摘要 产业融合是由高速发展的网络技术、信息技术以及数字技术带来的经济领域伴生的新现象。因为先进科技的原因，传媒业、IT业、电信业、出版业、零售业等诸多产业之间的边界不断收缩、模糊，交叉产业现象越来越普遍。发展到今天，由产业融合引发的企业并购现象时有出现，由此给经济领域释放出一个信号，即伴随着新技术革命不断推进，原有的产业分立已经受到了严重挑战和冲击，出现了产业信息化以及信息产业化等经济现象，而且这种经济现象还将不断发展，从而彻底打破原本各个产业之间壁垒分明的情况，从而使产业融合成为社会经济发展的趋势。 论文选择LS集团的并购案例作为研究对象，基于产业融合背景，分析企业并购动向。利用LS并购LNET和JINGP杂志的实际案例，提出国有企业并购这一案例的特殊性，以此来研究国有企业的并购特点。并基于并购实践，对最新并购理论进行探讨和分析，把并购理论进行科学分类，具体分成四个部分：并购动因（源起）、并购过程（经历）、并购价值（结果）和并购整合（发展），由此验证企业并购行为对并购理论的推导作用，以及并购理论在企业并购实践中对企业的指导意义。 产业融合现象的出现，是企业在面临市场环境以及产品特征变化的情况下，为了实现自我成长并快速适应外界环境变化所采取的企业发展策略，并以此获取企业战略调整和迅速成长资源，从而保证企业在市场竞争环境中立于不败之地。论文通过文献资料法、案例分析法、现场访谈法、定量计算法等方法进行分析论证，以理论作为研究LS并购案例的基础，以LS并购LNET和JINGP杂志作为相关并购理论和产业融合理论的依托，理论结合实践剖析国有企业并购中存在的问题以及解决问题的办法，希望可以为LS下一步并购行为以及其它国有企业并购提供理论和实践方面的参考作用。

ABSTRACT Industrial convergence, this is because the network technology, information technology and digital technology of high-speed development, this brought new phenomenon, because of the continuous progress of technology, between the media industry, IT industry, telecom industry, publishing industry, retail industry and many other industries, their boundary shrinking, fuzzy, which make the cross industry phenomenon more and more. So, because the industrial fusion cause M & a frequent phenomenon, which gives people a reminder, that is, with the new technology revolution continuously, the original industrial division has been seriously challenged, industry informatization and information industry economic phenomenon that has already occurred, and this economic phenomenon will continue to evolve, so completely broken before in different industries exist between distinct barriers, leading to industry convergence becomes a new trend of modern social and economic development. This paper choose LS group M & A case as the study object, based on the background of industry convergence, trend analysis of enterprise merger and acquisition. Using the actual case of LS's acquisition of LNET JINGP magazine and the merger of state-owned enterprises, puts forward the particularity of the case, therefore, to study the characteristics of state owned enterprises. And based on the M & a practice, this thesis research and Analysis on the latest M & a theory, and the theory of M & a scientific classification, divided into four specific parts: acquisition motivation (why), the process of acquisition (how), merger and acquisition (results), the value of M & a integration (future). The verification of enterprise merger and acquisition behavior deduced effect on M & a theory, and the theory of M & A in the enterprise merger and acquisition of enterprises practice significance. This thesis thinks, appear the phenomenon of industry convergence, is the enterprise in the face of market environment and product characteristics change under such circumstances, enterprises in order to achieve self growth, quickly adapt to the changing external environment, a development strategy so the enterprise take, enterprises gain adjust strategy and rapid growth of resources, finally to ensure the enterprise to win in the market competition environment. Therefore, according to the thesis topic, this thesis is divided into six parts, in writing, by literature method, case analysis method, calculation method and other methods of field interviews, quantitative, omni-directional demonstration on the topic of research ideas, so in this aspect, to ensure the integrity and systematic analysis of the whole framework of the paper: that is the theory as the base case study of M & A to LS's acquisition of LNET LS, and JINGP magazine as the related M & a theory and industry convergence theory basis, through the combination of theory and practice, analysis of the existing problems in the state-owned enterprise merger, put forward to solve the problem of way, can hope for the state-owned enterprises in the next round of mergers and acquisitions behavior, providing theory reference and the practice aspect.