对任何企业而言，进入以前从未涉足的领域都是一项战略性的投资。在投 资之前进行充分的论证，明确企业的投资前景，是有效地规避投资风险的一项 必不可少的工作。本文将对吉林省某绿色食品有限公司（鉴于保密性要求，故 略去具体名称；在以下的文章中将以X绿色食品公司代替）准备以并购方式进驻 某方便食品厂（以下简称Y方便食品厂）的投资项目进行可行性的论证和分析， 以确定其并购投资的必要性。 本报告共分五个部分。第一部分介绍企业投资的战略背景和总体思路；第 二部分是对被购并对象进行定位，对整个并购中的风险进行分析并提出针对性 的操作建议；第三部分是资金需求和效益分析，以大量的表格对投资所采取的 并购方式进行财务分析、效益分析；第四部分作为与并购方式的对比，对新建 方式的投资概算进行预测，针对企业在新建中可能遇到的问题进行分析，并提 出解决策略。 最后得出结论，给出此次并购计划可行与否的判断。 关键词，绿色食品，投资方，并购，破产，市场风险II Abstract It is always a strategic investment for any enterprise who tries to enter into a business field that it has never touched before. In order to avoid investment risks effectively, it is an indispensable job to make a sufficient discussion and demonstration before investment, and determine the investment prospect of the company. My thesis will give a discussion and analysis on the feasibility of the investment project of Jilin X Green Food Co. Ltd. (concerning the security need, hereinafter I use X instead of its real name), which intends to acquire an instant food factory ( hereinafter will be named Y instant food factory for short) by M&A means. And then determine the necessity of this investment. This article includes five parts. The first part is the introduction on strategic background and general thoughts of the investment of the company. The second part is the introduction on the company that will be mergered and acquired, and the analysis on risks of M&A, and the practical suggestion accordingly as well. The third part is the analysis on funds demand and benefit of the investment, which will be demonstrated by using a lot of financial statements. The forth part is the budget forecast of setting up a new factory in stead of M&A, and the analysis on the problems which would be faced with during the set up process. The follow up with solutions accordingly. The final part is the conclusion and judgement on the feasibility of the M&A. Key words: green food, investor, M&A, bankruptcy, market riskIII 目 录 第一篇 某绿色食品有限公司投资可行性研究报告 ....................1 1.1 投资背景介绍 .........................................1 1.1.1 投资方情况 ......................................1 1.1.2 投资方对方便食品市场的细分 ......................2 1.1.3 投资方对生产基地投资的设想 ......................2 1.2 并购风险与控制 .......................................3 1.2.1 被并购企业的状况 ................................3 1.2.2 并购中的政策规定 ................................9 1.2.3 并购的风险 .....................................13 1.2.4 并购方式 .......................................17 1.2.5 并购策略研究 ...................................21 1.3 并购资金需求和效益分析 ................................25 1.3.1 整体分析的前提 .................................25 1.3.2 并购资金需求分析 ...............................26 1.3.3 效益分析 .......................................28 1.4 并购对比方案－企业新建 ...............................38 1.4.1 企业新建中涉及的问题 ...........................38 1.4.2 企业新建资金需求与效益概算 .....................40 结论 ......................................................40 第二篇 KANJIN CORPORATION VS. PHILIPS CORPORATION ....42 2.1 Introduction of industrial background of lighting fixtures.........42 2.2 Introduction of Kanjin Corporation and Philips Corporation.......43 2.2.1 Introduction of production of two companies ............43IV 2.2.2 Basic assumptions .................................44 2.2.3 Supply-demand equilibrium of Philips Corporation .......45 2.2.4 Supply-demand equilibrium of Kanjin Corporation........49 2.2.5 The problem on supply-demand-equilibrium curve of Kanjin Corporation.......................................52 2.3 Impact of alteration of price on profit ........................52 2.3.1 Profit of Philips Corporation on louver fixtures...........53 2.3.2 Profit of Kanjin Corporation on louver fixtures...........54 2.4 Impact of asymmetric information on the competition between Kanjin Corporation and Philips Corporatio ..........................55 2.4.1 Relation between Kanjin Corporation and Philips Corporation ................................................55 2.4.2 The reason why people trust the products of Philips Corporation ................................................56 2.4.3 The reason why Kanjin Corporation can develop rapidly in China............................................56 2.4.4 Effectiveness of market signalling affected by strategic movement .......................................57 2.4.5 Explanation of the two corporation’s behaviour by Game Theory...........................................58 第三篇 户外运动与三夫 .........................................60 3.1 引言...................................................60 3.2 行业背景...............................................60 3.3 三夫公司的发展过程.....................................62 3.4 目前面临的问题.........................................64 3.5 问题分析...............................................65 3.5.1 销售商，.........................................65V 3.5.2 品牌商，.........................................65 3.5.3 行业规模.........................................66 3.5.4 三夫公司即将采取的措施，.........................66 第四篇 CORPORATE FINANCE REPORT-ZSXHTCANALYSIS .....68 4.1 COMPANY DISCRIPTION................................68 4.1.1 SHAREHOLDERS.................................68 4.1.2 STRATEGICALLIANCE ...........................69 4.2 MARKETAND COMPETITION ...........................70 4.2.1 CHINAFOOD INDUSTRY..........................70 4.2.2 INFORMATION UTILIZATION STATUS OF FOOD INDUSTRY .....................................71 4.2.3 CURRENT SITUATION OF E-COMMERCE ...........72 4.2.4 COMPETITIVEANALYSIS.........................72 4.3 BUSINESS MODEL......................................77 4.3.1 Product and service.................................77 4.3.2 Revenue STREAM.................................79 4.4 EXECUTIVE PLAN .....................................80 4.4.1 INTERNAL MANAGEMENT .......................80 4.4.2 TECHNOLOGY INNOVATION ......................81 4.4.3 Finance management ...............................81 4.5 FINANCIAL OVERVIEW.................................82 4.6 REVENUE FORECAST ..................................82 4.7 RISK PROFILE .........................................85 4.7.1 MARKET RISK...................................85 4.7.2 REGULATON RISK ...............................86VI 4.7.3 COMPETITIVE RISK ..............................86 4.7.4 RESOURCES/MARKETING RISK ...................86 4.7.5 EXIT RISK.......................................86