中国企业跨国并购全流程整合研究——以金风科技并购德国VENSYS公司为例

A Case Study of Germen VENSYS Company on the Full-Process Integration of Chinese Enterprises' Overseas Mergers

以探索跨国并购全过程整合为研究重点,重新定义了跨国并购的结合潜力、战略匹配性和组织匹配性等概念,并通过案例研究表明,中国企业海外并购首先必须选择具有结合潜力的并购对象,并购整合管理要求必须同时做好组织整合、环境整合和员工整合,结合潜力、全流程整合管理这两个因素直接影响最终并购绩效。

The paper explores the full-process integration of Chinese enterprises overseas merger, and refines the con-cepts of potential of combination, organizational fit and strategic fit between acquirer and target firms. In this paper, the potential of combination refers to the best prospects for the acquirer and target firms decided by the synergic effect of strategic fit, organizational fit and environmental permission. Strategic fit refers to strategic similarity or complementary between two firms. Organizational fit is the compatibility of the procedures, culture and resource. Environmental permission is the micro-and-macro environmental characteristics facilitating the operation and integration of M&A. Regarding post-integration management, the results indicate that the integra-tion must consider the organization, environment and employee factors simultaneously. The potential level of combination and post-integration management has an important impact on M&A performance.