虽然并购这一战略竞争行为是一种高风险的战略行为，但也并存着高收益。所以，企业 采取并购行为的动因以及对风险与收益的管控，是一个重要的话题。本文通过光伏生产商 HS 公司并购光伏生产商 MJ 公司的案例研究，来探讨并购这一战略竞争行为。 首先，综述研究学者对并购这一战略竞争行为的研究，包括对并购行为的动机、策略、 风险以及绩效测量等方面进行综述；然后，对 HS 公司并购 MJ 公司这一战略行为的并购项目 案例进行客观的阐述，包括公司的基本生产运营情况、行业背景和环境等；其次，针对 HS 公司并购 MJ 公司这一战略行为的并购，通过 SWOT-PEST 矩阵分析这一并购行为发生的条 件，通过动态竞争力的知觉-动机-能力模型分析企业在动态的环境中如何实现这一并购行为 的决策；再次，通过对 HS 公司并购 MJ 公司这一战略行为发生后 HS 公司的运行和发展状况 分析企业如何应对并购的风险，进而有效地实现企业在并购行为后的绩效结果；最后，进一 步总结通过该案例的研究分析得到关于并购这一竞争行为的启示。 通过分析可以得出成功实施并购战略决策时的关键要素，第一，并购决策是基于企业的 核心竞争能力出发；第二，实施并购决策时要考虑到组织资源的重新调整以围绕战略目标调 动资源；第三，并购决策实施后，要注重企业员工对这一战略决策的认识和重视，加强员工 的培训和引导，以使企业的人力资源能够围绕新战略目标展开；第四，注意并购项目与企业 原有经营活动的结合，以促进产品的发展为目标。 关键词: 并购，SWOT-PEST 分析，动态竞争力，知觉-动机-意识II The Case Study on the Merger andAcquisition of HS Company and MJ Company Abstract Although M&A is a high-risk strategic behavior, it also has high benefits. Therefore, the motivation of M&A and the control of risks and benefits is an important topic. This paper discusses the strategic competitive behavior of M&A through the case study of the acquisition of PV producer MJ by HS. Firstly, this paper summarizes the research on the strategic competitive behavior of M&A, including the motivation, strategy, risk and performance measurement of M&A. Then, an objective elaboration is made on the M&A project case of the strategic behavior of HS company to merge MJ company, including the basic production and operation situation, industry background and environment of the company. Secondly, according to the M&A of the strategic behavior of HS company in MJ company, the conditions of the M&A are analyzed through the swot-pest matrix, and the decision-making of how to achieve this M&A behavior in the dynamic environment is analyzed through the perception-motion-ability model of dynamic competitiveness. Thirdly, the financial situation of the operation and development of HS company after the strategic behavior of the merger of MJ company by HS company is analyzed to analyze how the enterprise responds to the risk of M&A, and then the performance results of the enterprise after the M&A can be effectively achieved. Finally, it further summarizes the implications of the M&A competition through the case study and analysis. Through analysis, the key elements of successful M&A strategy decision-making can be obtained. First, M&A decision-making is based on the core competitiveness of the enterprise. Secondly, the reorganization decision should take into account the reorganization of organizational resources to mobilize resources around strategic goals. Thirdly, after the merger and acquisition decision is implemented, attention should be paid to the awareness and attention of employees to this strategic decision, and the training and guidance of employees should be strengthened to enable the human resources of the enterprise to revolve around the new strategic goal. Fourthly, pay attention to the combination of the M&A project and the original business activities of the enterprise, with the goal of promoting the development of products.III Key words: Mergers and Acquisitions, SWOT-PEST analysis, competitive dynamic, Awareness-Motivation-CapabilityIV 目录 第一章 绪论.......................................................................................................................................................1 1.1 选题背景及意义....................................................................................................................................1 1.2 文献综述................................................................................................................................................2 1.2.1 并购动机理论.............................................................................................................................2 1.2.2 市场经营策略研究概况.............................................................................................................3 1.2.3 企业并购风险分析策略研究.....................................................................................................6 1.2.4 并购绩效测量.............................................................................................................................8 1.3 研究内容................................................................................................................................................8 1.4 研究方法................................................................................................................................................9 第二章 并购案实施背景分析..........................................................................................................................10 2.1 并购双方基本情况介绍......................................................................................................................10 2.1.1 并购方 HS 公司概况...............................................................................................................10 2.1.2 被并购方 MJ 公司概况...........................................................................................................11 2.2 HS 公司并购 MJ 公司背景.................................................................................................................11 2.2.1 产业政策背景...........................................................................................................................11 2.2.2 同业竞争背景...........................................................................................................................12 2.3 本章小结.............................................................................................................................................12 第三章 并购案的驱动因素及关键问题..........................................................................................................14 3.1 HS 公司并购 MJ 公司动因分析.........................................................................................................14 3.1.1 波特五力分析...........................................................................................................................14 3.1.2 SWOT-PEST 分析.................................................................................................................... 15 3.1.3 动态竞争力分析......................................................................................................................23 3.2 HS 公司并购 MJ 公司存在关键问题分析.........................................................................................26 3.2.1 人力资源方面...........................................................................................................................26 3.2.2 财务管理方面...........................................................................................................................27 3.2.3 环境方面...................................................................................................................................28 3.3 本章小结.............................................................................................................................................29 第四章 并购后绩效及绩效提升的因素分析..................................................................................................31 4.1 并购绩效分析......................................................................................................................................31 4.1.1 财务绩效分析...