迄今为止，全球已经出现了四次并购浪潮，目前正处于第五次并购浪潮之中。 本次并购潮最大的特点是并购规模大，并购对象逐步由传统资源转向企业品牌、 核心技术和营销渠道等，高新技术、传媒和电信等科技型企业成为增长最快的行 业。随着我国经济转型、产业整合、结构调整以及外延式增长的需要，科技型产 业持续成为投资并购的热点。然而，技术并购数量和规模增加的同时，并购风险 也在增加。如何降低并购风险，提升并购价值成为技术并购中亟待解决的问题。 通过文献梳理我们发现，并购准备、并购交易设计和并购整合是影响技术并 购能否创造价值的三个要素，但以往研究在解释这三要素时，往往侧重于某一维 度，缺乏整体认识，无法形成一套完整的技术并购指导体系。因此，本文在查阅 相关文献的基础上，对科技型企业聚光科技进行实地调研，查阅一手资料、访谈 相关人员，深入了解其并购流程，对并购准备、交易条款设计和并购整合过程进 行分析，以期形成一个技术并购方案设计的框架，指导企业实践。 总体而言，本文首先对聚光科技并购北京吉天的并购方案进行梳理与分析， 包括，价值评估、对价确定、借款协议、收购模式、收购比例、对赌协议、支付 方式、会计处理等八个方面。其次，本文对并购后的税务筹划、高管配备、品牌 保留、预算设置、制度建设及定期审计等整合过程进行阐述和效果评价。最后， 本文对此次并购的财务绩效、市场绩效和研发绩效进行检验。 具体而言，在并购方案设计中，对赌协议的设定和投资成本的会计处理是本 文重点分析和探讨的两个方面。对赌协议作为一种估值调整条款，在此次并购中 降低了交易的风险。本文在对投资成本的会计处理进行分析时发现，由于目前的 企业会计准则对因对赌协议产生的业绩补偿款没有明确规定，所以在实务中对这 部分价款是调整投资成本还是计入营业外收支出现了不一致的做法。对此，本文 进行了深入探讨。此外，在本次并购整合中，税务筹划是亮点，通过对企业所得 税、软件增值税进行筹划，企业合理降低了税负。最后，本文在对并购绩效进行 检验时，结合企业分业务模块的特点对会计指标法进行了优化，同时结合企业最 初的技术并购动因，将研发绩效作为衡量技术并购效果的指标之一。 本文的主要贡献在于，（1）发展和完善了技术并购方案的设计框架，可为 同行业中的科技型公司优化并购流程、降低并购整合风险和持续创造价值提供支 持；（2）本文对聚光科技并购绩效的研究结果，可为聚光科技的并购决策提供 证据支持；（3）本文以研发指标作为并购绩效的衡量指标之一，丰富了技术并 购绩效检验的方法。 关键词，技术并购；并购方案设计；整合；绩效III ABSTRACT So far, four major mergers and acquisitions have taken place, now the fifth is on the corner. The biggest characteristics of this M&A is larger than before, the object of M&A has gradually shifted from traditional resources to corporate brand, core technology, marketing channel and so on. Finally, it is worth attention that high-tech enterprises, especially China's high-tech industry has become a new star in this M&A. Meanwhile, with the increase of the high tech industry, the risk of M&A is increasing too. It is urgent to reduce the risk and add the value of M&A. Through reviewing the existing literatures, we find that preparation, clause design integration play a key role in M&A. However, related literatures didn’t illustrate the interrelationship among the three factors fully and articulately. Therefore, this paper is aimed to build a model for M&A through the typical case study. On the whole, this paper reviews the acquisition plan of the case, including the value assessment, the price, the loan agreement, acquisition modes, acquisition proportion, valuation adjustment mechanism and accounting treatment. Secondly, this paper analyzes integration processes in detail, concerned about tax planning, executive appointment, brand remaining, budget management, institution building and periodic audit. Finally, testing the performance of this M&A. specifically, in the design of M&A, this paper emphasizes the valuation adjustment mechanism and accounting treatment. Valuation adjustment mechanism reduces the risk of the transaction and enhances the performance. However, there is no clear provisions in accounting standard of valuation adjustment mechanism, two approaches have been taken by companies. Therefore, this paper puts forward our own views on the accounting treatment. In addition, in this M&A, tax planning is a bright spot, which reduces a large amount of tax burden. Finally, we use R&D as one of the indicators to measure the performance of this Technology M&A. This paper wants to make contributions to three aspects. First of all, it could provide the references for others’ Technology M&A. What’s more, the results of the research can support Fpi’s decision; finally, this paper uses R&D indicator to measure the performance, which can enrich methods of performance test. Keywords:Technology M&A; design of M&A; integration; performanceIV 目 录 第一章 绪论................................................................................................................1 第一节 研究背景...................................................................................................1 第二节 研究问题和研究意义...............................................................................7 第三节 研究框架与内容.......................................................................................8 第四节 创新点与不足之处...................................................................................9 第二章 文献综述........................................................................................................10 第一节 并购动因文献综述.................................................................................10 第二节 并购价值与其影响因素文献综述.........................................................11 第三节 并购绩效文献综述.................................................................................13 第四节 技术并购获利机理文献综述.................................................................15 第五节 本文的切入点.........................................................................................16 第三章 概念界定和理论基础....................................................................................18 第一节 技术并购的概念界定.............................................................................18 第二节 技术并购的理论基础.............................................................................18 第三节 对并购动因相关理论的评析.................................................................21 第四章 聚光科技并购北京吉天的案例分析............................................................23 第一节 并购双方简介.........................................................................................23 第二节 并购动因分析.........................................................................................26 第三节 并购方案的具体设计.............................................................................28 第四节 小结.........................................................................................................47 第五章 并购整合........................................................................................................48 第一节 纳税筹划降低大量税负.........................................................................48 第二节 因时制宜调整高管配备.........................................................................49 第三节 推陈出新引入激励机制.........................................................................50 第四节 彼此尊重保留自有品牌.........................................................................50 第五节 设置预算保证后续发展.........................................................................51 第六节 定期审计核实经营情况.........................................................................52 第七节 小结.........................................................................................................53 第六章 并购绩效........................................................................................................55 第一节 财务绩效.................................................................................................56 第二节 市场绩效.................................................................................................68 第三节 研发绩效................................................................