1 论文独创性声明 本人郑重声明：本论文是我个人在导师指导下所取得的研究成果， 除了文中特别加以标注和致谢的地方外，论文中不包含其他人已经发 表或撰写的研究成果，不存在抄袭或剽窃的行为。 签名 日期 中国政法大学硕士学位论文 我国中小企业并购策略研究——以AD公司为例 2 中国政法大学学位论文使用授权书 （中国知网） 本人愿意将学位论文提交“中国知网”在《中国博士学位论文全文数据库》、 《中国优秀硕士学位论文全文数据库》中全文发表，并同意编入《中国知识资源 总库》及中国知网系列数据库以电子、网络及其他数字媒体形式公开出版传播。 作者签名： 年 月 日 论文题 目 我国中小企业并购策略研究—以AD公司为例 所在院 系 商学院 学 号 1501362049 专 业 工商管理 授位时 间 2020年6月 论文级别 □ 博士 □ 硕士 第一导 师 王光进教授 滞后情 况 □ 不滞后 □ 滞后 年出版 摘要 3 我国中小企业并购策略研究 ——以AD公司为例 摘要 中小企业是我国经济社会持续健康发展的基础力量和重要支撑。 目前，我国经济正处于关键的转型时期，中小企业的发展受到越来越 多的关注。随着我国对创新创业宏观发展战略的落实，我国中小企业 数量增长速度非常快，发展势头迅猛，但是不少中小企业存在经营模 式单一、行业同质化程度高、缺乏行之有效的科学管理制度、抗风险 能力非常薄弱等诸多问题。从企业成长和发展的规律来看，企业间的 并购是实现企业健康可持续发展并逐步壮大的重要途径。因此，我国 中小企业要从自身发展战略的需要全面考虑，开展科学、恰当的并购， 对于提升我国中小企业的行业竞争力、增强抵御市场风险能力、逐步 发展壮大显得更加重要。 本文通过对国内外专家学者关于中小企业并购研究理论成果的梳 理归纳、近五年内我国中小企业的并购现状分析以及AD公司二十多年 发展中三次典型并购案例进行分析，在行业专家学者研究的基础上， 总结性提出了适应当前经济形势下的我国中小企业并购策略，即基于 并购目标差异的以小博大并购策略、基于发展阶段差异的因时制宜并 购策略、基于市场集中度差异的乘势而上并购策略，为我国中小企业 的健康可持续发展提供较为完整、系统的理论参考和实践指导。同时， 本文也对并购实际操作中应注意的问题予以深入探讨，意在强化本研 究理论对于指导实践的重要意义，帮助我国中小企业提升成功并购的 可能性，从而推动我国中小型企业的成功转型和高速成长。 全文总共分为六个部分，第一部分主要介绍了论文研究的背景意 义、对相关文献梳理和回顾，以及研究方法与思路及本文的创新之处； 第二部分是理论概述，介绍了企业并购的定义、内容、形式以及并购 中国政法大学硕士学位论文 我国中小企业并购策略研究——以AD公司为例 4 的相关理论，并分析了我国中小企业并购的特点、必要性及意义；第 三部分介绍了我国中小企业的范围和界定，并对其发展情况做简要概 述，同时对我国中小企业的并购现状和并购过程中存在的主要问题进 行深入剖析；第四部分主要对本文的案例企业AD公司及其二十多年发 展中二十多次的并购情况进行简单介绍和分析，并对AD公司在不同发 展阶段进行的几次典型并购进行详细的回顾和简要分析；第五部分对 AD公司的并购策略进行概况性总结，明确了不同并购策略的内涵、适 用条件及核心要点；第六部分主要针对当前我国中小企业并购中存在 的问题以AD公司的并购经验为借鉴，指出了我国中小企业的并购策略 要科学选择并购策略、提升并购策略的运用能力，同时提出了要加强 并购过程中可能发生的风险防控。结论部分提出我国中小企业对并购 策略的选择要从具体企业的实际出发，适宜的中小企业并购策略是多 种因素综合考量的结果，中小企业在不同发展战略阶段选择适宜的并 购策略并有效执行是并购成功的关键因素。 关键词: 中小企业；并购；策略 ABSTRACT 1 RESEARCH ON THE APPLICATION OF THE MODEL OF M&A INTEGRATIONIN OF SMALL AND MEDIUM ENTERPRISES —— TAKE AD COMPANY AS AN EXAMPLE ABSTRACT Small and medium enterprises are the foundational force and important support for the sustained and healthy development of economic and social development in various countries. At present, the economies of various countries are in a critical transition period, and the development of SMEs has received more and more attention. With the implementation of the macro-development strategy of innovation and entrepreneurship in China, the number of small and medium-sized enterprises in our country has grown rapidly and the momentum of development has been very strong. However, many enterprises have faced many challenges such as single business model, high degree of homogenization and lack of scientific management system and risk control ability. Judging from the laws of corporate growth and development, mergers and acquisitions are the only way to achieve healthy and sustainable development and gradually grow. Therefore, from the perspective of China's own development strategies, carrying out scientific and appropriate mergers and acquisitions is particularly important to enhance the industry competitiveness of enterprises, enhance their ability to resist market risks, and gradually develop and grow. This article summarizes the theoretical achievements of domestic and 中国政法大学硕士学位论文 我国中小企业并购策略研究——以AD公司为例 2 foreign experts and scholars on the research of small and medium-sized enterprises' mergers and acquisitions, the analysis of the current situation of small and medium-sized