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论文编号：	15876
作者编号：	2320233803
上传时间：	2025/12/11 18:09:14
中文题目：	融创并购万达文旅的商业模式整合研究
英文题目：	Research on Business Model Integration Following Sunac''s Acquisition of Wanda''s Cultural Tourism Projects
指导老师：	崔连广
中文关键字：	企业并购；商业模式整合；融创；万达文旅；动态适配
英文关键字：	Enterprise Mergers and Acquisitions；Business Model Integration；Sunac；Wanda Culture and Tourism；Dynamic Adaptation
中文摘要：	在当前宏观经济转型、产业升级加速与政策红利释放的结构性跃迁背景下，企业并购成为推动战略转型与能力跃升的重要途径。然而，全球并购失败率高达71%，其中超六成归因于并购后整合失效，凸显商业模式整合能力缺失已成为制约并购价值实现的核心瓶颈。本文以融创中国并购万达文旅板块为实证案例，深入研究并购完成后商业模式如何系统整合。 研究揭示，融创通过吸收式整合策略，高效实现了万达文旅核心土地资源的迁移与住宅开发能力嫁接，短期内在财务协同、区域布局与市场份额方面成效显著。然而，整合过程也暴露了“资源易迁移、能力难移植”的深层矛盾，即文旅运营体系、品牌IP、生态合作伙伴等软性能力要素严重流失，导致长期收入结构失衡、抗风险能力弱化与文化融合失效。这一悖论反映了传统整合范式在中国高杠杆、强监管与跨界并购情境下的局限性。 基于案例反思与国内外文献综述，本文创新性提出并购后商业模式整合的策略矩阵，涵盖四维整合内容、三级应用工具与三重保障机制，为企业提供了一套系统化、可操作的商业模式整合操作系统。该体系强调动态适配、风险预警与迭代学习，旨在破解整合中的三高风险与能力断层难题。本研究不仅深化了并购后商业模式整合的理论框架，也为中国企业在当前环境下通过并购实现真正价值创造提供了实践指南，推动并购整合从“规模扩张”走向“能力重构”的新范式。
英文摘要：	Against the backdrop of structural transition characterized by macroeconomic transformation, accelerated industrial upgrading, and the release of policy dividends, mergers and acquisitions (M&A) have become a critical pathway for enterprises to drive strategic transformation and enhance capabilities. However, with the global M&A failure rate as high as 71%, over 60% of which is attributable to post-merger integration failures, it highlights that the lack of business model integration capability has emerged as a core bottleneck constraining the realization of M&A value. This paper takes Sunac China's acquisition of Wanda Culture and Tourism Group as an empirical case to conduct an in-depth study on the systematic integration of business models after the completion of the M&A. The study reveals that Sunac, through an absorptive integration strategy, effectively migrated Wanda's core land resources and grafted them onto its residential development capabilities, achieving significant short-term results in financial synergy, regional expansion, and market share. However, the integration process also exposed a profound paradox of “resources being easy to migrate, capabilities being difficult to transplant”—serious erosion of soft capability elements such as the cultural tourism operation system, brand IP, and ecosystem partnerships, leading to long-term imbalances in revenue structure, weakened risk resilience, and failed cultural integration. This paradox reflects the limitations of traditional integration paradigms in the Chinese context of high leverage, strong regulatory oversight, and cross-sector M&A. Based on reflections from the case study and a review of domestic and international literature, this paper innovatively proposes a strategic framework for post-M&A business model integration, encompassing four-dimensional integration content, three-level application tools, and triple safeguard mechanisms. This provides enterprises with a systematic and operable operating system for business model integration. The framework emphasizes dynamic adaptation, risk early warning, and iterative learning, aiming to resolve the challenges of the “three highs” (excessive premium, excessive leverage, and over-reliance on VAM agreements) and capability discontinuities in integration. This research not only deepens the theoretical framework of post-M&A business model integration but also offers a practical guide for Chinese enterprises to achieve genuine value creation through M&A in the current environment, promoting a new paradigm shift in M&A integration from “scale expansion” to “capability reconfiguration.”
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