战略驱动型企业并购研究
|
摘要
经济全球化始于上世纪80年代,是指跨国商品与服务及国际资本流动规模的增加,以及技术的广泛传播使世界经济的相互依赖性增强。经济全球化带给企业的影响是最直接的。它推动并强化了企业国际化,巨型化的趋势。超大型跨国公司纷纷出现,占据着巨大的市场份额和竞争优势。对于这些大公司而言,经济全球化使得企业充分利用了全世界可供使用的生产资源。
随着信息技术等高新产业的迅猛发展、知识经济时代的到来,全球的企业纷纷推动组织、管理等方面的变革,企业并购是这种变革的突出表现。施蒂格勒(G.J.Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的,几乎没有一家大公司主要是靠内部扩张成长起来的。
同时,随着中国入世的程度不断加深,对外开放领域不断扩大,经济全球化对中国企业冲击不断加强,在这一背景下,增强企业竞争实力以显得迫在眉睫。跨国并购正是一条捷径。跨国并购是指跨国投资者通过一定的法定程序取得东道国某企业的全部或部分资产所有权的投资行为,是企业并购现象与跨国投资现象在更高层次上的结合。作为市场经济的主体,企业的发展对经济的发展具有决定性作用,中国经济要想融入国际经济体系,首先就是要实现企业的国际化,因此,跨国并购对中国经济发展具有重要意义。
在这种世界性产业结构调整和升级背景下,中国跨国并购有了更多机会。因为随着经济全球化与信息化进程的加快,新一轮世界产业结构调整正在全球迅猛展开,伴随着这次产业结构调整,高新技术改造后的传统产业赢得了新的发展空间。这种调整必然伴随着大量的企业并购发生,一些西方大的跨国公司从某些产业,或者产业的低端环节中退出,于是便会出售相应的子公司或工厂给其他企业,尤其是来自产业发展水平相对较低的国家的企业。对于中国企业来说,这是一个难得的机遇。在这一背景下,本文讨论战略并购具有比较重要的意义。
本文主要通过回顾世界上几次重要的并购浪潮,重点说明了第五次企业并购浪潮的特点,指出其对企业的发展具有重要的意义。这次并购浪潮的最重要的特点,就是企业出于战略的角度而并购相关企业。
本文从这一视角出发,讨论了并购和战略并购的起源和发展。首先,论文对企业并购理论研究。其次,论文对横向并购、纵向并购、多元并购、财务并购、资源并购的发生背景和影响、特殊动因、历史意义等进行了简要的回顾和总结,并在此基础上提出,20世纪90年代以来的第五次并购浪潮,呈现出规模更大、金额更多、范围更广的特征,企业并购的基本动因表现出明显的战略驱动的特征,企业并购的目的呈现出强烈的战略意图。最后,论文概括了战略并购的基本特征：以企业发展战略为基础；动机在于寻找战略优势；强调提高企业核心竞争力；注重并购企业之间的优势互补、协同效应；并购范围呈现跨国化和全球化。同时本文也并对比考察了国际上几个重点国家的战略并购的经济环境并购现状以及特点。
结合案例分析的方法,找出一个具有特点的企业进行战略并购案例分析,在选定的国家中主要有：中国(联想集团并购IBM电脑部门),欧美国家(力拓并购加拿大铝业公司),日本(索尼并购哥伦比亚公司)和韩国(SK并购深圳市伊爱高新技术开发有限公司)。本文重点分析了韩国国内的经济形式和政策对企业战略并购的影响,并且在分析的过程中也给出了企业战略并购的案例分析,最后给出了关于战略并购中值得注意的一些问题。
Economic globalization began in the 80's, is the cross-border goods and services are increase the scale of international capital flows, and the widespread dissemination of technology to increase the interdependence of the world economy. The impact of economic globalization brings enterprise is the most direct. It promote and strengthen the enterprise internationalization, the giant of trend. Large multinational companies have appeared, occupying a huge market share and competitive advantage. For these large companies, allowing companies to take advantage of economic globalization, the world's productive resources available.
As information technology and other high-tech industry, the rapid development of knowledge economy era, the world's enterprises have to promote the organization, management and other aspects of change, mergers and acquisitions is a prominent manifestation of this change. G. J. Stigler through the study suggests that:"There is no large U.S. companies not through some kind of moderate, some form of mergers to grow up, almost no large companies rely mainly on internal expansion to grow up".
