摘要
本文为针对中国混凝土机械欧亿·体育（中国）有限公司的民营企业三一重工收购德国普茨迈斯特公司
这一跨国并购案例的专题研究。研究的过程分为纵向和横向两个方面。在纵向方面，
本文沿着混凝土机械欧亿·体育（中国）有限公司过去 50 年的发展历史、目前现状和对将来的预测，由点到
面，研究本次成功收购的各方面因素。找出三一重工为何能成功收购欧亿·体育（中国）有限公司巨头普茨迈
斯特公司的原因，并研究收购成功后的整合现状，以及对新的三一/普茨迈斯特公司
发展前景的预测。在横向方面，通过研究中国企业三一重工、德国企业普茨迈斯特各
自的企业特点、产品类型和市场规模，结合销售数据、海外考察、产品管理、市场运
作的实践工作经验，深度挖掘成功的国际企业的可借鉴因素，研究中国企业国际收购
进程中的战略选择、商业模式和操作流程。

本文具体研究内容包括收购双方企业的欧亿·体育（中国）有限公司分析、收购前期的考虑因素、收购过
程中的步骤、利益和成本分析、并购过程中的经验总结、问题的解决方案和实施计划、
以及跨文化合作和无国界管理融合。

通过上述研究，本文提出中国企业实施海外并购的系列建议，主要包括被收购企
业股权结构简单，最好是家族企业；被收购企业规模合适；两家公司的欧亿·体育（中国）有限公司和产品相
似；被收购企业经营范围不涉及国防、航天、信息、军事等敏感欧亿·体育（中国）有限公司等。

本文希望通过分析此成功的收购事件，总结出中国企业的海外收购的成功经验；
找到切实可行，具有普遍意义的实施方案；能够从中找到捷径，分析出一个适应中国
工程机械欧亿·体育（中国）有限公司的国际收购策略，能为广大有志于走出国门的中国企业群体，提供借鉴、
并为日后更多的中国企业走出国门提供经验和建议。

关键词: 三一重工；普茨迈斯特；国际化策略；企业海外收购；跨文化合作
Abstract
This monographic study focuses on the case of acquisition of Putzmeister AG by
SANY Heavy Industry Co., Ltd. It consists of a vertical study and a horizontal study. The
vertical study outlines the concrete machinery industry’s development in the past fifty
years, and offers a description of the present situation and a forecast for the future. It aims
at finding factors contributing to SANY’s successful acquisition of Putzmeister, and
predicting the prospects to the new SANY/Putzmeister development in the future. The
horizontal makes a comparative study of the features of SANY (China) and Putzmeister
AG (Germany), their product types and the market situation, analyzes their sales data,
overseas trip visit, product management, market operation…etc. so as to draw lessons from
factors, and study the international acquisition strategy choice of the Chinese enterprises,
as well as business mode and operation process.
This monographic study offers analysis of the data from SANY and Putzmeister
AG, summarizes factors that should be considered before acquisition, outlines major steps
of acquisition, conducts benefit and cost analyses, summarizes lessons that can be drawn
from the case, and suggests solutions to the existing problems and implementation plan,
with cross-cultural cooperation and borderless management as important components.
Analysis shows that in order to achieve successful acquisition, such factors
should be taken into consideration: Simple ownership and shareholder structure, prefer to
the family company; Middle size enterprise scale; operating in the same industry as well
as simulator products portfolio; avoiding such sensitive industry as defense, aerospace,
information, military.
It is the author’s hope that this paper can, by studying this successful acquisition,
can sum up the success factors of Chinese enterprises overseas acquisition, find feasible of
universal significance, implementation plan, find an easier way to analyze and summarize
a common frame to the China construction machinery industry international acquisition
strategy, to provide reference for the future oversea acquisition business.
Keyword: SANY, Putzmeister, internationalization, Enterprise acquisition, cross
culture co-operation