并购是一把双刃剑，可能会使并购企业很快做到跨越式和规模式的发展，突 破欧亿·体育（中国）有限公司壁垒或现实中的限制；也可能会使并购企业和被并购企业发挥协同的效 应；也可能会并购失利使并购公司受挫和陷入困局。 燃气轮机制造业是制造业皇冠上的明珠，B公司作为此欧亿·体育（中国）有限公司的高新技术公 司，成立三年便上市，跃升成为成都市创业明星。B公司经过综合分析，做出了 并购鑫利公司的决策，将打造研发、制造、营销和服务的一体化经营模式。公司 经过规划发展蓝图、召开特别股东大会、空降CEO卢毅、执行杠杆并购和加强内 部管理等一系列的决策和执行工作，最终却未实现预期的协同效应，使得公司陷 入并购困局。通过一系列的并购决策和执行活动提炼出本论文要研究的管理问 题。 本文通过文献分析、案例分析、建模分析、归纳演绎等方法以企业并购的相 关方的博弈为管理问题进行剖析。通过并购动因理论分析此并购的动因；借助博 弈论的方法，通过观察和分析并购的内在的特征和固有的规律，抓住关键问题和 主要矛盾，通过抽象和简化建立了多个能反映实际并购决策系统的模型，构建理 论模型来表征和研究各个变量的关系，通过计算和分析此并购的机理性问题；并 通过并购协同理论来评价此并购的效果。 本论文提出了并购建议，建立决策博弈约束机制，增加并购后监管和激励机 制，完善风控体系，控制杠杆和风险的平衡来帮助企业走出并购困局。通过一般 性理论研究分析此特殊案例，再将特殊场合归到一般原理之下得出一些结论，对 企业并购实操和并购理论的发展做出了一些参考。 关键词：并购；战略；困局；动因；协同；博弈 论文类型：案例分析 西南科技大学硕士学位论文 VI ABSTRACT Mergerandacquisition(M&A)isadouble-edgedsword,whichmaymaketheM&A enterprisesquicklyachieveleapfrogandscaledevelopment,breakthroughthe industrybarriersortherestrictionsinreality;mayalsomaketheM&Aenterprisesand themergedenterprisesplayasynergisticeffect;mayalsomaketheM&Acompanies frustratedandtrapped. GasturbinemanufacturingindustryisthePearlonthecrownofmanufacturing industry.Asahigh-techcompanyinthisindustry,companyBhasbeenlistedinthree yearssinceitsestablishmentandhasbecomeastarofentrepreneurshipin Chengdu.Aftercomprehensiveanalysis,companyBhasmadethedecisiontomerge andacquireXinlicompany,andwillbuildanintegratedbusinessmodeofR&D, manufacturing,marketingandservice.Afteraseriesofdecision-makingand implementationwork,suchasplanningdevelopmentblueprint,holdingspecial shareholders'meeting,landingtheairborneCEOLuYi,implementingleveraged M&Aandstrengtheninginternalmanagement,thecompanyfinallyfailedtoachieve theexpectedsynergyeffect,makingtheM&Aintoadilemma.Throughaseriesof M&Adecision-makingandimplementationactivities,themanagementissuestobe studiedinthispaperareextracted. Inthispaper,throughthemethodsofliteratureanalysis,caseanalysis,modeling analysis,inductionanddeduction,thegameoftherelatedpartiesofenterprisemerger andacquisitionisanalyzedasthemanagementproblem.Thispaperanalyzesthe motivationofcompanyBthroughthetheoryofM&Amotivationwiththemethodof gametheory,throughobservingandanalyzingtheinternalcharacteristicsandinherent lawsofM&A,seizingthekeyproblemsandmaincontradictions,throughabstracting andsimplifying,itestablishesseveralmodelsthatcanreflecttheactualM&A decision-makingsystem,constructsatheoreticalmodeltorepresentandstudythe relationshipofvariousvariables,andthroughcalculationandanalysis,Themechanism ofM&Aisdiscussed,andtheeffectofM&AisevaluatedbyM&Asynergytheory. ThispaperputsforwardsomesuggestionsforM&A,includingestablishingthe decision-makinggameconstraintmechanism,increasingthepostmergersupervision andincentivemechanism,improvingtheriskcontrolsystem,controllingthebalanceof leverageandrisktohelpenterprisesoutofM&Adilemma.Throughthegeneral theoreticalresearchandanalysisofthisspecialcase,andthenputthespecialoccasion underthegeneralprincipletodrawsomeconclusions,andmakesomereferencefor thepracticalM&AoperationofenterprisesandthedevelopmentoftheM&Atheory. Keywords:Mergerandacquisition;Strategy;Dilemma;Motivation;Synergy;GameTheory TYPEOFDISSERTATION：CaseStudy 西南科技大学硕士学位论文 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实际意义...................................................................................................................2 1.2研究内容与目标..................................................................................................................3 1.3研究思路与方法..................................................................................................................3 2文献综述....................................................................................................................................5 2.1并购概述..............................................................................................................................5 2.1.1并购概念...................................................................................................................5 2.1.2并购类型...................................................................................................................5 2.2并购相关理论......................................................................................................................6 2.2.1并购动因理论...........................................................................................................6 2.2.2并购估值理论...........................................................................................................7 2.2.3并购整合理论...........................................................................................................8 2.2.4并购协同理论...........................................................................................................8 2.3博弈论相关理论..................................................................................................................8 3B公司管理问题.....................................................................................................................10 3.1背景简介............................................................................................................................10 3.1.1公司背景.................................................................................................................10 3.1.2欧亿·体育（中国）有限公司背景.................................................................................................................10 3.2并购动因............................................................................................................................11 3.2.1规划蓝图.................................................................................................................11 3.2.2召开股东会.............................................................................................................12 3.3并购博弈............................................................................................................................12 3.3.1选择和评价.............................................................................................................13 3.3.2空降高管.................................................................................................................13 3.3.3融资和支付.............................................................................................................14 3.4并购整合............................................................................................................................15 3.4.1轰轰烈烈抓生产.....................................................................................................15 3.4.2横向纵向延伸.........................................................................................................15 3.4.3强化内部控制.........................................................................................................15 3.5并购困局............................................................................................................................1