摘要
随着经济全球化趋势的加强，世界各国的大型企业都将战略并购作为企业扩展和企业发展的
一个重要途径，通过企业并购可以实现企业的优势互补，从而大大提升企业的竞争优势，达到
1+12 的效果。然而并购比生产经营要复杂的多，并购的过程也不是一帆风顺的，企业的战略并
购面临着机遇与挑战。目前，众多学者对企业并购前与并购的风险因素提出了独特的见解，但是
对于并购后整合风险控制研究相对较少。无论是学者还是企业管理人员，对于企业并购后的整合
控制的重视程度相对较轻，往往认为企业完成并购的各项程序后就成功实现了并购。其实不然，
企业并购后的整合是并购后的企业能够长期稳定运行的前提和基础，如果并购整合阶段不能平稳
度过，企业的后期运营中肯定会出现各种各样的问题

因此，文章基于以上所述，以汽车行业为研究目标，以美国的 D 公司战略并购 H 公司为研究
对象，通过收集相关的资料数据并阅读相关的研究文献，以企业并购与跨国并购的基础理论为依
托，深入的研究了企业并购后的整合风险问题，并根据相应的问题提出了解决的建议。通过阅读
大量的参考文献以及分析搜集到的企业数据，企业在跨国并购后主要面临着人力资源风险、财务
风险、经营管理风险、文化风险四大风险，所以在后期的并购整合阶段，要根据不同风险的特征，
并且结合自身企业的实际情况做出合理的风险应对策略，提出了详细的建设性建议，如创建文化
管理团队、选任贤才、培养国际化视野等等。但是这些风险的应对策略都要以风险辨识、风险预
防、风险控制机制为前提，风险防范的基本机制是风险管理的基础。另外，风险管理措施的实施
需要保障机制的护航，要全面分析政府因素、金融因素、法律因素等外在的影响因素，制定合理
的、长期的国际化发展策略，确保风险防范措施能够完善执行，也确保并购后的两个企业能够在
各方面完美融合

关键词：跨国并购，并购整合风险，风险控制
作 者：彭良峰
指导老师：魏文斌II
A study on the risk control of H merger and
acquisition of American D company
Abstract
Along with the strengthening of economic globalization, large enterprises all around the
world will be strategic acquisitions as an important way of enterprise expansion and
development of enterprises, through mergers and acquisitions can achieve complementary
advantages of enterprises, thus greatly enhance the competitive advantage of enterprises, to
achieve the effect of 1+12. However, M & A is more complicated than production and
operation, and the process of merger and acquisition is not smooth sailing. At present, many
scholars have made unique insights into the risk factors before and after the merger and
acquisition, but there is relatively little research on the risk control after the merger and
acquisition. Both scholars and business managers, the degree of emphasis on the integration of
corporate mergers and acquisitions after the control is relatively light, often think that after the
completion of the merger of the various procedures to achieve a successful merger and
acquisition. In fact, post merger integration is to premise and foundation for long-term stable
operation of the enterprise, if not smooth through the integration phase, will appear various
post operation problems in the enterprise.
Therefore, this article based on the above, to the automotive industry as the research
object, the strategy of D company is America&39;s acquisition of H company as the research
object, through the collection of relevant data and reading related literature, on the basis of
the basic theory of enterprise merger and acquisition and merger based on the in-depth
study of the problem of post-merger integration risk, and the suggestions were put forward
according to the corresponding problem. By reading lots of references and analysis of
collected data of enterprise, enterprise after the cross-border m&a mainly are faced with
the risk of human resources, financial risk, management risk, and the cultural risk four big
risks, so in the late stage of m&a integration, according to the different risk characteristics,
and combined with the actual situation of their own enterprises make reasonable riskIII
coping strategies, the article gives the detailed constructive Suggestions, such as the
management team, retaining talent to create culture, cultivating internationalized vision
and so on. But all these risk coping strategies for risk identification, risk prevention, risk
control mechanism, risk prevention is the basic mechanism of the basis of risk
management. In addition, the implementation of risk management measures to safeguard
mechanism, to analyze the government, financial factors, legal factors such as the impact
of external factors, formulate reasonable, long-term internationalization development
strategy, to ensure that the risk prevention measures to improve the execution, and ensure
that after the merger of two companies can perfect fusion in all areas.
Key words: Transnational merger, Merger integration risk, Risk management
Written by: Peng Liangfeng
Supervised by: Wei Wenbin目 录
第一章 绪 论........1
1.1 选题背景和研究意义.........1
1.1.1 选题背景.......1
1.1.2 研究意义.......2
1.2 研究方法和研究思路.........2
1.2.1 研究方法.......2
1.2.2 研究思路.......3
1.3 研究内容和创新点.3
1.3.1 研究内容.......3
1.3.2 创新点...........4
第二章 理论基础和文献综述........5
2.1 并购与跨国并购.....5
2.1.1 并购...5
2.1.2 跨国并购.......6
2.1.3 并购理论基础...........6
2.2 并购风险的相关文献评述.8
2.3 并购整合的相关文献评述.9
第三章 D 公司战略并购 H 公司的案例介绍 及其风险分析...11
3.1 D 公司和 H 公司双方简介........... 11
3.1.1 并购企业--美国 D 公司 .... 11
3.1.2 被并购企业—英国 H 公司........... 11
3.2 并购过程...12
3.2.1 并购动机分析........12
3.2.2 并购流程....12
3.3 D 公司战略并购 H 公司整合风险分析...13
3.3.1 人力资源整合风险...........
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