本文選題：立思辰 + 友網(wǎng)科技�。� 參考：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：在經(jīng)濟(jì)全球化的背景下,企業(yè)面臨越來越激烈的市場競爭,而兼并與收購作為企業(yè)快速成長的方式之一,應(yīng)該受到公司管理人員的重視。國際上領(lǐng)先的文件生命周期管理企業(yè)的發(fā)展歷程就是一部自我發(fā)展和對外并購相結(jié)合的歷史。 近年來,中國政府出臺了一系列支持辦公信息系統(tǒng)服務(wù)行業(yè)發(fā)展的產(chǎn)業(yè)政策,我國辦公信息系統(tǒng)服務(wù)市場發(fā)展迅猛,發(fā)展前景十分廣闊。立思辰作為辦公信息系統(tǒng)服務(wù)領(lǐng)域?qū)嵙π酆竦谋就练⻊?wù)商,在文件輸出環(huán)節(jié)處于本土領(lǐng)先地位。但公司與處于行業(yè)領(lǐng)先地位的富士施樂公司還有較大的差距,另外還面臨本土企業(yè)越來越大的競爭壓力。為了實(shí)現(xiàn)文件生命周期的全過程服務(wù),增強(qiáng)公司的核心競爭力,立思辰并購了在文件生命周期的輸入環(huán)節(jié)處于本土領(lǐng)先地位的友網(wǎng)科技公司。 本文以立思辰并購友網(wǎng)科技這一并購案例作為研究對象,系統(tǒng)分析了立思辰的并購行為,對并購的背景、并購動因、目標(biāo)企業(yè)價(jià)值評價(jià)和并購整合作了系統(tǒng)的論述。 本文共分為四章,各章主要內(nèi)容如下： 第一章是緒論。主要闡述論文的研究背景和意義、研究的內(nèi)容和方法,并指出了論文的創(chuàng)新和不足之處。 第二章是公司并購的評估分析。這部分介紹了并購雙方的基本情況和公司并購的背景,從外部動因和內(nèi)部動因兩個(gè)方面討論了并購的起因,還用資產(chǎn)基礎(chǔ)法和收益法對目標(biāo)企業(yè)的價(jià)值進(jìn)行評價(jià),最后選取了收益法的評估結(jié)果作為交易標(biāo)的的價(jià)值,并對定價(jià)的合理性進(jìn)行了分析。 第三章是公司并購的整合研究。這部分從定量分析和定性分析兩方面對并購后的整合效果進(jìn)行研究,定量分析部分包括銷售能力分析、盈利能力分析、償債能力分析和資產(chǎn)營運(yùn)能力分析；定性分析部分包括文化體系、人力資源和研發(fā)體系的整合分析。 第四章是結(jié)論。包括研究總結(jié)以及本文的不足和努力方向。 總體來看,本文的創(chuàng)新之處主要在于以下兩個(gè)方面： 首先,在目標(biāo)企業(yè)的價(jià)值評價(jià)上,論文詳細(xì)論述了資產(chǎn)基礎(chǔ)法和收益法的評估過程,并解釋了選取收益法所得結(jié)果作為交易標(biāo)的價(jià)值的原因：資產(chǎn)基礎(chǔ)法是從歷史成本投入角度反映企業(yè)價(jià)值,無法反映賬面未記錄的無形資產(chǎn)的價(jià)值；而收益法是從盈利能力和成長性角度來評價(jià)企業(yè)價(jià)值,將這些因素都考慮在內(nèi)。因此,收益法相對于資產(chǎn)基礎(chǔ)法而言,更能全面反映擬注入資產(chǎn)的整體價(jià)值。另外,筆者認(rèn)為此價(jià)格只是友網(wǎng)科技單獨(dú)經(jīng)營時(shí)的企業(yè)價(jià)值,并沒有包括立思辰收購友網(wǎng)科技后產(chǎn)生的協(xié)同價(jià)值,而并購后的友網(wǎng)科技的價(jià)值取決于兩家公司的整合情況。 其次,本文從定量分析和定性分析兩個(gè)角度全面地對并購的整合效果進(jìn)行研究。定量分析部分整理了公司近年來的財(cái)務(wù)數(shù)據(jù),通過比率分析法、趨勢分析法系統(tǒng)分析了公司并購前后在銷售能力、盈利能力、償債能力以及資產(chǎn)營運(yùn)能力方面的變化。定性分析部分論述了公司在人力資源、文化體系以及研發(fā)體系上所采取的整合措施。 雖然論文經(jīng)過多次修改,但本文仍然存在一些不足之處有待改進(jìn)。 首先,由于2012年6月份,立思辰才完成對友網(wǎng)科技的并購,另外公司2012年年報(bào)還沒有公布。所以在整合效果的定量分析部分,筆者只能主要用2012年第三季度的數(shù)據(jù)來對并購后的整合效果進(jìn)行評價(jià),由于并購剛剛完成,且只有一個(gè)季度的數(shù)據(jù),所以得出的結(jié)論有可能有失偏頗。 其次,在中國辦公信息系統(tǒng)服務(wù)市場中,立思辰和富士施樂的市場占有率較高。而富士施樂是跨國公司,業(yè)務(wù)遍及許多國家和地區(qū),其業(yè)績與所有業(yè)務(wù)都在中國的立思辰?jīng)]有可比性。而該領(lǐng)域內(nèi)的其他國內(nèi)企業(yè)都沒有上市,其財(cái)務(wù)數(shù)據(jù)較難得到。所以本文整合效果的定量分析部分沒有進(jìn)行同業(yè)對比分析,所得結(jié)論只是基于立思辰公司的歷年財(cái)務(wù)數(shù)據(jù),沒有與同行業(yè)其他公司進(jìn)行比較,因此對整合效果的評價(jià)較難排除行業(yè)發(fā)展情況的影響。
[Abstract]:In the context of economic globalization, enterprises are facing more and more fierce market competition, and merger and acquisition, as one of the ways of rapid growth of enterprises, should be paid attention to by the managers of the company. The history of the development of the leading international document life cycle management enterprise is a history of combining self development with foreign mergers and acquisitions.