Meanwhile, with the constant deepening of China's WTO accession, has been expanding opening up and economic impact of globalization on China's companies continue to strengthen, in this context, to enhance competitiveness looked imminent. Mergers and acquisitions is a shortcut. Cross-border mergers and acquisitions is the cross-border investors through certain legal procedures to obtain the host all or part of a company ownership of the assets of the investment behavior is the phenomenon of mergers and acquisitions and the phenomenon of transnational investment at a higher level of integration. As the main body of the market economy, the development of enterprises has a decisive role in economic development, China's economy is to integrate into the international economic system, we must first realize the internationalization of enterprises, therefore, cross-border mergers and acquisitions on China's economic development is great significance.
In such a world-wide industrial restructuring and upgrading of background, the China have more opportunities to cross-border mergers and acquisitions. Because as the process of economic globalization and the acceleration of information technology, a new round of industrial restructuring is the world's rapid global expansion, along with the adjustment of industrial structure, high technology to transform traditional industries after winning a new development. This adjustment must be accompanied by a large number of mergers and acquisitions happen, from some major Western multinationals industry or industries to exit the low-end part, so it will sell its subsidiaries as appropriate to other companies or factories, particularly from relatively low level of industrial development of countries. For China's companies, this is a rare opportunity. In this context, this paper has a more important strategic significance of mergers and acquisitions.
From the late 19th century Britain, United States and other Western countries during the climax of the first counting mergers and acquisitions, After the climax of six mergers and acquisitions, has been nearly a hundred years of history. The West and gradually formed a set of its economic system, economic development level of merger and acquisition business model, and has accumulated abundant experience. As a business growth strategy for the external trade of the most complex type, the most common mode of operation-the effective implementation of mergers and acquisitions of enterprises and the rapid growth of sustainable competitive advantage for crucial importance.
The international mergers and acquisitions taking place on the significant characteristics of the strategy-driven, strategy-driven acquisition strategy of the enterprise for their own development needs and take the mergers and acquisitions activity, is related to capital, markets, technology and management, and other synergistic factors comprehensive restructuring approach, so this is actually "a business development strategy". This paper took into account corporate strategy-driven complexity of mergers and acquisitions and corporate strategy mergers and acquisitions in the relationship between the role of corporate strategy as the starting point for the development of the proposed acquisition of the corporate strategy, characteristics, impacts and dynamics of other issues for a more in-depth analysis and industrial organization and strategic mergers and acquisitions and strategic acquisitions based on core competence has been studied. With China, Europe and the United States, Japan, the strategic-driven business case to mergers and acquisitions motivation and after 90's the South Korea business strategy-driven mergers and acquisitions practice were analyzed.
This article by reviewing several important world wave of mergers and acquisitions, focusing on the fifth wave of the characteristics of mergers and acquisitions, that its development of enterprises is great significance. The merger wave of the most important feature is that the perspective of corporate strategy for the acquisition of related businesses.
This article from this perspective, acquisitions and strategic acquisitions discussed the origin and development. First, the paper on mergers and acquisitions theory. Secondly, the paper on horizontal mergers, vertical mergers, multiple mergers and acquisitions, finance acquisitions, resource acquisition background and impact of specific causes, the historical significance of a brief review and summary, and on this basis proposed, the 20th century, since the 90's the fifth merger wave, showing a larger amount of more wider range of characteristics, the fundamental drivers of mergers and acquisitions show a clear strategy-driven characteristics, the purpose of mergers and acquisitions show a strong strategic intent. Finally, the paper summarizes the basic characteristics of strategic mergers and acquisitions:the basis of enterprise development strategies; motivated by the search for strategic advantage; emphasis on improving the core competitiveness of enterprises; focus on mergers and acquisitions between companies complement each other, synergistic effect; presents the scope of transnational mergers and acquisitions and globalization. At the same time compare the effects of this are several key countries in the international economic environment and the strategic acquisition of the current situation and characteristics of mergers and acquisitions.
Combined with case analysis, to identify the characteristics of a business case analysis for strategic acquisitions in selected countries are:China (Lenovo acquisition of IBM PC division), Europe and the United States (Rio Tinto acquisition of Alcan), Japan (Sony acquisition of Columbia) and South Korea (SK Telecom acquisition of Shenzhen E-eye High-tech Development Co., Ltd). This paper focuses on Korea's economic policies form the impact of acquisitions on corporate strategy, and in the course of the analysis also shows the strategic M&A business case analysis and strategic mergers and acquisitions are given on a number of issues worthy of attention.
