I编号：桂林电子科技大学信息科技学院毕业论文题目：成功并购的秘诀AKeytoTheSuccessofMergersandAcquisitions系（部）：外贸与外语系专业：英语专业学生姓名：程世佳学号：1356110124指导教师：王雪利职称：讲师II题目类型：理论研究实验研究工程设计工程技术研究软件开发应用研究2016年5月16日诚信宣言我，程世佳，郑重宣布：除了参考文献所标明引用的资料和内容之外，本论文中不包含有任何已经被其他高等教育机构所接受的学位或学历论文资料，也不包含有其他任何人已经正式出版的资料内容。签字：日期：DeclarationI,ChengShijia,theundersigned,herebydeclarethatthisdissertationdoesnotcontainanymaterialwhichhasbeenacceptedfortheawardofanyotherdegreeordiplomainanyinstitutionsofhigherlearningandthat,tothebestofmyknowledgeandbelief,thisdissertationdoesnotcontainanymaterialpreviouslypublishedorwrittenbyanotherperson,exceptwhenduereferenceismadeinthetextofthedissertation.Signed:Date:2016.10.30已经在导师的指导下进行多次修改，导师已同意提交定稿。导师签名：日期：III摘要随着经济全球化的快速发展，企业间的竞争日益激烈。越来越多的公司或集团，为了能够在今后的市场中不被淘汰，各企业都在努力寻求一种能提高自身竞争力的有效方式来提高自己在市场占有力。并购就这样应运而生了。然而事实并不尽如人意。即使每年发生的并购活动数量繁多，成功率却不高。究其原因，就是忽视并购后整合尤其是文化上的整合造成的。并购将与企业文化密切联系起来，并购后的文化整合必须成为并购战略的关键内容。同时，一些关于并购后管理的富有建设性的建议衍生而出。此外，对一些并购案例进行的简单的分析也证实了文化整合的重要性。关键词：并购;并购后整合;企业文化;文化整合;文化冲突IVAbstractWiththeever-increasingdevelopmentofeconomicglobalization,competitionbetweencompaniesisgettingmoreandmoreintensive.Inordernottobesuperseded,companieshavetriedtheirbesttosearchforaneffectivemeanswhichcanenhancetheircorecompetitiveness.Then,mergersandacquisitions(M&As)emerge.However,theresultisn’tencouraging.EveniftherearenumerousM&Aactivitieseveryyear,mostofthemresultinfailure.Negligenceofpost-mergerintegration(PMI),especiallyculturalintegration,isjustthecauseofthefailure.M&AswillbeassociatedwithcorporateculturecloselyandculturalintegrationmustbecomethemaincontentofM&As’strategies.Meanwhile,certainconstructiverecommendationsareprovidedonpost-mergermanagement.Besides,somecasesofM&Aswillbeanalyzedbrieflytoconfirmthesignificanceofculturalintegration.Keywords：M&As；PMI；corporateculture；culturalintegration；culturalconflictsVContentsIntroduction………………………………………………………………………………...1IMergersandAcquisitionsandPost-MergerIntegration…………......……..11.1DefinitionandCategorizationofM&As……………………………………………....11.2ImplicationandSignificanceofPMI…………………………………..……………...1IICulturalIntegrationRunningthroughFourPhasesofM&As……………12.1PhaseofPreparation…………………………………………………………...............12.2PhaseofTransition…………………………………………………………………….12.3PhaseofIntegration……………………………………………………………………12.4PhaseofConsolidation………………………………………………………………...1IIICorporateCulture……………………………………………………………….......13.1CulturalDiscrepanciesandRisks………………………………………………………13.2CulturalConflicts…………………………………………………….............................13.3AnEffectiveExecutiveandHisDecisionsonRisks-Taking........................