In recent years, the Chinese government has issued a series of industrial policies to support the development of the office information system service industry. The office information system service market of our country has developed rapidly and has a very broad prospect. As a strong local service provider in the field of office information system, it is in the local leading position in the document output link. There is a big gap between the company and the Fuji Xerox Co, which is in the leading position in the industry. In addition, it faces more and more competitive pressure from local enterprises. In order to realize the whole process of the life cycle of the document, enhance the core competitiveness of the company, the company has acquired a network of local leaders who are in the leading position in the input link of the life cycle of the document. Science and technology company.
In this paper, taking the merger and acquisition of friend network technology as the research object, this paper systematically analyzes the merger and acquisition behavior of Li thought, and systematically discusses the background of the merger, the motivation of the merger and acquisition, the value evaluation of the target enterprise and the integration of merger and acquisition.
This article is divided into four chapters, and the main contents of each chapter are as follows:
The first chapter is the introduction. It mainly describes the research background and significance, the contents and methods of the research, and points out the innovation and shortcomings of the paper.
The second chapter is the evaluation and analysis of the merger and acquisition. This part introduces the basic situation of the merger and acquisition and the background of the merger and acquisition, discusses the causes of the merger from two aspects of external and internal motivation, and evaluates the value of the target enterprise by asset base and income method, and finally selects the evaluation result of the income method as the transaction. The value of the target is analyzed and the rationality of pricing is analyzed.
The third chapter is the integration of merger and acquisition. This part studies the integration effect of the two parties from the quantitative analysis and qualitative analysis. The quantitative analysis includes the sales ability analysis, the profitability analysis, the solvency analysis and the asset operation ability analysis, and the qualitative analysis part includes cultural system, human resources and R & D body. The integration analysis of the Department.
The fourth chapter is the conclusion, including the research summary and the shortcomings and efforts of this article.
Generally speaking, the innovations of this paper lie mainly in the following two aspects:
First, on the value evaluation of the target enterprise, the paper expounds the evaluation process of the asset basic law and the income method in detail, and explains the reason why the results of the income method are selected as the value of the transaction mark: the asset basic law reflects the value of the enterprise from the angle of the historical cost input, and the value of the intangible assets unrecorded is not reflected. The income method is to evaluate the value of the enterprise from the perspective of profitability and growth. Therefore, the income method can reflect the overall value of the assets to be injected in a more comprehensive way relative to the asset base law. The synergetic value generated after the acquisition of Internet technology, and the value of the Internet technology after the merger depends on the integration of the two companies.
Secondly, this paper comprehensively studies the integration effect of M & A from two angles of quantitative analysis and qualitative analysis. The quantitative analysis partly collates the financial data of the company in recent years. Through the ratio analysis, the trend analysis method systematically analyzes the sales ability, profitability, debt paying ability and asset operating capacity of the company before and after the merger and acquisition. Qualitative analysis part discusses the company's integration measures in human resources, cultural system and R & D system.
Although the thesis has been modified many times, there are still some shortcomings to be improved.
First of all, because of June 2012, the merger of friends network technology was completed, and the annual report of the company was not published in 2012. So in the quantitative analysis part of the integration effect, the author can only use the data of the third quarter of 2012 to evaluate the integration effect after the merger and acquisition, because the merger has just been completed, and only a quarterly number is completed. According to this, the conclusion may be biased.
Second, in the Chinese office information system service market, the market share of Li and Fuji Xerox is high. While Fuji Xerox is a multinational company, the business is all over many countries and regions, its performance is not comparable to all business in China, and other domestic enterprises in this field are not listed, and their financial data are more than the same. It is rare. So the quantitative analysis part of the integration effect has not been compared and analyzed. The conclusion is only based on the calendar year's financial data of the company, and it has not been compared with other companies in the same industry. Therefore, the evaluation of the integration effect is difficult to exclude the impact of the industry development situation.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F271;F832.51

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本文編號：1777255