【摘要】： 本文通過對國內(nèi)外企業(yè)購并行為和國內(nèi)磷復(fù)肥行業(yè)發(fā)展進(jìn)行了簡要的回顧,對企業(yè)購并理論有選擇性的進(jìn)行描述,對宏福公司購并動機(jī)和目的從理論上給予一定的解釋和說明。并對宏福公司幾個典型案例:大信北斗山磷礦、雙山坪公司、甘肅甕福公司三個購并案例進(jìn)行了分析。對其購并背景、方向、決策、實施、整合等程序進(jìn)行總結(jié)分析的基礎(chǔ)上,設(shè)計出適合宏福公司自身特點的購并程序。 宏福公司購并行為首先要符合公司戰(zhàn)略發(fā)展方向,即以資源型企業(yè)、磷精細(xì)化工企業(yè)和高濃度磷復(fù)肥企業(yè)為主,其他領(lǐng)域企業(yè)相機(jī)而動。在符合公司戰(zhàn)略發(fā)展方向的大局前提下,相對縮小目標(biāo)公司范圍,然后設(shè)計出購并程序。具體為:一是尋找購并目標(biāo),對范圍內(nèi)的目標(biāo)企業(yè)信息的收集與處理,確定企業(yè)真實可靠的信息;二是確定購并目標(biāo),根據(jù)收集到的信息分析處理的結(jié)果確定目標(biāo)企業(yè);三是選擇購并時機(jī),購并時機(jī)把握十分重要,在某種意義上決定購并成敗與成本;四是分析購并風(fēng)險,購并行為是一系統(tǒng)工程,涉及面十分廣泛,購并之前要將風(fēng)險進(jìn)行充分分析,制定風(fēng)險處理預(yù)案;五是確定目標(biāo)公司價格,按照《資產(chǎn)評估管理辦法》等相關(guān)規(guī)定,對目標(biāo)公司價格進(jìn)行評估,再根據(jù)目標(biāo)企業(yè)的技術(shù)水平、人力資源、發(fā)展前景等因素綜合確定;六是制定融資方案,可以通過自有資金、銀行貸款、發(fā)行債券、借款等方式融資,但融資要考慮融資成本即其可操作性;七是選擇收購方式,是采用現(xiàn)金收購,還是資產(chǎn)置換或股權(quán)置換等方式,它與公司的財務(wù)及資本狀況密切相關(guān);八是談判簽約,談判葉是一個非常重要且技巧性高的環(huán)節(jié),包括談判人員的資歷、學(xué)識、威望都要考慮;九是報批,宏福公司是國有企業(yè),所有購并行為均要按《國有資產(chǎn)轉(zhuǎn)讓管理暫行辦法》進(jìn)行;十是登記過戶,購并合同生效后,雙方進(jìn)行交割,并在工商部門辦理股權(quán)變更手續(xù);十一是信息披露,當(dāng)購并工作完成后應(yīng)選擇適當(dāng)?shù)拿襟w進(jìn)行公布,這樣對公司在業(yè)內(nèi)有很好的廣告、宣傳作用;十二是購并后的整合管理,包括資產(chǎn)、管理、組織、人力資源、文化等方面的整合。 隨著經(jīng)濟(jì)全球一體化和國家市場經(jīng)濟(jì)不斷完善,企業(yè)要應(yīng)對來自國內(nèi)外的競爭,購并重組行為將越來越多,宏福公司也不例外。通過宏福公司的幾個購并案例分解,我們發(fā)現(xiàn)宏福公司在購并的程序、規(guī)范性等方面均存在一定的問題。本文根據(jù)理論和實際設(shè)計出一套符合宏福公司自身特點的購并運作程序,以期使宏福公司購并工作規(guī)范化、程序化,對企業(yè)今后的購并工作有一定的指導(dǎo)作用
[Abstract]:In this paper, the merger behavior of domestic and foreign enterprises and the development of domestic phosphate compound fertilizer industry are briefly reviewed, the theory of enterprise merger and acquisition is described selectively, and the merger motive and purpose of Hongfu Company are explained in theory. Three typical cases of Hongfu Company: Daxin Beidoushan Phosphate Mine, Shuangshanping Company and Gansu Wengfu Company are analyzed. On the basis of summing up and analyzing the acquisition background, direction, decision, implementation, integration and other procedures, a merger program suitable for Hongfu company's own characteristics is designed. The acquisition and merger behavior of Hongfu Company should first accord with the strategic development direction of the company, that is, resource-based enterprises, phosphorus fine chemical enterprises and high-concentration phosphate compound fertilizer enterprises, and other fields of enterprises camera and move. In line with the overall situation of the strategic development of the company, the scope of the target company is relatively reduced, and then the acquisition and merger process is designed. The main contents are as follows: first, to find out the acquisition target, to collect and deal with the information of the target enterprise within the scope, to determine the true and reliable information of the enterprise; second, to determine the target enterprise according to the result of the analysis and processing of the collected information. The third is to choose the timing of merger and acquisition, the timing of acquisition is very important, in a sense determine the success or failure of mergers and acquisitions and costs; The fourth is to analyze the risks of mergers and acquisitions, which is a systematic project, involving a wide range of areas, before the acquisition of the risk to be fully analyzed, to formulate a risk handling plan; The fifth is to determine the price of the target company, and evaluate the price of the target company in accordance with the relevant provisions such as the measures for Asset Evaluation and Management, and then determine comprehensively the factors such as the technical level, human resources and development prospects of the target company. The sixth is to formulate financing scheme, which can be financed by its own funds, bank loans, bond issuance, borrowing, etc., but financing should consider financing cost that is, its maneuverability; Seven is to choose the acquisition mode, whether to adopt the cash purchase, or the asset replacement or the equity exchange, which is closely related to the financial and capital status of the company; The negotiation is a very important and skillful link, including the qualifications, knowledge and prestige of the negotiators; Nine is to submit for approval, Hongfu Company is a state-owned enterprise, all mergers and acquisitions should be in accordance with the "interim measures on the Administration of the transfer of State-owned assets"; X. Register the transfer of ownership, after the merger contract becomes effective, the two sides shall deliver and complete the formalities of stock rights change in the industrial and commercial department; Information disclosure, when the merger and acquisition work should be completed should choose the appropriate media to publish, so that the company in the industry has a very good advertising, publicity role; Twelve is the integration management after acquisition, including assets, management, organization, human resources, culture and other aspects of integration. With the globalization of economy and the continuous improvement of the national market economy, enterprises will deal with the competition from home and abroad, more and more mergers and acquisitions will be carried out, and Hongfu Corporation is no exception. Through the decomposition of several merger cases of Hongfu Company, we find that there are some problems in the process and standardization of the merger of Hongfu Company. According to the theory and practice, this paper designs a set of merger and acquisition operation procedure which accords with Hongfu company's own characteristics, in order to make Hongfu company's merger and acquisition work standardized and programmed, and has certain guiding function to the enterprise's future merger and acquisition work.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2008
【分類號】：F426.72

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