随着信息技术等高新产业的迅猛发展、知识经济时代的到来,全球的企业纷纷推动组织、管理等方面的变革,企业并购是这种变革的突出表现。施蒂格勒(G.J.Stigler)经过研究认为：没有一个美国大公司不是通过某种适度、某种方式的兼并而成长起来的,几乎没有一家大公司主要是靠内部扩张成长起来的。
同时,随着中国入世的程度不断加深,对外开放领域不断扩大,经济全球化对中国企业冲击不断加强,在这一背景下,增强企业竞争实力以显得迫在眉睫。跨国并购正是一条捷径。跨国并购是指跨国投资者通过一定的法定程序取得东道国某企业的全部或部分资产所有权的投资行为,是企业并购现象与跨国投资现象在更高层次上的结合。作为市场经济的主体,企业的发展对经济的发展具有决定性作用,中国经济要想融入国际经济体系,首先就是要实现企业的国际化,因此,跨国并购对中国经济发展具有重要意义。
在这种世界性产业结构调整和升级背景下,中国跨国并购有了更多机会。因为随着经济全球化与信息化进程的加快,新一轮世界产业结构调整正在全球迅猛展开,伴随着这次产业结构调整,高新技术改造后的传统产业赢得了新的发展空间。这种调整必然伴随着大量的企业并购发生,一些西方大的跨国公司从某些产业,或者产业的低端环节中退出,于是便会出售相应的子公司或工厂给其他企业,尤其是来自产业发展水平相对较低的国家的企业。对于中国企业来说,这是一个难得的机遇。在这一背景下,本文讨论战略并购具有比较重要的意义。
本文主要通过回顾世界上几次重要的并购浪潮,重点说明了第五次企业并购浪潮的特点,指出其对企业的发展具有重要的意义。这次并购浪潮的最重要的特点,就是企业出于战略的角度而并购相关企业。
本文从这一视角出发,讨论了并购和战略并购的起源和发展。首先,论文对企业并购理论研究。其次,论文对横向并购、纵向并购、多元并购、财务并购、资源并购的发生背景和影响、特殊动因、历史意义等进行了简要的回顾和总结,并在此基础上提出,20世纪90年代以来的第五次并购浪潮,呈现出规模更大、金额更多、范围更广的特征,企业并购的基本动因表现出明显的战略驱动的特征,企业并购的目的呈现出强烈的战略意图。最后,论文概括了战略并购的基本特征：以企业发展战略为基础；动机在于寻找战略优势；强调提高企业核心竞争力；注重并购企业之间的优势互补、协同效应；并购范围呈现跨国化和全球化。同时本文也并对比考察了国际上几个重点国家的战略并购的经济环境并购现状以及特点。
结合案例分析的方法,找出一个具有特点的企业进行战略并购案例分析,在选定的国家中主要有：中国(联想集团并购IBM电脑部门),欧美国家(力拓并购加拿大铝业公司),日本(索尼并购哥伦比亚公司)和韩国(SK并购深圳市伊爱高新技术开发有限公司)。本文重点分析了韩国国内的经济形式和政策对企业战略并购的影响,并且在分析的过程中也给出了企业战略并购的案例分析,最后给出了关于战略并购中值得注意的一些问题。
Economic globalization began in the 80's, is the cross-border goods and services are increase the scale of international capital flows, and the widespread dissemination of technology to increase the interdependence of the world economy. The impact of economic globalization brings enterprise is the most direct. It promote and strengthen the enterprise internationalization, the giant of trend. Large multinational companies have appeared, occupying a huge market share and competitive advantage. For these large companies, allowing companies to take advantage of economic globalization, the world's productive resources available.
As information technology and other high-tech industry, the rapid development of knowledge economy era, the world's enterprises have to promote the organization, management and other aspects of change, mergers and acquisitions is a prominent manifestation of this change. G. J. Stigler through the study suggests that:"There is no large U.S. companies not through some kind of moderate, some form of mergers to grow up, almost no large companies rely mainly on internal expansion to grow up".
Meanwhile, with the constant deepening of China's WTO accession, has been expanding opening up and economic impact of globalization on China's companies continue to strengthen, in this context, to enhance competitiveness looked imminent. Mergers and acquisitions is a shortcut. Cross-border mergers and acquisitions is the cross-border investors through certain legal procedures to obtain the host all or part of a company ownership of the assets of the investment behavior is the phenomenon of mergers and acquisitions and the phenomenon of transnational investment at a higher level of integration. As the main body of the market economy, the development of enterprises has a decisive role in economic development, China's economy is to integrate into the international economic system, we must first realize the internationalization of enterprises, therefore, cross-border mergers and acquisitions on China's economic development is great significance.
