文本描述
I
摘要
近年来,伴随经济结构调整、产业转型,原材料价格以及人工成本持续上涨,企业利
润空间被大幅压缩,软包装行业市场竞争日趋激烈,企业低成本战略难以为继。目前,普
通低端软包装产品供过于求,加之产业升级和节能环保的双重压力,众多研发能力不足的
中低端软包装企业经营困难;同时,大型软包装企业为了升级换代、扩大规模、提高生产
能力,纷纷采取了并购战略,试图通过对目标企业的并购,提升自身的竞争优势。
本文以A公司为研究对象,通过对A公司并购整合事件的跟踪调查,对A公司并购整
合的动因、战略选择、目标制定、实施方案及实施效果进行系统分析,为A公司可持续发
展提供参考性建议。本文的研宄分为三大部分。第一部分是绪论和相关概念及理论基础。
在绪论中,通过分析软包装行业面临的困境以及并购整合的必要性,交代了研究的背景和
意义;同时,介绍了本文采取的研宄方法及技术路线;在正式展幵研宄之前,对国内外关
于并购整合管理的理论及文献进行了系统梳理,为后面的研宄提供理论框架。第二部分是
关于A公司并购整合战略选择的分析。首先,从A公司的组织结构、销售能力、人力资源、
生产能力和生产资质入手分析了公司的核心能力;同时,对A公司的外部环境如中国经济
发展趋势、软包装行业的前景、软包装产业政策导向以及生产成本变化进行分析;进一步,
结合目标企业B和C公司的资源分析,从集团发展战略、规模化经济效应、业务流程改造
消除瓶颈等角度论证了并购整合的必要性和可行性。第三部分分析了A公司并购整合方案
设计、实施效果评估及相关问题的对策建议。首先,根据战略依赖性及组织独立性的选择
了吸收式的并购整合模式,从组织结构、销售及生产能力、人力资源、企业文化四个方面
描述了并购整合的方案设计及实施过程;其次,从并购整合的时间目标、利润目标、销售
目标和质量目标分析指出并购整合中还存在的问题;最后,基于A公司的核心能力从产品
结构调整、提高质量管理能力、整合规范管理系统、持续关注效率提升几个方面提出建议
改善方案,以消除并购整合中出现的问题,达成A公司的可持续发展。
关键词:软包装并购整合核心能力
Ill
Abstract
DuetoChina^economicdownturninrecentyears,thelowcoststrategyofthesoft
packagingindustryisbecomingmoreandmoredifficulttosustain.Marketcompetitioninthe
industryisincreasinglyintense,atthesametime,rawmaterialpricesandlaborcostscontinueto
rise,leadingtohighercostsforenterprise,socorporateprofitspacehasbeensignificantly
reduced.Underthedualpressureofindustrialupgrading,energysavingandenvironmental
protection,manyenterprisesarestragglingtodevelop,however,thesupplyofordinarylow-end
productshasbeenalreadyoversupplied,anddomesticenterprisesarelimitedbyresearchandthe
capabilityofdevelopment,whichmakestheoutputofhigh-techadditionalproductsverylow.So
manymiddle-endandlow-endsoftpackagingenterprises9businessisfacingdifficulties,atlast
mergedbylargesoftpackagingenterprises.
Asoftpackagingcompanypurchasestwosoftpackagingproductionenterprises,toexpand
thesizeandproductioncapacityofenterprises,achievingthestrategicobjectivesoftheGroup.
Withtheanalysisofthispaper,IhopetoformacasestudyofM&Aintegrationwithreference
significance,whichprovidesreferencesuggestionsforM&Aintegration.Firstly,thispaperuses
theliteraturesurveymethodtocollectandsortoutthetheoryofM&Aintegrationathomeand
abroad,atthesametime,understandthedevelopmentandresearchdirectionofM&Aintegration
athomeandabroad,whichprovidesareferencefortheanalysisandresearchofthispaper.The^
withthediscussionaswellasanalysisabouttheconstructionofcorecompetenciesofM&A
integrationframeworkandM&Aintegrationtheoreticalinterpretation,theoreticalsupportis
providedforchoosingM&Amode.ThethirdpartanalyzesthesituationofcompanyAfs
resourcesandenvironment,andstudiesthecompany'scorecompetencefromtheaspectsof
organizationstructure,salesability,humanresources,productioncapacityandproduction
qualification.Italsoanalyzestheexternalenvironmentofthecompanyindetail,suchasthe
trendofeconomicdevelopmentinChina,theprospect,thepolicyenvironmentandthetrendof
costchangeofsoftpackagingindustry.Combinedwiththeresourceanalysisoftheacquired
companyBandC,thispaperappliesSWOTanalysistojudgethedevelopmentstrategyof
companyA,ThenecessityandfeasibilityofM&Aintegrationareanalyzedfromthefollowing
aspects:groupdevelopmentstrategy,large-scaleeconomiceffect,eliminationofbottleneckof
businessprocessknotandsoon.ThefourthpartdescribesthespecificprocessofM&A
integration.Firstly,accordingtothestrategicdependenceandorganizationalindependence,we
choosetheabsorptionmodeofM&Aintegration.Thenthepaperinterpretsthespecificmeasures
ofthemergerandacquisitionintegrationfromthefollowingfouraspects:organizational
structure,salesandproductioncapacity,humanresources,corporateculture.Thenaccordingto
IV
thetimetarget,profittarget,salestargetandqualitytargetafterthemergerandacquisition,the
analysisoftheproblemsthatstillexistismade.Thepaperputsforwardthecorresponding
improvementplanaccordingtothetheoryintermsoftheproductdirectionselection,systematic
management,qualitymanagement,efficiencyimprovement.Fromthepointofviewofthe
selectionandimplementationprocessofM&Aintegrationscheme,thispaperdeeplystudiesthe
changesofcorecompetenceintheprocessofM&Aintegration,tracksthechangingprocessof
corecompetenceindifferentstagesofenterprise,andconstructsthelevelframeworkofM&A
integrationfromthedynamicangleofview,hopingtofindasetofthebestintegrationpractice
thatissuitableforM&Athroughtheresearch.
KeyWords:FlexiblePacking,M&Aintegration,Corecompetence
目录
臟I
AbstractIll
1雜1
1.1研宄背景与意义1
1.1.1研宄背景1
1.1.2研为意义2
1.2文献综述2
1.2.1国外研宄现状2
1.2.2国内研宄现状3
1.3研宄目标与内容4
1.3.1研究g标4
1.3.2研究内容4
1.4研宄方法及技术路线5
1.4.1研宄方法5
1.4.2技术路线5
1.5可能的创新与不足6
2相关概念与理论基础7
2.1相关概念7
2.1.1企业并购7
2.1.2并购整合7
2.2理论基础8
2.2.1核心能力理论8
2.2.2并购整合框架9
2.2.3并购整合模式11
2.2.4SWOT分析法12
3A公司并购战略选择13
3.1A公司背景介绍13
3.1.1A公司简介13
3.1.2A公司组织架构14
3.1.3A公司核心能力14
3.2A公司经营背景分析17
3.2.1中国经济增速放缓17
3.2.2软包行业发展前景18
3.2.3生产成本快速上涨20。