enterprises in China in the past five years, and the analysis of three typical examples of M & A in the development of AD companies in the past two decades On the basis of research on M & A strategies of small businesses. And the concept of corporate mergers and acquisitions strategy is put forward innovatively. The strategy of mergers and acquisitions of SMEs in China suitable for the current economic situation is summarized and put forward as well. First is small and large mergers and acquisitions strategy based on the differences of mergers and acquisitions goals; Second is the time-dependent mergers and acquisitions strategy based on the differences development stages; Third is the multiplying mergers and acquisitions based on market concentration differences. All the strategies above provide a relatively complete and systematic theoretical reference and practical guidance for the healthy and sustainable development of China's SMEs. At the same time, this article also discusses the issues that should be paid attention to in the actual operation of mergers and acquisitions. It is intended to strengthen the significance of this research theory to guide practice and help increase the probability of successful mergers and acquisitions of Chinese SMEs, thereby promoting the rapid development and transformation of Chinese SMEs. The full text is divided into six parts. The first part introduces the background significance of the thesis research, a review of related literature, as well as research methods and ideas, and the innovation of the paper. The second part is a theoretical overview, which introduces the definition, content, Form and related theories of mergers and acquisitions, and ABSTRACT 3 analyzes the characteristics, necessity and significance of mergers and acquisitions of SMEs in China. The third part introduces the scope and definition of China's small and medium-sized enterprises, and gives a brief overview of its development. At the same time, it conducts an in-depth analysis of the current situation of China's small and medium-sized enterprises' mergers and acquisitions and the main problems in the merger and acquisition process; The fourth part is brief introduction and analysis of the case company AD and its more than 20 mergers and acquisitions over the past 20 years of development, and a detailed review and brief analysis of several typical mergers and acquisitions carried out by AD companies at different development stages; The fifth part summarizes the merger and acquisition strategies of AD companies, and clarify the connotation, applicable conditions and core points of different merger and acquisition strategies; The sixth part mainly aims at the problems existing in the mergers and acquisitions of small and medium-sized enterprises in China. The M & A strategy of small and medium-sized enterprises in our country should be strengthened and perfected from the scientific selection of M & A strategy, the improvement of the application ability of M & A strategy and the risk prevention and control that may occur during the M & A process. The last part is the conclusion. It is proposed that the selection of SME M & A strategies should be based on the actual