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论文编号：	9829
作者编号：	2120152547
上传时间：	2017/12/13 15:17:55
中文题目：	华电福新公司并购K新能源公司方案研究
英文题目：	Case study on Huadian Fuxin Energy Limited Company’s Merge&Acquisition Plan of K New Energy Company
指导老师：	王全喜
中文关键字：	中央企业，民营企业，资本运营，并购，风险防范
英文关键字：	Central enterprises, private enterprises, capital operations, mergers and acquisitions, risk prevention
中文摘要：	随着我国能源结构改革，中央强调大力推进煤炭清洁高效利用，着力发展非煤能源，形成煤、油、气、核、新能源、可再生能源多轮驱动的能源供应体系；强调尽可能利用清洁能源，加快提高清洁供暖比重。华电集团属于国务院国资委监管的特大型电力中央企业，总装机容量约占全国总装机容量的8.62%，发电量约占全国总发电量的7.84%，资金雄厚。华电福新能源股份有限公司是中国华电集团公司旗下唯一一家多元化清洁能源上市公司，是新能源发展的主力军和海外发展的生力军以经营与发展多元化、清洁型、高效型能源为战略目标，为了增大风电装机容量总量并抢占天津市场,采取并购K新能源公司的方案。 K新能源公司是一家民营风力发电公司，目前处于基建期，所处地域风资源良好，未来收益来源稳定可靠。此次并购的积极意义在于，有利于华电福新公司迅速发展，缩短建设周期，迅速扩大企业规模，迅速调整产品结构并扩大市场占有率；有利于调整企业结构，华电福新公司作为优势企业并购K新能源公司可以使市场前景很好的但管理落后的K新能源公司获得新生；有利于调整产业结构，资源整合、推进我国风力发电发展，实现效益最大化，功能最优化。企业并购的决策过程艰难而复杂，制定一套行之有效的并购方案是决定并购能否成功的关键因素。本文主要研究资本运营和并购理论，为华电福新能源股份有限公司突破发展瓶颈，进行资本运营，实施并购，实现外部增长提供理论指导，就并购的动因、意义、风险进行探讨，为福新公司实施并购提供参考，设计并购方案。本文从理论和实践两方面对华电福新公司并购K新能源公司进行阐述，为此次并购设计了一套并购方案。为确保并购成功，着力加强对风险的防范。为发电企业转型、国企混改提供一个借鉴意义的案例。
英文摘要：	With the reform of China's energy structure, the Central Government emphasizes on the vigorous promotion of clean and efficient use of coal, and focuses on the development of non coal energy so as to form the energy supply system driven by coal, oil, gas, nuclear, new energy and renewable energy; and emphasizes on the maximum use of clean energy and the acceleration of the proportion of clean heating. China Huadian Corporation，which is called CHD for short, is an extra large central enterprise supervised by SASAC. The total installed capacity of CHD is accounts for about 8.62% of the total installed capacity in China. CHD plants produced 7.84% of the national total, and has abundant funds. Huadian Fuxin energy Limited Company，which is called HDFX for short， is the only diversified clean energy company of CHD, the main force of HDFX is the development of the new energy and overseas. In order to achieve the strategic goal of building a diversified, clean and efficient energy company, add the capacity of wind turbine and break into the market of Tianjin, HDFX take the acquisition of K New Energy Company plan. K New Energy Company is a privately owned company, currently in the capital construction period, where the wind resources are good, the future source of income is stable and reliable. The positive significance of this merger is that HDFX cloud get quickly developed, shorten the construction period, enlarge the enterprise scale, adjust the product structure and expand market share; conducive to the adjustment of enterprise structure,the acquisition of K New Energy Company by HDFX, dominated in the market, has made the situation of K New Energy Company, emerging but out dated management, improved; it helps to adjust the industrial structure, the integration of resources, promote the development of wind power generation in China, to achieve maximum benefit, function optimization. The decision making process of mergers and acquisitions is difficult and complex, and the establishment of an effective M & A program is the key factor to determine the success of mergers and acquisitions. This paper mainly studies the capital operation and the theory of M & A for HDFX to break the bottleneck of development, complete the mergers and acquisitions and operate capital , external to provide theoretical guidance on mergers and acquisitions growth, motivation, significance, risk are discussed, to provide reference for the implementation of the M & A, design the acquisition plan. This article states HDFX's merger of K New Energy Company theoretically and practically, and designs a set of merger plan for it. In order to ensure the success of mergers and acquisitions, efforts to strengthen the risk prevention. It provides a reference case for the transformation of power generation enterprises and the mixed reform of state-owned enterprises.
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