In such a world-wide industrial restructuring and upgrading of background, the China have more opportunities to cross-border mergers and acquisitions. Because as the process of economic globalization and the acceleration of information technology, a new round of industrial restructuring is the world's rapid global expansion, along with the adjustment of industrial structure, high technology to transform traditional industries after winning a new development. This adjustment must be accompanied by a large number of mergers and acquisitions happen, from some major Western multinationals industry or industries to exit the low-end part, so it will sell its subsidiaries as appropriate to other companies or factories, particularly from relatively low level of industrial development of countries. For China's companies, this is a rare opportunity. In this context, this paper has a more important strategic significance of mergers and acquisitions.
From the late 19th century Britain, United States and other Western countries during the climax of the first counting mergers and acquisitions, After the climax of six mergers and acquisitions, has been nearly a hundred years of history. The West and gradually formed a set of its economic system, economic development level of merger and acquisition business model, and has accumulated abundant experience. As a business growth strategy for the external trade of the most complex type, the most common mode of operation-the effective implementation of mergers and acquisitions of enterprises and the rapid growth of sustainable competitive advantage for crucial importance.
The international mergers and acquisitions taking place on the significant characteristics of the strategy-driven, strategy-driven acquisition strategy of the enterprise for their own development needs and take the mergers and acquisitions activity, is related to capital, markets, technology and management, and other synergistic factors comprehensive restructuring approach, so this is actually "a business development strategy". This paper took into account corporate strategy-driven complexity of mergers and acquisitions and corporate strategy mergers and acquisitions in the relationship between the role of corporate strategy as the starting point for the development of the proposed acquisition of the corporate strategy, characteristics, impacts and dynamics of other issues for a more in-depth analysis and industrial organization and strategic mergers and acquisitions and strategic acquisitions based on core competence has been studied. With China, Europe and the United States, Japan, the strategic-driven business case to mergers and acquisitions motivation and after 90's the South Korea business strategy-driven mergers and acquisitions practice were analyzed.
This article by reviewing several important world wave of mergers and acquisitions, focusing on the fifth wave of the characteristics of mergers and acquisitions, that its development of enterprises is great significance. The merger wave of the most important feature is that the perspective of corporate strategy for the acquisition of related businesses.
This article from this perspective, acquisitions and strategic acquisitions discussed the origin and development. First, the paper on mergers and acquisitions theory. Secondly, the paper on horizontal mergers, vertical mergers, multiple mergers and acquisitions, finance acquisitions, resource acquisition background and impact of specific causes, the historical significance of a brief review and summary, and on this basis proposed, the 20th century, since the 90's the fifth merger wave, showing a larger amount of more wider range of characteristics, the fundamental drivers of mergers and acquisitions show a clear strategy-driven characteristics, the purpose of mergers and acquisitions show a strong strategic intent. Finally, the paper summarizes the basic characteristics of strategic mergers and acquisitions:the basis of enterprise development strategies; motivated by the search for strategic advantage; emphasis on improving the core competitiveness of enterprises; focus on mergers and acquisitions between companies complement each other, synergistic effect; presents the scope of transnational mergers and acquisitions and globalization. At the same time compare the effects of this are several key countries in the international economic environment and the strategic acquisition of the current situation and characteristics of mergers and acquisitions.
Combined with case analysis, to identify the characteristics of a business case analysis for strategic acquisitions in selected countries are:China (Lenovo acquisition of IBM PC division), Europe and the United States (Rio Tinto acquisition of Alcan), Japan (Sony acquisition of Columbia) and South Korea (SK Telecom acquisition of Shenzhen E-eye High-tech Development Co., Ltd). This paper focuses on Korea's economic policies form the impact of acquisitions on corporate strategy, and in the course of the analysis also shows the strategic M&A business case analysis and strategic mergers and acquisitions are given on a number of issues worthy of attention.
