D公司收购XX公司FPC项目的可行性分析

发布时间：2018-08-05 18:34

【摘要】：柔性电路板(简称FPC)是以聚酯薄膜为基材制成的一种具有高可靠性、可挠性印刷电路板,简称软板、柔性板、挠性板。FPC产品作为一种新的集成连接方式,可以大大缩小电子产品的体积和重量,随着下游终端消费电子类产品轻量化、小型化、薄型化发展的必然趋势,将逐步取代公司现有的部分线束产品,成为空间敏感型应用中的最佳讯号传输通道。加上人们生活消费水平的提升。从基本的满足生活需求向重视生活质量转变,随着收入的增加,对消费品的需求由单一的功能转变为向智能化、个性化方向发展。手机电脑作为快速消费品之一,这方面的需求体现的尤为明显,由于人们对需求越来越多样化,手机、电脑电子消费市场出现了一片生机勃勃的景象,市场潜力非常巨大。目前FPC比较成熟先进的技术掌握在日本与韩国企业,但我国的电子产品制造企业,经过长期的摸索和配套加工,积累了丰富的管理经验,如果在技术及品质上可以更进一步相信可以在近期内取而代之,D公司是一家上市公司,一直专注于连接器的研发、制造和销售。产品涉及电子连接器、电子电器线束、精密模具、汽车电子等,产品广泛应用于家用电器、通讯、计算机及外围设备、汽车、工业等领域。2014年销售额达到30亿,未来五年的战略规划发展将超过100亿元。在全国各地建有制造与研发基地,是目前国内颇具规模和影响力的连接器专业制造企业,作为中国最具实力的连接器制造企业之一,看准了FPC未来的发展空间,希望通过收购XX企业来进行产品链整合。本文目的是对并购XX公司FPC项目进行分析。借助可行性研究的相关理论,对项目的可行性进行论证,应用SWOT分析及波特五力模型等方法,分析公司的内外部环境,评估收购的合理性与必要性,以及分析可能会遇到的问题,有助于在风险控制上采取主动,提前做好相关准备,以降低公司并购的风险。然后通过市场预测分析了我国FPC产业的发展状况及各行业的市场占比可以看出未来FPC发展趋势,同时分析各个行业的发展依赖FPC的必要性,以及未来市场的增长可以确定FPC未来增长将会是一个非常巨大的市场;通过技术分析、财务分析得出并购FPC项目是完全可行的结论,为收购项目提供科学的理论指导。
[Abstract]:Flexible circuit board (FPC) is a kind of high reliability, flexible printed circuit board, flexible board and flexible board. The volume and weight of electronic products can be greatly reduced. With the inevitable trend of light weight, miniaturization and thinness of downstream consumer electronics products, they will gradually replace some of the existing wire harness products of the company. It becomes the best signal transmission channel in space sensitive applications. Add to this the improvement in people's living and consumption. With the increase of income, the demand for consumer goods has changed from a single function to an intelligent and individualized direction. As one of the fast moving consumer goods, the demand for mobile phone and computer is particularly obvious. Because of the increasing diversity of demand, the mobile phone, computer and electronic consumer market has a vibrant scene, and the market potential is very great. At present, the relatively mature and advanced technology of FPC is grasped in Japanese and Korean enterprises. However, after a long period of exploration and matching processing, our electronic products manufacturing enterprises have accumulated rich management experience. If the technology and quality of the company can be further believed to be able to replace the company in the near future is a listed company, has been focusing on the development, manufacturing and sales of connectors. The products include electronic connectors, electronic wiring harness, precision mould, automobile electronics, etc. The products are widely used in household appliances, communications, computers and peripherals, automobiles, industry and other fields. The next five years of strategic planning and development will exceed 10 billion yuan. As one of the most powerful connectors manufacturing enterprises in China, China has established manufacturing and R & D bases in various parts of the country. It is a professional manufacturer of connectors with considerable scale and influence in our country. As one of the most powerful connectors manufacturing enterprises in China, it has identified the development space of FPC in the future. Hope through the acquisition of XX enterprises to product chain integration. The purpose of this paper is to analyze the M & A FPC project of XX Company. With the help of the theory of feasibility study, the feasibility of the project is demonstrated, and the internal and external environment of the company is analyzed by means of SWOT analysis and Porter's five-force model, and the reasonableness and necessity of the acquisition are evaluated. It is helpful to take the initiative in risk control and prepare well in advance in order to reduce the risk of M & A. Then through the market forecast and analysis of the development of China's FPC industry and market share of each industry, we can see the future trend of FPC development, at the same time, analyze the necessity of depending on FPC for the development of each industry. And the future market growth can be determined that the future growth of FPC will be a very large market. Through technical analysis and financial analysis, it is concluded that M & A FPC project is completely feasible and provides scientific theoretical guidance for the acquisition project.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.6;F406.7

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