本文關鍵詞： 價值鏈整合 航空公司 并購績效　出處：《中國民航大學》2017年碩士論文　論文類型：學位論文

【摘要】：近年來,企業(yè)并購市場趨熱,全球企業(yè)并購案例數(shù)與交易金額規(guī)模屢創(chuàng)新高,而國內(nèi)外多項調(diào)查研究顯示,絕大多數(shù)并購未能實現(xiàn)企業(yè)預期的并購效果。關于并購失敗原因的研究結果顯示整合不力是導致企業(yè)并購失敗的主要原因,對于并購重組活動頻繁的航空業(yè)亦是如此。價值鏈管理理論指出企業(yè)價值增值受到其價值鏈上各個活動的影響,則對企業(yè)價值鏈各個環(huán)節(jié)價值活動進行有效整合是實現(xiàn)并購績效提升的重要途徑。本文分析梳理了價值鏈、并購整合、并購績效相關文獻,并對相關理論基礎進行闡述,進而探討航空公司并購后價值鏈整合對并購績效影響機理。基于國內(nèi)外關于并購績效的評價研究,構建了航空公司并購績效評價體系。在此基礎上,以1997-2015年國內(nèi)外發(fā)生并購的航空公司為樣本進行實證檢驗,研究航空公司并購后價值鏈上采購管理、企業(yè)基礎設施管理、人力資源管理、技術開發(fā)管理、品牌管理、營銷管理、服務管理這些價值活動中哪些環(huán)節(jié)的整合具有較強的規(guī)律性,分析這些價值活動具體的整合操作對并購績效的影響。通過實證檢驗得出以下結論,并購雙方航空公司統(tǒng)一采購管理相對于并購雙方保持原有的供應商合作關系更利于并購績效實現(xiàn);短期內(nèi)對并購雙方航空公司機隊統(tǒng)一規(guī)劃、統(tǒng)一調(diào)配運力能明顯提升并購績效,但中長期內(nèi)這一整合決策對并購績效的作用不顯著;并購方航空公司向被并購公司派遣高管主導整合工作并提高核心人員薪酬以保護目標公司核心人力資源短期內(nèi)因高管領導力發(fā)揮受限以及整合成本的急劇升高對并購績效的提升形成阻礙作用,中長期內(nèi)這一整合決策對并購績效提升具有正向作用但持續(xù)性有限,而對員工培訓投入的增加雖然會導致整合成本上升但對并購績效提升作用顯著;并購雙方對技術人員統(tǒng)一管理相較于保持雙方原有核心技術能力更有利于并購績效提升;對于主并公司選擇保留目標航空公司獨立品牌還是進行品牌合并,無法得出哪種整合決策更有利于并購績效實現(xiàn);并購雙方航空公司統(tǒng)一進行營銷渠道管理、共用營銷系統(tǒng)能起到持續(xù)提升并購績效作用;短中期內(nèi),并購雙方統(tǒng)一代碼共享管理不利于并購績效實現(xiàn)而長期內(nèi)對績效提升的影響不顯著。由此提出基于價值鏈整合的航空公司并購績效提升對策,通過以上價值鏈上規(guī)律性價值活動整合,最終實現(xiàn)航空公司并購績效的提升。
[Abstract]:In recent years, corporate mergers and acquisitions market hot, the number of cases and the amount of the transaction scale record highs in the global M & A, and a number of research at home and abroad show that the vast majority of mergers and acquisitions failed to realize the expected effects of mergers and acquisitions. Research on the reasons for the failure of mergers and acquisitions shows unconformity force is the main cause of business failure of mergers and acquisitions, mergers and acquisitions for the frequent activities of the aviation industry is also true. The theory of value chain management and points out that the enterprise value is affected by all the activities of the value chain, is the enterprise value chain of each link of value activities is an important way to realize the effective integration of M & a performance improvement. This article analyses the value chain, mergers and acquisitions, mergers and acquisitions performance related literature and then expounds the related theoretical basis, and then discuss the airlines after the merger integration of the value chain influence mechanism on M & a performance at home and abroad on mergers and acquisitions based on. Study on the performance evaluation of the construction of the airline, the M & a performance evaluation system. On this basis, to 1997-2015 domestic and international mergers and acquisitions of airlines as the sample of empirical test of airlines after the merger on the value chain of enterprise purchasing management, infrastructure management, human resources management, technology development and management, brand management, marketing management what aspects of service management, the integration of these value activities with strong regularity, influence analysis of integrated operation of these concrete value activities on the performance of mergers and acquisitions. Through empirical test, draws the following conclusion, the merger of both airlines unified procurement management relative to the acquisition of both maintaining the original supplier relationship is more conducive to the realization of the short-term performance of mergers and acquisitions; the merger of both Airlines fleet of unified planning, unified deployment of capacity can significantly improve the performance of mergers and acquisitions, but in the long term it will integrate Effect of Ce on acquisition performance is not significant; the acquirer airlines to send executives to the company by the merger and acquisition lead the integration of work and improve the core staff salary to protect the Target Corp's core human resources executive leadership and limited short-term internal integration costs increased dramatically on the performance of mergers and acquisitions to enhance hinder the formation of the medium to long term, the integration of decision-making has a positive effect the performance of M & a promotion but limited duration, and to increase investment in staff training will lead to the rising cost of integration but on M & a performance increase significantly; both sides of the technical staff unified management compared to maintain the original core technical ability is more conducive to enhance the performance of mergers and acquisitions or mergers and acquisitions; brand merger and the main companies choose to retain an independent brand the target of airlines, which is unable to conclude the integration decision is more conducive to the performance of mergers and acquisitions; mergers and acquisitions double Unified marketing channel management of airlines, the common marketing system to continue to improve the performance of mergers and acquisitions; the short term, the acquisition of both the uniform code sharing management is not conducive to the realization of the long term performance of mergers and acquisitions and the impact on performance improvement is not significant. The value chain integration airline merger performance improvement measures based on the above the value chain of value integration, and ultimately enhance the performance of airline merger.

【學位授予單位】：中國民航大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F562.6

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