引文
①宁向东.公司治理理论[M].北京：中国发展出版社2010,54-57
①宁向东.公司治理理论.北京：中国发展出版社2010,278-280
①杨瑞龙.企业理论：现代观点[M].北京：中国人民大学出版社2005,97-99
①保罗·米尔格罗姆.约翰·罗伯茨.经济学、组织与管理[M].北京：经济科学出版社.2004,566-580
②保罗·米尔格罗姆.约翰·罗伯茨.经济学、组织与管理[M].北京：经济科学出版社.2004,538-540
①斯蒂芬·P·罗宾斯.玛丽·库尔特.管理学[M]北京.中国人民大学出版社.2006,202-211
①全球并购研究中心,《中国并购报告》(2008),人民邮电出版社2008年5月出版。
[23]程伟.经济全球化与经济转轨互动研究[M].商务印书馆,2005.10
[24]户望平.世界经济概论[M].北京理工大学出版社,2006.09
[25]王长征.企业并购整合基于企业能力论的一个综合性理路分析框架[M].武汉大学出版社,2002
[26]张维.企业并购理论研究评述[J].南开管理评论,2002
[27]胡玄能.企业并购分析[M].经济管理出版社,2002
[28]韩世坤.二十世纪九十年代全球企业并购研究[M].人民出版社,2002
[29]史建三.跨国并购论[M].立信会计出版社,1999
[30]胡玄能.企业并购分析[M].经济管理出版社,2002
[31]魏江等.企业并购战略新思维[M].科学出版社,2002
[32]Robert M.Grant.公司战略管理[M].光明日报出版社,2001
[33]康荣平.大型跨国公司战略新趋势[M].经济科学出版社,2001
[34]吴志军.企业并购中的管理政和研究[D].江西财政大学,2002
[35]王宏利.企业并购绩效与目标公司选择研究[D].吉林大学,2004
[36]季成.跨国并购的智力资本整合研究[D].上海交通大学,2007
[37]张海珊.战略并购双方的匹配性研究[D].北京交通大学,2007
[38]于伟.外资并购、经济型垄断与治理[J].税务与经济,2009,(2)：17—21
[39]胡国恒.外资并购的股权博弈与政策规制[J].世界经济研究,2009,(1)：65—69
[40]成健.外资并购：国际直接投资的双刃剑[J].中国流通经济,2009,(6)：73—76
[41]兹维·博迪,罗伯特·C·莫顿.金融学[M].中国人民大学出版社,2000.
[42]肖留华.战略并购中目标企业的价值评估研究[D].武汉大学,2007,28—41
[43]崔凯.从战略并购视角评估企业价值[J].董事会,2009,(10)：70—73
[44]赵国娟.成功战略并购的价值评估[D].四川大学,2004,16—26
[45]申斌.战略并购中公司价值的分析与评估方法研究[D].苏州大学,2009,15
[46]李学锤.战略经营[M].世经社,1998.
[47]胡军.跨文化管理[M].暨南大学出版社,1995.
[48]李学锤.人力资源管理[M].世经社,1995.
[49]昊敏.中韩电子信息行业国际竞争力研究[J].消费导刊,2009,2.
[50]金相均.中韩合资企业人力资源管理研究[J].人才管理,2004,2.
[51]刘青.战略并购的协同效应与并购绩效[D].暨南大学,2003,35—40
[52]阎晓博.战略并购中协同效应的价值及其评估研究[D].兰州大学,2007,26—34
[53]何庆明.基于智力资本管理的企业战略并购问题研究[D].西南财经大学,2005,59—99
[54]查剑秋.收购方内部控制与收购方企业价值关系的实证研究[J].财政研究,2009,(2)：14—16
[55]聂名华.美国对跨国并购投资的法制管理[J].国外社会科学,2003,(4)
[56]Michael Kampamba.欧美反垄断法与企业并购政策对中国的启示[J].现代管理科学,2002,(5)
[57]殷醒民.评欧盟的垂直限制政策[J].世界经济文汇,1999,(4)
[58]徐立军.入关前后日本企业并购的特点分析[J].东南亚纵横,2003,(8)
[59]尹贤淑.韩国经济增长方式转变的经验及启示[J].中央财经大学学报,2003,(1)
[60]兰星,李永平.韩国经济增长模式的转变、特征及其借鉴.改革与战略[J],1996,(3)
[61]陈西果.韩国经济发展的成功经验及启示[J].改革与战略,1996,(1)
[62]朱灏.韩国经济的复苏及其启示[J].亚太经济,2007,(5)
[63]李柱锡.韩国经济开发论[J].上海财经大学出版社,1996,(7)
[64]陈龙山.韩国经济发展论[J].社会科学文献出版社,1997,(12)
[65]阿伦·肯尼迪、特伦斯·迪尔著.印国有、葛鹏译.公司文化[M].生活·读书·新知三连书店,1989
[66]黛布拉·L·纳尔威、詹姆斯·坎贝尔·奎克.组织行为学,基础现实与挑战[M].中信出版社,2004
[67]迈克尔·哈默、詹姆斯·钱皮著.企业再造[M].上海译文出版社,1998
[68]斯蒂芬·P·罗宾斯.组织行为学—第七版[M].中国人民大学出版社,1997
[69]约翰·P·科特和詹姆斯·L·赫斯克特.曾中、李晓涛译.企业文化与经营业绩[M].华夏出版社,2003
