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论文编号：	3746
作者编号：	2120092545
上传时间：	2011/11/24 21:06:14
中文题目：	中非泰达埃及照明业务并购战略研究
英文题目：	Research on Acquisition Strategy of CA-TEDA’s Lighting Business in Egypt
指导老师：	周建
中文关键字：	境外合作区，多元化，公司并购
英文关键字：	Oversea Cooperation Zone, Diversification, Corporation Acquisition
中文摘要：	中国埃及苏伊士经贸合作区是中埃两国政府级的经贸合作项目，肩负着中国“走出去”的国际化成长战略的重要使命。中非泰达投资股份有限公司是埃及苏伊士经贸合作区的开发经营企业，是以境外工业园区开发为主的投资主体，希望借助于天津经济技术开发区的成功经验，进行埃及的经贸合作区开发建设。但是，境外合作区的开发与经营面临着与国内截然不同的环境和政策。国内开发区普遍由各地方政府主导经营，并通过财政收入的再投入为开发区的发展提供资金支持，但是与国内经济开发区建设和经营模式不同的是，中非泰达是以独立企业的身份进行境外合作区的开发、建设与经营，面临工业地产项目周期长、资金投入大、利润率较低，以及缺少驻在国政府财政支持等问题。 如何在陌生的环境中单纯依靠市场实现生存与可持续的发展是境外合作区这一新的经济合作模式取得成功的关键因素，也影响着国家新时期国际化扩张战略的成功实施。文章在对中非泰达埃及业务的内外部环境和总体战略选择进行分析的基础上，制定了多元化的发展战略，公司将通过并购的途径进入其他产业，以获取较高的投资回报以及稳定现金流，为合作区的持续发展提供资金保障，并降低单一业务风险。 奇迹电子公司是在埃及注册成立的照明灯具生产企业，其在埃及有两处生产工厂，其一坐落于苏伊士经贸合作区，该公司未来会将所有工厂迁至合作区内经营，目前该公司主要市场为埃及国内，销售情况良好，但因规模有限面临发展壮大的制约，其有意接受其他投资方的并购投资实现进一步发展。作为实施公司多元化发展的战略性活动，中非泰达计划对奇迹电子公司进行并购投资，以进入埃及的照明行业，获得相对较高的投资回报以及稳定的净现金流入。此外，对进驻合作区的中小企业进行投资，也能对吸引其他企业赴埃及投资起到促进作用，有利于招商引资的开展以及协同效应的产生。 本文针对奇迹电子的并购项目对中非泰达在埃及的多元化并购进行分析研究，提出了公司并购活动的方法与原则，并制定出具有针对性的并购实施方案。为我国境外合作区这一经合模式的成功推广提供一些可行的方法与经验。
英文摘要：	China-Egypt Suez Economic and Trade Cooperation Zone is the economic cooperation project established by China and Egypt governments, which aims on performing China’s international development strategy. With the experience on developing Tianjin Economic-Technological Development Area successfully, CA-TEDA Investment Co. Ltd., which focuses on oversea industrial estate development, is responsible for the development and operation for Suez Economic and Trade Cooperation Zone. In domestic practice, this kind of area is usually developed by local government and can get financial support from fiscal revenue. But SETZ is faced with the rather different condition and policy. CA-TEDA plays a role of independent enterprise as developing and operating SETZ and is troubled with many problems on industrial estate development, such as long development cycle, huge capital demand, low profit and lack of financial support from the host country’s government. A key element for oversea cooperation zone’s success is how to survive and achieve sustainable development through competition in a strange market. As well it impacts the oversea expansion strategy of China. This paper designs a diversification strategy for CA-TEDA on the basis of internal and external condition analysis. Through M&A, CA-TEDA will invest other fields to get higher ROI and stable cash flow for the sustainable development of SETZ. Besides, the company can balance the risk from pure play. Wonder Electronics Company, with two factories in Egypt, is an enterprise for lighting and lamp manufacturing. One of the factories locates in SETZ, and WEC is planning to transfer another one to SETZ. WEC is focusing on Egypt market now and showing a good performance. On the other hand, the limited business scale is a bottleneck for further growth, so WEC is willing to accept new capital from other investors for further development. As a part of diversification strategy, CA-TEDA is going to invest WEC through share acquisition to enter the lighting field for higher ROI and stable free cash flow. In addition, the investment to SMEs locates in SETZ can promote the investment of other enterprises and make for investment attraction and synergistic effect. The article conducts a study on CA-TEDA diversifying acquisitions, defines the method and principle and designs a blue print for acquisitions. In the meantime, this study provides some feasible methods and valuable experiences to contribute to the growth of China’s oversea cooperation zone.
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