【摘要】：企業(yè)的并購(gòu)重組是企業(yè)資本運(yùn)營(yíng)中一項(xiàng)復(fù)雜的活動(dòng)。面對(duì)著當(dāng)前經(jīng)濟(jì)全球化不可逆轉(zhuǎn)的趨勢(shì),以及不斷加快的步伐,并購(gòu)重組的浪潮越發(fā)激蕩。在這樣的環(huán)境下,全球并購(gòu)的觸角已經(jīng)蔓延到每一個(gè)行業(yè),而鋼鐵行業(yè)早已習(xí)慣了并購(gòu)浪潮的洶涌波濤。 鋼鐵產(chǎn)業(yè)作為我國(guó)的基礎(chǔ)產(chǎn)業(yè),對(duì)我國(guó)的國(guó)計(jì)民生和經(jīng)濟(jì)運(yùn)行提供了基礎(chǔ)保障。但是我國(guó)的鋼鐵產(chǎn)業(yè)也存在著諸多的問(wèn)題,從而制約了我國(guó)鋼鐵企業(yè)的發(fā)展。行業(yè)集中度過(guò)低,導(dǎo)致我國(guó)鋼鐵企業(yè)分布散落,產(chǎn)能滯后,不能形成規(guī)模效應(yīng)。為了生存和發(fā)展,國(guó)內(nèi)的眾多鋼鐵企業(yè)也意識(shí)到并購(gòu)重組的重要性,積極通過(guò)并購(gòu)重組來(lái)整合地方和企業(yè)資源,促進(jìn)產(chǎn)品競(jìng)爭(zhēng)力的提升,淘汰落后產(chǎn)能。但是,由于我國(guó)鋼鐵行業(yè)的特殊性,并購(gòu)的過(guò)程往往帶有濃厚的政府色彩。使得我們?cè)诳紤]我國(guó)鋼鐵企業(yè)并購(gòu)過(guò)程的時(shí)候又多了一種因素。 本文的主要內(nèi)容如下： 第1章是緒論部分,給出了文章選題的來(lái)源,研究的目的和意義,并且在本章中給出了有關(guān)“并購(gòu)”的定義。第2章是文獻(xiàn)綜述部分,是對(duì)在完成本篇論文期間所閱讀的相關(guān)文獻(xiàn)的一個(gè)概況和總結(jié),通過(guò)對(duì)國(guó)內(nèi)外的文獻(xiàn)進(jìn)行歸納,我們能夠看出隨著實(shí)踐的發(fā)展,并購(gòu)的理論研究也不斷發(fā)展,以及國(guó)內(nèi)外研究重點(diǎn)的差異。第3章回顧了并購(gòu)的發(fā)展歷程,概括了世界范圍內(nèi)的五次大規(guī)模的并購(gòu)浪潮,還有國(guó)內(nèi)的三次并購(gòu)浪潮,由此可以看出并購(gòu)在這100年間的發(fā)展軌跡；同時(shí)在本章中,也總結(jié)了企業(yè)的多種并購(gòu)動(dòng)因。第4章是對(duì)目前我國(guó)A股市場(chǎng)中鋼鐵行業(yè)的企業(yè)并購(gòu)戰(zhàn)略進(jìn)行了分析,在介紹了全流通的大背景之后,簡(jiǎn)要地分析了我國(guó)鋼鐵企業(yè)的產(chǎn)業(yè)環(huán)境以及鋼鐵企業(yè)的并購(gòu)現(xiàn)狀,指出了當(dāng)下我國(guó)鋼鐵企業(yè)并購(gòu)過(guò)程和并購(gòu)之后出現(xiàn)的諸多問(wèn)題。第5章是文章的實(shí)證分析部分,在描述了三個(gè)不同模式的并購(gòu)案例之后,通過(guò)選取一定樣本的數(shù)據(jù),以EVA為企業(yè)并購(gòu)效率的衡量,回歸驗(yàn)證我們所提出的三個(gè)假設(shè)。文章的最后一章,在描述研究結(jié)論之后,本文給出了若干政策和建議,通過(guò)文章最后的對(duì)策建議,我們也能總結(jié)一些我國(guó)鋼鐵企業(yè)并購(gòu)整合中的有效途徑,從而為我國(guó)的眾多鋼鐵企業(yè)的并購(gòu)提供些許啟示。
[Abstract]:M & A is a complex activity in the capital operation of enterprises. Facing the current irreversible trend of economic globalization and accelerating pace, the wave of M & A and reorganization is becoming more and more intense. In such an environment, the global M & A tentacles have spread to every industry, and the steel industry has been used to the surge of M & A waves. As the basic industry of our country, the iron and steel industry provides the basic guarantee for the national economy and the people's livelihood and the economic operation of our country. However, there are many problems in China's iron and steel industry, which restricts the development of China's iron and steel enterprises. The industry concentration is too low, which leads to the distribution of iron and steel enterprises in our country, the production capacity lags behind, and the scale effect cannot be formed. In order to survive and develop, many domestic iron and steel enterprises also realize the importance of M & A, actively integrate local and enterprise resources through M & A, promote the promotion of product competitiveness and eliminate backward production capacity. However, due to the particularity of China's iron and steel industry, M & A process often has a strong government color. Make us consider the process of M & A of iron and steel enterprises in China when there is another factor. The main contents of this paper are as follows: chapter 1 is the introduction part, which gives the source, purpose and significance of the topic, and gives the definition of "M & A" in this chapter. The second chapter is the literature review part, which is a summary and summary of the relevant documents read during the completion of this paper. By summarizing the literature at home and abroad, we can see that with the development of practice, The theoretical research of M & A is also developing, as well as the difference of research emphasis at home and abroad. Chapter 3 reviews the development course of M & A, summarizes five large-scale M & A waves in the world, and three M & A waves in China, which shows the development track of M & A in the past 100 years. At the same time, in this chapter, we also summarized a variety of M & A drivers. Chapter 4 analyzes the M & A strategy of iron and steel enterprises in China's A-share market. After introducing the background of total circulation, the paper briefly analyzes the industrial environment of Chinese iron and steel enterprises and the present situation of M & A of iron and steel enterprises. It points out the process of M & A and many problems after M & A. Chapter 5 is the empirical analysis part of this paper. After describing three different M & A cases, we choose certain sample data, take EVA as the measure of M & A efficiency, and regression verify the three hypotheses we put forward. In the last chapter of the article, after describing the conclusion of the research, this paper gives some policies and suggestions, through the final countermeasures and suggestions, we can also sum up some effective ways in the merger and acquisition integration of iron and steel enterprises in China. In order to provide some enlightenment for the M & A of many iron and steel enterprises in our country.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F426.31;F832.51;F271;F224

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