[70]丹尼尔·A·雷恩著.孙耀君等译.国外经济管理名著丛书：管理思想的演变[M].中国社会科学出版社,1986
[71]弗莱蒙特·E·卡斯特、詹姆斯·E·罗森茨韦克著.傅严、李柱流等译.组织与管理·系统方法与权变方法[M].中国社会出版社,2000
[72]陈育辉.中国企业文化战略：制度化的核心价值观[R].中外企业文化出版社,2004
[73]郎立君.韩国三星文化的理念[J].中外管理,1998
[74]刘光明编著.企业文化(第三版)[M].经济科学出版社,1999
[75]茵明杰主编.管理学—现代的观点[M].上海：上海人民出版社,1999
[76]石庆华.韩国企业文化及其管理模式浅析[J].延边大学学报,2000
[77]严文华,宋继文,石文典.跨文化管理心理学[M].东北财经大学出版社,2000
[78]林正大.中国传统文化与企业竞争力[J].中外管理,1999,(6)
[79]王茹,赵文艳等.一鸣惊人韩国人[M].时事出版社,1997
[80]赵曙明.西方文化与企业管理[J].沿海经济,1995,(1)
[81]廉勇,李宝山.中韩企业跨文化管理研究[J].河北经贸大学学报,2005,(3)
[82]廉勇,李宝山.论中韩企业文化的交流与融合[J].东商学院学报,2004,(6)
[83]姚静芬,吴荣先.韩资企业在华的本土化问题[J].边疆经济与文化,2006,(5)
[84]深圳市伊爱高新技术开发有限公司.伊爱工作手册[S].2010
[85]曹衍.中韩员工文化差异研究[J].外国经济与管理,2006,10.
[86]干春辉.并购经济学[M].清华大学出版社,2004,(1)：107
[87]何超华.：韩国企业并购中国企业中整合模式：理论和运用[J].上海市经济管理干部学院学报,2004,(3)：3
[88]陈春花,刘晓英.企业并购中的文化整合[J].中外管理,2002,(5)：24
[89]Gerry Tohnson.公司战略教程[M].华夏出版社,1998.
[90]Brakman, S. "Cross-border Mergers and Acquisitions:on revealed comparative advantage and merger waves" [R]. CESinfo Working Paper Series No.1602,2005
[91]Cantwell, J. "M&As and the global strategied of TNCs" [M]. The Developing Economies,2002
[92]Gregory, A. "Foreign Acquisition by UK Limiyed Company:Sort and Long-run Performance" [J]. Journal of Empirical Finance,2005, (12):99-125
[93]Gugler, K. "The effects of mergers:An international comparison" [J]. Internation Journal of Industrial Organization,2003, (21):625-653
[94]Kang, N. "International Strategic Alliances:Their Role in Industrial Globalisation" [M]. OECD Publishing,2000
[95]Sakai, K. "Global Industrial Restructuring:Implication for small firms" [M]. OECD Publishing,2002
[96]Sudarsanam, S. "Creating value from mergers and acquisitions:The chanllenges" [M]. Prentice Hall,2003
[97]Sorensen D E. "Characteristics of Merging Firms" [J]. Journal of Economics and Business,2000,423-433
[98]J.Fred Westons. Mergers, Restructuring and Corporate control.P.S.Sudersanam.The Essence of Mergers and Acquisitions. Dale Arthur Oesterle.The Law of Mergers and Acquisitions (Second Edition) [M]. USA:West Group,2002
[99]Alistair Lindsay, Partner, Allen & Overy. The EC Merger Regulation:Substantive Issues [M]. London:Sweet &Maxwell,2003
[100]Debra A. Valentine, Raj De. Transatlantic similar ities and differences in merger olicy[J]. Business Economics,2002, (4).
