并购能力

企业并购能力初探

Preliminary Study on Mergers & Acquisitions Capability of Enterprise

2001年我们盈利了170亿美元，因此我们有很强的并购能力。

We generated $ 17 billion in cash in2001 , so we 'll have lots of capability to do acquisitions .

在前人研究的基础上，对并购能力重新进行了界定，分析了并购能力的要素，并对并购能力的演化路径进行了研究，最后建立模型对并购能力进行评价是本文的重点。

Based on the previous research , this article redefined the M & A ability , analyzed the elements , and studied the evolution traces .

构建企业并购能力分析框架需要从这三个方面入手，着力做好外部环境分析、内部资源分析和管理能力分析。

Setting up the analysis framework of capability of M & A needs to start from the three aspects and to focus on the analysis of the external environment , internal resources and capability of management .

首先，在对企业资源理论进行全面回顾与综述的基础上，本文分析了剩余资源对于企业并购能力具有决定性的作用，明确提出并购能力是企业利用自身剩余资源完成并购活动的实力。

Firstly , after have reviewed the resource-based theory of the firm , this article analyzed the important role of surplus resources and defined the capability of MA is the ability of making use of surplus resources to accomplish MA activity .

企业并购能力研究必须借鉴和吸收相关理论的已有成果，并将其作为研究的理论基础，如战略管理理论、竞争力理论和能力理论。

According to this article , studying the capability of Mergers and Acquisitions ( M & A ) must profit from and absorb the existing achievements of relative researches , such as strategic management theory , competitive ability theory , and the theory of ability .

并购管理能力&解释企业并购失败的新视角

M A Management Capability of Corporate : A New View of the Lost M A

对我国企业而言，建立跨国战略联盟，不断培育企业核心能力，是现实的战略选择，另外，在具体操作层面，还需提高我国企业参与并购的能力。

From enterprises perspective , establishing strategic alliance , fostering core competence are practical choices .

第二章讨论了企业并购的能力整合问题。

In Chapter 2 , to discuss the problem of capability integration of corporate M & A.

据此提出了提高跨国并购整合能力的对策建议：做好兼并后的整合计划和准备；

For this , the paper offers countermeasures so as to improve the integration ability in transnational merging and purchasing .

基于企业能力理论的研究，本文从一个新的视角提出了并购管理能力是影响并购绩效的关键因素的核心论点。

This study is based on the capability theory of enterprises , and raises a new point as " M A management capability is a critical influencing factor of M A performance " .

构建并购管理能力是一个机构、人员、程序相互作用的动态过程，机构要以人员为依托，人员要以程序为准绳，程序要靠机构来引导。

The process to structure the MA management capability is the interactive dynamic process of organization , personnel , and procedures . The organization should be supported by personnel , the personnel should be disciplined by procedure , and the procedure should be guided by the organization .

毕马威（KPMG）的一项研究发现，在资产负债状况去年显著恶化后，亚洲最大型企业进行并购活动的能力可能受到了限制。

The ability of Asia 's largest companies to pursue merger and acquisition activity could be constrained following a marked deterioration in their balance sheet strength last year , KPMG study found .

最后，提出了一个企业并购的核心能力演化模型。

At last , it proposes a capabilities evolution model of enterprise merger .

国有钢铁行业巨头也达成了一些交易，并购了盈利能力更强、效率更高的私营竞争对手。

State-owned steel giants have cut deals to buy out more profitable and often more efficient private competitors .

只有这样，才能实现企业间能力的转移和扩散，通过企业并购增强企业能力的目的才能实现。

Therefore , the competency between enterprises can be transferred and diffused , which realize the enhancement of enterprise competency .

本文分析了知识与技术能力的关系，指出不仅技术并购与技术能力有相互作用，而且通过知识平台的整合会带动技术能力协同增长。

It shows not only technology M & A and technology ability have reciprocity , but also knowledge platform integration can spur the increase of technology ability .

毕马威研究了该地区市值最大的350家企业，考察了它们的资产负债状况，以衡量它们发起只使用债务进行融资的并购交易的能力。

KPMG studied the top 350 companies in the region by market capitalisation and tested their balance sheets for an ability to originate deals using debt only .

对于管理制度的整合，则按照并购双方战略性能力的相互依赖性及目标企业自治程度高低，相应的提出了四种管理制度整合模式。

In the illustration of management system , according to the dependence on operating and autonomy degree level of object enterprise , the paper advances corresponding mode of management system integration .

实施跨国并购，提高R＆D能力；

Merging in different country to improve R & D capability ;

如果私人股本对目前并购趋势的融资能力不够，实际上，这些企业可能会将此视为一个在定价方面更具优势的时期。

They may actually find this a more advantageous period in terms of pricing if private equity is less able to fund some of its current trend in acquisitions .

本文以跨国并购与核心竞争能力理论为基础，从中国企业的内外部特征出发，就中国企业利用跨国并购来增强核心能力的条件、方式和威胁展开讨论。

This dissertation is based on cross border M A and core competence theory , discuss the way and threaten while Chinese enterprises make use of cross border M A to strengthen core competence .

外资并购使企业发展能力和企业盈利能力得到显著提升；营运能力也得到一定程度的增长；而企业偿债能力略微降低。

But , three years after the foreign M & A declined . Growth and profitability improved significantly ; operation ability also had a certain degree of growth ; however , the repayment ability was weakened slightly .

企业方面要制定科学的跨国并购战略，提高自身的并购能力；提升跨国并购过程中的操作水平；着力培养跨国并购的人才；要高度重视并购后的整合。

The enterprises should make scientific strategies of transnational M A and improve their abilities of merger ; improve the transnational M A operation ability ; cultivate talented in transnational M A ; attach great importance to the integration of merger .

并购的价值创造就其本质而言，是并购双方的能力整合所产生的协同效应。

The value of mergers and acquisitions is the ability of both the integration of acquisitions synergies .

另一方面并购整合能否顺利达到预期目标，还要看并购后企业核心能力的发展，而企业文化可以成为企业的核心能力进而支撑企业的持续市场竞争优势。

Whether integration can successfully achieve the anticipate aims or not depends on the development of the core capacity after M & A.

第二部分简要介绍了跨国并购的主体及国民待遇，阐述了跨国并购对主体权利能力和行为能力的复合要求；

In the second part , the author make a brief introduction to man of merger across country and treatment of civilian , then set forth requirement in man right ability and behavior ability put forward by merger across country .

减少出现上述三种低效率均衡机会的最有效方法是克服企业并购交易市场的信息不对称性问题，并提高并购企业的识别能力。

Try to overcome the information asymmetry of M & A market is the necessary way of improving efficiency .

通过对目标企业价值评估的分析和对并购绩效评价的研究，寻找并购溢价产生的机理，判断并购的价值创造能力。

The mechanism of value creation is researched , through the analysis of evaluating the target firm and M & A performance .

综合起来本文提出了交通运输企业的匹配并购思想，并购必须要满足三个方面的匹配：一是并购行为要与自己的并购能力相匹配，也就是要有吸收外界物质和能量的能力。

Taken together this paper , the matching transport companies thinking of mergers and acquisitions , mergers and acquisitions must meet three fit : First , MA activity must fit with its ability that is , to have the material and energy absorption capacity of the outside world .