整体性风险防范策略。
从研究的结果与分析的过程来讲，论文期望能够达到这样的目的—— 一有助于高技术企业决策者对并购扩张的理性思考；二为高技术企业并购风险的分析提供思路与方法上的启示。
Under the new-economic background, M&A has been paid attention to by more and more hi-tech enterprises as a resultful method for enterprise expanding.“Time-efficiency advantage”represented by M&A makes these enterprises，which ever were suffered from rapidness in technology and competition in market, have to change their original ideas that corporation’s growth only depends on self-accumulation .But practice has proved that M&A as a systems engineering is numerous and complicated , and lots of risks exist in it.And it was just because many companies were not cognizant of risks and didn’t take any actions to deal with them , few M&A deal was successful.So how to rightly identify and deal with risks is the key to success of M&A .
This paper is arranged as follows: Firstly,On the basis of study in many demonstrated cases, a matrix－matching analytical means is used in this paper to roundly analyze and sum up various factors and affairs in M&A of hi-tech enterprises, which may lead to risks, and risk types are further abstracted from these factors and affairs.Secondly, according to theories and methods of risk management , how to estimate and keep away risk is analyzed systemically and normatively.Lastly,a set of holistic strategies based on different M&A phases for keeping away risks are put forward.
From the results of study and the course of analysis，two purposes are expected to reach by the paper — one is to help decision-makers of hi-tech enterprises to think M&A rationally;the other is to give some revelations on thought and method in risk analysis of M&A of hi-tech enterprises.
引文
1 2 3 中国并购交易网. http://www.mergers-china.com，2002.
4 马亚雄.企业并购的风险分析[J].财会月刊.2001,(16).
5 全球并购研究中心. http://www.online-ma.com.cn，2002.
6 窦洪权.企业购并理论与实务[M].第一版.企业管理出版社，1994: 152–176.
7 傅家骥等.技术创新[M].第一版.企业管理出版社，1992: 472–475.
8 9 杨梅英.风险管理与保险原理[M].第一版.北京航空航天大学出版社，
1999: 3-107.
10 赵焕臣,许树柏,和金生.层次分析法[M].第一版.科学出版社,1986:
13-43.
11白思俊.现代项目管理(下册)[M].第一版.机械工业出版社.2002:
125–177.
12任学峰.高技术企业产品战略管理[M].第一版.天津大学出版社，2000:
6–33.
13 14 王西麟.高技术企业成长论.中国人民大学博士论文.1996:3-11,
21-26.
15 16 许子枋.企业兼并风险研究[M].第一版.湖南人民出版社，2000.
17王一.企业并购理论及其在中国的应用[M].第一版.复旦大学出版社，
2000: 1–35.
18 刘学,庄乾志.公司并购的风险分析[J].经济论坛.1998,(18).
19 P. S. Sudarsanam著The Essence of Mergers and Acquisitions .
20 栗源. 科龙陷阱套牢格林科尔[J].Http://www.homeway.com.cn.
21 全球并购研究中心. http://www.online-ma.com.cn，2002.
22王一.企业并购理论及其在中国的应用[M].第一版.复旦大学出版社，2000:143–180.
23 王一.企业并购[M].第一版.上海财经大学出版社，2001.
24王少豪.高新技术企业价值评估[M].第一版.中信出版社，2002：1–10.
25王明珠,周剑杰.资本运营与风险防范[M].第一版.中国审计出版社，
1999:103–158.
26曹凤岐.如何进行企业重组与并购[M].第一版.北京大学出版社，1999: 42–98.
27 [美]杰弗里·C·胡克/著 陆猛/译.兼并与收购实用指南[M].第一版.经济科学出版社，2000: 1–32，55–74.
28 吴灵玲.我国企业并购现状及风险[J].经济世界.2000,(2).
29 吕莜萍.企业兼并风险及其评价模型研究[J].管理工程学报.2001,(3).
30 邓富民,刘柱胜.AHP分析法在风险投资项目评估中的应用研究[J].电子
科技大学学报社科版.2002,(2).
31张宇,宣国良.高科技企业的兼并风险与控制方法[J].技术创新与科技进步.2000,(9).
32藏秀清,张远徳.并购风险的多层次权重分析研究[J].技术经济. 2001, (11).
33 殷孟波,甘煜.中国金融风险机理研究[J].四川金融.1998,(9).
34 杨华峰,汪晓昀.国际投资风险防范分析与策略[J].金融市场.1995,
11(5).
35 姚立根,牛贵霞.现代企业并购行为经济分析[J].数量经济技术经济研
究.2000,(2).
36 杨阳,盛中.关于企业兼并工作的探讨[J].冶金管理.1999,(6).
37 黄建成,王从伟.企业并购后的管理组织整合[J].华东经济管理.1997,
(1).
38 侯向丽.我国企业并购中的障碍与对策分析[J].辽宁经济.1999.2.
39 汪翔红.公司购并方式的比较研究[J].经济与管理研究.1999,(2).
40 雷造民，戚津东.中国企业并购：问题和政策建议[J].经济与管理研
究.1999,(4).
41 陈元荧.企业并购模式与成功的内部条件研究[J].经济理论与经济管理.
1999,(4).
42 袁智德,张宇,宣国良.世界高科技企业兼并、重组的特征与战略[J].外国
经济与管理.2000,(7).
43 胡玲,李瑛.中外企业并购支付方式比较[J].国有资产管理.1999,(3).
44 宋浩,刘庆.小议企业并购模式[J].财金贸易.1999,(5).
45 William W.Alberts.The Corporate Merger[M].First Edition.Chicago University of Chicago Press,1996.
46 James L.Athearn,S.Travis Pritchett Joan T.Schmit.Risk Management and Insurance[M].Seventh Edition.West Publishing Company,1996.
47 S.Chaudehuri,B.Tabrizi.Capturing the Real Value in High-tech Acquisitions[J].Harvard Business Review,1999,(9/10).
48 A.D James,L.Georghion,J.S.Metcalfe.Integrating Technology into Merger and Acquisition Decision Making[J]. Technovation, 1998,18
(8/9).
49 Compaq Buys DEC[J].The Economist,January 31st 1998,78-79.
50 AT&T Connects with TCL[J].The Economist,June 27th 1998,83-84.
51 Worldcom’s Next Step[J]. The Economist,September 27th 1998,95-96.
52 3COM Arms for Network Battle[J]. CommunicationsWeek,December 3rd 1997,(653).
53 Face Monitors Merger Risks[J]. American Metal Market, September 13th 1999,107(176).
54 Meger Risks For AMD[J]. Computer Reseller News, January 8th
1996,(665).
55 The Integrator[J].Communication World, Dec/Jan2000-2001,18(1).
4 马亚雄.企业并购的风险分析[J].财会月刊.2001,(16).
5 全球并购研究中心. http://www.online-ma.com.cn，2002.
6 窦洪权.企业购并理论与实务[M].第一版.企业管理出版社，1994: 152–176.
7 傅家骥等.技术创新[M].第一版.企业管理出版社，1992: 472–475.
8 9 杨梅英.风险管理与保险原理[M].第一版.北京航空航天大学出版社，
1999: 3-107.
10 赵焕臣,许树柏,和金生.层次分析法[M].第一版.科学出版社,1986:
13-43.
11白思俊.现代项目管理(下册)[M].第一版.机械工业出版社.2002:
125–177.
12任学峰.高技术企业产品战略管理[M].第一版.天津大学出版社，2000:
6–33.
13 14 王西麟.高技术企业成长论.中国人民大学博士论文.1996:3-11,
21-26.
15 16 许子枋.企业兼并风险研究[M].第一版.湖南人民出版社，2000.
17王一.企业并购理论及其在中国的应用[M].第一版.复旦大学出版社，
2000: 1–35.
18 刘学,庄乾志.公司并购的风险分析[J].经济论坛.1998,(18).
