竹胶板企业战略并购及其整合研究
|
摘要
随着经济全球一体化形成，市场纷争愈演愈烈。企业战略并购是保存自己、消灭对手在短期实现规模扩张，产生管理协同效应的最佳途径。
并购是一把“双刃剑”，在宰割别人时，也会误伤自己；并购是一个“美丽陷阱”，在吞噬廉价资产时，也会掉进整合无效的泥潭。本文以竹胶板企业为研究对象，就其战略并购动因、并购整合及其未来发展趋势进行了全面探讨。首先对国内外战略并购理论进行研究，分析了全球六次并购浪潮形成原因；认真回顾了我国企业并购的发展历史，探求企业并购后产生的三个效应，即：企业微观效应、行业规范效应、国家宏观效应。其次对竹胶板企业的发展历程作了全面剖析，总结其战略并购的动因：一是在加入WTO后企业必须做大做强；二是面对行业的竞争加剧需要规模经营；三是为改善财务状况需要并购重组；四是企业的发展战略需要并购扩张；五是借并购契机规范企业制度。接着着重研究了企业战略并购自我评价和对目标企业的选择，并从财务、销售、生产、人员等方面进行了评估，寻求目标企业的优势；详尽阐述了竹胶板企业具体实施并购的整个过程，同时对其在并购过程中可能出现的营运、信息、融资、体制等风险进行了分析，提出了五项风险防范措施。之后，重点研究了竹胶板企业战略并购后的整合，结合洪江竹业股份有限公司的具体案例，对人力资源、有形资产、无形资产、管理制度、特别是对企业文化的整合作了认真研究。最后，对竹胶板企业战略并购及整合进行了客观评价，并从生产基地、市场营销、科技创新、科学管理四对竹胶板企业提出了今后的发展方向。
本文运用案例分析、统计分析方法，对竹胶板企业进行了整体研究，研究结果表明，任何战略并购都没有固定的模式道路可走，唯有根据企业自身特征，因地制宜开展工作才能收到管理协同效应。战略并购不是灵验的特效药，战略并购其实是一个不断完善、发展的过程。
With the integration of global economy and increasing market competition, the strategic M&A of enterprises is the optimal approach to achieve the scale expansion, in short term and result in managerial cooperation effect.
M&A is a double-edged sword which is detrimental to all parties concerned. M&A is also "beautiful trap", i.e. the merging enterprise is involved in the ineffective integration while acquiring the inexpensive assets. This paper, based on Bamboo Plywood Enterprise, makes a comprehensive study of the reasons, integration, and future trend of the strategic M&A.
Firstly, through the research of the theories of strategic M&A, the paper analyzes the reasons of six global M&A waves, reviews the history of the enterprise M&A in China and explores the effects after the enterprise M&A.
Secondly, based upon the detailed analysis of the development of Bamboo Plywood Enterprise, the paper concludes the reasons for the strategic M&A as follows.
1. After China's access to WTO, the enterprise should be further extended and strengthened.
2. Faced with the increasing competition, the firm must be run with scale effect.
3. M&A is essential for the improvement of financial position.
4. M&A and expansion are also needed for the strategic choice.
5. The corporate mechanism should be standardized through M&A
Thirdly, based on the study of the alternative strategic M&A programs and the choice of target enterprises, the paper makes an evaluation of the accounting, sales, production and personnel, and determines the existing advantages of the enterprise and expounds the whole process of the implementation of M&A. In the meantime, the paper analyzes the possible risks of operation, information, financing and system and presents five protective measures. -
Fourthly, the paper lays emphasis on the integration after the strategic M&A, making a careful study of the human resources, tangible and intangible assets, management modes, especially corporate culture.
Lastly, the paper makes an objective evaluation of the strategic M&A and
integration, points out its experience and problems and offers some proposals for the future development from the perspectives of production base, marketing, technological innovation and scientific management.
An integral study is made of Bamboo Plywood Enterprise with qualitative and quantitative methods. The empirical results show that there are no fixed modes for any strategic M&A, only in accordance with the unique characteristics of the enterprise. Strategic M&A is not a specific remedy, instead, it is process which needs to be further developed.
