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日期：2021年 5月 31日
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日期：2021年 5月 31日
日期：2021年 5月 31日
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摘要
摘要
自 2015年起，中共中央国务院深化国有企业改革系列政策陆续出台，混合
所有制改革作为国企改革的重要突破口，可以起到激发国企活力的作用。并购非
公有制市场主体是混改的一种形式，并购之所以备受青睐，是因为可以产生并购
协同效应。并购协同效应，通俗来讲，就是“1+1＞2”。协同效应不会自动实现，
协同效应的实现程度取决于并购双方的先天因素以及并购后整合的质量。
AB公司作为一家非创投型地方中小微国有企业，处于传统行业，面临转型
升级压力，短时间内无技术创新可依托，试图在公司房屋租赁经营的主业基础上，
增加服务深度、打造服务生态链，基于 2019年腾退取得的一处老城区酒店房产，
2020年初刚刚完成收购某民营酒店管理公司，即 CD公司。混改后的 CD公司面
临的管理问题是：国资 AB公司惯性思维把混改公司当作全资子公司来管控，行
政命令式治理；而民营股东方及管理团队，习惯采取私营企业管理方式。股东双
方不知如何协同配合进行并购整合，让 CD公司发挥出混合所有制的优势，实现
并购协同效应，提质增效。
本文综合运用文献研究法、专家打分法和层次分析法研究影响案例企业并购
协同效应实现的因素，分析获得影响因素重要性权重，研究发现人力资源整合、
并购双方竞争优势互补是最为重要的两个因素，其次重要的是混合所有制改革政
策的影响、并购双方行业相关度。本文充分考虑营业收入对预测结果的影响，运
用企业价值评估方法中的收益法预测出 CD公司可实现的并购协同效应价值为
306.70~331.33万元，其中，归属于国企 AB公司的并购协同效应价值为
156.32~323.03万元，旨在帮助刚刚完成混改并购的案例企业了解潜在的协同效
应价值大小。通过上述分析和预测，本文有针对性地为案例企业如何实现并购后
的协同效应提供策略建议与措施保障，重点从人力资源再配置和竞争优势保持与
互补两个方面提出建议，可以帮助案例企业规避在并购整合执行过程中可能出现
的组织方面的问题，帮助案例企业了解在哪些方面重点发力对实现协同效应最有
帮助，在实操中达到事半功倍的效果。同时，也为相类似并购活动的决策提供案
例参考。
关键词：混合所有制改革；并购协同效应；层次分析法；收益法
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Abstract
Abstract
Since 2015, the CPC Central Committee and the State Council have successively
issued a series of policies to deepen the reform of state-owned enterprises. As an
important breakthrough in the reform of state-owned enterprises, mixed ownership
reform can play a role in stimulating the vitality of state-owned enterprises. Merger and
Acquisition a non-public market subject is a form of mixed reform. The reason why
Merger and Acquisition is popular is that it can produce synergy effect. Generally
speaking, the synergy effect of Merger and Acquisition is "1 + 1 > 2". The degree of
synergy depends on the inherent factors of both sides and the quality of post merger
integration.
As a non venture capital local small, medium and micro state-owned enterprise,
AB company is in a traditional industry, facing the pressure of transformation and
upgrading, and has no technological innovation to rely on in a short period of time. It
tries to increase the service depth and build a service ecological chain based on the
company's main business of Housing leasing. Based on a hotel property in the old city
which was vacated in 2019, it has just completed the acquisition of a private hotel
management company in early 2020, CD company, a state-owned holding subsidiary.
The management problem of CD company after mixed reform is that the state-owned
AB company takes the mixed reform company as a wholly-owned subsidiary，
administrative order governance; The private shareholders and management team are
used to the management of private enterprises. The shareholders don't know how to
cooperate with each other in Merger and Acquisition integration, so that CD company
can give full play to the advantages of mixed ownership, realize the synergy effect of
Merger and Acquisition, improve the quality and efficiency.
This paper uses literature research, expert scoring method and analytic hierarchy
process to study the factors that affect the synergy effect of Merger and Acquisition of
case enterprises, and analyzes the importance weight of the influencing factors. It is
found that the integration of human resources and the complementary competitive
advantages of the two sides are the most important factors, followed by the influence
of mixed ownership reform policy, the combination of human resources and the
complementary competitive advantages of the two sides Merger and Acquisition
industry correlation. After fully considering the impact of operating revenue on the
forecast results, this paper uses the income method of enterprise value evaluation
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