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论文编号：	9941
作者编号：	2220160653
上传时间：	2018/6/1 0:08:43
中文题目：	智慧松德公司的并购脱困与战略转型研究
英文题目：	Research on Mergers and Acquisitions and Strategic Transformation of Sotech Smarter Equipment Company
指导老师：	覃家琦
中文关键字：	上市公司；并购与战略转型；商业模式创新
英文关键字：	GEM Listed Companies；Mergers and Acquisitions；Strategic transformation；Business Mode Innovation.
中文摘要：	本论文采用案例研究的方法，以创业板上市公司智慧松德，由印刷包装机产销为主营的传统设备生产商，在主业衰退陷入困境之际，在经过多重分析后，选择了外延式并购的战略，规划及实施了一系列的脱困措施，而后成为含机器人概念的高端制造行业标杆企业的案例为研究对象。本文分析了智慧松德的并购前的战略选择及动因、分析了其在并购后，联合子公司大宇精雕规划的系列脱困转型及整合的创新举措，对比了并购前后的上市公司的多维度转变。目的是探讨企业，尤其是上市企业，如何选择并购战略、并购后如何通过战略管理与商业模式创新方面的理论指导路径规划及操作，以获得优良的并购效用和成果。本文主要的研究依据来自于并购战略管理的整合理论、战略管理与商业模式创新理论。通过案例研究发现，智慧松德之所以能在原有主业持续低迷的状态下做出了用好资本平台，推进外延式拓展战略的选择，顺利规划并过渡对大宇精雕的并购及合并后整合，摆脱了企业经营困局，而且快速形成围绕机器人题材、工业4.0和智慧工厂的创新式模式布局，快速提升公司经营业绩及研发核心竞争力，快速产生上市公司商誉及市值的推高，其原因主要有四方面：一是并购前后持续重视战略的选择取舍与适当组合、二是商业模式创新从企业内部外部同时入手、三是商业模式的调整创新对企业转型有促进作用、四是适时剥离包袱和复制成功模式以保持动力。
英文摘要：	This paper uses the method of case study, the traditional equipment manufacturer, which is the GEM listed company focus on the printing and packer equipment production and marketing. In the difficult situation of the main industry recession, after the multiple analyses, it choose the strategy of the extension merger and acquisition, and put the plan into practice，carry out a series of measures to remove difficulties, and then out of their dilemma. The case of benchmarking enterprises in high-end manufacturing industry is the object of research. This paper analyzes the strategic choice and motivation before merger and acquisition, analyzes the series of innovation measures related to the series transformations for the subsidiary company Dayu CNC Technology, and compares the multi-dimensional transformation of listed companies before and after mergers and acquisitions. The purpose is to explore how enterprises, especially the GEM listed companies, choose the strategy of mergers and acquisitions, how to guide the path planning and operation through the theoretical guidance of strategic management and business model innovation after the mergers and acquisitions, so as to obtain excellent effectiveness and results of mergers and acquisitions. The main research in this paper is based on the integration theory of mergers and acquisitions strategy management, the theory of strategic management and the business mode innovation. Through this case study, it is found that Sotech Smarter Equipment can make good use of capital platform, promote the choice of extension strategy, smoothly plan and carry out the integration of Dayu CNC Technology, get rid of the difficulties of enterprise management, and quickly upgrade the theme to Intelligent Industrial Robot. The innovative pattern layout of Industrial 4.0 and intelligent factory has rapidly promoted the company's operating performance and the core competitiveness of research and development, and quickly produced the high reputation and market value of the listed companies. The main reasons are four aspects: firstly, must pay attention to the choice and the appropriate combination of the strategy before and after the merger and acquisition. Secondly, the business model innovation should be proceeding from the inside and outside of the company. Thirdly, the adjustment and innovation of business mode can promote the transformation of enterprises. Fourthly, the stripping of burden and replicating the success mode can be useful for maintain the motivation of company.
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