【作者】 陈勇；

【导师】 李嘉明；

【作者基本信息】 重庆大学 ， 工商管理， 2004， 硕士

【摘要】 本文针对1996年，特别是2001年以来大量出现的跨国并购，提出“由于受本国产业结构调整的影响和为了迎接来自外国企业的挑战，一批有实力的企业必须加快企业并购和资产重组的步伐”的观点。攀钢2000年总资产达223亿元，实现销售收入118.8亿元，利润3.18亿元，有年产20万吨钛精矿的能力，是国内钛白企业的最大原料供应商，对国内钛产业进行并购重组，组建国际型的大企业，以取得垄断地位和规模经济，是攀钢钛产业发展壮大的需要，也是参与国际竞争的需要。为了迎接来自外国企业的挑战，我国应支持进行战略并购。 针对目前国内并购出现的一些问题，本文着重从以下几个方面进行了论述： ①并购行为应该以经营战略为基础，而不应以财务战略为基础。本文运用战略分析模型对并购企业自身进行了评估，了解企业内外部环境，确定所处行业优势，制订相应战略，选择并购类型；利用Cobb-Douglas生产函数中资本弹性、劳动力弹性与企业规模效应的关系，构建了Cobb-Douglas生产函数的对数模型，指出企业存在规模效应；利用行业的资本弹性和劳动力弹性，构建了不同行业间企业并购绩效模型，指出通过影响因子的比较，可以确定企业并购的绩效。 ②指出了目标企业选择原则，进行了目标企业分析，运用现金流折现模型、CAPM法和“壳公司”概算法进行估值分析，并将财务管理中的投资估价、财务分析方法应用于目标企业的估价中，形成了价值评估模式； ③整合管理是指由并购方或并购双方共同采取一系列旨在推进合并进程、提高合并绩效的管理措施、手段和方法，并购后的整合管理影响着企业并购的成败。本文从并购后的资源、组织结构、管理、人力资源及企业文化的整合管理方面进行了详细分析。 ④本文运用攀钢并购渝钛白作为实例，对并购的上述过程进行了探讨，分析了攀钢现状、渝钛白的情况、并购价格、投资价值分析、并购方案及并购后的整合管理，特别是对并购后组织结构的整合进行了专门的分析。 本文旨在运用经营战略、经济学、财务管理等方面的知识，为企业并购提供较为系统的指导，提高企业并购的成功率。这对我国目前尚不成熟的并购实践是有较强现实意义的。更多还原

【Abstract】 Under the circumstance of cross-border M&A(merger and acquisition) that has arisen largely from 1996, especially from 2001, the author puts forward the point that a group of competitive enterprises should accelerate M&A and asset reorganization because of being influenced by domestic industrial restructuring and the challenge of the abroad enterprises. Pangang group is the biggest materials suppler of Ti enterprises, with the output 200 thousand tons per year, assets 22.3 billion yuan, sales 11.88 billion yuan, margins 318 million yuan in 2000. It is necessary for the development and the international competition of Ti industry of Pangang group that Pangang group merges and regroups domestic Ti industry, found international large-sized enterprises. In order to face challenge from foreign enterprises, our nation should support strategic M&A.Aiming at resolving some questions arisen in the process of native M&A, the paper discusses from several aspects below:(1)The implement of M&A should be on the base of business stratagem, but not financial stratagem. The paper makes an evaluation by stratagem analyzing model on the industry that will merge. This process includes analyzing the environment inside and outside the enterprise, defining the advantages of the industry, drawing stratagem and at the end choosing the type of M&A. This paper makes a logarithm model of Cobb -Douglas produce function by the relation of elasticity of capital and labor and scale effect of Cobb- Douglas produce function,points out that there exists scale effect in enterprise, using varied industry elasticity of capital and labor to make a model of performance between the different industries,and also confirms the performance of M&A through comparing the influence gene.(2)The paper gives the principles of choosing target enterprises, then values the enterprises by use of discounted cash flow modek CAPM and shuck company budgetary estimate, and applies the methods of investment assessment and finance analyzing in financial management to value target enterprises,which make up of the model of value assessment.(3)Consolidation-management means that M&A sides or both sides adopts a series of management measures and methods to push the consolidation process and improve the consolidation performance.Consolidation-management after M&A isimportant to its success.The paper makes a detailed analysis on the consolidation-management of resources, organizational structure, management, human resource and enterprise culture.(4)Being example for Pangang group merging Yutaibai company, the paper discusses the process above, analyzes the actuality of Pangang group and Yutaibai company> merging price, investing value^ merging project and consolidation of management after M&A, especially consolidation of organizational structure.By use of the theory of business stratagem, economics and financial management, the paper aims to offer systematic direction on implementing M&A successfully. It is of realistic significances for our native enterprises.更多还原