李凌宇 吴清

摘  要：并购后的整合管理，对企业发挥协同作用，产生1+1>2的效果有着重要意义，全盘抛弃自身特点的并购管理不但会使企业竞争力得不到提高，还会诱发内部分歧。2018年在摩拜单车资金链紧张的情况下，物流配送平台美团对其进行了收购。文章以美团收购摩拜单车后的整合管理为例进行分析：首先对美团收购摩拜的动因和并购后存在的问题进行探究。随后借鉴国内外关于重组后整合管理研究的经验，应用“战略—文化—结构”整合管理分析框架，进行针对性探究，提出相关整合思路。从收购后内外环境角度提出改善资源管理、创新竞争优势的战略整合思路;根据美团与摩拜存在的文化异同，提出文化相互渗透的具体方法以及倡导的文化融合策略;针对物流配送平台美团的组织结构及人才设置现存问题提出人力资源与内部控制的具体整合思路。

关键词：并购;战略;结构;整合管理

中图分类号：F271    文献标识码：A

Abstract： The integrated management after acquisition is of great significance for enterprises， which play a synergistic role and produce the effect of 1+1>2. The merger management that completely abandons its own characteristics will not only restrain the competitiveness of enterprises， but also induce internal differences. In the case of tight capital chain of Mobike， Meituan， a logistics distribution platform， acquired Mobike in 2018. This paper takes Meituan's acquisition of Moby bike as an example to analyze： firstly， it explores the motivation of Meituan's acquisition of Mobike and the problems after the acquisition. By drawing on the experience of domestic and foreign research on post reorganization integrated management， this paper applies the“strategy-culture-structure”integrated management analysis framework to put forward relevant integration ideas. From the perspective of internal and external environment after acquisition， this paper puts forward the strategic integration ideas of improving resource management and innovating competitive advantage; According to the cultural similarities and differences between Meituan and Mobike， this paper puts forward the specific methods and strategies of cultural integration; For existing problems in the organizational structure and talent setting of Meituan logistics distribution platform， this paper puts forward specific integration ideas of human resources and internal control.

Key words： M&A; strategy; structure; integrated management

1  并購背景

1.1  动  因

摩拜危险的盈利模式与难堪的财务数据似乎让企业持续经营岌岌可危，具体状况可以参考表1和表2，净利润与毛利均为负，现金与其他流动负债不成正比，流动比率仅为0.43，说明被收购者的短期偿换能力极弱。这时与强者联合整合资源似乎是一个不错的选择，而美团当时正在与滴滴竞争线上打车业务，收购共享单车业务可以极大程度优化出行领域的竞争布局，于是在第三方腾讯（拥有摩拜20%股份）的支持下，实现了这次并购。