并购是一把“双刃剑”，在宰割别人时，也会误伤自己；并购是一个“美丽陷阱”，在吞噬廉价资产时，也会掉进整合无效的泥潭。本文以竹胶板企业为研究对象，就其战略并购动因、并购整合及其未来发展趋势进行了全面探讨。首先对国内外战略并购理论进行研究，分析了全球六次并购浪潮形成原因；认真回顾了我国企业并购的发展历史，探求企业并购后产生的三个效应，即：企业微观效应、行业规范效应、国家宏观效应。其次对竹胶板企业的发展历程作了全面剖析，总结其战略并购的动因：一是在加入WTO后企业必须做大做强；二是面对行业的竞争加剧需要规模经营；三是为改善财务状况需要并购重组；四是企业的发展战略需要并购扩张；五是借并购契机规范企业制度。接着着重研究了企业战略并购自我评价和对目标企业的选择，并从财务、销售、生产、人员等方面进行了评估，寻求目标企业的优势；详尽阐述了竹胶板企业具体实施并购的整个过程，同时对其在并购过程中可能出现的营运、信息、融资、体制等风险进行了分析，提出了五项风险防范措施。之后，重点研究了竹胶板企业战略并购后的整合，结合洪江竹业股份有限公司的具体案例，对人力资源、有形资产、无形资产、管理制度、特别是对企业文化的整合作了认真研究。最后，对竹胶板企业战略并购及整合进行了客观评价，并从生产基地、市场营销、科技创新、科学管理四对竹胶板企业提出了今后的发展方向。
本文运用案例分析、统计分析方法，对竹胶板企业进行了整体研究，研究结果表明，任何战略并购都没有固定的模式道路可走，唯有根据企业自身特征，因地制宜开展工作才能收到管理协同效应。战略并购不是灵验的特效药，战略并购其实是一个不断完善、发展的过程。
With the integration of global economy and increasing market competition, the strategic M&A of enterprises is the optimal approach to achieve the scale expansion, in short term and result in managerial cooperation effect.
M&A is a double-edged sword which is detrimental to all parties concerned. M&A is also "beautiful trap", i.e. the merging enterprise is involved in the ineffective integration while acquiring the inexpensive assets. This paper, based on Bamboo Plywood Enterprise, makes a comprehensive study of the reasons, integration, and future trend of the strategic M&A.
Firstly, through the research of the theories of strategic M&A, the paper analyzes the reasons of six global M&A waves, reviews the history of the enterprise M&A in China and explores the effects after the enterprise M&A.
Secondly, based upon the detailed analysis of the development of Bamboo Plywood Enterprise, the paper concludes the reasons for the strategic M&A as follows.
1. After China's access to WTO, the enterprise should be further extended and strengthened.
2. Faced with the increasing competition, the firm must be run with scale effect.
3. M&A is essential for the improvement of financial position.
4. M&A and expansion are also needed for the strategic choice.
5. The corporate mechanism should be standardized through M&A
Thirdly, based on the study of the alternative strategic M&A programs and the choice of target enterprises, the paper makes an evaluation of the accounting, sales, production and personnel, and determines the existing advantages of the enterprise and expounds the whole process of the implementation of M&A. In the meantime, the paper analyzes the possible risks of operation, information, financing and system and presents five protective measures. -
Fourthly, the paper lays emphasis on the integration after the strategic M&A, making a careful study of the human resources, tangible and intangible assets, management modes, especially corporate culture.
Lastly, the paper makes an objective evaluation of the strategic M&A and
integration, points out its experience and problems and offers some proposals for the future development from the perspectives of production base, marketing, technological innovation and scientific management.
An integral study is made of Bamboo Plywood Enterprise with qualitative and quantitative methods. The empirical results show that there are no fixed modes for any strategic M&A, only in accordance with the unique characteristics of the enterprise. Strategic M&A is not a specific remedy, instead, it is process which needs to be further developed.
引文
[1]宋冬林，金成晓．企业并购—契约权利重组与市场运作．吉林大学出版社，1999
[2]宋冬林，金成晓．企业并购的制度经济学分析．经济研究参考，1999．11．6
[3]王巍，欧阳晓明．并购手册．中国时代经济出版社．2002
[4]Julian Birkinshaw, Henrik Bresman, Lars Hakanson: Managing The Post-acquisition Integration Process: How The Human Integration And Task Integration Processes Interact To Foster Value Creation. Journal of Management Studies 37:3 May 2000, 395-425.
[5]W.Glenn Rowe and Patreck M. Wright: Related and Unrelated And Their Effect on Human Resource Management Control. Strategic Management Journal,Vol. 18,1997, 329-425.
[6]Philip H.Mirvis &Mitchell Leas Marks: Managing The Merger Prentice Hall, New York, 1992.
