战略并购项目分析__以京城控股公司并购KB公司为例

对外经济贸易大学硕士学位论文战略并购项目分析――以京城控股公司并购KB公司为例姓名：成磊申请学位级别：硕士专业：高级管理人员工商管理硕士指导教师：吴革2010-11KBKBKBKBSWOTAbstractBeijingJingchengMachineryElectricHoldingCO.,Ltd.isastate-ownedcompanysolelyfundedbyBeijingMunicipalGovernment,providingprofessionalelectro-mechanicalintegratedequipmentandservicestoglobalclientsbyfocusingtheinvestmentinindustriesofNCmachines,printingmachines,gasstorageequipment,heatpowerplantequipmentandetc.ThisessaytakesasanexampleJingchengHoldingCompany’spurchasingGermanKB.Itusestheoriesofstrategicmanagement,enterprisemerger,andinternationalenterprisemanagementillustratedatMBAcoursestoanalyzethismergerproject.Anditabstractsthemergeroperationprocessandcross-culturalmanagementaftermergerandconcludesthehintsofthiscasesoastoprovidethemasreminderforfuturecross-statemergerprojects.MeanwhileitcontraststheoperationsofJingchengHoldingCompanybeforeandafterpurchasingKBtoevaluatetheeffectivenessofthemerger.Thisessayisdividedintothreesections.SectionOnestatesthetheoriesrelatedtothismergercaseanditanalyzestheindustrialtrenddomesticandabroadconcerningthismergersothatreaderscanunderstandthebackgroundofmachineryindustry.SectionTwoisthekeypartofthisessay.ItincludesChapterThreeandFour.Itintroducesthebackgroundofthetwocompaniesofthemerger,andthemergerbackground.Itanalyzesthenecessityofthemerger.Itstatesobjectivelythemergerprocessesofmergerstrategy,DueDiligence,riskcontrol,keypointsfornegotiation,companyevaluation,tradingprocess,integrationmeasuresandetc.sothatreaderscanhaveanoverallviewofthemerger.JingchengHoldingCompanystaysatthestageofrapidexpansion.MachineryBlock,asanimportantblockforexpansion,keepshighlightedbythecompany.Byanalyzingtheinternalandexternalenvironmentofthemachineryindustryanditsdevelopmenttrend,it’sknownthatthemergertrendofChinesemachinerytechnologyishigh-efficiency,high-precision,complex,andenvironment-friendly.ByusingFive-Forcemodel,itprofilesthemajorcompetitivefactorsaffectingprofitearningabilityinmachineryindustry.Withanalysis,heavy-dutymillingmachine,heavy-dutyprocessingcenter,andheavy-dutygrindingmachinearethemostcompetitivebusinessesinJingchengHoldingCompany.Forconclusion,itreasonsthenecessityandimportanceofJingchengHoldingCompany’spurchasingGermanWaldrich-Coburg.SectionThreeanalyzestheoperationstatusofWaldrich-Coburgaftermergerandtheachievementsofco-operationwithBeijingFirstMachineryCompany.Itevaluatesifthemergerpurposeismettojustifythesuccessofthemerger.ItconcludesexperienceandlessonsdrawnfromthemergerprocesstofindfactorstobeconsideredinfuturemergerprojectsanditsuggestsdirectionsofmachineryindustryofJingchengHoldingCompanyforfuturedevelopment.Keywords:Purchasing,StrategicMerger,SWOTanalysis,Globalization,MergerProcessAnalysis,Integration51Dealogic2902008200120077304.41.642009439,3,1.1,StiglerThomsonFinancial200323.432007186.69801.12008129.58200730.62010252017.6520094.75271.6%1Dealogic2J,,,1998,24-2761.119872007UNCTADcross-borderM&AdatabaseThompsonFinance1.22005KB51.2.144WestonJ.F,ChungK,S,HoagS,E,1996,19987KB1.2.2KB5KB1.2.3KB20051.3KB8SWOTKB1.21.21.4,92KB2.1,,2.1.14,4A,,,2004,15-35102.1.2,,(2.1)2.11980,,SWOTSWO(T),SWOTSWOT·11,,2.1.35,16,,215,,6,,,2004612234563,Bates(Parkinson)Samuelson,123471,2382.220032.2.120043500:7,-,,199918132.12.2.211000.81.120042IT503410301030142.2.32.2IT2.2EDM15IT2.2.4120012002200315200428%447/2005622002(2.2)2004142.21999-200422.537.947.451.967.692.618.42226.223.529.84034535134030535044702550751009900010203040100200300400500162.2.5SWOT13522004200452.638.252.934172.32.32.3,183KB,SWOT,KB3.13.1.119491012000926()301370224720091556.51949101195031719521114195541195811191319658241966981983510198691319976220009263.1.217024040//2002320604ALSTOM3360ALSTOM306010054660720213217831910221.24000113.1.3KB/4080KB60%222002718——“”400“”VS12501953“”“”“”3.1.41.2004980%40501520/10-1510232.620101233.13.120022005222.3530.3045.45122.6929.5537.3047.155.595.786.6703060901201502002200320042010F0.002.004.006.008.00()2420043.20036.4720033215(3.2)3.2200220101.53.1.5KB10KBKB35,34547,59215,882168,84212,987060000120000180000200220032010251.3.120022004200233205307.70.9%13680561.4%1.350.982003421502880.7518481461.9%26.2%1.441.151.16%26.9-6.435.1200455064638.41.2%23872161.4%26%1.281.011.4%30.612229.23.120022004262.3.3200220043.3200213.68200423.873.13680418481423872083952114419146675200220032004263.4200220043.43020040.487%20041.2%4.20041.9200310.22002200462%3.2KBKB50011.33.35006000KB3.2.1332054215055063200220032004271919HAKB1986KB2003KBHERKULESKB3.2.2KBWAVBWAMWHerkules100%WAVBKBKB,3.53.5KB3.2.3KB20041133632674688.879.5%2003Herkules,WAMWKB,100%100%KB100%,WAVB100%28200380%3.2.42004KB6224.76.64%5434.7200555002004KB270EBIT271.5EBITEBITDA443.13.2.5KBKBKBPowerTecMultiTecValuTecKBKnow-HowKB3.2.61KB25164500502001200333%30%23%14%2PowerTec6000/KB40%MultitTec2/KB11%ValuTec3/KB1%KB2937500/KB4%3KB2003Herkules6424271311393.2.7KB112003200420056367543570002/100%KB9.2%,10.13KB2003200423.3%10.9200525.9%KB2004Herkules23220022005KB02/0303/042004-12-312005-3-3188383525103799099896585731046791379000859816156128271190260643542-2250-431