企业并购所能实现的目标不止是在形式上将企业进一步扩大，还有在并购完 成后为企业带来更多的竞争优势以及实际效益，通过资源互补的形式塑造并购企 业内部的一体化，从而达到 1+1 大于 2 的实际效果。一般来说，企业进行并购活 动就是为了提升企业价值，并耗费尽量少的时间将企业的整合以及改造等工作高 效完成。企业并购作为资本自由流动、产权自由交易的主要表现形式，是市场经 济长期发展下诞生的必然产物。 按照权威部门发布的数据表明，我国企业开展的并购活动近年来，以逐年超 过 70%的增速不断增加，同时由于股权分置改革工作的推进，市场经济的未来走 向也日益清晰，开始走向以上市企业并购为主导的经济形势。企业兼并收购是未 来企业转型发展的最佳途径之一，但是关于企业并购的研究在我国却少之又少， 包括企业并购当中存在的风险以及具体应对措施的相关研究，都停留在较为初级 的阶段，想要清晰地认识并购的优势，以及并购双方企业在并购中所尽到的责任 和义务，需要进一步对企业并购展开深入的研究与分析。 本文以企业并购作为研究核心，通过综合运用定性分析、比较分析、总结归 纳以及实践结合理论等研究手段，深入地分析和研究企业并购的实际意义以及发 展方向，并通过内生发展和外延并购的成长模式，研究其在市场竞争中，对于生 产力水平的助力作用，由小到大、由弱到强长期持续存活与发展，并提出相关的 应对策略以期促进企业并购理论研究以及实践方法的成长发展。 关 键 词，企业并购，第二主业，持续发展，市场竞争 论文类型，应用/专题研究浙江工业大学硕士学位论文 企业的并购研究，F 企业案例 II ENTERPRISE RESEARCH ENTERPARISES: CASE STUDY OF F ENTERPRISES ABSTRACT The goal of merger and acquisition is not only to further expand the enterprise in form, but also to bring more competitive advantages and practical benefits to the enterprise after the merger and acquisition is completed. The integration within the merger and acquisition enterprise can be shaped by complementary resources, so as to achieve the actual effect of 1 + 1 > 2. Generally speaking, mergers and acquisitions for enterprises is to enhance the value of the enterprise, spend as little time as possible to integrate the enterprise and transform the work of efficient completion. Mergers and acquisitions, as the main manifestation of free flow of capital and free transaction of property rights, are the inevitable result of the development of market economy. According to the relevant statistical data, the amount of M&A of Chinese enterprises has increased by 70% annually in the past five years, and with the reform of non-tradable shares, the future development direction of the capital market also draws a blueprint for the acquisition and merger of listed companies. Merger and acquisition is one of the best ways for the transformation and development of enterprises in the future, but there is little research on merger and acquisition in China, including the risks of mergers and acquisitions and specific measures to deal with the relevant research are still in a relatively primary stage, want to clearly understand the advantages of mergers and acquisitions, as well as mergers and acquisitions of both enterprises. The responsibilities and obligations of M&A industry need to be further studied and analyzed. This paper takes enterprise merger and acquisition as the research core, through the comprehensive use of theory and practice, induction and summary, comparative analysis and qualitative analysis, in-depth analysis and study of the practical significance and development direction of enterprise merger and acquisition, and through endogenous development and extension of the growth model of merger and acquisition. In order to promote the growth and development of M&A theory and practice methods, this paper studies the long-term survival and development of M&A from small to large, from weak to strong in market competition.浙江工业大学硕士学位论文 企业的并购研究，F 企业案例 III KEY WORDS: Enterprise Merger; Second Main Business; Sustained Development; Market Competition TYPE OF DISSERTATION / THESIS: Applied / Thematic Research浙江工业大学硕士学位论文 企业的并购研究，F 企业案例 IV 目 录 1 绪论 ................................................... 1 1.1 选题背景及意义.............................................1 1.1.1 选题背景..................................................1 1.1.2 研究的意义................................................2 1.2 国内外研究的现状...........................................5 1.3 研究的目标及方法...........................................7 1.3.1 研究的目标................................................7 1.3.2 研究的方法................................................8 1.4 研究的框架...................................................9 2 并购理论概述 .......................................... 11 2.1 企业并购的基本理论........................................11 2.2 企业并购的形式............................................12 2.2.1 按并购企业与其生产经营和市场的关系划分...................12 2.2.2 按并购企业的隶属关系划分.................................13 2.2.3 按所有制形式划分.........................................13 2.2.4 按资产转移方式划分.......................................13 2.3 我国企业转型概念............................................14 3 并购主体、并购客体介绍与相关行业分析 .................. 16 3.1 并购主体介绍..............................................16 3.1.1 并购主体，F 集团的发展概况 ...............................16 3.1.2 F 集团光缆行业的发展历程 .................................17 3.2 并购客体介绍..............................................19 3.2.1 并购客体，N 企业基本概况 .................................19 3.2.2 并购客体的行业发展分析...................................21 3.3 我国光纤产业的发展现状....................................23 3.4 我国光纤产业的竞争分析....................................27 4 F 企业并购案例分析..................................... 29 4.1 行业并购的风潮及动因分析..................................29 4.2 F 集团实施并购的战略动因 ..................................30 4.2.1 增强集团技术水平及人才储备...............................30 4.2.2 拓展经营渠道.............................................30浙江工业大学硕士学位论文 企业的并购研究，F 企业案例 V 4.2.3 优化经营模式.............................................30 4.2.4 获取并购优势.............................................31 4.3 并购客体的财务状况分析....................................33 4.4 并购的绩效分析............................................34 4.4.1 财务绩效分析 .............................................34 4.4.2 F 集团并购 N 企业后营运能力分析 ...........................36 4.4.3 并购前后企业成长能力对比 .................................37 4.5 并购成果分析..............................................37 4.6 并购所面临的突出问题......................................40 4.6.1 企业文化易产生冲突.......................................40 4.6.2 经营管理的模式存在差异问题...............................40 4.6.3 企业容易出现财务风险.....................................40 5 F 集团并购总结与启示................................... 42 5.1 F 集团的并购总结 ..........................................42 5.2 F 集团并购的风险和启示 ....................................43 5.2.1 并购方存在的系列风险.....................................43 5.2.2 F 集团并购的启示 .........................................44 6 回顾与展望 ............................................ 47 6.1 研究回顾与总结............................................47 6.2 研究展望..................................................47