本文選題：F公司 + 橫向并購　； 參考：《哈爾濱工業(yè)大學》2017年碩士論文

【摘要】：在過去兩年多的時間里,世界經(jīng)濟萎靡不振,在這樣的經(jīng)濟大環(huán)境下,中國的出口下降,國內(nèi)需求疲軟,幾乎所有制造行業(yè)都進入到了產(chǎn)能過剩階段,供給側經(jīng)濟成為中國新的市場特征。作為熱處理行業(yè)的上市公司--F公司其利潤回報、股票價值并不讓人滿意,同時,F公司在中國熱處理行業(yè)已經(jīng)是龍頭,市場份額和公司規(guī)模遇到瓶頸。因此,F公司為了重新塑造競爭優(yōu)勢、提升市場價值,達到新的企業(yè)形態(tài),就需要進行戰(zhàn)略轉型。需要通過研究F上市公司戰(zhàn)略轉型的選擇,提出合理的戰(zhàn)略轉型設計方案、并對其如何實施、效益評價、風險評估,以及后續(xù)跟進提出見解和主張。論文運用縱向發(fā)展法、橫向發(fā)展法分析了F公司所處熱處理行業(yè)的戰(zhàn)略轉型路徑,從價值鏈理論入手確定了F公司通過縱向并購和自主擴張,延伸企業(yè)產(chǎn)業(yè)鏈下游業(yè)務的戰(zhàn)略轉型方案。同時通過五力分析,得出橫向并購國內(nèi)外同行業(yè)公司,對企業(yè)進行技術升級,增強企業(yè)核心競爭力的戰(zhàn)略轉型方案。通過縱向發(fā)展和橫向發(fā)展相結合的轉型戰(zhàn)略,增加F公司的盈利能力、融資能力、技術研發(fā)能力,從而實現(xiàn)F企業(yè)未來價值的穩(wěn)定和提高。論文結合真實的并購案例,對F企業(yè)的戰(zhàn)略轉型實施,進行了進一步的研究,對并購中企業(yè)自身分析、目標企業(yè)的選擇、目標企業(yè)的分析、目標企業(yè)的估值、并購整合等內(nèi)容進行了詳細的闡述并提出了見解。最后,對于F公司的戰(zhàn)略轉型進行了經(jīng)濟評價、風險評估和持續(xù)跟進。
[Abstract]:In the past two years or so, the world economy has been in a doldrums. In such an economic environment, China's exports have fallen, domestic demand has been weak, and almost all manufacturing industries have entered the stage of overcapacity. The supply-side economy has become a new market feature in China. As a listed company in heat treatment industry, F company has its profit return, and the stock value is not satisfactory. At the same time, F company is the leading company in heat treatment industry in China, and its market share and company size meet the bottleneck. Therefore, in order to remodel the competitive advantage, promote the market value and reach the new enterprise form, the company needs to carry on the strategic transformation. It is necessary to study the choice of strategic transformation of F listed company, put forward a reasonable design scheme of strategic transformation, and put forward opinions and opinions on how to implement, evaluate benefit, assess risk, and follow up. This paper analyzes the strategic transition path of the heat treatment industry in F Company by using the longitudinal development method and the horizontal development method, and determines F Company through vertical mergers and acquisitions and independent expansion from the value chain theory. The strategic transformation plan of extending the downstream business of enterprise industrial chain. At the same time, through the analysis of the five forces, the strategic transformation scheme of horizontal merger and acquisition of domestic and foreign companies in the same industry, upgrading the technology of enterprises and enhancing the core competitiveness of enterprises is obtained. Through the transformation strategy of combining vertical development and horizontal development, we can increase the profitability, financing ability and technology R & D ability of F company, so as to realize the stability and improvement of the future value of F enterprise. Combining with the real case of M & A, this paper carries out further research on the implementation of strategic transformation of enterprise F, including the analysis of the enterprise itself, the choice of the target enterprise, the analysis of the target enterprise, and the valuation of the target enterprise. M & A integration and other content of detailed elaboration and put forward views. Finally, the economic evaluation, risk assessment and continuous follow-up of the strategic transformation of company F are carried out.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.4;F272

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