联想并购IBM PC业务风险分析

摘□要

经历过五次并购浪潮，企业并购愈演愈烈，涉及面越来越广，并购浪潮渗透到金融、电信、汽车等各种行业，并逐步向亚洲推进。并购及其风险近年来成为研究热点，一方面并购可以拓展企业的业务，拓宽企业的销售渠道，打响企业的知名度，另一方面企业并购过程中的风险对并购的成功与否起到了关键性的作用。本文以联想并购为例，主要从并购的三个时期——并购前、并购中、并购后来分析并购过程中存在的风险问题，对风险进行识别是制定风险管理策略的前提。文章采用财务指标法对并购的财务风险进行重点分析，并对联想并购至今的业务状况进行分析，结果表明并购虽然给联想带来了风险，但切切实实地提高了联想PC业务的市场份额。

通过对企业并购风险分析研究，不仅可以使企业正确认识并购中可能存在的风险，防止企业盲目并购，也为企业的战略制定提供指导，提高并购成功率。

关键词：并购；风险评估；财务指标法

Lenovo Merger IBM PC Risk Analysis

ABSTRACT

Experienced five waves of mergers and acquisitions, mergers and acquisitions intensified, involves more and more widely, wave of mergers and acquisitions to infiltrate into the financial, telecommunications, automotive and other industries, and gradually to the Asian advance. M amp; A and risk in recent years has become a research hot spot, on the one hand mergers and acquisitions to expand their business, enterprise to expand sales channels, started their visibility, on the other hand, in the process of merger and acquisition success or not plays a key role. In this paper, the Lenovo acquisition as an example, mainly from the merger of three periods, mergers and acquisitions, mergers and acquisitions, and purchase, then analyses the M amp; A process risk, the risk identification is to develop a risk The premise of management strategy. The financial index method of mergers and acquisitions of financial risk focus on assessment, and Lenovo mergers and acquisitions since the business conditions were analyzed. The results show that M amp; A while to bring the risk of Lenovo, but honestly improve Lenovo's PC business market share.

Through the study of enterprise M amp; A risk assessment, it can not only enable enterprises to correctly understand the risks that may exist in M amp; A, but also provide guidance for enterprises to improve the success rate of M amp; A.

Key words：Merger and acquisition; risk assessment; financial index method

目 录

1 绪论……………………………………………………………………………………1

1.1 研究背景…………………………………………………………………………………1

1.2 研究意义…………………………………………………………………………………1

1.3 国内外研究综述…………………………………………………………………………2

1.3.1对企业并购的研究………………………………………………………………2

1.3.2对风险评估的理论与方法的研究………………………………………………3

1.3.3当前关于联想并购的研究………………………………………………………4

1.4 本文的研究目的、范围、方法……………………………………………………………5

2 企业并购的界定及相关理论…………………………………………………………6

2.1 企业并购的内涵…………………………………………………………………………6

2.2 企业并购的策略…………………………………………………………………………6

2.2.1 并购对企业的战略意义………………………………………………………6

2.2.2 企业并购的一般策略…………………………………………………………8

2.3 企业并购的风险及防范…………………………………………………………………8

2.3.1 风险辨识………………………………………………………………………8

2.3.2 风险评估………………………………………………………………………9

2.3.3 风险的防范策略………………………………………………………………10

3 联想并购IBM PC业务背景及现状…………………………………………………………12

3.1 并购背景及方案………………………………………………………………………12

3.1.1 联想……………………………………………………………………………12

3.1.2 IBM……………………………………………………………………………12

3.1.3 并购方案………………………………………………………………………13

3.2 并购后的营运发展状况及存在问题…………………………………………………13

4 联想并购IBM PC业务风险分析……………………………………………………………15

4.1 联想并购不同时期的风险分析………………………………………………………15

4.1.1 前期并购风险分析……………………………………………………………15

4.1.2 中期并购风险分析……………………………………………………………16

4.1.3 后期并购风险分析……………………………………………………………17

4.2 联想并购业务的财务风险分析………………………………………………………17

4.3 本章小结………………………………………………………………………………24

5 国内外企业并购的案例及经验借鉴………………………………………………………27