F公司战略转型升级的研究

发布时间：2018-04-30 10:09

本文选题：F公司 + 横向并购　；参考：《哈尔滨工业大学》2017年硕士论文

【摘要】：在过去两年多的时间里,世界经济萎靡不振,在这样的经济大环境下,中国的出口下降,国内需求疲软,几乎所有制造行业都进入到了产能过剩阶段,供给侧经济成为中国新的市场特征。作为热处理行业的上市公司--F公司其利润回报、股票价值并不让人满意,同时,F公司在中国热处理行业已经是龙头,市场份额和公司规模遇到瓶颈。因此,F公司为了重新塑造竞争优势、提升市场价值,达到新的企业形态,就需要进行战略转型。需要通过研究F上市公司战略转型的选择,提出合理的战略转型设计方案、并对其如何实施、效益评价、风险评估,以及后续跟进提出见解和主张。论文运用纵向发展法、横向发展法分析了F公司所处热处理行业的战略转型路径,从价值链理论入手确定了F公司通过纵向并购和自主扩张,延伸企业产业链下游业务的战略转型方案。同时通过五力分析,得出横向并购国内外同行业公司,对企业进行技术升级,增强企业核心竞争力的战略转型方案。通过纵向发展和横向发展相结合的转型战略,增加F公司的盈利能力、融资能力、技术研发能力,从而实现F企业未来价值的稳定和提高。论文结合真实的并购案例,对F企业的战略转型实施,进行了进一步的研究,对并购中企业自身分析、目标企业的选择、目标企业的分析、目标企业的估值、并购整合等内容进行了详细的阐述并提出了见解。最后,对于F公司的战略转型进行了经济评价、风险评估和持续跟进。
[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.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F272

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