工商管理本科毕业论文-企业并购的价值创造研究--以包钢稀土并购华美为例.doc

本科生毕业论文 企业并购的价值创造研究 —以包钢稀土并购华美为例 姓　　名 学　　号 专　　业 指导教师 2012年05月16日 摘　要 我国经济快速发展使内在结构性矛盾逐步显性化。解决结构性矛盾需要变革，中国只有在变革中完成转型，才能助推经济增长从“量的崛起”到“质的繁荣”。中国经济转型的方向是：提升消费、扭转区域不平衡、发展科技与服务业、加强资源环境支持力度。企业并购在产业整合和升级方面的价值创造和效用分析研究将对我国经济结构调整意义重大。 本文以并购的价值创造效应理论为分析的依据，对包钢稀土并购华美稀土的价值创造过程和效应从以下五个方面进行了分析：财务数据分析、杜邦模型分析、基于生产要素下的并购价值创造分析、基于能力创造价值的分析和基于利益相关者的价值创造分析。并得出以下结论：企业并购的价值创造要综合考虑企业自身层面的微观因素和国家产业效率和安全层面的宏观因素，从两方面的价值创造去分析和把握。特别是像稀土等战略性行业来讲，意义更为重大。同时，政府的价值取向在企业并购的价值创造中发挥了比较大的作用。 关键词：并购；价值创造；产业；稀土 Abstract Chinas rapid economic development so that the inherent structural contradiction gradually dominance.To solve the structural contradictions need change, China only in the change in the completion of the transition to boost economic growth, from quantity in the rise to qualitative prosperity.The direction of Chinas economic transition is: promoting consumption, reverse the regional imbalance, the development of technology and services, strengthen resource environmental support.Enterprise merger and acquisition in the industry integration and upgrading of value creation and utility analysis research on our countrys economic structure adjustment of great significance. This paper by M A value creation effect theory for the analysis of the basis of Inner Mongolia Baotou rare-earth (group) hi-tech Co., LTD, M a Baotou Huamei Rare-earth high-each Ltd.Co. the value creation process and effect from the following five aspects: the analysis of financial data, the analysis of DuPont model, based on the production elements of M A analysis of value creation, based on the ability to create value analysis and based on the stakeholders the analysis of value creation. The conclusions are as follows: the merger and acquisition of enterprises value creation to be integrated into the enterprise oneself of micro level factors and the national industrial safety and efficiency of macroeconomic factors, from the two aspects of value creation to analyze and understand. Especially as a rare strategic indust