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论文编号：	6328
作者编号：	2120122612
上传时间：	2014/6/8 10:50:47
中文题目：	我国企业并购后的业务整合案例研究
英文题目：	Case Study Research on the Business Integration after Mergers and Acquisitions
指导老师：	古志辉
中文关键字：	并购；业务整合；董事会变更；管控模式；代理成本
英文关键字：	M&As, Business Integration, Changes of Board of Directors, Management and Control Mode, Agency Costs
中文摘要：	随着经济全球化以及我国市场经济进程的推进，并购作为企业战略管理的实现形式之一和公司治理的外部机制之一，被众多企业应用。然而，国内外关于企业并购绩效的实证研究结果认为很多并购并不成功，究其失败原因，很大程度上是由于企业并购后整合不力所致。其中，业务是企业盈利的依据，有效的业务整合不仅有利于实现企业的发展战略、优化产品组合、提升顾客价值，同时能够充分发挥双方企业的优势，实现共赢。除此之外，并购后代理成本的变化也影响了并购的整合绩效。因此，探究企业并购后的业务整合过程，分析并购对于代理成本的影响，对于降低代理成本、提高企业并购绩效有着重要的意义。 本文采用案例研究法，以中国平安并购深发展、潍柴动力并购湘火炬两起不同行业的并购为案例展开分析，从董事会人员变更、管控模式变化、代理成本的角度切入，依次描述其并购后的业务整合措施、考察其业务整合的绩效以及由此带来的代理问题。通过研究发现，两起并购案例的相同点在于：第一，二者均属于战略并购，符合收购方长期发展战略的需要；第二，在并购后业务整合的第一步都是变更被并购方的董事会成员，以此拥有被并购方经营事务的决策权；第三，并购后的业务整合均更多地倚重收购方的原有优势，被并购方的优势业务发展有限；第四，并购之后的风险控制均有一定程度的加强；第五，并购后由于股权结构的变化引起的代理问题类似，均表现为大股东和小股东之间的代理问题，可能存在利益输送、管理层任意消费的情况。两个案例的不同点在于：第一，平安并购深发展属于横向和混合并购，潍柴动力并购湘火炬属于纵向并购，并购效应不同；第二，代理成本产生的根源差异，前者是由于自利心态，后者则是由于惯性思维。 为了收购后能够充分地优势互补，应该注意充分挖掘、利用和增强被并购方的核心竞争能力，以长远的眼光推进业务整合。此外，降低代理成本对于企业提高并购整合绩效有着重要的意义。要充分发挥公司治理的机制，完善上市公司信息披露制度，加强关于保护中小股东利益方面的立法，加强媒体监督对约束大股东行为的作用。
英文摘要：	With the promotion of globalization and market economy, many companies carry out mergers and acquisitions because M&As are treated as a method of strategic management and external mechanism of corporate governance. However, both foreign and domestic empirical researches have bbfound many M&As not to be successful due to bad integration. Business is important for profit. Effective business integration helps realize companies’ strategy, optimize product portfolio, improve customer value, eventually getting a win-win by complementing each other’s advantages. Besides, agency costs after M&As affect performance. Therefore, to explore the business integration after M&As and to analyze the effect of M&As on agency costs is of great importance in reducing agency costs and improving integration performance. This research uses case study method by analyzing two different mergers, which is the merger between Ping An Insurance and Shenzhen Development Bank, and the merger between Weichai Power and Torch Automobile Group. The study looks at the problem in three perspectives, which are changes of board of directors, controlling and agency costs. It gives a detailed description about the business integration approaches and performance, and the agency problems. The two cases have five things in common. First, they belong to strategic M&A that are consistent with their long-term development strategies. Second, the board of directors of the acquired’ are substituted by acquirer’s board of directors, so acquirers could have the decision right of business. Third, the business integration focus on acquirers’ original advantages. The dominant businesses of the acquired face limited development. Fourth, stronger risk control are carried out. Fifth, the agency problems brought by ownership structure change are similar, i.e., the agency problems between major shareholder and minority shareholders. Tunneling and management consumption may exist. They have two differences. First, one belongs to horizontal and conglomerate merger, the other belongs to vertical merger. They bring different effects. Second, different reasons cause agency problems. The first one belongs to self-interested mind for business expansion, the second is due to inertial thinking. To achieve a win-win outcome, acquirers should more deeply take advantage of the acquired company’s core competitiveness in a long-term view. Besides, as reducing agency costs is meaningful for improving performances after M&As, corporate governance mechanism should be well used. Information exclosure is also essential. Laws on protecting minority shareholders should be enhanced. Media supervision on major shareholders’ behavior should be reinforced.
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