中国家电产业整合并购问题研究

厦门大学硕士学位论文中国家电产业整合并购问题研究姓名：周发权申请学位级别：硕士专业：工商管理指导教师：吴世农20050501ABSTRACTABSTRACTThisdissertationwillstudychineseelectrichomeappliancesindustrialM&A.IndustrialM&AisnewconceptsoIfirstwilldefinetheconceptofIndustrialM&AandthendiscussthefeatureandtheopportunityofIndustrialM&AinChina.Throughusingthetheoryofindustrialorganizationtodiscussthestruture-conduct-perfomanceofelectrichomeappliancesindustryIfindthatexcessingcompetitionanddejectedineffectivenessisnowlyinginthisindustry.InordertogainidealnetincomewemustchangethemarketstructurethroughIndustrialM&A.IndustrialM&Acanchangelowconcentrationandverystrongcompetitionlyinginelectrichomeappliancesindustryofchina.Theframeworkofthedissertationisasfollow:Chapter1definestheconceptandthefeatureofIndustrialM&AChapter2discussestheopportunityofIndustrialM&AinChinaChapter3describesthestruture-conduct-perfomanceofelectrichomeappliancesindustrybyusingthetheoryofindustrialorganizationandconcludesthatIndustrialM&AcanchangethemarketstructureandleadtohigheffectivenessChapter4discussesanexampleofIndustrialM&AhappeninginrefrigeratorindustrybyGreencoolGroupChapter5makestheconclusionandgivessomesuggestionforindustrialpolicyofchina.ThroughstudyIconcludesthatIndustrialM&AisusefulandeffectiveroutetochangeexcessingcompetitionanddejectedineffectivenessexitinginelectrichomeappliancesindustryofChina.OnthisbaseIsuggestthatthegovernmentshouldencourageIndustrialM&Aandbuildeffectivemarketstructure.KeyWords:IndustrialM&A;Electrichomeappliances;Industry12004119972001-20032003122316923004406140634065451GDP6271-11-182003123459672001123456789200312320011234520031012345(J.F.Weston)1+1211JesephSchumpeter19121947H.Townsend12135-10%200111%89%75%199191%42%20021979—1984141987—1992199319982003151997-2002200420032000198587%40%2003201010%-20%5%MBO200420041215MBOMBOMBOMBOMBOMBOMBO16532425,000198820002-120043200472-1HHI0.70.10.01000CR3100%90%80%70%60%50%40%30%20%10%0%45%1.CR3=32.HHI=90%17CR390%15%12325200219955214818CR8199520.1%19922-12-1CR8CR8199552127.420.1196341738.340.91992a45640.340.2b196351237.535.4196320442.433.1c196321458.258.4196320053.642.8abcCR5200396-9720011994-19983860.5%CR457.9%CR8CR100200310619519205060207080208020902002199420023654200550%2038012342119982-22-219983031.747.458.377.924.3328.9436.611.071.581.942.68.1210.9614.6200341200311TCLDVD180020041212.5IBMPCPC119022231223SCPSCP241100070040007001996-199922.6%2000-20034.8%3-13-23-1050010001500200025003000350040004500()9161062103811461248128513871450842889878968966950100010807147528489071185135013501750173121083105339028122856384238529697989900010203200403253-2-40%-20%0%20%40%60%16%-2%10%9%3%8%5%6%-1%10%0%-2%5%8%5%13%7%31%14%0%30%22%47%9%-17%2%35%0%979899000102033-12000-2003440%82%20033-33-43-301000200030004000()9210613118331845055066548911192023705798022003406404386567102911621611326896979899000102033-1263-4-50%0%50%100%150%200%15%24%40%74%42%22%21%90%31%70%83%56%39%150%0%-4%47%81%13%39%103%979899000102033-32003GDP4%23%76%3-13-12003:14502501700620027.4%10806651745758023.0%175020033753496375.6%3852326871201500047.5%3-12004716GDP2722019881141992721994501999302003201986120199695200369CR43-2CR43-2CR4:%8590950331.738.934.36026.823.837.452-1758a66---61a980320031263-3()283-3()17CR150%2()17CR150%2()830CR130%2()830244404483044()40CR1050%()80CR1050%2003152319894019997251002941CRT230MBOGDPGDP3111996232901993-19981292003184260166521333-525.927.215.614.511.914.714.538.920.14.40.70.71.41.9-51015202530354045979899000102033-618.318.820.618.016.612.914.515.314.712.014.712.57.86.9-51015202597989900010203343-53-619977244200314.5%737820031.9%6.9%2200320033-43-4200320.382003(EVA)-12.9353-420032002TCL214159964239317483869422453110161322331222385422242818301142638%86%68%48%40%75%27%74%72%70%6333%64%58%1412831285657291171001386114322911852.45.71.00.60.40.43.73.41.72.0-2.00.60.420.31.9%28.9%3.3%2.9%1.8%5.5%7.1%16.8%7.3%7.5%-11%2.0%3%4.8%-8.04.1-1.4-1.1-1.5-0.2-0.51.8-0.2-0.1-3.4-1.8-0.5-12.936198812320002002213719992001612345620002004200056389738.9%15.3%39121999121240SCPSCPSCP3-7413-7SCP703-83-8SCPSCP3-8SCPSCP3-9822002423-9SCP3-91CR450%200275432124445314()8-30CR130%()1-7CR150%1-7CR150%TCL44465-105-102200397471998123—2004100481200322004216549CRTCRTYou(1986)1975-198461335020%82%18%-1%47%53%BruceWasserstein1998“”200110215111199019952000700020044-1524-1100%68%62.6%83.7%90%40%60%75%20.6%20.0%60.7%29.8%1GCCLGCT212101.50.750.320004-2GCCLGCT534-20.01.02.03.04.05.06.0()0.93.65.23.21.10.42.73.10.80.1990001020320034-14-1200315.194.322.512.56.9151.313.328.18.44.83.458.01.161.713.88.02.286.80.12.0-2.0-1.50.1-1.220045542001123.4820.64%20029-2003520036300200352.0720.03%10005512100020032003567000200320035720031080270170100140120CR125%CR349%200320011220043325814-320%20038.89.520042002132.54-34-30.010.020.030.040.050.0()31.735.342.833.345.324.721.622.530.132.713.412.511.612.814.4000102030424-4594-4-60.0%-40.0%-20.0%0.0%20.0%40.0%()16.0%18.0%26.8%29.2%24.8%20.8%27.5%16.2%16.2%14.3%-15.2%-44.7%3.9%7.4%-2.3%0001020304(1)(2)(3)606162:1982199220032296364[1]2001[2]2003[3]JSE.1998[4]2004[5