经济学与管理学的理论知识

本文以经济学和管理学为理论
摘 要
本文以经济学和管理学为理论基础，以我国企业并购实践为基点，以企业并购效应为主线，把企业并购区别为横向并购、纵向并购和混合并购三种方式，采用规分析和实证分析相结合的方法，从企业和社会两个层面对这三种并购方式的并购效应分别进行了论述，并进一步对三种并购方式的综合效应进行了分析。最后在对我国企业并购效应现状及其成因进行分析的基础上，从企业自身经营方法和国家宏观经济制度安排两个层面提出了改善我国企业并购效应的可行的政策建议，期望通过本文的理论分析，能给我国企业并购提供切实可行的理论指导，提高我国企业并购整合的成功率，最大限度的发挥企业并购的经济效应，规避企业并购的负面效应。
横向并购效应主要表现为规模经济效应、反竞争效应以及福利效应三个方面。在对横向并购的规模经济效应进行分析之时，笔者突破国外一贯采用的前提限制，分析了企业技术和生产要素价格可变的情况下企业并购的规模经济情况，得出了更加符合企业实际情况的结论。此外，笔者从我国产业集中度的实际情况出发，分析了企业并购的反竞争效应情况，从分析中可以看出我国绝大部分产业的产业集中度都偏低，因而在这些产业实施横向并购不但不会形成垄断，产生反竞争效应，反而可以改善我国企业规模经济状况，提升产业集中度，最终提高我国企业的国际竞争力。因此，当前我国企业并购横向并购仍是主流。笔者以横向并购为例对企业并购的福利效应进行分析，从而得出并购的福利影响是正的还是负的判断主要取决于并购导致的资源节约与并购导致的价格上升引起的消费者剩余减少而产生的福利损失之间的比较关系。
The effect ofhorizontal M＆A includes scale economic effect , Anti competit- ion effect andwelfare effect. As to the scale economic effect of horizontal M＆A , the author takes the technique and factor prices as variables to draw a conclusion that match the actual situation of the enterprise more, by changing the used premise. In addition, the author analyzes anti-competition effect of horizontal M＆A with the reality of Chinese industrial concentration. From the analysis，we can see that the industrial concentrationof majority industry in our country is too low to form monopoly and has the anti-competition effect. On the contrary, it can improve the scale economic of our country enterprise, promote the industrial concentration degrees, and strengthen the international competitiveness of our enterprise.Therefore, horizontal M＆A is still the main trend at present. On this premise, the author takes the analysis of the welfare effect of horizontal M＆A for example, and deduce a conclusion that the comparison betweensaving of resourcesand the decrease of the consumer surplus because of the price rising determinesthe positive or negative welfare effect of M＆A.
企业纵向并购效应主要体现在企业交易费用的节省上和消除不完备契约的不利影响两个方百度文库，企业混合并购的效应主要体现在产业效应、风险降低、学习曲线效应、资产有效利用、围经济效应等几个方面，笔者在对企业产业效应进行分析的时候将企业学习曲线运用到企业并购效应的分析之中。企业并购的综合效应主要体现在社会资源的有效配置效应、财务协同以及组织成本的增加等方面，笔者从企业并购引起企业组织结构变化的角度分析了企业并购如何带来组织成本的增加。
关键词：企业并购，并购效应，规模经济，学习曲线，产业集中度
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In this thesis, the author divides theM＆A into horizontal M＆A，VerticalM＆A andconglomerateM＆A, and then analyses the respective effects of these three k- inds from two aspects , i.e. enterprise and society ,with the application of norm ana- lysis and positive analysis. The article bases on the theories of economics and mana- gement, and the practice of China’s M＆A. In the article, the effects of M＆A as a main line get through from the beginning to the end. Furthermore, the author analy- zes the comprehensive effects of the three kinds of M＆A. Finally, by analyzing the present situation and the causes of domestic M＆A，the author puts forward the feasible policies and advices about improving the effectsof domestic M＆A in the view of the enterprises’ management and the national macroscopic economic system . The author wishes thisthesis can give some suggestions for theM＆A of Chinese enterprise,andraise the successful ratio of Chinese enterprise, maximizing the active effect of M＆A and avoiding the negative effect as well.