从集团财务管理目标看联想收购IBM的PC业务

在中国个人电脑市场占有市场份额的联想集团2004年宣布,以12.5亿美元的现金和股票收购知名品牌IBM的全球台式电脑和笔记本业务,从而组建起世界第三大个人电脑厂商。届时,IBM成为联想的第二大股东。联想作为中国一个大型的企业集团,在其发展道路上作出这样财务战略行动,不能不让人对企业集团财务战略决策进行深入的研究。本文拟从集团财务管理目标着手,结合集团并购的财务目标,对此次的国际性并购进行分析,并对联想集团是否实现价值增值进行探讨。

An Analysis of Lenovo Group Purchasing IBM's Worldwide PC Business from the View of Group Financial Management Objective

On December 8,2004, Lenovo Group, who occupies nearly 30% of the Chinese PC market share, announced that she had purchased IBM's worldwide PC business with the cash and stock of 1,250 million dollars, then Lenovo would become the third largest PC manufacturer in the world. After the purchase, IBM would become the second big shareholder of the Lenovo Group. As a big Chinese group, Lenovo's strategic action of the financial affairs on its development path should attract experts to carry on in-deep researches on the financial strategic policy of enterprise group. This paper analyzes this international merger action and discusses whether Lenovo will realize her group value appreciation plans from the perspective of group's financial management objectives and the financial goals that the groups merge.