本文選題：F公司 + 橫向并購(gòu)��； 參考：《哈爾濱工業(yè)大學(xué)》2017年碩士論文

【摘要】：在過去兩年多的時(shí)間里,世界經(jīng)濟(jì)萎靡不振,在這樣的經(jīng)濟(jì)大環(huán)境下,中國(guó)的出口下降,國(guó)內(nèi)需求疲軟,幾乎所有制造行業(yè)都進(jìn)入到了產(chǎn)能過剩階段,供給側(cè)經(jīng)濟(jì)成為中國(guó)新的市場(chǎng)特征。作為熱處理行業(yè)的上市公司--F公司其利潤(rùn)回報(bào)、股票價(jià)值并不讓人滿意,同時(shí),F公司在中國(guó)熱處理行業(yè)已經(jīng)是龍頭,市場(chǎng)份額和公司規(guī)模遇到瓶頸。因此,F公司為了重新塑造競(jìng)爭(zhēng)優(yōu)勢(shì)、提升市場(chǎng)價(jià)值,達(dá)到新的企業(yè)形態(tài),就需要進(jìn)行戰(zhàn)略轉(zhuǎn)型。需要通過研究F上市公司戰(zhàn)略轉(zhuǎn)型的選擇,提出合理的戰(zhàn)略轉(zhuǎn)型設(shè)計(jì)方案、并對(duì)其如何實(shí)施、效益評(píng)價(jià)、風(fēng)險(xiǎn)評(píng)估,以及后續(xù)跟進(jìn)提出見解和主張。論文運(yùn)用縱向發(fā)展法、橫向發(fā)展法分析了F公司所處熱處理行業(yè)的戰(zhàn)略轉(zhuǎn)型路徑,從價(jià)值鏈理論入手確定了F公司通過縱向并購(gòu)和自主擴(kuò)張,延伸企業(yè)產(chǎn)業(yè)鏈下游業(yè)務(wù)的戰(zhàn)略轉(zhuǎn)型方案。同時(shí)通過五力分析,得出橫向并購(gòu)國(guó)內(nèi)外同行業(yè)公司,對(duì)企業(yè)進(jìn)行技術(shù)升級(jí),增強(qiáng)企業(yè)核心競(jìng)爭(zhēng)力的戰(zhàn)略轉(zhuǎn)型方案。通過縱向發(fā)展和橫向發(fā)展相結(jié)合的轉(zhuǎn)型戰(zhàn)略,增加F公司的盈利能力、融資能力、技術(shù)研發(fā)能力,從而實(shí)現(xiàn)F企業(yè)未來價(jià)值的穩(wěn)定和提高。論文結(jié)合真實(shí)的并購(gòu)案例,對(duì)F企業(yè)的戰(zhàn)略轉(zhuǎn)型實(shí)施,進(jìn)行了進(jìn)一步的研究,對(duì)并購(gòu)中企業(yè)自身分析、目標(biāo)企業(yè)的選擇、目標(biāo)企業(yè)的分析、目標(biāo)企業(yè)的估值、并購(gòu)整合等內(nèi)容進(jìn)行了詳細(xì)的闡述并提出了見解。最后,對(duì)于F公司的戰(zhàn)略轉(zhuǎn)型進(jìn)行了經(jīng)濟(jì)評(píng)價(jià)、風(fēng)險(xiǎn)評(píng)估和持續(xù)跟進(jìn)。
[Abstract]:In the past two years or so, the world economy has been in a doldrums. In such an economic environment, China's exports have fallen, domestic demand has been weak, and almost all manufacturing industries have entered the stage of overcapacity. The supply-side economy has become a new market feature in China. As a listed company in heat treatment industry, F company has its profit return, and the stock value is not satisfactory. At the same time, F company is the leading company in heat treatment industry in China, and its market share and company size meet the bottleneck. Therefore, in order to remodel the competitive advantage, promote the market value and reach the new enterprise form, the company needs to carry on the strategic transformation. It is necessary to study the choice of strategic transformation of F listed company, put forward a reasonable design scheme of strategic transformation, and put forward opinions and opinions on how to implement, evaluate benefit, assess risk, and follow up. This paper analyzes the strategic transition path of the heat treatment industry in F Company by using the longitudinal development method and the horizontal development method, and determines F Company through vertical mergers and acquisitions and independent expansion from the value chain theory. The strategic transformation plan of extending the downstream business of enterprise industrial chain. At the same time, through the analysis of the five forces, the strategic transformation scheme of horizontal merger and acquisition of domestic and foreign companies in the same industry, upgrading the technology of enterprises and enhancing the core competitiveness of enterprises is obtained. Through the transformation strategy of combining vertical development and horizontal development, we can increase the profitability, financing ability and technology R & D ability of F company, so as to realize the stability and improvement of the future value of F enterprise. Combining with the real case of M & A, this paper carries out further research on the implementation of strategic transformation of enterprise F, including the analysis of the enterprise itself, the choice of the target enterprise, the analysis of the target enterprise, and the valuation of the target enterprise. M & A integration and other content of detailed elaboration and put forward views. Finally, the economic evaluation, risk assessment and continuous follow-up of the strategic transformation of company F are carried out.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.4;F272

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