横向购并的整合机理研究
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摘要
本论文研究的主要内容是，通过理论演绎和实证研究，建立关于横向购并的整合机理模型，目的是以结构化的方式回答关于横向购并中整合的三个基本问题：①整合目标是什么?②整合的主要内容是什么?③整合主要内容与整合目标之间的关系是什么?在系统地介绍整合机理模型之后，以曾参与购并的中国企业为样本，针对整合机理模型做了实证分析，结果基本支持该模型(包括它的主要内容以及彼此之间的逻辑关系)，指出了战略领导的极端重要性，并给出了改善该模型的方向。
论文共分为八章：
第一章是绪论。在以一个包涵因素分析、整合模式研究、整合机理研究三个层次的框架总结了过去20年的整合研究之后，发现了具有重要理论意义的整合研究的突破点，也就是以资源观、协同理论结合组织理论与管理学来系统地研究横向购并的整合机理。
在第二章建立了一个企业模型，为整合机理模型研究提供了一个坚实的理论平台。这个模型的主要理论基础是资源观。通过资源、知识和能力之间关系的辨析，建立了企业模型的基本框架，再结合考虑组织理论和管理学的关于企业整体的理论，就形成了一个包涵结构模型与逻辑模型两个子模型的企业模型。
第三章是论文最核心的部分，提出了横向购并的整合机理模型。首先，以购并双方的企业结构模型为对象，通过两两相对融合的方式，得到了整合的主要内容，即五个整合模块；以购并双方的企业逻辑模型为对象，借助协同理论的研究成果，得到了整合的“基本逻辑”与三个“支持逻辑”——分别以“领导”、”管理系统”和“利益相关者的认同”为焦点。这些工作的结合就产生了整合机理模型。
这一章的最后一部分介绍了愿景与战略整合，重点是战略整合。战略整合有两项主要内容，其一是涉及购并双方战略的战略整合模式，其二是关于如何构建利用整合中协同机会的价值创造规划的论述。这是随后整合工作的指导性框架。
在第四章，分析了与“协同实现”这一整合目标有着最直接关系的整合模块——产品—市场组合的整合与基本业务流程的整合，其中涉及如何在双方的产品—市场组合与基本业务流程中挖掘协同机会的框架、知识的转移、流程整合与结构整合的各种形式等各项内容。
在第五章，分析了运行机制整合。它包括三个部分：治理结构的调整、管理制度的整合以及人力资源政策的整合(主要考虑利益契约的重构)，它们分别与支持逻辑1、支持逻辑2和支持逻辑3相关。
在第六章，分析的是社会资本的创建与整合。它包括四个部分：心理契约重构、企业文化整合、关系网络重组以及组织语言和代码系统的整合。这些部分基本上都是“软”的，也可能是在整合中最需要艺术性和耐心的。它是构成支持逻辑3的主
浙江大学博士学位论文
要内容之一。
第七章是利用实证研究对论文建立的整合机理模型进行检验。主要包括两块内
容:一是利用利用大样本统计研究对整合机理模型的主要内容与彼此之间的关系进
行检验，结果表明，整合机理模型基本成立，不过在某些局部依然有改进的余地;
另一个是利用整合机理模型，对两个案例(一个成功，一个失败)进行分析，从而
展现出该模型非同一般的、系统的分析能力。
在第八章中，总结了论文的研究结论、创新点与薄弱之处，并给出了今后研究
需要努力的方向。
论文的创新点。综观整个论文，在整合研究的理论研究方面，应该说是做了一
个较大的贡献:
首要的一点，就是建立了一个整合机理的模型，通过与论文绪论中总结的整合
研究相对照，不难发现这个模型在系统性、深度、创新性上都有独特的贡献，尤其
在整合逻辑的析分上—分解出分别以“领导”、”管理制度”和”利益相关者的认
同”为焦点的三个支持逻辑，这是整合研究上的首次，而且在实证研究上基本得到
支持。
其次，不仅仅建构了一个总体的模型，而且对其中所包涵的五个整合模块，都
有系统的论述，其中有相当多的内容属于很少有人研究的，即使有研究也是比较零
散的。比如，战略整合的框架、结构重组的形式、利益契约与心理契约的重构、组
织语言与代码系统的整合等等。
第三，为顺利进行论文研究所作的基础性理论工作，从某种角度上说，也许比
整合机理模型更重要，因为它更一般，应用范围更宽。这些工作包括资源、知识与
能力关系的探讨、基于资源观的企业模型、整合中价值创造的一般框架等等。
第四，通过一个有系统的研究，提供了进行与整合相关的其他研究的平台，包
括非横向购并的整合，各种形式的整合，以及站到购并者的角度去分析如何“管理”
整合等。
The main content of this thesis is to build the model for post-merger integration mechanism of horizontal M&As by applying deduction and empiricle study. The aim is to answer the following three questions about integration in a structural style: (1). What is the objective of integration? (2). What are the main contents of integration? (3). What are the relationships between the objective of integration and the main contents of integration? After the complete introduction of the model for integration mechanism, examples of enterprises in China are used to testify this model. The result shows that the model is basically applicable. Moreover, we show how to improve the model.
