目标公司规模与并购绩效——青岛啤酒、燕京啤酒产业整合策略比较研究  

The Size of Target Firm and M&A Performance

作　　者：李善民[1] 郑南磊[1] 

机构地区：[1]中山大学管理学院,广州510275

出　　处：《证券市场导报》2008年第1期47-55,共9页Securities Market Herald

摘　　要：本文以青岛啤酒和燕京啤酒为典型案例,分析了产业整合背景中"大吃小"和"强强联合"并购模式各自的整体绩效及具体的绩效影响因素。研究结果表明,优势企业通过横向兼并进行产业整合是有效的策略,而"大吃小"模式比"强强联合"模式的绩效更好;并购的关键绩效动因是并购溢价更低和并购后的内部管理整合更易见效。Based on the case study of Tsingtao Brewery and Yanjing Brewery, this paper analyzes the overall performance and the detail factors influencing M＆A results of target firm size. This research finds that, to leading firms, integrating the industry through horizontal M＆A is an effective strategy, and acquiring smaller targets provide better performance than merging with bigger targets. The key performance drivers are lower M＆A price and more successful internal management after integration.

关 键 词：产业整合 横向并购 目标公司规模 

分 类 号：F276.6[经济管理—企业管理]