①宁向东.公司治理理论.北京：中国发展出版社2010,278-280
①杨瑞龙.企业理论：现代观点[M].北京：中国人民大学出版社2005,97-99
①保罗·米尔格罗姆.约翰·罗伯茨.经济学、组织与管理[M].北京：经济科学出版社.2004,566-580
②保罗·米尔格罗姆.约翰·罗伯茨.经济学、组织与管理[M].北京：经济科学出版社.2004,538-540
①斯蒂芬·P·罗宾斯.玛丽·库尔特.管理学[M]北京.中国人民大学出版社.2006,202-211
①全球并购研究中心,《中国并购报告》(2008),人民邮电出版社2008年5月出版。
[23]程伟.经济全球化与经济转轨互动研究[M].商务印书馆,2005.10
[24]户望平.世界经济概论[M].北京理工大学出版社,2006.09
[25]王长征.企业并购整合基于企业能力论的一个综合性理路分析框架[M].武汉大学出版社,2002
[26]张维.企业并购理论研究评述[J].南开管理评论,2002
[27]胡玄能.企业并购分析[M].经济管理出版社,2002
[28]韩世坤.二十世纪九十年代全球企业并购研究[M].人民出版社,2002
[29]史建三.跨国并购论[M].立信会计出版社,1999
[30]胡玄能.企业并购分析[M].经济管理出版社,2002
[31]魏江等.企业并购战略新思维[M].科学出版社,2002
[32]Robert M.Grant.公司战略管理[M].光明日报出版社,2001
[33]康荣平.大型跨国公司战略新趋势[M].经济科学出版社,2001
[34]吴志军.企业并购中的管理政和研究[D].江西财政大学,2002
[35]王宏利.企业并购绩效与目标公司选择研究[D].吉林大学,2004
[36]季成.跨国并购的智力资本整合研究[D].上海交通大学,2007
[37]张海珊.战略并购双方的匹配性研究[D].北京交通大学,2007
[38]于伟.外资并购、经济型垄断与治理[J].税务与经济,2009,(2)：17—21
[39]胡国恒.外资并购的股权博弈与政策规制[J].世界经济研究,2009,(1)：65—69
[40]成健.外资并购：国际直接投资的双刃剑[J].中国流通经济,2009,(6)：73—76
[41]兹维·博迪,罗伯特·C·莫顿.金融学[M].中国人民大学出版社,2000.
[42]肖留华.战略并购中目标企业的价值评估研究[D].武汉大学,2007,28—41
[43]崔凯.从战略并购视角评估企业价值[J].董事会,2009,(10)：70—73
[44]赵国娟.成功战略并购的价值评估[D].四川大学,2004,16—26
[45]申斌.战略并购中公司价值的分析与评估方法研究[D].苏州大学,2009,15
[46]李学锤.战略经营[M].世经社,1998.
[47]胡军.跨文化管理[M].暨南大学出版社,1995.
[48]李学锤.人力资源管理[M].世经社,1995.
[49]昊敏.中韩电子信息行业国际竞争力研究[J].消费导刊,2009,2.
[50]金相均.中韩合资企业人力资源管理研究[J].人才管理,2004,2.
[51]刘青.战略并购的协同效应与并购绩效[D].暨南大学,2003,35—40
[52]阎晓博.战略并购中协同效应的价值及其评估研究[D].兰州大学,2007,26—34
[53]何庆明.基于智力资本管理的企业战略并购问题研究[D].西南财经大学,2005,59—99
[54]查剑秋.收购方内部控制与收购方企业价值关系的实证研究[J].财政研究,2009,(2)：14—16
[55]聂名华.美国对跨国并购投资的法制管理[J].国外社会科学,2003,(4)
[56]Michael Kampamba.欧美反垄断法与企业并购政策对中国的启示[J].现代管理科学,2002,(5)
[57]殷醒民.评欧盟的垂直限制政策[J].世界经济文汇,1999,(4)
[58]徐立军.入关前后日本企业并购的特点分析[J].东南亚纵横,2003,(8)
[59]尹贤淑.韩国经济增长方式转变的经验及启示[J].中央财经大学学报,2003,(1)
[60]兰星,李永平.韩国经济增长模式的转变、特征及其借鉴.改革与战略[J],1996,(3)
[61]陈西果.韩国经济发展的成功经验及启示[J].改革与战略,1996,(1)
[62]朱灏.韩国经济的复苏及其启示[J].亚太经济,2007,(5)
[63]李柱锡.韩国经济开发论[J].上海财经大学出版社,1996,(7)
[64]陈龙山.韩国经济发展论[J].社会科学文献出版社,1997,(12)
[65]阿伦·肯尼迪、特伦斯·迪尔著.印国有、葛鹏译.公司文化[M].生活·读书·新知三连书店,1989
[66]黛布拉·L·纳尔威、詹姆斯·坎贝尔·奎克.组织行为学,基础现实与挑战[M].中信出版社,2004
[67]迈克尔·哈默、詹姆斯·钱皮著.企业再造[M].上海译文出版社,1998
[68]斯蒂芬·P·罗宾斯.组织行为学—第七版[M].中国人民大学出版社,1997
[69]约翰·P·科特和詹姆斯·L·赫斯克特.曾中、李晓涛译.企业文化与经营业绩[M].华夏出版社,2003
[70]丹尼尔·A·雷恩著.孙耀君等译.国外经济管理名著丛书：管理思想的演变[M].中国社会科学出版社,1986