19 P. S. Sudarsanam著The Essence of Mergers and Acquisitions .
20 栗源. 科龙陷阱套牢格林科尔[J].Http://www.homeway.com.cn.
21 全球并购研究中心. http://www.online-ma.com.cn，2002.
22王一.企业并购理论及其在中国的应用[M].第一版.复旦大学出版社，2000:143–180.
23 王一.企业并购[M].第一版.上海财经大学出版社，2001.
24王少豪.高新技术企业价值评估[M].第一版.中信出版社，2002：1–10.
25王明珠,周剑杰.资本运营与风险防范[M].第一版.中国审计出版社，
1999:103–158.
26曹凤岐.如何进行企业重组与并购[M].第一版.北京大学出版社，1999: 42–98.
27 [美]杰弗里·C·胡克/著 陆猛/译.兼并与收购实用指南[M].第一版.经济科学出版社，2000: 1–32，55–74.
28 吴灵玲.我国企业并购现状及风险[J].经济世界.2000,(2).
29 吕莜萍.企业兼并风险及其评价模型研究[J].管理工程学报.2001,(3).
30 邓富民,刘柱胜.AHP分析法在风险投资项目评估中的应用研究[J].电子
科技大学学报社科版.2002,(2).
31张宇,宣国良.高科技企业的兼并风险与控制方法[J].技术创新与科技进步.2000,(9).
32藏秀清,张远徳.并购风险的多层次权重分析研究[J].技术经济. 2001, (11).
33 殷孟波,甘煜.中国金融风险机理研究[J].四川金融.1998,(9).
34 杨华峰,汪晓昀.国际投资风险防范分析与策略[J].金融市场.1995,
11(5).
35 姚立根,牛贵霞.现代企业并购行为经济分析[J].数量经济技术经济研
究.2000,(2).
36 杨阳,盛中.关于企业兼并工作的探讨[J].冶金管理.1999,(6).
37 黄建成,王从伟.企业并购后的管理组织整合[J].华东经济管理.1997,
(1).
38 侯向丽.我国企业并购中的障碍与对策分析[J].辽宁经济.1999.2.
39 汪翔红.公司购并方式的比较研究[J].经济与管理研究.1999,(2).
40 雷造民，戚津东.中国企业并购：问题和政策建议[J].经济与管理研
究.1999,(4).
41 陈元荧.企业并购模式与成功的内部条件研究[J].经济理论与经济管理.
1999,(4).
42 袁智德,张宇,宣国良.世界高科技企业兼并、重组的特征与战略[J].外国
经济与管理.2000,(7).
43 胡玲,李瑛.中外企业并购支付方式比较[J].国有资产管理.1999,(3).
44 宋浩,刘庆.小议企业并购模式[J].财金贸易.1999,(5).
45 William W.Alberts.The Corporate Merger[M].First Edition.Chicago University of Chicago Press,1996.
46 James L.Athearn,S.Travis Pritchett Joan T.Schmit.Risk Management and Insurance[M].Seventh Edition.West Publishing Company,1996.
47 S.Chaudehuri,B.Tabrizi.Capturing the Real Value in High-tech Acquisitions[J].Harvard Business Review,1999,(9/10).
48 A.D James,L.Georghion,J.S.Metcalfe.Integrating Technology into Merger and Acquisition Decision Making[J]. Technovation, 1998,18
(8/9).
49 Compaq Buys DEC[J].The Economist,January 31st 1998,78-79.
50 AT&T Connects with TCL[J].The Economist,June 27th 1998,83-84.
51 Worldcom’s Next Step[J]. The Economist,September 27th 1998,95-96.
52 3COM Arms for Network Battle[J]. CommunicationsWeek,December 3rd 1997,(653).
53 Face Monitors Merger Risks[J]. American Metal Market, September 13th 1999,107(176).
54 Meger Risks For AMD[J]. Computer Reseller News, January 8th
1996,(665).
55 The Integrator[J].Communication World, Dec/Jan2000-2001,18(1).