This thesis consists of eight chapters as followed:
The first chapter is introduction. By using the hierarchy architecture including factor analysis, integration mode, and integration mechanism, we study the research of integration in past 20 years. We find the breakthrough point, which is significant in the research of the integration theory. That is, the resource-based view, synergy theory, organization theory, and management studies should be combined to synthetically study the integration mechanism of horizontal M&As.
In the second chapter, we build a firm model as a theoretical platform for studying the model of the integration mechanism. This firm model mainly comes from the resource-based view. After analyzing the relation among resource, knowledge, and ability, we build a framework of the firm model. We further consider the related content in the organization theory and management studies. Finally, we propose the firm model including two sub-models - structural model and logical model.
We present the model for integration mechanism of horizontal M&As in the third chapter, which is the core of this thesis. First, we produce five integration modules by combining two of structural models for enterprises involved in the M&As process. Second, by the combination of logical models for enterprises and study of synergy theory, we obtain the "basic logic" of integration and three "support logics", which contain the core of "leadership", "management system", and "human", respectively. By combining the above work, we produce the model for the integration mechanism. Finally, we introduce the vision and strategy integration. The main content of strategy integration includes the strategy integration modes for the enterprise involved in the M&As process and the value creation plan for utilizing synergy choose in the integration. They will be the guidance framework for the following integration operation.
In the fourth chapter, we analyze the integration modules directly related to the objective of "synergy realization". They include the integration of product-market combination and the integration of basic service processes. Of them, we will design various types for mining the framework of synergy choose, transfer of knowledge, and integration of processes and structures in the production-market combination.
In the fifth chapter, we analyze the integration of operating system, which comprises three parts:
adjustment of govern structures, integration of management institutions, and integration of policies for human resources (that mainly concern the reconstruction of economic contracts), which are respectively related to support logic I, II, and III.
In the sixth chapter, we analyze the creation and integration of social capital, including reconstruction of psychological contracts, integration of enterprise culture, reconstruction of relation networks, and integration of organization language and code systems. These contents are "soft" and heavily require the art and patience in the integration operation. This chapter is one of main contents of support logic III.
In the seventh chapter, we testify the proposed model of integration mechanism. First, we apply the statistic analysis of massive samples to check the relation between main contents of the model. The result shows the model can stand with small adaptation. Second, we apply
论文共分为八章：
第一章是绪论。在以一个包涵因素分析、整合模式研究、整合机理研究三个层次的框架总结了过去20年的整合研究之后，发现了具有重要理论意义的整合研究的突破点，也就是以资源观、协同理论结合组织理论与管理学来系统地研究横向购并的整合机理。
在第二章建立了一个企业模型，为整合机理模型研究提供了一个坚实的理论平台。这个模型的主要理论基础是资源观。通过资源、知识和能力之间关系的辨析，建立了企业模型的基本框架，再结合考虑组织理论和管理学的关于企业整体的理论，就形成了一个包涵结构模型与逻辑模型两个子模型的企业模型。
第三章是论文最核心的部分，提出了横向购并的整合机理模型。首先，以购并双方的企业结构模型为对象，通过两两相对融合的方式，得到了整合的主要内容，即五个整合模块；以购并双方的企业逻辑模型为对象，借助协同理论的研究成果，得到了整合的“基本逻辑”与三个“支持逻辑”——分别以“领导”、”管理系统”和“利益相关者的认同”为焦点。这些工作的结合就产生了整合机理模型。
这一章的最后一部分介绍了愿景与战略整合，重点是战略整合。战略整合有两项主要内容，其一是涉及购并双方战略的战略整合模式，其二是关于如何构建利用整合中协同机会的价值创造规划的论述。这是随后整合工作的指导性框架。
在第四章，分析了与“协同实现”这一整合目标有着最直接关系的整合模块——产品—市场组合的整合与基本业务流程的整合，其中涉及如何在双方的产品—市场组合与基本业务流程中挖掘协同机会的框架、知识的转移、流程整合与结构整合的各种形式等各项内容。
在第五章，分析了运行机制整合。它包括三个部分：治理结构的调整、管理制度的整合以及人力资源政策的整合(主要考虑利益契约的重构)，它们分别与支持逻辑1、支持逻辑2和支持逻辑3相关。
在第六章，分析的是社会资本的创建与整合。它包括四个部分：心理契约重构、企业文化整合、关系网络重组以及组织语言和代码系统的整合。这些部分基本上都是“软”的，也可能是在整合中最需要艺术性和耐心的。它是构成支持逻辑3的主
浙江大学博士学位论文
要内容之一。
第七章是利用实证研究对论文建立的整合机理模型进行检验。主要包括两块内
容:一是利用利用大样本统计研究对整合机理模型的主要内容与彼此之间的关系进
行检验，结果表明，整合机理模型基本成立，不过在某些局部依然有改进的余地;
另一个是利用整合机理模型，对两个案例(一个成功，一个失败)进行分析，从而
展现出该模型非同一般的、系统的分析能力。
在第八章中，总结了论文的研究结论、创新点与薄弱之处，并给出了今后研究
需要努力的方向。
论文的创新点。综观整个论文，在整合研究的理论研究方面，应该说是做了一
个较大的贡献:
首要的一点，就是建立了一个整合机理的模型，通过与论文绪论中总结的整合
研究相对照，不难发现这个模型在系统性、深度、创新性上都有独特的贡献，尤其
在整合逻辑的析分上—分解出分别以“领导”、”管理制度”和”利益相关者的认
同”为焦点的三个支持逻辑，这是整合研究上的首次，而且在实证研究上基本得到
支持。
