【作者】 陈艳；

【导师】 肖东生；

【作者基本信息】 南华大学 ， 工商管理， 2013， 硕士

【摘要】 企业并购是资源配置的一种重要方式，也是企业实现快速发展的重要手段。虽然GC集团主业房地产开发面临良好的战略发展机遇，但也受到各方面的资源瓶颈约束，且具有极大的风险性和不稳定性。因而对于GC集团而言，通过企业并购来获取关键资源、拓展融资渠道和实现多元化经营，进而实现其战略规划目标非常必要。作为股份制企业，HQ集团产权制度改革彻底，内控制度完善，战略资源丰富，市场前景广阔。从GC集团角度看，并购HQ集团符合GC集团的战略发展布局，如果并购成功，可以降低企业经营风险、获得优质利润源头、获得土地稀缺资源、获得物流运营平台，并购经济可行。股权收购的本质是股权转让，GC集团的并购工作主要集中在可行性调研、价格谈判和签订并落实并购协议三个关键环节上。在整个并购过程中， GC集团认真分析评估了此次股权收购活动中可能存在的风险，并制定和采取了一系列有效的应对措施。对HQ集团的并购，GC集团一是并购目的明确，行动计划周密；二是定价公平合理，支付便捷实际；三是价值取向明确，思维角度多赢；四是整合工作及时，沟通工作到位。从结果看，由于GC集团对并购战略、并购策略及操作办法的正确应用，本次并购非常成功，实现了并购方GC集团与目标企业HQ集团的双赢。本文采用案例研究法，深入分析GC集团并购HQ集团的决策逻辑和实施过程后，总结成功经验。本文的案例研究，其创新意义在于：基于并购实践，致力于将抽象理论具体化，从实际案例得出启示和反思。因此，与一般性的学术研究论文不同，本文的应用研究具有较强的现实意义，可供同类型企业并购参考和借鉴。更多还原

【Abstract】 Abstract:Corporate merger and acquisition is an important way for resourceallocation and a significant method for corporations to achieve the goal of rapiddevelopment. GC Group is restrained by the ‘bottleneck’ factors from a variety ofaspects of the resource even though its major works in real estate development arefacing good strategic developmental opportunities. So it is necessary for GC Group togain critical resources, enlarge financing tunnels, realize diversified operation, andfurther achieve the strategic goals. As a joint stock enterprise, HQ Group possessesmany characteristics and advantages, such as the complete reform of the propertyright system, internal control system of perfection, rich strategic resources and thebroad prospect of the market. From GC Group’s point of view, the corporate mergerand acquisition is in consistence with strategic developmental layout, and we can seethat the company will reduce the operational risk, receive a source of profit with highquality and land source, and even gain platform of logistics operation if the merger issuccessful. Based on these reasons, we deem that the merger is economical andimplemental.The essence for stock right acquisition is transfer, thus, what the GC Group’smerger should focus on the three critical links which consist of the investment onfeasibility, price negotiation, and the agreement. In the process of merger, the GCGroup earnestly analyzes and assesses the possible potential risk in this merger, worksout and takes a series of measure of efficiency. GC Group treats the merger to HQGroup with four principles: Firstly, the purpose of merger must be specific and theplan must be born of deliberation; secondly, the fixing a price is fair, reasonable andfacile to be paid; thirdly, value orientation is clear with win-win thinking angles;finally communicating is fully when cooperating. From the aspect of the result, themerger is completely successful since the GC Group applies correctly the stratagem and operational methods to this merger, which lead to win-win between the GC Groupand the HQ Group.This paper uses the case study method to analyze the logic decision makingdeeply and processes of implementation when the GC Group merges the HQ Group,and summarizes successful experience. The innovative significance of this caseanalysis is that we turn the abstract theory into the concrete analysis and attainedification and introspection from the realistic case based on the merger’s practice.This paper hence differs from common academic research paper as the study containsstrong real meaning and can provide the reference and a mirror to the same kind ofcorporations.更多还原