摘 要
企业并购作为现代企业发展的重要战略手段，在全球范围内日益受到关注，然而并购后的整合效果往往直接影响到并购绩效的实现。本研究以企业并购后整合策略与绩效的关系为核心，探讨如何通过科学的整合策略提升并购成功率。基于国内外相关理论与实践，本文选取了2015年至2022年间中国A股市场发生的120起并购案例为研究对象，采用定量分析与定性分析相结合的方法，构建了包含文化整合、人力资源整合、运营管理整合和财务整合四个维度的整合策略评价体系，并运用多元回归模型分析其对并购绩效的影响。研究发现，文化整合和运营管理整合对并购绩效具有显著正向影响，而人力资源整合和财务整合的作用相对有限。此外，本研究创新性地引入动态整合视角，强调并购后整合过程中的阶段性调整和协同效应的重要性。研究表明，成功的并购不仅依赖于初始整合方案的设计，更需要根据环境变化进行灵活调整。本研究为企业并购后的整合实践提供了理论指导，同时丰富了并购整合领域的学术研究，为后续研究奠定了基础。
关键词：企业并购；整合策略；并购绩效；文化整合；动态调整
Abstract
Corporate mergers and acquisitions (M), as a critical strategic tool for modern enterprise development, have garnered increasing attention worldwide. However, the effectiveness of post-merger integration often directly determines the realization of M performance. This study focuses on the relationship between post-merger integration strategies and performance, exploring how scientific integration strategies can enhance the success rate of M Drawing on both domestic and international theories and practices, this paper selects 120 M cases from China's A-share market between 2015 and 2022 as research samples. By employing a combination of quantitative and qualitative analysis methods, an evaluation system for integration strategies is constructed, encompassing four dimensions: cultural integration, human resource integration, operational management integration, and financial integration. A multiple regression model is utilized to analyze their impacts on M performance. The findings indicate that cultural integration and operational management integration significantly and positively influence M performance, whereas the roles of human resource integration and financial integration are relatively limited. Furthermore, this study innovatively introduces a dynamic integration perspective, emphasizing the importance of phased adjustments and synergistic effects during the post-merger integration process. The results suggest that successful M not only rely on the initial design of integration plans but also require flexible adjustments in response to environmental changes. This research provides theoretical guidance for post-merger integration practices and enriches academic studies in the field of M integration, laying a foundation for future research endeavors.
Keywords: Enterprise Merger And Acquisition；Integration Strategy；Merger And Acquisition Performance；Cultural Integration；Dynamic Adjustment
目 录
摘 要 I
Abstract II
一、绪论 1
（一）企业并购整合研究的背景与意义 1
（二）国内外并购整合策略与绩效研究现状 1
（三）研究方法与技术路线 1
二、并购后整合策略的理论框架 2
（一）并购整合的核心概念与分类 2
（二）整合策略的理论基础与模型分析 2
（三）不同类型并购的整合策略选择 3
三、并购后整合的关键维度分析 3
（一）战略层面的整合路径与挑战 4
（二）组织与文化的整合机制研究 4
（三）财务与人力资源整合的具体实践 5
四、并购整合绩效的影响因素与评估 5
（一）整合绩效的衡量指标体系构建 5
（二）关键影响因素的实证分析 6
（三）提高并购整合绩效的对策建议 6
结 论 7
致 谢 8
参考文献 9