其次，不仅仅建构了一个总体的模型，而且对其中所包涵的五个整合模块，都
有系统的论述，其中有相当多的内容属于很少有人研究的，即使有研究也是比较零
散的。比如，战略整合的框架、结构重组的形式、利益契约与心理契约的重构、组
织语言与代码系统的整合等等。
第三，为顺利进行论文研究所作的基础性理论工作，从某种角度上说，也许比
整合机理模型更重要，因为它更一般，应用范围更宽。这些工作包括资源、知识与
能力关系的探讨、基于资源观的企业模型、整合中价值创造的一般框架等等。
第四，通过一个有系统的研究，提供了进行与整合相关的其他研究的平台，包
括非横向购并的整合，各种形式的整合，以及站到购并者的角度去分析如何“管理”
整合等。
The main content of this thesis is to build the model for post-merger integration mechanism of horizontal M&As by applying deduction and empiricle study. The aim is to answer the following three questions about integration in a structural style: (1). What is the objective of integration? (2). What are the main contents of integration? (3). What are the relationships between the objective of integration and the main contents of integration? After the complete introduction of the model for integration mechanism, examples of enterprises in China are used to testify this model. The result shows that the model is basically applicable. Moreover, we show how to improve the model.
This thesis consists of eight chapters as followed:
The first chapter is introduction. By using the hierarchy architecture including factor analysis, integration mode, and integration mechanism, we study the research of integration in past 20 years. We find the breakthrough point, which is significant in the research of the integration theory. That is, the resource-based view, synergy theory, organization theory, and management studies should be combined to synthetically study the integration mechanism of horizontal M&As.
In the second chapter, we build a firm model as a theoretical platform for studying the model of the integration mechanism. This firm model mainly comes from the resource-based view. After analyzing the relation among resource, knowledge, and ability, we build a framework of the firm model. We further consider the related content in the organization theory and management studies. Finally, we propose the firm model including two sub-models - structural model and logical model.
We present the model for integration mechanism of horizontal M&As in the third chapter, which is the core of this thesis. First, we produce five integration modules by combining two of structural models for enterprises involved in the M&As process. Second, by the combination of logical models for enterprises and study of synergy theory, we obtain the "basic logic" of integration and three "support logics", which contain the core of "leadership", "management system", and "human", respectively. By combining the above work, we produce the model for the integration mechanism. Finally, we introduce the vision and strategy integration. The main content of strategy integration includes the strategy integration modes for the enterprise involved in the M&As process and the value creation plan for utilizing synergy choose in the integration. They will be the guidance framework for the following integration operation.
In the fourth chapter, we analyze the integration modules directly related to the objective of "synergy realization". They include the integration of product-market combination and the integration of basic service processes. Of them, we will design various types for mining the framework of synergy choose, transfer of knowledge, and integration of processes and structures in the production-market combination.
In the fifth chapter, we analyze the integration of operating system, which comprises three parts:
adjustment of govern structures, integration of management institutions, and integration of policies for human resources (that mainly concern the reconstruction of economic contracts), which are respectively related to support logic I, II, and III.
In the sixth chapter, we analyze the creation and integration of social capital, including reconstruction of psychological contracts, integration of enterprise culture, reconstruction of relation networks, and integration of organization language and code systems. These contents are "soft" and heavily require the art and patience in the integration operation. This chapter is one of main contents of support logic III.
In the seventh chapter, we testify the proposed model of integration mechanism. First, we apply the statistic analysis of massive samples to check the relation between main contents of the model. The result shows the model can stand with small adaptation. Second, we apply
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42．冯根福、吴林江，我国上市公司并购绩效的实证研究，《经济研究》，1，2001第1期。
43．何润宇，青醇四溢—青岛啤酒的购并之路，《集团经济研究》，6，2000
44．俞岱曦，张海涛，康佳购并案例，节选自《最新中国企业并购案例资料汇编》，天则经济研究所，中国轻工业出版社，1999
45．盛洪，《最新中国企业并购案例资料汇编》，中国轻工业出版社，1999
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