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论文编号：	11001
作者编号：	2120162895
上传时间：	2019/6/17 11:04:11
中文题目：	Z公司对L公司并购重组的管理研究
英文题目：	Study on Management Based on M&A of Company Z to Company L
指导老师：	张金成
中文关键字：	环保行业；战略并购；协同效应；资产评估；风险控制
英文关键字：	Environmental protection industry;Mergers and Acquisitions;Synergistic effect;Assets appraisal;Risk control
中文摘要：	改革开放40年来，中国迎来了经济的持续高速发展，与此同时，作为发展中国家，我国的城镇化进程和工业化进程也大步推进，相应也带来了愈发严重的环境污染问题，近些年来国家层面对环保治理的重视程度越来越高，环保行业发展态势良好，正处于行业红利期。对于自身具有环保需求的大型企业，成立环保公司主要有三大优势：降低环境违规风险，满足自身治理需求以及成为新的利润增长点。在此宏观背景下，Z公司成立的初衷即是通过整合中铝集团内部环保节能资源，将分散在集团各单位的碎片化环保节能资源（机构、人员、技术、专利等）与社会优质资源加以集中，发展成为专业起点高、产业链健全、资源配置高效的产业集团，广泛承接工业领域的环保节能业务，从而满足其母公司中铝集团进行战略转型，开辟新兴领域，完善资本布局的需要。本文分为六个章节，第一章描述研究背景、意义、方法和框架；第二章概述了并购重组的相关理论；第三章从当前我国环保行业现状和发展趋势出发，介绍了Z公司的背景目的和发展战略，分析得出Z公司发起收购的动因；第四章分析此次并购的协同效应，对本次股权合作双方的出发点、互补性和可行性这三个关键问题进行分析，展望L公司的发展前景；第五章对L公司的核心资产的进行评估研究；第六章对贯穿存在整个并购重组前中后期的风险控制和规避问题进行了深入研究，分不同阶段对风险的重要性、特殊性做出了归纳总结，并提出防控措施。本文由理论出发，运用宏观分析、战略管理、协同管理、资产评估、风险管理等理论工具阐述了两家公司的背景诉求，引出了Z公司并购L公司的商业逻辑，充分利用资产评估工具，设计出各方股东认可的并购重组方案，强化实施全过程中的风险管理，以谋求双方长远的协同效应。本文的结尾处还对下一步混合所有制改革的提出设想。本文理论联系实践，体现了双方互为基础，互相促进的作用。
英文摘要：	Since reform and opening-up over the past 40 years, China has ushered in a sustained and rapid economic development. At the same time, as a developing country, China has also made great strides in the process of urbanization and industrialization, which has brought increasingly serious environmental pollution. In recent years, China has paid more and more attention to environmental governance. Environmental protection industry is in good shape and bonus period. For those companies who have the need of environmental protection, establishing environmental protection company has three advantages, reducing the risk of environmental violations, meeting the need of governance and creating new profit growth point. Under the macro background, Company Z aims to integrate Chinalco's internal environmental protection and energy saving resources to achieve combination of the fragmentation of environmental protection, energy saving resources and social resources (including organization, personnel, technology, patent, etc.). Through these initiatives, Company Z struggles to create a industrial group with high starting point, sound industrial chain and efficient allocation to undertake a wide range of industrial environmental protection and energy saving business to meet the needs of Chinalco’s strategic transformation in opening new fields and improving the capital layout. This paper is divided into six Chapters. The first chapter describes the research background, significance, method and framework. The second chapter is about the related theories of M&A . Beginning from the current situation and trend of environmental protection industry, the third chapter describes the background and the development strategy, and analyzes the motivation of mergers and acquisitions initiated by Company Z. By analyzing the goal, feasibility and complementarity of both cooperation parties, the fourth chapter concludes the synergy effect of this M&A and looks into the future of Company L. The fifth chapter evaluates core assets of Company L. The sixth chapter conducts a deep study of risk control and summarizes the importance and specialty of risks in different periods then puts forward prevention and control measures. On the basis of theory, this paper expounds the background of the two companies with the theoretical tool of macro analysis, strategic management, collaborative management, assets evaluation and risk management. This paper puts forward the business logic of Company Z M&A of Company L and designs schemes for M&A approved by all stakeholders by making full use of the assets assessment tools to strengthen the risk management and seek long-term synergies between the parties. At the end of this paper, the author also puts forward ideas about the further mixed-ownership reform. This paper combines theory with practice and analyzes the mutual impetus between both sides .
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