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论文编号：	6923
作者编号：	2120125019
上传时间：	2014/12/8 14:37:59
中文题目：	私企并购中外合资企业案例分析
英文题目：	Private enterprise M&A Joint venture case analysis
指导老师：	李亚 副教授
中文关键字：	企业并购;纵向并购一体化; 企业价值评估
英文关键字：	Mergers and Acquisitions; Vertical integration;Enterprise value
中文摘要：	全球经济一体化,中国经济逐渐追上发达国家，各行各业的市场竞争十分激烈。同时更呈现出明显的全球化、信息化、网络化、国际化趋势，各行各业的企业都纷纷面临着一个更恶劣的竞争环境。 私有企业要在这么恶劣的竞争环境下壮大自身的实力，吞并其它企业是一个不错的选择。在2008 年金融危机发生后,欧债危机的持续蔓延，在中国建厂投资的欧洲企业纷纷出现资金周转的问题，其中制造业的情况更加严重。在华的欧洲投资者纷纷渐渐退出市场，裁员，变卖资产,甚至破产重组。冰箱压缩机行业也不例外,天津扎努西是一家中意合资企业，自1993 年成立到2008年金融危机以前，其业务一直呈现了快速增长的趋势，所在的行业市场占有率一直保持在前三甲之内。但随着金融危机的到来以及中国国内企业的快速发展，公司逐渐暴露出了较早进入行业且长期技术领先而导致开发能力低下、技术革新无力的弊端，同时公司管理各方面也存在相应的问题，使公司自2008 年后出现持续亏损。并且，母公司意大利ACC 集团受到2008 年金融危机影响也走上破产重组的道路。最终天津扎努西由中国本土的企业航天振邦对其进行了并购。航天振邦是天津扎努西的上游企业, 由上游企业来并购下游企业，这可以说是一件纵向并购一体化的案例。此项并购意味着航天振邦通过并购得到了下游企业扎努西的市场、资产、生产技术,以及国际性的销售管道。所以,本文以航天振邦并购天津扎努西公司案例作为研究对象。首先对其所在的冰箱压缩机行业背景及当前企业现状进行了分析。然后对这次收购的目的,被收购企业的价值评估以及收购过程进行了一步一步的阐述。如果，欧债危机持续进行,大量这类型的并购案将会持续进行。另一方面,国内企业必需朝着国际市场发展,进一步的扩大。航天振邦并购案更是一个纵向并购一体化的过程。本文对于如何吞并经营不善的企业的阐述，如何分析和战略部署具有一定的参考价值，希望本文的研究对于近几年计划进行收购的企业作指导作用。
英文摘要：	With the high development of China's economies, and the global economic integration, market competition is increasingly fierce. At the same time the economic environment turns out the obvious trend of globalization, information, networking,and internationalization, therefore enterprises of all areas now are facing more severe competition environment. If private enterprises eager to grow in such a high competition environment, acquire other enterprise is a smart choice. After the financial crisis in 2008, the European debt crisis continues to spread, most of the European companies which established in China met problems of cash flow shortage. Especially manufacturing companies have more serious problems. European investors starts to exit the market gradually in China, also starts layoffs, sell assets, even bankrupt at the end. Refrigerator compressor industry has no exception. ZELT is a Chinese-Italian joint venture. Between it was founded in 1993 and was operated till 2008 before the financial crisis, its business had presented the trend of rapid growth, and industry market share had kept within the top three. But due to the financial crisis and the rapid development of China's domestic enterprises, there were a lot of problems starting to expose. For example, entering into the leading industry is too early , long-term R&D ability is backward, and the technical innovation ability is weak. Meanwhile there existed many problems already within every aspects of the company management level, which resulted the company a sustained losses since 2008. Italian ACC group which was the parent company also was affected by the financial crisis in 2008 ,then finally couldn't avoid the bankruptcy and reorganization. After that, Chinese local aerospace enterprises ZhenBang implemented merger and acquisition to ZELT. ZhenBang is upstream enterprise to ZELT, this M&A can be said as the case of vertical M&A and integration. ZhenBang acquired its downstream enterprises through M&A, so it could obtain ZELT's market, assets, production technology, and Abstract international sales channels. Therefore, the research object is based on the case analysis of ZELT was acquired. First of all, industry background and the current status is analyzed. And then states step by step the purpose of the acquisition, the value assessment of the acquired enterprise, as well as the acquired process. On one hand, European debt crisis continues, acquisitions will keep happening. On the other hand, domestic enterprises eager to enter the international market to further develop and further expand. So how to conquer the poor management enterprise, and how to analyze and set up strategy have a certain level of reference values. ZELT's M&A is not the first case, also won't be the last one. Hope this study can be the guidance for the enterprises who plan to make acquisitions in recent years.
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