宝钢武钢并购重组案例分析

发布时间：2018-03-12 08:33

本文选题：并购重组　切入点：宝钢　出处：《华中师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：钢铁行业是我国国民经济的重要组成部分,是我国制造业的命脉。钢铁行业作为供给侧改革的排头兵,其意义不仅局限于行业本身,而是关乎整个制造业供给侧改革的方向和信心。在我国钢铁产能严重过剩,产业集中度低,无序竞争激烈的大环境下,并购重组成为钢铁企业优化资源配置,实现高水平专业化发展,增强综合竞争力的一条重要途径。首先本文从理论入手,简要介绍了并购的定义和并购的实质及关键,以行业和付款方式两种划分方式对并购的形式进行了描述。其次概述了我国钢铁行业并购重组整体情况,着重分析我国钢铁行业上一轮并购存在的问题,分析认为仅注重规模扩张的简单产能叠加式的并购重组易造成整而不合的问题。接着本文从内部动因和外部动因两个层次对宝武合并进行了动因分析。内部动因主要是武钢经营业绩欠佳、炼钢成本较高、管理理念和方式落后、非钢产业发展较慢等。外部动因主要是全球经济放缓、工业化接近末期、我国钢铁产能过剩、产业集中度低、政府积极推动等。然后本文利用可比公司法、可比交易法并结合对历史交易价格的比较分析宝武并购交易换股价格的合理性。并购交易中宝钢和武钢以停牌前的历史交易价格为基础确定换股价格和换股比例,表明此次两大央企是充分以市场化的角度进行整合,该定价方法反映了资本市场对宝钢股份和武钢股份的投资价值判断,符合市场惯例。通过分析认为其具有合理性。再者本文对存续方宝钢并购交易前后的财务状况进行了比较分析。分析发现交易前后上市公司的资产规模有所提升,资产结构保持稳定。负债结构基本保持稳定,不会面临短期资金压力和流动性风险。资产运营效率水平未受到较大冲击,总资产周转率未有明显变化。偿债能力水平未有太大波动、基本维持稳定。盈利能力水平有所下降但仍高于行业平均水平。最后分析了宝武合并面临的问题及合并后对时局的影响。研究认为宝武合并后将释放潜在协同效应、消除无序竞争、增强议价能力、优化企业布局、推动行业去产能、为钢铁业供给侧改革助力、提升我国钢企的国际影响力、起到示范表率的作用、打破我国钢铁“北强南弱”的格局。但合并存在整而不合、产业链整合优势不突出、计划与市场的冲突、所有者的缺失、强中寄弱等问题。
[Abstract]:The steel industry is an important part of China's national economy, is the lifeblood of our manufacturing industry. Iron and steel industry as the vanguard of the supply side reform, its significance is not limited to the industry itself, but rather the direction and confidence of the whole manufacturing industry supply side reforms. Serious overcapacity in China's steel production capacity, industry concentration is low. Disorderly competition environment is fierce, merger and reorganization of iron and steel enterprises to optimize the allocation of resources, to achieve a high level of professional development, an important way to enhance the comprehensive competitiveness. Firstly, from the theory, briefly introduces the essence and key definitions and mergers, by industry and payment of the two division of mergers and acquisitions the form is described. Secondly an overview of China's iron and steel industry merger and reorganization of the overall situation, will focus on analyzing China's iron and steel industry last round of mergers and acquisitions, analysts believe that only focus on the scale expansion A simple superposition of a capacity of mergers and acquisitions is easy to cause the whole and not the problem. Then the paper from two aspects of internal motivation and external motivation of Bao Wu with analyzes the motivation. The internal reason is mainly that the poor performance of WISCO steel, high cost, management idea and way backward, non steel industry external development is slower. The main reason is the slowdown in the global economy, industrialization is close to the end, China's steel production overcapacity, industry concentration is low, the government actively promoted. Then using the comparable company method, comparable transaction method combined with the comparison of the rationality of Bao Wu deals exchange price analysis of historical transaction price. Mergers and acquisitions in Baosteel and Wuhan Iron and steel the suspension of history transaction price calculation before conversion price and the conversion ratio of the foundation, suggesting that the two central enterprises to integrate fully to the perspective of the market, the pricing method reflects the The capital market of Baosteel and WISCO investment value judgment, in line with market practice. Through the analysis that it is reasonable. Furthermore the existence of Baosteel mergers and acquisitions before and after the financial situation was analyzed. Analysis shows that the scale of assets of listed companies before and after the transaction has improved, asset structure remained stable. The stable debt structure that will not face short-term financial pressure and liquidity risk. The level of operational efficiency of assets does not have much impact, total asset turnover ratio did not change significantly. The solvency level not much fluctuation, remained stable. The level of profitability declined but still higher than the industry average. Finally analyzes the influence on the current situation and problems faced with treasure after the merger. The research results indicate that the Wu Bao Wu after the merger will release the potential synergies, eliminate disorderly competition, enhance the bargaining power of enterprises, optimization Industry layout, to promote the industry production capacity, the steel industry to enhance the power supply side reform, China's steel enterprises of international influence, play an exemplary role model, breaking China's steel strong North South weak pattern. But with the presence of whole and not, integration of industrial chain advantage is not prominent, plan and market conflict the owner of the lack of strong send weak.

【学位授予单位】：华中师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F271;F406.7

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