企业并购的战略绩效——联想并购IBM PC业务部的案例再研究

联想于2005年成功并购IBM PC业务部,迈出了联想国际化坚实的一步。本文以战略绩效管理思想和并购理论为基础,以联想并购活动前后八年的各项经营指标为证据,对其并购IBM PC业务部进行案例再研究。借助战略绩效评价工具——平衡计分卡,构建并购战略绩效分级指标体系,分析了联想并购IBM PC业务部前后的各项指标,最后从财务、客户、内部流程、学习和成长四个方面评价了联想并购IBM PC业务部的并购绩效。研究表明,战略绩效分析优于单纯财务绩效分析,能够全面评价企业并购战略的实施效果;虽然个别指标有所下滑,但联想整体表现基本实现了当年其董事长杨元庆对五年后新联想所设定的预期目标,企业运营状况良好。

Enterprise Merger and Acquisition Strategy Performance： A Restudy of the Merger of Lenovo and the PC Business of IBM

Lenovo and the PC business of IBM merged successfully in 2005, which was a solid step of Lenovo＇s internationalization. Based on the theories of strategic performance management and mergers and acquisitions, this paper restudies the merger between Lenovo and the PC business of IBM, taking various management indicators in eight years before and after the merger as evi- dence. With the strategic performance evaluation tool, balanced scorecard, this paper builds an M＆A strategic performance hierarchy of indicators, and analyzes the indicators before and after Lenovo＇s acquisition of IBM. Finally,we evaluate the M＆A performance from the aspects of fi- nance, customer, internal processes, and learning and growth. The case study shows that the strategic performance analysis is superior to the pure financial performance analysis, as it is capa- ble of a comprehensive evaluation of the implementation of the strategy of M＆A. The overall performance of the new Lenovo has met the goals set by its chairman Yang Yuanqing five years ago, despite the fact that certain indicators declined. The enterprise is operating in good condi- tion.