企业并购整合探析

企业并购是一项高风险与高收益并存的商业行为，许多企业希望通过并购转嫁产业危机，规避投资风险，化解企业债务，扩张企业规模。然而，与振奋人心的高并购金额和数量巨大的并购案例相比，并购的成功率并不高。并购失败的重要原因是忽视并购中的整合。联想集团在实施多元化战略失败后，回归PC主业，并购了IBMPC业务部。联想并购整合IBMPC业务部，是具有典型意义的中国企业跨国并购整合案例，对国内企业跨国并购，并购整合的理论与实践都具有现实意义。

An Exploration of the Merger and Integration of Enterprises

Enterprise merger is a commercial operation involving both high risk and high gains. A great many enterprises are eager to shift the burden of the crisis onto others, avoid investment risks, get rid of debts, and expand businesses. However, contrary to the exciting enormous amount of merging assets and great numbers of merger cases, the rate of success in merging is relatively low. Negligence of integration is one major reason for those failed eases. After a series of failed attempts toward diversified development, Lenovo returned to its major business and merged IBM＇s PC division. And this successful merger was a typical case of international merging by Chinese enterprise, and is of theoretical and practical meaning for Chinese enterprises in their future schemes of international merging.