摘 要

随着经济全球化的深入发展，在全世界范围内的企业之间竞争愈发的激烈，各个企业都面临着巨大的压力及挑战。在形形色色的提升企业竞争力的策略中，并购作为企业发展的一个极为重要的手段而逐渐显示出其在为企业创造竞争力及财富方面无可比拟的作用。相对于公司独自发展,企业并购的优势在于以更加低廉的成本在较短时间内优化资源配置，实现新的战略目标。鉴于国内企业并购的理论和实践已日臻成熟，故本文将研究跨国并购策略对于企业并购绩效的影响。早在上个世纪80年代，我国的部分企业就已经开始探索跨国并购。随着改革开放政策到来，我们国家的企业跨国并购的基数及资产规模日益增加。而很多企业也因为缺少跨国并购的相关经验，再加上对国际市场的相对不了解，故而导致了很多企业出现“蛇吞象”的现象，最后自然是以失败而告终者居多。基于并购策略差异性,不同并购主体、并购客体和并购市场环境等多因素导致企业绩效实现存在差异。本文选取联想集团并购IBM PC业务作为典型案例进从财务角度进行深度分析，在经济全球化这一大时代背景下，对国外PC行业领军企业IBM PB业务进行并购，其不仅需要绝对的勇气，也需要非常精准无误的并购策略。在对该案例进行分析的过程中，我将从多个角度，分析企业跨国并购的动因，跨国并购策略对于企业并购后绩效的影响。并从企业跨国并购的层面出发，运用财务分析法来进行对企业并购绩效进行分析研究，从短期和长期绩效两个方面利用联想公司给出的财务报表进行比较。通过对比联想并购IBM PC业务前后的财务数据，不难看出联想的短期企业绩效相当不错，长期企业绩效也差强人意。本文将通过分析联想实施并购行为前后的财务，总结经验和教训，并结合国情，提出自己对于我国企业实施跨国并购时该采取的策略，以提高未来我国企业在实施跨国并购后可以取得更高的并购绩效。

关键词：跨国并购；企业绩效；财务分析；联想并购IBM PC

Abstract

With the deepening development of economic globalization, competition among enterprises around the world is becoming more and more fierce, and enterprises are facing tremendous pressure and challenges. Among all kinds of strategies to enhance the competitiveness of enterprises, mergers and acquisitions, as an extremely important means of enterprise development, gradually show their incomparable role in creating competitiveness and wealth for enterprises. Compared with the company's independent development, the advantage of Mamp;A is to optimize the allocation of resources in a shorter time at a lower cost and achieve new strategic objectives. In view of the maturity of domestic Mamp;A theories and practices, this paper will study the impact of cross-border Mamp;A strategies on Mamp;A performance. As early as the 1980s, some enterprises in China have begun to explore cross-border Mamp;A. With the advent of the policy of reform and opening up, the base and asset scale of transnational mergers and acquisitions of enterprises in our country are increasing day by day. Many enterprises also lack the relevant experience of cross-border mergers and acquisitions, coupled with a relative lack of understanding of the international market, which leads to the phenomenon of "snake-swallowing phenomenon" in many enterprises, and ultimately most of them end up with failure. Based on the differences of Mamp;A strategies, different Mamp;A subjects, Mamp;A objects and Mamp;A market environment lead to different performance. This paper chooses Lenovo Group's merger and acquisition of IBM PC business as a typical case to conduct in-depth analysis from the financial point of view. Under the background of economic globalization, the merger and acquisition of IBM PB business, a leading foreign PC industry, requires not only absolute courage, but also very precise merger strategy. In the process of analyzing this case, I will analyze the motivation of transnational mergers and acquisitions and the impact of transnational mergers and acquisitions strategy on the performance of enterprises after mergers and acquisitions from multiple perspectives. From the perspective of cross-border Mamp;A, this paper uses financial analysis to analyze the performance of Mamp;A, and compares the short-term and long-term performance with Lenovo's financial statements. By comparing the financial data before and after Lenovo's acquisition of IBM PC business, it is not difficult to see that Lenovo's short-term corporate performance is quite good, and its long-term corporate performance is

also unsatisfactory. This article will analyze Lenovo's finance before and after the implementation of Mamp;A, summarize experience and lessons, and combine with the national conditions, put forward the strategies we should adopt when implementing cross-border Mamp;A for our enterprises, in order to improve the future performance of our enterprises after the implementation of cross-border Mamp;A.

Key words: Cross-border Mamp;A; Enterprise performance; Financial analysis; Lenovo Mamp;A IBM PC

目录

1　　绪论 1

1.1 选题背景与意义 1

1.1.1 选题背景 1

1.1.2 选题意义 2

1.2 国内外文献综述 2

1.3 文章内容及研究方法 6

1.4 创新点和不足之处 7

2　　企业并购行为及并购绩效的分析 8

2.1 并购简析 8

2.2 企业跨国并购的动因分析 8

2.3 影响企业跨国并购绩效的因素分析 9

3　　联想跨国并购IBM PC业务案例分析 10

3.1 并购双方简介 10

3.1.1 联想集团简介 10

3.1.2 IBM公司简介 10

3.2 并购背景分析 10

3.2.1 联想集团面临的危机 10

3.2.2 IBM连年亏损的PC业务 11

3.3 并购产生的效应 11

3.3.1 规模效应 11

3.3.2 管理效应 12

3.3.3 资源效应 12

3.3.4 科技进步效应 12

3.4 联想跨国并购IBM PC业务的财务数据分析 12

4 联想并购IBM PC业务案例的启示 17

4.1 选择合适的并购策略 17

4.1.1 选择合适的并购方式 17