随着经济全球化水平不断加深，科技创新日新月异，市场竞争程度不断加剧，作为 资源配置的有效手段，企业并购逐步呈现常态化、多样化。并购不仅能够快速实现资本 扩张，也能实现企业文化、企业价值的输出，同时使新公司实现质的改善，为公司的快 速发展注入了新的活力。 然而，现实经济活动中大部分并购效果并不理想，超过70%的并购未能实现预期的 效果，主要问题来自于并购后整合的有效性。并购过程中，相关各方往往只是从财务、 业务及经济效益角度考虑，对于企业文化整合重视不够，致使文化冲突往往成为有效整 合的最大阻碍因素，最终有可能导致并购失败。因此，在并购之前，对双方企业文化之 间的相容性进行预判分析，制定相应的战略性融合计划和针对性的解决措施，对于成功 整合至关重要。 通过对BY公司和GWA公司的并购活动进行分析，结合企业文化理论，对并购后 企业文化整合进行分析，发现双方虽然经历了充分的尽职调查，风险分析和预防对策准 备，但是在实际整合过程中，由于企业文化整合的缺失，原本能够通过优势互补、强强 联合实现更高价值的并购行为，在并购过程中出现了管理、人事等突出问题，最终导致 了内部管理环境恶化，业绩下滑，对赌失败。 本文首先对企业并购的理论基础进行介绍，明确企业并购的类型、动机等相关概念， 对企业并购后文化整合问题进行概述；通过对并购双方企业的背景及动因的介绍，结合 企业文化特征，分析了公司的战略整合过程；通过对企业并购后文化整合过程的研究， 得出BY公司文化整合初期存在管理模式、思想观念、组织沟通、合规宣传等一系列冲 突问题，为提高公司并购战略整合绩效，从选择合适的整合战略、完善新企业的管理制 度、宣传新的企业文化、持续进行企业文化适时监控和重视非正式组织五个角度提出对 策建议。 希望本文的研究结果，可以为并购后BY公司的战略整合提供一系列对策建议，也 为其他企业在采用并购方式时，如何解决文化整合问题提供一定的案例指导和参考价 值。 关键词：企业并购；企业文化；文化冲突；文化整合 BY公司并购后的文化整合策略研究 -II- CulturalIntegrationStrategyofBYCompanyafterMergerand Acquisition Abstract Withtheprogressofscienceandtechnologyandtheaccelerationofsocialrhythm,the marketcompetitionisbecomingmoreandfiercer,andoneofthesignificantconsequencesof competitionismergerandacquisition.Successfulmergersandacquisitionscannotonly expandthescaleofproductionandincreasemarketshareofenterprises,butalsomakenew enterprisesgetaqualitativeimprovementandbringnewvitalitytotherapiddevelopmentof enterprises. However,70%oftheenterprisesintheworldfailtoachievetheexpectedbusinessvalue afterM&A,and70%ofthefailureresultsfromtheintegrationprocessafterM&A.Mergers andacquisitionsoftenonlycareaboutfinancialdataandprofitabilitylevel,butignorethe integrationprocessaftermergersandacquisitions,especiallythemostimportantand intangibleassetsofenterprises-corporatecultureintegration.Althoughcorporateculture integrationisnotasufficientconditionforsuccessfulmergersandacquisitions,ineffective integrationwillinevitablyleadtothefailureofmergersandacquisitions,sourgetherelevant enterprises.Businesswillpredictinadvancethecompatibilityoftheoriginalcorporate cultureandtheexistingcorporatecultureM&AstrategyafterM&A,andtakepertinent measuresinordertoimprovetheefficiencyofintegrationandbetterrealizetheintegrationof bothsidesofM&A. ThispaperusescasestudymethodtoanalyzethemergerandacquisitionactivitiesofBY companyandGWACompany,andcombinescorporateculturetheorytoanalyzethe integrationofcorporatecultureaftermergerandacquisition.Itisfoundthatalthoughithas experiencedfullduediligence,riskanalysisandintegrationoftheplanprocess,intheactual integrationprocess,duetotheintegrationofcorporateculture.Inadequate,resultingina low-risk,high-yieldingstrongalliance,butinaveryshortperiodoftimetherehavebeena varietyofmanagement,personnelandotherissues,andthenperformancedecline,the outcomeofgamblingfailure. Firstly,thispaperintroducesthetheoreticalbasisofM&A,clarifiesthetypesand motivationsofM&A,andsummarizestheissuesofculturalintegrationafterM&A.Inthe casepart,throughintroducingthebackgroundandmotivationofenterprisesofbothsidesof M&A,combiningwiththecharacteristicsofcorporateculture,itanalysestheprocessof corporatestrategicintegration.Throughinvestigatingtheprocessofculturalintegrationafter 大连理工大学专业学位硕士学位论文 -III- mergerandacquisitionofenterprises,itisconcludedthattherearesomeconflictsintheinitial stageofBYcompany'sculturalintegration,suchasmanagementmode,ideology, organizationalcommunication,compliancepublicity,etc.Inordertoimprovethe performanceofstrategicintegrationofmergerandacquisitionofcompanies,thefollowing fiveaspectsshouldbeimproved:improvingmanagementsystem,strengtheningcultural construction,continuouslymonitorcorporatecultureandattachingimportancetoinformal organizations.Thecountermeasuresandsuggestionsareputforwardfromdifferentangles. Itishopedthattheresearchresultsofthispapercanprovideaseriesofcountermeasures andsuggestionsforthestrategicintegrationofBYcompanyafterM&A,andalsoprovide someguidanceandreferencevaluefortheculturalintegrationofotherenterprisesafterM&A. KeyWords：EnterpriseMergersandAcquisitions(M&A);Corporateculture;Culture conflict;Culturalintegration BY公司并购后的文化整合策略研究 -IV- 目录 摘要.............................................................................................................................I Abstract..............................................................................................................................II 1绪论..............................................................................................................................1 1.1研究背景............................................................................................................1 1.2研究意义............................................................................................................1 1.3研究内容和研究方法........................................................................................2 1.3.1研究内容.................................................................................................2 1.3.2研究方法.................................................................................................3 1.4研究思路............................................................................................................4 2相关理论与文献综述..................................................................................................5 2.1企业并购............................................................................................................5 2.1.1并购的类型.............................................................................................5 2.1.2并购的动机.............................................................................................5 2.2企业文化............................................................................................................6 2.2.1企业文化的概念.....................................................................................6 2.2.2企业文化的功能.....................................................................................7 2.2.3并购企业文化整合理论.........................................................................8 2.3文献综述............................................................................................................9 2.3.1企业并购的相关研究.............................................................................9 2.3.2企业文化的相关研究...........................................................................10 2.3.3企业文化整合的相关研究...................................................................10 3BY公司并购后的文化冲突分析..............................................................................14 3.1BY公司简介及公司文化特征.......................................................................14 3.1.1BY公司基本情况................................................................................14 3.1.2BY公司企业文化特征........................................................................15 3.2GWA公司简介及公司文化特征...................................................................16 3.2.1GWA公司基本情况............................................................................16 3.2.2GWA公司原有企业文化............................................................