中国平安并购深发展案例分析硕士毕业论文.docxVIP

硕士研究生学位论文题目：中国平安收购深圳发展银行案例研究版权声明任何收存和保管本论文各种版本的单位和个人，未经本论文作者同意，不得将本论文转借他人，亦不得随意复制、抄录、拍照或以任何方式传播。否则，引起有碍作者著作权之问题，将可能承担法律责任。摘要2009年6月发生的中国平安收购深圳发展银行的并购案必将成为中国金融领域中具有里程碑式的事件。此项并购无论从并购双方的规模，还是并购金额，以及并购后对中国保险业和银行业的影响，在整个中国金融领域都是前所未有的。本文通过对此次并购过程、并购动机、并购影响和对并购后的展望等几个方面的阐释，试图展现此次并购的全貌。本文还涉及对被并购公司深圳发展银行的估值问题，采用了自上而下的分析方法，通过宏观环境，产业竞争环境以及公司竞争力的分析，使用三阶段股权自由现金流的估值方法，对深发展的股权价值进行了评估。本文期望通过这个典型案例的研究，对未来我国类似并购起到现实的借鉴作用。关键词：公司并购价值评估中国平安银行深发展 The case study of Ping An Insurance group acquisition of Shenzhen Development BankZhang Jian (MBA)Directed byTang GuozhengAbstractTook place in June 2009, the acquisition of Shenzhen Development Bank by China Ping An Insurance Group will become a landmark event in Chinas financial sector.?The deal, whether in terms of scale, amount, or the post-merger impact on the Chinese insurance and banking industry are unprecedented.The thesis is trying to show the whole picture of this acquisition through interpretation of the acquisition process, M A motives, post-merger prospects and other aspects.The thesis also involves valuation of the acquired company, Shenzhen Development Bank. It uses the top-down method of analysis, and the process is broken down into three parts, macro environment, industry competition and the company competition analysis. Finally, by conducting the three-stage equity free cash flow?valuation model, the equity value of SDB is evaluated.The author hopes that the research on such a typical case study will provide a useful reference for similar mergers and acquisitions in China.Keywords: Merger and AcquisitionvaluationbankingPing An Insurance groupShenzhen Development Bank目录第一章引言2第二章并购各方介绍22.1深发展22.2新桥资本22.3中国平安22.4平安寿险2第三章并购过程23.1新桥资本寻求退出23.2中国平安银行系的构建23.3中国平安收购深发展的过程2第四章并购价值评估24.1价值评估方法的选择24.2银行业现状24.3银行业外部宏观环境分析24.3.1政策因素24.3.2经济因素24.3.3社会因素24.3.4科技因素24.4银行业竞争力分析24.4.1行业内竞争24.4.2潜在进入者24.4.3替代品的威胁24.4.4供应商（存款者）24.4.5购买者（贷款者）24.5深发展价值评估24.5.1深发展业务介绍24.5.2深发展的竞争力分析24.5.3深发展估值计算2第五章并购动机25.1经营协同效应25.2多元化2第六章并购影响和展望26.1收购对各方的影响26.1.1对