立思辰并购友网科技案例分析

发布时间：2018-04-20 09:42

本文选题：立思辰 + 友网科技　；参考：《西南财经大学》2013年硕士论文

【摘要】：在经济全球化的背景下,企业面临越来越激烈的市场竞争,而兼并与收购作为企业快速成长的方式之一,应该受到公司管理人员的重视。国际上领先的文件生命周期管理企业的发展历程就是一部自我发展和对外并购相结合的历史。近年来,中国政府出台了一系列支持办公信息系统服务行业发展的产业政策,我国办公信息系统服务市场发展迅猛,发展前景十分广阔。立思辰作为办公信息系统服务领域实力雄厚的本土服务商,在文件输出环节处于本土领先地位。但公司与处于行业领先地位的富士施乐公司还有较大的差距,另外还面临本土企业越来越大的竞争压力。为了实现文件生命周期的全过程服务,增强公司的核心竞争力,立思辰并购了在文件生命周期的输入环节处于本土领先地位的友网科技公司。本文以立思辰并购友网科技这一并购案例作为研究对象,系统分析了立思辰的并购行为,对并购的背景、并购动因、目标企业价值评价和并购整合作了系统的论述。本文共分为四章,各章主要内容如下：第一章是绪论。主要阐述论文的研究背景和意义、研究的内容和方法,并指出了论文的创新和不足之处。第二章是公司并购的评估分析。这部分介绍了并购双方的基本情况和公司并购的背景,从外部动因和内部动因两个方面讨论了并购的起因,还用资产基础法和收益法对目标企业的价值进行评价,最后选取了收益法的评估结果作为交易标的的价值,并对定价的合理性进行了分析。第三章是公司并购的整合研究。这部分从定量分析和定性分析两方面对并购后的整合效果进行研究,定量分析部分包括销售能力分析、盈利能力分析、偿债能力分析和资产营运能力分析；定性分析部分包括文化体系、人力资源和研发体系的整合分析。第四章是结论。包括研究总结以及本文的不足和努力方向。总体来看,本文的创新之处主要在于以下两个方面：首先,在目标企业的价值评价上,论文详细论述了资产基础法和收益法的评估过程,并解释了选取收益法所得结果作为交易标的价值的原因：资产基础法是从历史成本投入角度反映企业价值,无法反映账面未记录的无形资产的价值；而收益法是从盈利能力和成长性角度来评价企业价值,将这些因素都考虑在内。因此,收益法相对于资产基础法而言,更能全面反映拟注入资产的整体价值。另外,笔者认为此价格只是友网科技单独经营时的企业价值,并没有包括立思辰收购友网科技后产生的协同价值,而并购后的友网科技的价值取决于两家公司的整合情况。其次,本文从定量分析和定性分析两个角度全面地对并购的整合效果进行研究。定量分析部分整理了公司近年来的财务数据,通过比率分析法、趋势分析法系统分析了公司并购前后在销售能力、盈利能力、偿债能力以及资产营运能力方面的变化。定性分析部分论述了公司在人力资源、文化体系以及研发体系上所采取的整合措施。虽然论文经过多次修改,但本文仍然存在一些不足之处有待改进。首先,由于2012年6月份,立思辰才完成对友网科技的并购,另外公司2012年年报还没有公布。所以在整合效果的定量分析部分,笔者只能主要用2012年第三季度的数据来对并购后的整合效果进行评价,由于并购刚刚完成,且只有一个季度的数据,所以得出的结论有可能有失偏颇。其次,在中国办公信息系统服务市场中,立思辰和富士施乐的市场占有率较高。而富士施乐是跨国公司,业务遍及许多国家和地区,其业绩与所有业务都在中国的立思辰没有可比性。而该领域内的其他国内企业都没有上市,其财务数据较难得到。所以本文整合效果的定量分析部分没有进行同业对比分析,所得结论只是基于立思辰公司的历年财务数据,没有与同行业其他公司进行比较,因此对整合效果的评价较难排除行业发展情况的影响。
[Abstract]:In the context of economic globalization, enterprises are facing more and more fierce market competition, and merger and acquisition, as one of the ways of rapid growth of enterprises, should be paid attention to by the managers of the company. The history of the development of the leading international document life cycle management enterprise is a history of combining self development with foreign mergers and acquisitions.
In recent years, the Chinese government has issued a series of industrial policies to support the development of the office information system service industry. The office information system service market of our country has developed rapidly and has a very broad prospect. As a strong local service provider in the field of office information system, it is in the local leading position in the document output link. There is a big gap between the company and the Fuji Xerox Co, which is in the leading position in the industry. In addition, it faces more and more competitive pressure from local enterprises. In order to realize the whole process of the life cycle of the document, enhance the core competitiveness of the company, the company has acquired a network of local leaders who are in the leading position in the input link of the life cycle of the document. Science and technology company.
In this paper, taking the merger and acquisition of friend network technology as the research object, this paper systematically analyzes the merger and acquisition behavior of Li thought, and systematically discusses the background of the merger, the motivation of the merger and acquisition, the value evaluation of the target enterprise and the integration of merger and acquisition.
This article is divided into four chapters, and the main contents of each chapter are as follows:
The first chapter is the introduction. It mainly describes the research background and significance, the contents and methods of the research, and points out the innovation and shortcomings of the paper.
