本文对教育培训公司相互之间的并购历史情况进行了简要回顾，主要针对教
育培训行业之间的并购起因和并购后的结果作了深入探讨。通过对中国在美上市
的三家教育行业的明星企业的并购案例进行分析和探讨，总结这些教育企业的并
购起因和在并购中涉及的主要并购模式，分析这些现实的案例，获得值得借鉴的
成功经验和需要规避的教训，对我国教育企业之后的并购整合提供参考意见，从
而提高教育培训行业并购的成功率，解决教育培训企业发展的现实需要。
关键词：教育培训行业，并购整合模式，安博教育，新东方，培生集团Abstract
According to the U.S. Securities and Exchange Commission official website data
show that China's education and training company, landed U.S. stock market one after
another since 2006. New Oriental ,Ambow education, XueDa education, Global IELTS
and many other educational enterprises have been landed in the U.S. stock market. With
the increasing number of education and training company landed in the U.S. Stock
market. People give a high degree of attention for the Chinese training company's
development and their situation in the U.S. Stock market. And with education and
training institutions listed on the steady increase the number of international and
domestic education and training institutions between M & A activities are more frequent.
As education and training sector of the market is very fragmented, concentration is very
low. Therefore, more and more companies are trying to through merger integration, to
achieve the optimal allocation of resources, thereby reducing transaction costs and
achieve economies of scale, maximize profits, making enterprise performance can be
sustained and stable growth. China's education and training industry merger case is not
much, even if they are only a handful of M&A cases, after the merger's success rate is
not high, the reason is because of domestic mergers and acquisitions in the education
and training industry practice, there is not much basis and reference, In the absence of
theoretical guidance and practical experience in the case, only to cross the river by
feeling the stones, for what should be what type of business mergers and acquisitions,
post-merger integration quickly and efficiently, it is necessary through a long period of
exploration, to establish a appropriate operating standards and processes to be able to
guarantee the maximum extent the success of mergers and acquisitions.
In this paper, education and training of mergers and acquisitions between
companies carried out a brief review of the history, mainly for education and training
industry mergers and acquisitions between cause and post-merger results were explored.
By China listed in the U.S. Stock market three star enterprise education sector M & A
cases are analyzed and discussed, summarize these educational causes and mergers and
acquisitions mainly involved in M&A mode analysis of these realities cases, access
should learn from the successful experience of and the need to avoid the lessons of our
educational enterprise after the merger integration provide a reference, education and
training to improve the success rate of industry mergers and acquisitions, corporate
development to solve practical education and training needs.
Key words: Education Industry, M&A, New Oriental, Pearson, Ambow Education
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目 录
第一章 绪论........ 1
1.1 研究背景及意义 ....... 1
1.2 本文提出的问题 ....... 3
1.3 研究思路与方法 ....... 3
1.4 本文的创新之处 ....... 4
第二章 企业并购相关概念和理论........ 5
2.1 企业并购的相关概念 ........... 5
2.1.1 企业并购的定义 .. 5
2.1.2 企业并购的模式及相关特点 ...... 5
2.2 企业并购的相关理论 ........... 5
2.3 企业并购的起因动机 ........... 7
2.4 企业并购的绩效衡量 ........... 9
第三章 教育行业并购的相关情况...... 13
3.1 教育行业并购主要方式 ...... 13
3.2 教育行业并购案例回顾 ...... 13
3.3 教育行业并购起因动机 ..... 14
第四章 并购案例之一：纵向并购模式 安博并购中小学培训机构 16
4.1 安博教育背景简介 . 16
4.2 安博教育并购整合中小学教育培训机构情况 ..... 17
4.3 安博教育纵向并购中小学培训机构的分析与启示 ......... 20
4.3.1 并购动机和并购结果 ..... 20
4.3.2 安博并购给我们带来的启示和反思 .... 23
第五章 并购案例之二：横向并购模式 东方并购绿光教育 24
5.1 新东方教育集团及绿光教育背景简介 ..... 24
5.2 新东方教育的并购历程及并购绿光教育的情况 . 25
5.3 新东方教育横向并购绿光教育的分析与启示 ..... 27
5.3.1 新东方并购绿光教育的动机和并购结果 ......... 27
5.3.2 新东方并购绿光教育给我们带来的启示和反思 ......... 29
第六章 并购案例之三：混合并购模式 培生集团并购环球雅思.... 31
6.1 英国培生集团背景及环球天下教育科技(集团)公司简介 .......... 31
6.2 培生集团并购环球雅思教育集团的情况 . 32
6.3 培生集团混合并购环球雅思的分析与启示 ......... 35
6.3.1 培生集团的并购环球雅思的起因和动机 ......... 35
6.3.2 培生混合并购环球雅思的分析和启示 . 37
第七章 研究结论与展望.......... 39
7.1 研究结论及并购建议 .......... 39
7.2 研究不足与展望 ...... 41
致 谢.... 42
参考文献 43
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