[7]焦长勇，项保华．战略并购的整合研究．科研管理．第23卷第4期，2002．7
[8]Anthony L.Iaquinto and James W.Fredrickson: Top Management Team Agreement About The Strategic Decision Process:A Test Of Its Determinants, 2002.6
[9]魏冬．西方企业并购理论综述．经济学动态，1997，2
[10]罗伯特·斯威．企业的并购战略．总裁，2001，6
[11]萨得沙纳姆．兼并与收购．中信出版社，1998
[12]荆林波．中国企业大并购十大并购商战实录．社会科学文献出版社，2002
[13]刘文通．公司兼并收购论．北京大学出版社，1997
[14]陈德铨．现代企业制度实践与探索．中国经济出版社，1997
[15]朱钟棣．21世纪经济走势预测．中国书籍版社，1999
[16]徐海根．论国有企业机制改革．改革．2002(2)：47-50
[17]张文魁．中国国企改革近年的进展及其政策含义．企业改革，2001(2)：40-46
[18]韩健，郭泽球．竹胶合板生产工艺．中国林业出版社，1999
[19]金鑫．中国问题报告．中国社会科学出版社，2001
[20]陈共．公司并购原理与案例．中国人民大学出版社，1996
[21]张国，林善浪．中国发展问题报告．中国社会科学出版社，2001
[22]李军，王小龙．现代产权理论与所有制结构的变迁．国有资产管理，2002，(6)：34-36
[23]严诺森．国有企业制度结构问题的剖析．工业企业管理，2002，(8)：18-22
[24]曹永刚．并购策略．东北财经大学出版社，1998
[25]刘震，杨继涛．MBO、国企改革新思路．国有资产管理，200：2，(4)：38-40
[26]张谦．国有企业公司制改革实践中的若干思考．经济体制改革，2002，(2)：58-60
[27]金碚．何去何从——当代中国的国有企业问题．今日中国出版社，1997
[28]邹亚生．企业兼并操作指导．经济管理出版社，1996
[29]张宗真，朱睿，陈荣秋．现代企业经营资源的分化与整合运作模式．中外科技政策与管理，1998(10)：23～26
[30][韩]申光龙．整合营销传播战略管理．第一版．北京：中国物资出版社，2001
[31]郭永清．企业兼并与收购实务．东北财经大学出版社，1998
[32]Antitrust Strategies for Mergers, Acquisitions, Joint Ventures, and Strategic Alliances: A Desk Book for Deal Makers. Caswell O.Hobbs, Robert S.Schlossberg.Hardcover.July 2000
[33]宋云．并购战略与规模经济．企业改革与管理，2002，3
[34]王公义．企业全面出击——市场竞争与多角管理．广东旅游出版社，1997
[35]Art of M&A Financing and Refinancing: Sources and Instruments for Grouth. Alexandra Reed La_jorx. Hardcover. June 15,1999
[36]J·戴维·亨格，托马斯·L·惠伦．战略管理精要．电子工业出版社，2001
[37]莫礼训，包铭心．战略管理学案例．机械工业出版社，1999
[38]邓建华．整合营销实践．第一版．广东：广东经济出版社，2003
[39]A Guidebook to Mergers & Acquisitions in China. Cole R. Capener. Textblook Binding. December 12,1996
[40]Muscarella, C.and M.Vetsupens, Efficiency and Organizational Structure: A study of reverse LBOs, Journal of Finance, 1990(2),45-49.
[41]Weston, Chung and Hoag,1990,"Mergers,Restructuring and Corporate
Control, Prentice-Hall Inc. 1990
[42]David J. Dlane K.Denis and Atula Sarin, Agency Problems, Equity Ownership and Corporate Diversification, Journal of Finance Vol.No.1 March. 1997
[43]Morck, Kandall Andrei shleifer and Rogert W.Vishny, Do Managerial Objectives Drive Bad Acquisitions?, Journal of Financial Economics 1990(20),293-316.
[44]Coase, Ronald.H., The Film, the Market and Law, The University of Chicago Press. 1998
[45]Keegan, Warren J.Global Marketing. Fifth Edition, Prentice Hal,Inc,1995
[46]李长青．企业并购定价策略研究[J]．数量经济技术经济研究，2002，1：51-54．
[47]胡玄能．企业并购分析．经济管理出版社，2002，1．
[48]王一．企业并购．上海财经大学出版社，2001，1．
[49]吕筱萍．企业兼并有效性评价方法研究．数量经济技术经济研究，2001．2：72-75．
[50]E.I.Altman, Corporate Financial Distress and Bankruptcy [M].John Wiley & Sons,Inc.2000:3-6.
[51]Randall Heron and Erik Lie. Operating Performance and the Method of Payment in Takeovers[J]. Journal of Financial and Quantitative Analysis,2002,37(1):137-155.
[2]宋冬林，金成晓．企业并购的制度经济学分析．经济研究参考，1999．11．6
[3]王巍，欧阳晓明．并购手册．中国时代经济出版社．2002
[4]Julian Birkinshaw, Henrik Bresman, Lars Hakanson: Managing The Post-acquisition Integration Process: How The Human Integration And Task Integration Processes Interact To Foster Value Creation. Journal of Management Studies 37:3 May 2000, 395-425.
[5]W.Glenn Rowe and Patreck M. Wright: Related and Unrelated And Their Effect on Human Resource Management Control. Strategic Management Journal,Vol. 18,1997, 329-425.
[6]Philip H.Mirvis &Mitchell Leas Marks: Managing The Merger Prentice Hall, New York, 1992.
