I 摘要 “纵观美国著名大企业，几乎没有哪一家不是以某种方式、在某种程度上应 用了兼并、收购而发展起来的。”这是美国经济学家史蒂格勒提出的观点。伴随 着全球范围航空公司的大规模的重组和并购，目前我国民航企业资本运作也积 极参与其中，骨干航空公司、地方航空公司以及民营航空公司之间的上市、兼 并、收购、股份制改造、分立、剥离公司控制等各种资本运作方式不断更新迭 代，重组并购也成为民航提升竞争力的重要手段和途径。 纵观世界民航运输的发展历程，可以看出民航发展的历史就是重组和并购 的历史。伴随着全球化的经济环境和激烈的市场竞争，航空公司间的不断重组 成为早就大型优势航空公司强劲竞争力的有力手段。从国外的实践看，航空公 司经营和发展有两个重要途径：一个是通过改善经营管理，提高企业内部资源 配置的有效性，增强航空公司的竞争力。另一个是通过资本市场进行重组和扩 张，这是更大的范围、更高层次的资源重新配置。 本文以中国国际航空并购深圳航空为研究内容，分析了国航此次并购深航 各方面的重要因素和并购动机，并探讨并购后的相关问题以及股价变化。文章 认为民航业的并购动因主要包括:应对竞争压力、获取地区性战略资源、强强联 手实现协同效应、解决财务困境以及政府的政策需要;在并购过程中，法律监管、 公平估价以及有效竞争影响重大。本文以中国国际航空增持深圳航空股份的一 系列完整过程为出发点，在并购绩效的理论和概念的基础上，全面而深入的分 析了中国国际航空完成合并深圳航空的并购业务模式、绩效和企业文化，从案 例中总结经验和启示。本次研究，首先展开对中国国际航空和深圳航空各自的 营业状况的介绍及并购动因。然后运用股价描述来评价短期绩效。选取 10 年财 务指标进行前后的财务对比，以分析其长期绩效，并与行业进行横向对比分析。 除此之外，结合非财务指标进行客观完整的评价本次并购绩效，多方面表明并 购后绩效有所提升，最终得出了本次合并是比较成功的。最后，总结了中国国 际航空合并深圳航空的成功经验和启示，同时对中国国际航空未来发展提出建摘要 II 设性提议。 但文章仍有不足，基于并购动因以及各影响因素，对于推进民航业并购的 有效的政策建议将是进一步研究方向。 关键词:民航业并购；动因分析；国深合作；并购绩效Abstract III Abstract As the American economist Stigler said, there is almost no one that is not in some way, to some extent, using the application of mergers and acquisitions and development throughout the famous large enterprises in the United States. With the large-scale reorganization and merger of civil aviation enterprises in the world, the capital operation of civil aviation enterprises in China is in the ascendant at present. Among mainstay airlines, local airlines, and private airlines, various forms of capital operation, such as listing, merger, acquisition, share-holding system transformation, separation, and divestiture of company control, have emerged one after another. Reorganization and merger has become an important means and development trend to improve the competitiveness of civil aviation. Throughout the development process of world civil aviation transportation, we can see that the history of civil aviation development is the history of reorganization and mergers and acquisitions. With the globalization of the economic environment and fierce market competition, the continuous reorganization of airlines has long been a powerful means of competitive advantage of large airlines. From the practice of foreign countries, there are two important ways for airlines to operate and develop: one is to improve the management, enhance the effectiveness of internal resource allocation, and enhance the competitiveness of airlines. The other is to restructure and expand through the capital market, which is a wider scope, a higher level of resource reallocation. In this paper, Air China Shenzhen Airlines merger and acquisition as the research content, analyzed the various aspects of the merger and acquisition motivation, and to explore the key factors affecting the success of the merger and acquisition. This paper holds that the motivation of merger and acquisition in civil aviation industry mainly includes: coping with competition pressure, obtaining strategic resources, realizing synergy effect, solving financial distress and government's policy needs; in the process of merger and acquisition, Legal regulation, fair valuation, and effective competition have a significant impact. This paper is based on a series of complete processes for international aviation to increase its shareholding in Shenzhen Airlines, and to completely analysis the mode of merger and acquisition and its culture based on the theory and concept of merger andAbstract IV acquisition performance. This study, first of all, to launch and introduce the international airlines and Shenzhen Airlines, their respective business situation of mergers and acquisitions. Then the stock price description is used to evaluate the short-term performance. Select 5 years of financial indicators before and after the comparison in order to analyze its long-term performance, and horizontal comparative analysis with the industry. In addition, combined with non-financial indicators for an objective and complete evaluation of the merger performance, many aspects show that the performance has improved after the merger, the final conclusion that the merger is relatively successful. Finally, the paper summarizes the successful experience and enlightenment of the merger of International Airlines with Shenzhen Airlines, and puts forward some constructive suggestions for the future development of Air China. But the article still has the insufficiency, based on the merger motive and each influence factor, regarding the promotion civil aviation industry merger and acquisition the effective policy suggestion will be the further research direction. Key words: industry mergers and acquisitions; Dynamics analysis; The deep cooperation; Mergers and acquisitions performance目录 V 目录 摘要...................................................................................................................I Abstract .......................................................................................................... III 第一章绪论......................................................................................................1 第一节研究背景.............................................................................................................. 1 一、中国社会背景..........................................................................................................................1 二、世界民航运输业并购的发展背景..........................................................................................2 三、我国民航业的发展背景概述..................................................................................................4 第二节研究意义.............................................................................................................. 6 一、世界上三大航空联盟之间并购..............................................................................................6 二、我国民航业并购的研究意义..................................................................................................7 第二章企业并购绩效的概述 .......................................................................10 第一节企业并购重组的相关概念................................................................................ 10 一、并购重组的概念....................................................................................................................10 二、并购重组的类型....................................................................................................................11 第二节企业并购重组的相关理论................................................................................ 12 一、韦斯顿协同效应....................................................................................................................13 二、市场占有率效应....................................................................................................................13 三、经验成本曲线的效果............................................................................................................13 四、经济合作................................................................................