[71]弗莱蒙特·E·卡斯特、詹姆斯·E·罗森茨韦克著.傅严、李柱流等译.组织与管理·系统方法与权变方法[M].中国社会出版社,2000
[72]陈育辉.中国企业文化战略：制度化的核心价值观[R].中外企业文化出版社,2004
[73]郎立君.韩国三星文化的理念[J].中外管理,1998
[74]刘光明编著.企业文化(第三版)[M].经济科学出版社,1999
[75]茵明杰主编.管理学—现代的观点[M].上海：上海人民出版社,1999
[76]石庆华.韩国企业文化及其管理模式浅析[J].延边大学学报,2000
[77]严文华,宋继文,石文典.跨文化管理心理学[M].东北财经大学出版社,2000
[78]林正大.中国传统文化与企业竞争力[J].中外管理,1999,(6)
[79]王茹,赵文艳等.一鸣惊人韩国人[M].时事出版社,1997
[80]赵曙明.西方文化与企业管理[J].沿海经济,1995,(1)
[81]廉勇,李宝山.中韩企业跨文化管理研究[J].河北经贸大学学报,2005,(3)
[82]廉勇,李宝山.论中韩企业文化的交流与融合[J].东商学院学报,2004,(6)
[83]姚静芬,吴荣先.韩资企业在华的本土化问题[J].边疆经济与文化,2006,(5)
[84]深圳市伊爱高新技术开发有限公司.伊爱工作手册[S].2010
[85]曹衍.中韩员工文化差异研究[J].外国经济与管理,2006,10.
[86]干春辉.并购经济学[M].清华大学出版社,2004,(1)：107
[87]何超华.：韩国企业并购中国企业中整合模式：理论和运用[J].上海市经济管理干部学院学报,2004,(3)：3
[88]陈春花,刘晓英.企业并购中的文化整合[J].中外管理,2002,(5)：24
[89]Gerry Tohnson.公司战略教程[M].华夏出版社,1998.
[90]Brakman, S. "Cross-border Mergers and Acquisitions:on revealed comparative advantage and merger waves" [R]. CESinfo Working Paper Series No.1602,2005
[91]Cantwell, J. "M&As and the global strategied of TNCs" [M]. The Developing Economies,2002
[92]Gregory, A. "Foreign Acquisition by UK Limiyed Company:Sort and Long-run Performance" [J]. Journal of Empirical Finance,2005, (12):99-125
[93]Gugler, K. "The effects of mergers:An international comparison" [J]. Internation Journal of Industrial Organization,2003, (21):625-653
[94]Kang, N. "International Strategic Alliances:Their Role in Industrial Globalisation" [M]. OECD Publishing,2000
[95]Sakai, K. "Global Industrial Restructuring:Implication for small firms" [M]. OECD Publishing,2002
[96]Sudarsanam, S. "Creating value from mergers and acquisitions:The chanllenges" [M]. Prentice Hall,2003
[97]Sorensen D E. "Characteristics of Merging Firms" [J]. Journal of Economics and Business,2000,423-433
[98]J.Fred Westons. Mergers, Restructuring and Corporate control.P.S.Sudersanam.The Essence of Mergers and Acquisitions. Dale Arthur Oesterle.The Law of Mergers and Acquisitions (Second Edition) [M]. USA:West Group,2002
[99]Alistair Lindsay, Partner, Allen & Overy. The EC Merger Regulation:Substantive Issues [M]. London:Sweet &Maxwell,2003
[100]Debra A. Valentine, Raj De. Transatlantic similar ities and differences in merger olicy[J]. Business Economics,2002, (4).
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |