企业纵向并购案例分析--神华集团纵向并购国电电力为例1稿改 吴彤

摘要

近几年，一些大型企业对产业链进行纵向并购己经成为趋势，尤其在国企改革上，一些改革的重点在电力、煤炭、石油、天然气等领域，通过纵向并购方式解决企业的矛盾有利于国企改革的深入展开和提高国企经营效率。本文主要分为五个章节，第一章节引言，提升本文研究的必要性；第二章节纵向并购的概念及常见问题，了解纵向并购的相关理论知识，并概述国内企业在纵向并购过程当中常见问题；第三章节分析神华集团并购国电电力的案例分析，主要包括企业简洁和并购动因；第四章节神华集团并购国电电力的案例成功之处，明确神华集团并购国电电力在非财务效应和财务效应的成功之处；第五章节神华集团并购国电电力的案例对于纵向并购的启示作用。

关键词：纵向并购财务效应非财务效应启示

I

abstract

In recent years, it has become a trend for some large enterprises to carry out vertical M & A of the industrial chain, especially in the reform of state-owned enterprises, some of the reform focuses on the fields of power, coal, oil, natural gas, etc. solving the contradictions of enterprises through vertical M & A is conducive to the in-depth development of the reform of state-owned enterprises and improving the operating efficiency of state-owned enterprises. This paper is mainly divided into five chapters, the first chapter is the introduction to enhance the necessity of this study; the second chapter is the concept and common problems of vertical M & A, to understand the relevant theoretical knowledge of vertical M & A, and to summarize the common problems of domestic enterprises in the process of vertical M & A; the third chapter is the case analysis of Shenhua Group's M & A of Guodian power, mainly including enterprise simplicity and M & a motivation The fourth chapter is about the success of Shenhua Group's merger and acquisition of Guodian power, clarifying the success of Shenhua Group's merger and acquisition of Guodian power in non-financial effect and financial effect; the fifth chapter is about the Enlightenment of Shenhua Group's merger and acquisition of Guodian power on vertical merger and acquisition.

Key words: vertical M & A financial effect non-financial effect enlightenment

II

目录

摘要 ............................................................... I abstract .......................................................... I I 第一章引言 . (1)

第二章企业纵向并购概述 (1)

第一节纵向并购的概念 (1)

第二节纵向并购的作用 (1)

一、确保原料的稳定供应 (1)

二、易于设置进入壁垒，提升垄断能力 (2)

三、加强环节配合 (2)

第三节纵向并购中常见的问题 (2)

一、整合风险 (2)

二、企业侧重财务性并购，并购主体错位 (2)

三、融资与支付风险 (3)

第三章神华集团纵向并购国电电力案例分析 (3)

第一节并购双方概述 (3)

一、神华集团简介 (3)

二、国电电力简介 (3)

第二节神华集团并购国电电力的动因 (4)

一、优化国有经济布局，推进战略性重组 (4)

二、化解过程产能，协调产业发展 (4)

三、促进煤电联营，降低协调成本 (4)

四、并购过程 (5)

第四章纵向并购的成功之处 (5)

第一节选择了合适的并购对象 (5)

第二节并购后进行了强有力的整合 (6)

I I

第三节促进了煤电产业链一体化建设 (7)

第四节创新科技，降低研发成本 (7)

第五节提升了公司的经营发展能力 (7)

一、偿债能力分析 (8)

二、发展能力分析 (8)

三、营运能力分析 (9)

四、盈利能力分析 (9)

第五章基于神华集团并购国立电力的启示 (10)

第一节优化产品结构，控制总产能 (10)

第二节明确战略目标和计划 (11)

第三节利用大数据进行员工整合 (11)

第四节结合企业自身的经营情况，选择合理的支付方式 (12)

参考文献 (13)

致谢 (14)

I V