摘要 自“十三五”以来,我国经济发展进入新常态，稳步推进供给侧结构性改革、 稳妥化解过剩产能、落实“三去一降一补”、促进产业架构优化升级，成为行业 的共识。对资源型企业而言，结构性产能过剩和行业无序竞争问题更突出。 本文主要采用案例分析法，通过选取资源型企业典型并购案例：佰利联并购 龙蟒钛业，并购完成后成为在规模、技术、出口水平等方面成为国内具有绝对优 势地位的龙头企业的案例。从资源型企业的并购行为开展实证分析，聚焦并购整 合策略，重点关注并购双方背景、并购方式和并购绩效，从人力资源整合、文化 整合、市场整合、技术整合及管理整合等进行全方面深入剖析，说明企业整合过 程中面临的问题以及公司针对问题所采取整合策略，为资源型企业横向并购整合 策略提供现实路径参考。 通过对整合前后的财务指标与非财务指标对比分析等维度评估整合效果，总 结横向并购的整合策略对企业并购绩效产生影响。经研究得出，佰利联并购龙蟒 钛业为佰利联带来的协同效应可以弥补原企业市场占有率不足、生产规模不大等 缺点，通过并购整合，企业达到了以下成果：一是整合资源优势，降低成本，二 是整合研发资源，提升产品的技术升级和竞争水平，三是整合市场份额，提升市 场话语权和定价权。最终获得1+1>2的并购效果，提升并购绩效。 关键词：资源型企业；横向并购；并购整合；并购绩效 北京交通大学硕士学位论文 ABSTRACT ABSTRACT China's economic development has entered a new normal situationsince the 13th Five-Year Plan for its Economic and Social Development. Steady progress has been made in structural reforms on the supply side, the excess capacity has been steadily resolved, the implementation of the "three eliminations, one reduction and one supplement" and the promotion and optimization of the industrial structure have become the industry consensus. For resource-oriented enterprises, the problems of structural overcapacity and industry disorderly competition are more prominent. This article mainly USES the case analysis, by choosing typical resource-based enterprises merger and acquisition case: Baililian's acquisition of Longmang Titanium Industry, after completion of mergers and acquisitions become a domestic leading enterprise with absolute advantages in terms of scale, technology, and export level. M&a to conduct an empirical analysis based on the resource-based enterprises, focusing on the merger integration strategy, focus on mergers and acquisitions both sides background, way of mergers and acquisitions and mergers and acquisitions performance, from human resources integration, culture integration,market integration, technology integration and integration of management and so on all aspects of in-depth analysis, explain enterprises are faced with the problem in the process of integration and the company on problem by integration strategy, to provide practical path resource-based enterprises horizontal merger integration strategies. This paper evaluates the integration effect from the business situation before and after integration and the comparative analysis of financial indicators, and summarizes the impact of the integration strategy of horizontal mergers and acquisitions on the performance of enterprises. Studies found that Baililian's acquisition of Longmang Titanium industry for usd coupon of synergies compensates for lack of the original enterprise market share, the production of small faults, through integration of mergers and acquisitions, corporate reached the following results: first, integrating resource advantages and reducing costs; second, integrating research and development resources to improve product technology upgrades and competition; the third is to integrate market share and improve market voice and pricing power; in the end, M & A effect of 1 + 1> 2 can be obtained, and the performance of M & A can be improved. In the 北京交通大学硕士学位论文 ABSTRACT process of horizontal mergers and acquisitions, after the M & A, the integration between the two companies is of great importance for the outcome of M&A. KEYWORDS: resource-oriented enterprises; horizontal M&A ; M&A integration; M&A performance; 北京交通大学硕士学位论文 目录 目录 摘要 ......................................................................................................................... iii ABSTRACT ............................................................................................................. iv 1 绪论 .................................................................................................................... 1 1.1 问题的提出 ............................................................................................ 1 1.2 核心概念的定义与研究边界 ................................................................ 1 1.2.1 资源型企业的定义与识别 ........................................................ 1 1.2.2 并购的定义 ................................................................................ 2 1.2.3 本文研究边界 ............................................................................ 2 1.3 研究内容与研究方法 ............................................................................ 3 1.3.1 研究框架 .................................................................................... 3 1.3.2 研究方法 .................................................................................... 3 1.3.3 章节安排 .................................................................................... 4 1.4 研究创新与意义 .................................................................................... 5 1.4.1 学术理论创新 ............................................................................ 5 1.4.2 现实意义 .................................................................................... 5 2 并购理论及文献综述 ........................................................................................ 6 2.1 企业并购理论 ........................................................................................ 6 2.2 企业并购研究 ........................................................................................ 7 2.2.1 并购整合研究 ............................................................................ 7 2.2.2 并购绩效研究 ............................................................................ 8 2.3 资源型企业相关研究 .......................................................................... 10 2.4 文献综述评论 ........................................................................................ 11 3 佰利联并购龙蟒钛业的案例介绍 .................................................................. 13 3.1 并购方介绍 .......................................................................................... 13 3.1.1 企业基本情况 .......................................................................... 13 3.1.2 企业主营业务 .......................................................................... 13 3.2 被并购方介绍 ...................................................................................... 14 3.3 并购背景 .............................................................................................. 15 3.4 并购动因 .............................................................................................. 16 3.5 横向并购方案的设计 .......................................................................... 17 4 佰利联并购龙蟒钛业的整合策略分析 .......................................................... 19 北京交通大学硕士学位论文 目录 4.1 佰利联并购龙蟒钛业的整合问题分析 .............................................. 19 4.1.1 人力资源整合问题 .................................................................. 19 4.1.2 企业文化整合问题 .................................................................. 20 4.1.3 管理整合问题 .......................................................................... 21 4.1.4 技术整合问题 .......................................................................... 21 4.1.5 市场整合问题 .......................................................................... 22 4.2 佰利联并购龙蟒钛业的整合策略分析 .............................................. 23 4.2.1 人力资源整合策略 .................................................................. 23