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论文编号：	14293
作者编号：	2320213704
上传时间：	2023/12/11 14:36:43
中文题目：	T燃气公司并购M公司协同效应提升策略研究
英文题目：	Research on the Synergistic Effects And Enhancement Strategy of T Gas Company''''s Acquisition of M Company
指导老师：	牛建波副教授
中文关键字：	并购；并购动因；协同效应
英文关键字：	Mergers and Acquisitions; Acquisition Motives; Synergy Effects
中文摘要：	在当前全球商业环境中，企业面对的挑战和压力很大，众多企业为了让自己在市场中具有不可替代性以及抢占更大的市场，并购作为一种重要的战略手段，对于企业的增长和发展则具有了重要意义。在并购产生的这百年历史中，可以看到很多并购成功的案例，也有失败的教训，其中影响最大的原因是是否能够通过并购产生协同效应。 本文以民营上市公司T燃气公司承购并购民营非上市公司M公司为案例进行研究，结合企业的宏观环境和行业背景，通过分析，本文总结出T燃气公司并购M公司的原因一方面是为了提高市场占有率，加快对中西部市场资源的抢夺，提高生产效率进而增加公司的利润，另一方面希望通过对双方公司的有效整合实现“1+1>2”的效应。本文通过了解并购后公司的管理现状和经营现状，对在经营协同、管理协同、财务协同方面产生的问题和原因进行了详细分析，发现T燃气公司并购M公司的整个过程中对管理协同的重视不够，管理协同的相关战略目标的排序比较靠后，导致管理协同效应未实现，从而影响了经营协同和财务协同，最终未达成实现整体协同效应的目标。 本研究通过对T燃气公司并购M公司后在协同效应方面存在的问题，从管理协同视角来分析造成的经营协同、财务协同存在问题的原因，进而提出了一系列的对策建议，以期望通过实现管理协同进而实现经营协同、财务协同，最终实现并购的整体协同目标。本研究有望提示企业在并购过程中对管理协同目标加以重视，对决策和实践提供有益的参考。然而，也需注意本研究的局限性，并展望未来，希望对如何进一步提升并购协同效应进行深入研究。
英文摘要：	In the current global business environment, companies face significant challenges and pressures. Many businesses, in order to establish themselves as irreplaceable in the market and capture a larger share, consider mergers and acquisitions as a critical strategic approach that holds significant importance for their growth and development. In the century-long history of mergers and acquisitions, there have been both successful cases and valuable lessons from failures. The most influential factor in these transactions is whether they can generate synergies. This paper conducts a case study of a privately-owned publicly-listed company, T Gas Company, acquiring a privately-owned non-listed company, M Company. Taking into account the macroeconomic environment and industry context, this study analyzes the reasons behind T Gas Company's acquisition of M Company. On one hand, it aims to increase market share, expedite the acquisition of resources in the central and western markets, enhance production efficiency,and consequently boost company profits. On the other hand, it aspires to achieve a "1+1>2" effect through the effective integration of both companies. The paper evaluates the management and operational status of the company post-acquisition and provides a detailed analysis of the issues and reasons related to operational synergy, management synergy, and financial synergy. It is discovered that throughout the acquisition process, T Gas Company did not give enough emphasis to management synergy, with management synergy-related strategic objectives being prioritized lower. This failure to realize management synergy had repercussions on operational and financial synergy, ultimately impeding the achievement of the overall synergy objectives.This study identifies the problems in synergy that arose after T Gas Company acquired M Company from a management synergy perspective. It analyzes the reasons behind the issues in operational and financial synergy, and subsequently proposes a series of strategic recommendations. These recommendations aim to achieve management synergy and, in turn, operational and financial synergy, ultimately realizing the overarching synergy goals of the acquisition. This research is expected to highlight the importance of prioritizing management synergy objectives during the merger and acquisition process and offer valuable insights for decision-making and practice.However, it's important to note the limitations of this study and look forward to future research that delves deeper into how to further enhance merger and acquisition synergy.
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