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.編號: 桂林電子科技大學(xué)信息科技學(xué)院 畢 業(yè) 論 文題 目: 成功并購的秘訣 A Key to The Success of Mergers and Acquisitions 系 (部): 外貿(mào)與外語系 專 業(yè): 英語專業(yè) 學(xué)生姓名: 程世佳 學(xué) 號: 1356110124 指導(dǎo)教師: 王雪利 職 稱: 講師 題目類型:理論研究 實驗研究 工程設(shè)計 工程技術(shù)研究 軟件開發(fā) 應(yīng)用研究2016年 5 月 16 日誠 信 宣 言我,程世佳,鄭重宣布:除了參考文獻所標(biāo)明引用的資料和內(nèi)容之外,本論文中不包含有任何已經(jīng)被其他高等教育機構(gòu)所接受的學(xué)位或?qū)W歷論文資料,也不包含有其他任何人已經(jīng)正式出版的資料內(nèi)容。 簽字: 日期:DeclarationI, Cheng Shijia, the undersigned, hereby declare that this dissertation does not contain any material which has been accepted for the award of any other degree or diploma in any institutions of higher learning and that, to the best of my knowledge and belief, this dissertation does not contain any material previously published or written by another person, except when due reference is made in the text of the dissertation. Signed: Date: 2016.10.30 已經(jīng)在導(dǎo)師的指導(dǎo)下進行多次修改,導(dǎo)師已同意提交定稿。 導(dǎo)師簽名:日 期:.摘 要隨著經(jīng)濟全球化的快速發(fā)展,企業(yè)間的競爭日益激烈。越來越多的公司或集團,為了能夠在今后的市場中不被淘汰,各企業(yè)都在努力尋求一種能提高自身競爭力的有效方式,來提高自己在市場占有力。并購就這樣應(yīng)運而生了。然而事實并不盡如人意。即使每年發(fā)生的并購活動數(shù)量繁多,成功率卻不高。究其原因,就是忽視并購后整合尤其是文化上的整合造成的。并購將與企業(yè)文化密切聯(lián)系起來,并購后的文化整合必須成為并購戰(zhàn)略的關(guān)鍵內(nèi)容。同時,一些關(guān)于并購后管理的富有建設(shè)性的建議衍生而出。此外,對一些并購案例進行的簡單的分析也證實了文化整合的重要性。關(guān)鍵詞:并購;并購后整合;企業(yè)文化;文化整合;文化沖突AbstractWith the ever-increasing development of economic globalization, competition between companies is getting more and more intensive. In order not to be superseded, companies have tried their best to search for an effective means which can enhance their core competitiveness. Then, mergers and acquisitions (M&As) emerge. However, the result isnt encouraging. Even if there are numerous M&A activities every year, most of them result in failure. Negligence of post-merger integration (PMI), especially cultural integration, is just the cause of the failure. M&As will be associated with corporate culture closely and cultural integration must become the main content of M&As strategies. Meanwhile, certain constructive recommendations are provided on post-merger management. Besides, some cases of M&As will be analyzed briefly to confirm the significance of cultural integration. Key words:M&As;PMI;corporate culture;cultural integration;cultural conflicts ContentsIntroduction.1I Mergers and Acquisitions and Post-Merger Integration .11.1 Definition and Categorization of M&As .11.2 Implication and Significance of PMI .1II Cultural Integration Running through Four Phases of M&As1 2.1 Phase of Preparation .12.2 Phase of Transition .12.3 Phase of Integration 1 2.4 Phase of Consolidation .1III Corporate Culture .1 3.1 Cultural Discrepancies and Risks 13.2 Cultural Conflicts .13.3 An Effective Executive and His Decisions on Risks-Taking .1IV Cultural Integration and Performances of M&As 1 4.1 Implication and Phases of Cultural Integration.24.2 Significance of Cultural Integration .2 4.3 Modes of Cultural Integration 2 4.4 Factors Determining Selection on Modes of Cultural Integration .3 4.5 Decisions on Cultural Integration .3V Conclusion2References.3Acknowledgments.3.Introduction. Mergers and acquisitions (M&As) have long been regarded as .I Mergers and Acquisitions and Post-Merger Integration M&As are not only remarkable phenomena in modern economic life, .1.1 Definition and Categorization of M&As M&As consist of two words: mergers and acquisitions, .1.2 Implication and Significance of PMI The implication of PMI is quite rich, .II Cultural Integration Running through Four Phases of M&AsIt must be emphatically pointed out that cultural .2.1 Phase of PreparationWhether the preparations before. .2.2 Phase of TransitionDuring this period, both parties involved in .2.3 Phase of IntegrationIf the work of previous stage goes smoothly, . .2.4 Phase of ConsolidationIf any company integrates technology and culture at the same time.III Corporate CultureCorporate culture, the crystallization of corporation and culture, . 3.1 Cultural Discrepancies and RisksDue to the uniqueness and stability of corporate culture, .3.2 Cultural Conflicts M&As activities often entail considerable risks and cultural conflicts associated with cultural discrepancies, .IV Cultural Integration and Performances of M&AsM&As activities bring two or more companies with different cultural characteristics together.4.1 Implication and Phases of Cultural IntegrationCorporate culture exists just like breathing, and people will think of it only when it is obstructed .4.2 Significance of Cultural IntegrationAcculturation not only determines the success or failure of M&As, but also plays an important role in .4.3 Modes of Cultural IntegrationAn effective acculturation doesnt mean remolding a culture or instilling one culture to another compulsively.4.4 Factors Determining Selection on Modes of Cultural IntegrationBoth at home and abroad, scholars attach great importance to factors determining acquirers selections .4.4.1 Factors Determining Acquirers Selections on Modes of Cultural Integration1) M&As StrategiesM&As strategies.2) The Acquirers Original CultureInfluences of acquirers original culture are manifested through tolerance of multi-culture. According to .4.4.2 Factors Determining Acquired firms Selections on Modes of Cultural Integration1) The Acquired Firms Original Culture, .2) The Acquired Firms Perception of the Acquirers.4.5 Decisions on Cultural IntegrationBased on the above analysis, .V ConclusionWith the ever-increasing development of marketing economy and economic globalization, .References1 Dou Weilin, Intercultural Business Communication, Beijing: Higher Education Press, 2005.2 Drucker, P.F, The Effective Executive, Beijing: China Machine Press, 2005.3 Gertsen, M.C, Cultural Dimensions of International Mergers and Acquisitions, Berlin, Germany: Walter de Gruyter GmbH&Co, 1998.4Lu Yifeng, “Cultural Integration of Chinese Companies Cross-Border Mergers and Acquisitions”,

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