收购与兼并作为企业发展的重要手段，对企业的经济活动有着不可或缺的影 响。近年来随着市场经济的发展，我国企业并购呈现出空前活跃的状态，并购已成 为我国企业走向世界的必经之路，企业并购已被视为某种特殊性资源优化与配置 的手段。在企业并购后，企业往往可以实现核心资源的增长，提升企业发展效率。 狂热的背后也有失败的案例，有的企业在并购后不仅没有取得预期的收益，反而影 响了自身的发展，走向失败的道路。那么，如何通过并购充分实现并购价值的最大 化，是一个关键的问题。多项研究工作表明：并购的价值不是来源于并购活动本身， 后期的整合工作决定了并购的成功与否。企业应结合自身的差异审慎评估并购中 可能面临的风险，制定并购方案并重视并购后的管理研究，以提高并购后产生的价 值。 在国家政府与社会生活的持续发展中，建筑工程行业的发展可谓举足轻重，社 会宏观经济的增长得益于建筑工程行业的稳定成长。而在建筑工程行业发展的过 程中，工程建筑项目的质量安全也尤为重要。 基于以上工程建筑行业发展的重要性和企业并购整合的关键性，本文以恒信 集团收购管理研究为例，探索工程建筑企业在不断变化的外部环境中如何拓展产 业链、开拓新业务并实现并购价值。本文先采用PEST分析法对我国工程建筑行业 宏观环境进行了分析，分析得出：我国商品经济飞速发展的背景为恒信集团的跨越 式发展提供了良好的外部条件。其次通过波特五力模型对恒信集团的竞争态势进 行分析，分析得出：恒信集团在省内市场份额较高、竞争力较强，但由于市场竞争 激烈、外地市场难以拓展、业务范围较窄，企业可以通过收购的方式达到跨越式发 展的目的。最后运用SWOT分析法梳理出恒信集团的优势与劣势，并针对企业的 四次收购事件进行描述，对收购管理过程中的问题分为收购前、收购中、收购后三 方面进行研究，并提出针对性的优化策略。最后通过恒信集团收购案例的经验总结， 对企业未来的发展提出了建议。 本文通过对恒信集团收购案例的分析，得出对其它同类企业的启示是：收购前 必须根据全面地了解行业内部环境，熟悉行业发展状况；收购后必须对企业文化和 内部资源进行有效整合，拓展企业自身的优势。企业应该针对可能出现的问题做好 相应的应对措施，有条不紊地应对发展中遇到的问题，保证收购的顺利和后续整合 的成功，最终实现收购的协同效应，提升企业发展水平。希望本文能为企业的收购 管理整合行为提供经验和方法，为后续企业的发展提供可行性建议。 关键词：企业收购；整合管理；工程检测 Abstract As one of the important means of enterprise development, the acquisition and merger of enterprises have an indispensable impact on the economic activities of enterprises. In recent years, with the development of market economy, the merger and acquisition of enterprises in China presents an unprecedentedly active state. Merger and acquisition has become the only way for Chinese enterprises to go to the world. Merger and acquisition of enterprises has been regarded as a means of optimizing and allocating some special resources. After M & A, enterprises can often achieve the growth of core resources and improve the efficiency of enterprise development. Behind the fanaticism, there are also cases of failure. Some enterprises not only failed to obtain the expected income after M & A, but also affected their own development and went to the road of failure. So, how to maximize the value of M & A is a key problem. Many researches show that the value of M & A does not come from M & A itself, and the later integration determines the success of M & A. In order to improve the value of M & A, enterprises should carefully assess the possible risks in M & A based on their own differences, formulate M & A plans and pay attention to the management research after M & A. In the continuous development of national government and social life, the development of construction industry is very important. The growth of social macro- economy benefits from the stable growth of construction industry. In the process of the development of the construction industry, the quality and safety of construction projects is particularly important. Based on the above importance of the development of the engineering construction industry and the key of M & A integration, this paper takes the acquisition management of Hengxin group as an example to explore how to expand the industrial chain, develop new business and realize the M & a value of engineering construction enterprises in the changing external environment. In this paper, PEST analysis method is used to analyze the macro environment of China's engineering construction industry, and it is concluded that the background of rapid development of China's commodity economy provides good external conditions for the leapfrog development of Hengxin group. Secondly, through Porter's five forces model, this paper analyzes the competitive situation of Hengxin group, and concludes that Hengxin group has a high market share and strong competitiveness in the province. However, due to fierce market competition, difficult expansion of foreign markets and narrow business scope, enterprises can achieve the 5 goal of leapfrog development through acquisition. Finally, the SWOT analysis method is used to sort out the advantages and disadvantages of Hengxin group, and the four acquisition events of the enterprise are described. The problems in the process of acquisition management are studied from three aspects: before acquisition, during acquisition and after acquisition, and the targeted optimization strategies are put forward. Finally, through the experience summary of Hengxin group's acquisition case, this paper puts forward some suggestions for the future development of the enterprise. Through the analysis of the acquisition case of Hengxin group, this paper draws the enlightenment for other similar enterprises: before the acquisition, we must fully understand the internal environment of the industry and be familiar with the development of the industry; after the acquisition, we must effectively integrate the corporate culture and internal resources to expand the advantages of the enterprise itself. Enterprises should take corresponding measures to deal with the possible problems, deal with the problems encountered in the development in an orderly way, ensure the smooth acquisition and the success of subsequent integration, finally realize the synergy effect of acquisition and improve the development level of enterprises. I hope this paper can provide experience and methods for the acquisition management integration behavior of enterprises, and provide feasible suggestions for the development of subsequent enterprises. Key words: enterprise acquisition; integrated management; engineering testing I 目 录 1绪论 ...................... 1 1.1研究背景与意义 ........................ 1 1.1.1研究背景 .......................... 1 1.1.2研究意义 .......................... 1 1.2国内外研究现状 ........................ 3 1.2.1国外研究现状 .................. 3 1.2.2国内研究现状 .................. 4 1.2.3文献综述 .......................... 5 1.3研究内容与方法 ........................ 5 1.3.1研究内容 .......................... 5 1.3.2研究方法 .......................... 6 2相关理论 .............. 7 2.1收购的概念 . 7 2.2收购整合相关理论 .................... 8 2.2.1市场势力理论 .................. 8 2.2.2协同效应理论 .................. 8 3恒信集团收购背景分析 .................... 10 3.1工程检测行业宏观环境分析 ... 11 3.1.1政治环境分析 ................ 11 3.1.2社会文化分析 ................ 11 3.1.3经济发展分析 ................ 12 3.1.4技术发展分析 ................ 12 3.2工程检测公司市场的波特五力分析 ...................... 12 3.2.1潜在的竞争者 ................ 13 3.2.2现有企业间的竞争 ......... 13 3.2.3买方的议价能力 ............. 14 3.2.4供应商的议价能力 ......... 15 3.2.5替代品的竞争 ................ 15 3.3恒信集团发展条件分析 ........... 15 3.3.1优势（strength） ............ 16 3.3.2劣势（weakness） ......... 16 3.3.3机会（opportunity） ...... 16 3.3.4危险（threats） .............. 16 3.4恒信集团四次收购事件 ........... 17 3.4.1第一次收购：收购德磊监理公司 ................. 17 3.4.2第二次收购：收购南昌县崇信地板厂 ......... 18 3.4.3第三次收购：收购志远检测中心 ................. 18 3.4.4第四次收购：收购吉安赣信建设工程质量检测有限公司 ......... 20 4恒信集团收购管理问题研究 ............. 21 4.1收购前问题研究 ...................... 21 4.1.1收购