The second chapter is the evaluation and analysis of the merger and acquisition. This part introduces the basic situation of the merger and acquisition and the background of the merger and acquisition, discusses the causes of the merger from two aspects of external and internal motivation, and evaluates the value of the target enterprise by asset base and income method, and finally selects the evaluation result of the income method as the transaction. The value of the target is analyzed and the rationality of pricing is analyzed.
The third chapter is the integration of merger and acquisition. This part studies the integration effect of the two parties from the quantitative analysis and qualitative analysis. The quantitative analysis includes the sales ability analysis, the profitability analysis, the solvency analysis and the asset operation ability analysis, and the qualitative analysis part includes cultural system, human resources and R & D body. The integration analysis of the Department.
The fourth chapter is the conclusion, including the research summary and the shortcomings and efforts of this article.
Generally speaking, the innovations of this paper lie mainly in the following two aspects:
First, on the value evaluation of the target enterprise, the paper expounds the evaluation process of the asset basic law and the income method in detail, and explains the reason why the results of the income method are selected as the value of the transaction mark: the asset basic law reflects the value of the enterprise from the angle of the historical cost input, and the value of the intangible assets unrecorded is not reflected. The income method is to evaluate the value of the enterprise from the perspective of profitability and growth. Therefore, the income method can reflect the overall value of the assets to be injected in a more comprehensive way relative to the asset base law. The synergetic value generated after the acquisition of Internet technology, and the value of the Internet technology after the merger depends on the integration of the two companies.
Secondly, this paper comprehensively studies the integration effect of M & A from two angles of quantitative analysis and qualitative analysis. The quantitative analysis partly collates the financial data of the company in recent years. Through the ratio analysis, the trend analysis method systematically analyzes the sales ability, profitability, debt paying ability and asset operating capacity of the company before and after the merger and acquisition. Qualitative analysis part discusses the company's integration measures in human resources, cultural system and R & D system.
Although the thesis has been modified many times, there are still some shortcomings to be improved.
First of all, because of June 2012, the merger of friends network technology was completed, and the annual report of the company was not published in 2012. So in the quantitative analysis part of the integration effect, the author can only use the data of the third quarter of 2012 to evaluate the integration effect after the merger and acquisition, because the merger has just been completed, and only a quarterly number is completed. According to this, the conclusion may be biased.
Second, in the Chinese office information system service market, the market share of Li and Fuji Xerox is high. While Fuji Xerox is a multinational company, the business is all over many countries and regions, its performance is not comparable to all business in China, and other domestic enterprises in this field are not listed, and their financial data are more than the same. It is rare. So the quantitative analysis part of the integration effect has not been compared and analyzed. The conclusion is only based on the calendar year's financial data of the company, and it has not been compared with other companies in the same industry. Therefore, the evaluation of the integration effect is difficult to exclude the impact of the industry development situation.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F832.51

【参考文献】