企业并购的价值链和能力整合理论研究

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1、北京交通大学硕士学位论文企业并购的价值链和能力整合理论研究姓名：尹国明申请学位级别：硕士专业：工商管理指导教师：林晓言20060501摘要AbstractMeI譬er／acqujsitjon(M&A)ofChinaenterprisesis目^owingfastinrecentyears，foritgiVesriseofmmleroushopesa11dbearsmlmemusrnissions，butowingtothehi曲f甜1ureratio，M&Apracticehasnotrealizedvalueincreasinginfhct，ontlleconhar

2、y，ithascausedmoreresources甜ldabilities10ss，whichmakesenterprisersstepintoamoredimcultposition，andthep01icymakerisfeelingpuzzle，too．TheawkwardsitIlationofM＆Apmcticercnectsthelackillgoft}1etheoryaboutM&A，alldmereisnooperationalanalysisanddecision丘锄etoinst兀JctmepmcticeofM&A．Usingt11evaluec

3、hailltheoryandthecorecompetitivenesstlleoryasmetlleoryplatf0加，mispaperaimstomakeare—interpretationofM＆A，wmchfo珊samoresystema廿ca11alySisaIldappraisalt00laswell-Themainconclusionsoftllepaperareasfollowing：TheultimateobjectiveofM＆Aistogetstrategicrcsources丘Dme)(teriorandtomdketheeffectivei

4、nteP，ation0ntheseresources，wllidhaimstofoHn卸dpromotecorecompetitivcnesspromptlyalldestablishthelong—temcompetitiveadVantage．M＆～theinte乒ationofenterprises，refbrstotlleinte蓼ationofresourcesb笛edonthecorecompetellceandtheprocessofre-cons虹uc廿onOnthebaseofvaIuechain．Thevaluechailltheoryreques

5、tmattheinte斟ationofresourcesshouldbecarriedonthethoughtofvaluechain，and血rough血ere-consmlc廿onandoptimizationofthevaluechaintorealizethedispositionandtheinte毋嘶onofresources，andmenthecorecompdencecanbecultivatcd．Asaresultofdiversi矗cationofmeente]：priseresourcesessential角c亡0r8，a11thedifrere

6、ntessentialfhctorsshallbere．cons仃uctedsystematically．Amongtheess∞tialf如tors，meintegrationofenterprisecultll

7、．eandtheh啪allresourcesshouldbeenlphasized．DuetoculturalconfomityasnlefouIldationofi11te蓼ation，themost印pmpdatepattemofenterprisecultlIreimegrationshouldbechosen．Thehllmanresourcesi

8、smemostpreclouss廿；lte百cresources，inte野ationoftheh啪anresollrcesdecidesthesuccessornotofM&AiIlmostdegrce．Keywords：M&Avaluechai工lcorecompetitiveness独创性声明本人声明，所呈交的学位论文是我个人在导师指导下进行的研究工作及取得的研究成果。尽本人所知，除了文中特别加以标注和致谢的地方外，论文中不包含其他人已经发表或撰写过的研究成果，也不包含为获得北京交通大学或其他教学机构的学位或证书而使用过的材料。与我一起工作的同