[7]焦长勇，项保华．战略并购的整合研究．科研管理．第23卷第4期，2002．7
[8]Anthony L.Iaquinto and James W.Fredrickson: Top Management Team Agreement About The Strategic Decision Process:A Test Of Its Determinants, 2002.6
[9]魏冬．西方企业并购理论综述．经济学动态，1997，2
[10]罗伯特·斯威．企业的并购战略．总裁，2001，6
[11]萨得沙纳姆．兼并与收购．中信出版社，1998
[12]荆林波．中国企业大并购十大并购商战实录．社会科学文献出版社，2002
[13]刘文通．公司兼并收购论．北京大学出版社，1997
[14]陈德铨．现代企业制度实践与探索．中国经济出版社，1997
[15]朱钟棣．21世纪经济走势预测．中国书籍版社，1999
[16]徐海根．论国有企业机制改革．改革．2002(2)：47-50
[17]张文魁．中国国企改革近年的进展及其政策含义．企业改革，2001(2)：40-46
[18]韩健，郭泽球．竹胶合板生产工艺．中国林业出版社，1999
[19]金鑫．中国问题报告．中国社会科学出版社，2001
[20]陈共．公司并购原理与案例．中国人民大学出版社，1996
[21]张国，林善浪．中国发展问题报告．中国社会科学出版社，2001
[22]李军，王小龙．现代产权理论与所有制结构的变迁．国有资产管理，2002，(6)：34-36
[23]严诺森．国有企业制度结构问题的剖析．工业企业管理，2002，(8)：18-22
[24]曹永刚．并购策略．东北财经大学出版社，1998
[25]刘震，杨继涛．MBO、国企改革新思路．国有资产管理，200：2，(4)：38-40
[26]张谦．国有企业公司制改革实践中的若干思考．经济体制改革，2002，(2)：58-60
[27]金碚．何去何从——当代中国的国有企业问题．今日中国出版社，1997
[28]邹亚生．企业兼并操作指导．经济管理出版社，1996
[29]张宗真，朱睿，陈荣秋．现代企业经营资源的分化与整合运作模式．中外科技政策与管理，1998(10)：23～26
[30][韩]申光龙．整合营销传播战略管理．第一版．北京：中国物资出版社，2001
[31]郭永清．企业兼并与收购实务．东北财经大学出版社，1998
[32]Antitrust Strategies for Mergers, Acquisitions, Joint Ventures, and Strategic Alliances: A Desk Book for Deal Makers. Caswell O.Hobbs, Robert S.Schlossberg.Hardcover.July 2000
[33]宋云．并购战略与规模经济．企业改革与管理，2002，3
[34]王公义．企业全面出击——市场竞争与多角管理．广东旅游出版社，1997
[35]Art of M&A Financing and Refinancing: Sources and Instruments for Grouth. Alexandra Reed La_jorx. Hardcover. June 15,1999
[36]J·戴维·亨格，托马斯·L·惠伦．战略管理精要．电子工业出版社，2001
[37]莫礼训，包铭心．战略管理学案例．机械工业出版社，1999
[38]邓建华．整合营销实践．第一版．广东：广东经济出版社，2003
[39]A Guidebook to Mergers & Acquisitions in China. Cole R. Capener. Textblook Binding. December 12,1996
[40]Muscarella, C.and M.Vetsupens, Efficiency and Organizational Structure: A study of reverse LBOs, Journal of Finance, 1990(2),45-49.
[41]Weston, Chung and Hoag,1990,"Mergers,Restructuring and Corporate
Control, Prentice-Hall Inc. 1990
[42]David J. Dlane K.Denis and Atula Sarin, Agency Problems, Equity Ownership and Corporate Diversification, Journal of Finance Vol.No.1 March. 1997
[43]Morck, Kandall Andrei shleifer and Rogert W.Vishny, Do Managerial Objectives Drive Bad Acquisitions?, Journal of Financial Economics 1990(20),293-316.
[44]Coase, Ronald.H., The Film, the Market and Law, The University of Chicago Press. 1998
[45]Keegan, Warren J.Global Marketing. Fifth Edition, Prentice Hal,Inc,1995
[46]李长青．企业并购定价策略研究[J]．数量经济技术经济研究，2002，1：51-54．
[47]胡玄能．企业并购分析．经济管理出版社，2002，1．
[48]王一．企业并购．上海财经大学出版社，2001，1．
[49]吕筱萍．企业兼并有效性评价方法研究．数量经济技术经济研究，2001．2：72-75．
[50]E.I.Altman, Corporate Financial Distress and Bankruptcy [M].John Wiley & Sons,Inc.2000:3-6.
[51]Randall Heron and Erik Lie. Operating Performance and the Method of Payment in Takeovers[J]. Journal of Financial and Quantitative Analysis,2002,37(1):137-155.