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论文编号：	1745
作者编号：	2120072010
上传时间：	2009/12/31 16:40:34
中文题目：	煤炭企业对下游化工企业纵向一体化
英文题目：	Conformtiy Research For Coal Enterprise After Longitudinal Integration Merger And Acquisition of Downstream Chemical Industry Enterprise
指导老师：	薛有志
中文关键字：	煤炭企业；化工企业；纵向一体化；并购后整合
英文关键字：	Coal industry, Chemical industry, Integration, enterprises after verticalized acquisition
中文摘要：	煤炭是我国的主要能源和重要工业原料，有工业粮食之称。目前以神华集团、晋煤集团和阳煤集团等煤炭企业积极响应国家政策号召，深化企业改革，推进煤炭企业的股份制改造、兼并和重组，提高企业市场竞争力，形成以煤炭产业为主体、多种经营协调发展的企业构架。“十一五”期间，各企业都将煤炭与下游化工企业整合、有序开发列为重点，大力实施煤炭主产业与化工等非煤产业并举的可持续发展战略，基本构建起了煤炭、铝电、煤化工、建筑地产等循环经济产业链，初步实现了资源和能源的梯级开发利用。打破各种界限，发展跨区域、跨行业企业集团。在企业并购整合迅猛发展的同时，一个不容忽视的严峻现实是企业并购整合的绩效并不乐观，地方利益保护严重，企业所有制形式，管理方式及各企业的文化差异等因素的影响，必然给并购重组的成功带来一定的影响，整合不力是企业并购重组失败最常见的原因之一。企业整合涉及的内容很多，煤炭企业对下游化工企业纵向一体化并购后，如何才能通过整合才能使并购行为成功，保证煤炭企业的投资成为每个企业的新课题。 本文作者主要以神华集团、晋煤集团和阳煤集团等为例，将并购与重组的理论引入煤炭企业对下游化工企业的整合之中，深入研究了煤炭企业纵向并购后的整合。首先对企业并购与整合的基本理论进行了全面阐述，然后分析煤炭企业并购的现状及存在的问题，借鉴企业并购与整合理论，结合煤炭企业的实际，构筑了我国煤炭企业纵向并购的总体思路，着重研究煤炭企业并购后的整合，重点在供应链整合、文化整合、人力资源整合、公司治理整合和财务整合，最后对煤炭企业并购后整合的风险与防范措施进行阐述。 本文的主要创新点在于以国有大型煤炭企业为代表，在国家产业结构调整并购与整合的过程中，在发展上下游产业的同时，加强管理，使并购后的企业集团整合成功，并在今后做强做大。也对煤炭企业的今后发展具有现实的指导意义。
英文摘要：	Coal is the essential energy and significant industrial raw material in our country, named as industrial food supplies. Nowadays, coal companies including Shenhua Group, Jin Coal Group and Yangquan Coal Group are responding the national policies by boosting acquisition and restructure of enterprises, aiming at improving market competitiveness and forming a diversification structure focusing on coal industry. During the period of “the 11th five-year strategy”, enterprises have been focusing on integrating coal industry with verticalized industries, implementing a continuable strategy of developing main coal industry and non coal industry simultanously. The enterprises establish a recycling economic industrial chain including coal, aluminium electricity, coal chemical industry, real estate, etc. At the same time, a serious fact which could not be neglected is that the acquisition and integration of enterprises is not showing an optimistic performance, which has a negtive impact on the success of restructure. A lot of contents are involved in enterprise integration. How coal enterprises make a successful acquisition by integration after merging their verticalized enterprises and ensure investment become a new research problem for enterprises. The author takes Shenhua Group, Jin Coal Group and Yangquan Coal Group as examples, introduing the theory of acquisition and restructure to the integration of coal enterprises with their verticalized companies, making a research on the integration of coal enterprises after verticalized acquisition. After reviewing some basic theories of acquisition and integration, this thesis makes an analysis on the existing problems that coal companies may have when merging a chemical company and strcturing the general idea of verticalized acquisition of coal companies in China. The thesis focuses on the research on supply chain integration, culture integration, human resources integration, corporate governance integration and finance integration. At last, the thesis explores the risks of integration after the verticalized acquisition of coal enterprises and the corresponding prevention countermeasures. The innovation point of this thesis lies in taking state owned large scale coal enterpries as examples and proving suggestions for corporation groups who make acquisitions, making them a successful integration when developing verticalized industries and enhencing themselves at the same time. The thesis is also valuable in guiding the further development of coal companies.
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