本文選題：并購重組　切入點：寶鋼　出處：《華中師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：鋼鐵行業(yè)是我國國民經(jīng)濟的重要組成部分,是我國制造業(yè)的命脈。鋼鐵行業(yè)作為供給側(cè)改革的排頭兵,其意義不僅局限于行業(yè)本身,而是關(guān)乎整個制造業(yè)供給側(cè)改革的方向和信心。在我國鋼鐵產(chǎn)能嚴重過剩,產(chǎn)業(yè)集中度低,無序競爭激烈的大環(huán)境下,并購重組成為鋼鐵企業(yè)優(yōu)化資源配置,實現(xiàn)高水平專業(yè)化發(fā)展,增強綜合競爭力的一條重要途徑。首先本文從理論入手,簡要介紹了并購的定義和并購的實質(zhì)及關(guān)鍵,以行業(yè)和付款方式兩種劃分方式對并購的形式進行了描述。其次概述了我國鋼鐵行業(yè)并購重組整體情況,著重分析我國鋼鐵行業(yè)上一輪并購存在的問題,分析認為僅注重規(guī)模擴張的簡單產(chǎn)能疊加式的并購重組易造成整而不合的問題。接著本文從內(nèi)部動因和外部動因兩個層次對寶武合并進行了動因分析。內(nèi)部動因主要是武鋼經(jīng)營業(yè)績欠佳、煉鋼成本較高、管理理念和方式落后、非鋼產(chǎn)業(yè)發(fā)展較慢等。外部動因主要是全球經(jīng)濟放緩、工業(yè)化接近末期、我國鋼鐵產(chǎn)能過剩、產(chǎn)業(yè)集中度低、政府積極推動等。然后本文利用可比公司法、可比交易法并結(jié)合對歷史交易價格的比較分析寶武并購交易換股價格的合理性。并購交易中寶鋼和武鋼以停牌前的歷史交易價格為基礎(chǔ)確定換股價格和換股比例,表明此次兩大央企是充分以市場化的角度進行整合,該定價方法反映了資本市場對寶鋼股份和武鋼股份的投資價值判斷,符合市場慣例。通過分析認為其具有合理性。再者本文對存續(xù)方寶鋼并購交易前后的財務(wù)狀況進行了比較分析。分析發(fā)現(xiàn)交易前后上市公司的資產(chǎn)規(guī)模有所提升,資產(chǎn)結(jié)構(gòu)保持穩(wěn)定。負債結(jié)構(gòu)基本保持穩(wěn)定,不會面臨短期資金壓力和流動性風(fēng)險。資產(chǎn)運營效率水平未受到較大沖擊,總資產(chǎn)周轉(zhuǎn)率未有明顯變化。償債能力水平未有太大波動、基本維持穩(wěn)定。盈利能力水平有所下降但仍高于行業(yè)平均水平。最后分析了寶武合并面臨的問題及合并后對時局的影響。研究認為寶武合并后將釋放潛在協(xié)同效應(yīng)、消除無序競爭、增強議價能力、優(yōu)化企業(yè)布局、推動行業(yè)去產(chǎn)能、為鋼鐵業(yè)供給側(cè)改革助力、提升我國鋼企的國際影響力、起到示范表率的作用、打破我國鋼鐵“北強南弱”的格局。但合并存在整而不合、產(chǎn)業(yè)鏈整合優(yōu)勢不突出、計劃與市場的沖突、所有者的缺失、強中寄弱等問題。
[Abstract]:The steel industry is an important part of China's national economy, is the lifeblood of our manufacturing industry. Iron and steel industry as the vanguard of the supply side reform, its significance is not limited to the industry itself, but rather the direction and confidence of the whole manufacturing industry supply side reforms. Serious overcapacity in China's steel production capacity, industry concentration is low. Disorderly competition environment is fierce, merger and reorganization of iron and steel enterprises to optimize the allocation of resources, to achieve a high level of professional development, an important way to enhance the comprehensive competitiveness. Firstly, from the theory, briefly introduces the essence and key definitions and mergers, by industry and payment of the two division of mergers and acquisitions the form is described. Secondly an overview of China's iron and steel industry merger and reorganization of the overall situation, will focus on analyzing China's iron and steel industry last round of mergers and acquisitions, analysts believe that only focus on the scale expansion A simple superposition of a capacity of mergers and acquisitions is easy to cause the whole and not the problem. Then the paper from two aspects of internal motivation and external motivation of Bao Wu with analyzes the motivation. The internal reason is mainly that the poor performance of WISCO steel, high cost, management idea and way backward, non steel industry external development is slower. The main reason is the slowdown in the global economy, industrialization is close to the end, China's steel production overcapacity, industry concentration is low, the government actively promoted. Then using the comparable company method, comparable transaction method combined with the comparison of the rationality of Bao Wu deals exchange price analysis of historical transaction price. Mergers and acquisitions in Baosteel and Wuhan Iron and steel the suspension of history transaction price calculation before conversion price and the conversion ratio of the foundation, suggesting that the two central enterprises to integrate fully to the perspective of the market, the pricing method reflects the The capital market of Baosteel and WISCO investment value judgment, in line with market practice. Through the analysis that it is reasonable. Furthermore the existence of Baosteel mergers and acquisitions before and after the financial situation was analyzed. Analysis shows that the scale of assets of listed companies before and after the transaction has improved, asset structure remained stable. The stable debt structure that will not face short-term financial pressure and liquidity risk. The level of operational efficiency of assets does not have much impact, total asset turnover ratio did not change significantly. The solvency level not much fluctuation, remained stable. The level of profitability declined but still higher than the industry average. Finally analyzes the influence on the current situation and problems faced with treasure after the merger. The research results indicate that the Wu Bao Wu after the merger will release the potential synergies, eliminate disorderly competition, enhance the bargaining power of enterprises, optimization Industry layout, to promote the industry production capacity, the steel industry to enhance the power supply side reform, China's steel enterprises of international influence, play an exemplary role model, breaking China's steel strong North South weak pattern. But with the presence of whole and not, integration of industrial chain advantage is not prominent, plan and market conflict the owner of the lack of strong send weak.

【學(xué)位授予單位】：華中師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.31;F271;F406.7

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