本文以Stulz公司为谋求业务的扩张、市场的控制、避免彼此间无益
的竞争甚至为补救已发生的经营危机而作出的战略抉择,使Stulz公司在经济
上及法律上抛弃各自为营的经营模式而合并成一个更大的经济实体,使得企业
更具有竞争力。运用公司并购的国家政策、经济形势、市场需求,结合地理人
文环境、开放度、区域经济布局、当地政策,对并购双方各种资源的有效整合
以实现并购双方协同效应达到双赢。
本论文主体Stulz公司的空调一直以来都是MGE公司代理销售,这使得消
费者对Stulz的认知度比较低,出现了 Stulz空调市场份额少、行业战略地位
低、生产经营规模小、成本费用高等问题。为了实施品牌经营战略,提高企业
的知名度,以获取超额利润,Stulz公司通过与MGE公司的并购实现企业的规
模扩大,成为原料的主要客户,大大增强企业的谈判能力,从而为企业获得廉
价的生产资料提供可能。同时,高效的管理,人力资源的充分利用和企业的知
名度都有助于企业降低劳动力成本。从而提高企业的整体竞争力。
本文首先阐述了公司相关并购的理论,对并购效应可持续增长的理论内涵
进行了阐述、对国内外并购研究现状进行了概述。详细地介绍并购双方的企业
背景和并购前的经济环境、以杜邦财务分析方法对并购双方进行企业财务状况
及经营成果的分析,详细地描述并购过程,基于财务视角分析并购达到的财务
效果与管理效应。利用整合并购带来的低成本,采购、库存和分销等环节高效
率的协同效应可能带来股东隐性收入的增加,形成外资企业同行业合并的主要
原因。
通过本文的实证研究,深入探讨企业并购问题,总结企业并购可持续增长
的协同效应这一财务管理工具,帮助外资企业如何在企业并购中把控企业的增
长并能否达到并购的效应与效益,以避免企业并购的财务危机在增长中出现,
从而确保增长的可持续性。
关键词:公司合并,协同效应,合并结果评估,案例分析
MBA学位论文作者:吴海云
上海Stulz公司并购案例分析
ABSTRACT
With the development of global economic integration and the spread of the
financial crisis, enterprise merger has a growing trend in the whole world, and
showing a wide range, the amount is large, transnational mergers and acquisitions,
interdisciplinary characteristics. Renowned economist George Christie&39;s once said:
in the United States is not a large business is not in some way the merger. This
reflected from the side, the enterprise merger can optimize the industrial structure,
improve the utilization rate of productive elements, the enhancement enterprise&39;s
core competitiveness. At the same time, more and more Chinese enterprises go
abroad,towards the world, and the development of the enterprise merger has become
many enterprises core strategy,which makes the enterprise merger and become an
increasingly important research.
Based on Stulz for business expansion, market control, to avoid useless
competition between each other, and even to remedy has business crisis and make a
strategic choice, make the Stulz company economically and legally to abandon its
current business model and merged into a bigger economic entity, make enterprises
more competitive. Use of company mergers and acquisitions of national policy,
economic situation and market demand, combined with the geography humanities
environment, openness and regional economic layout, the local policy,on mergers
and acquisitions both sides effectively integrate various resources to achieve the
merger synergies to achieve a win-win situation both sides.
This thesis subject Stulz air conditioning have been MGE company agent sales,
which makes the consumer awareness of Stulz is lower, the Stulz air conditioning
less market share,industry strategic position is low, the production and business
operation scale is small,the cost is high. In order to implement brand management
strategy, improve business visibility, in order to get excess profits,Stulz companies
through mergers and acquisitions with MGE company achieve the scale of the
enterprise, become the main customers of raw materials, greatly enhance the
enterprise&39;s negotiation ability, thus for enterprise to obtain cheap production
possible. At the same time, efficient management, make full use of human resources
and enterprise visibility helps enterprise to reduce labor costs. So as to improve the
overall competitiveness of enterprises.
This article first expounds the related theory of m&a and m&a effects expounds
the theoretical connotation of sustainable growth, mergers and acquisitions at home
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