华能国际收购山东华能的创新模式研究-工商管理(mba)专业论文.docxVIP

摘要体文基于华能国际f巳力股份有限公司(陶称“毕能国际”)收9ii=J【【』东毕能发 摘要 体文基于华能国际f巳力股份有限公司(陶称“毕能国际”)收9ii=J【【』东毕能发 r乜股份有限公司(简称“l¨东华能”)的案例，放眼f中固兼并收购市场的未来 发展，理论联系实际，运用定性分析和定量分析相结合的方法，探索了企业兼 并收购的新模式。广—7一 论文首先从分析华能国际收购山东华能的动因入手，运用协同效应、f】殳东 财富最大化等理论分析了并购与资本市场的关系，并购与企业发展战略的关系： 提出了用较高的市盈率克服EPS摊薄的影响，并验证了由于EPS提高引起股价 上涨的预期效应。 通过对华能国际收购山乐华能程序的研究，探索了垒些羞茳11盆赠的规范程 序以及程序中涉及的关键财务、法律问题和中介机陶的作用；并通过企业市值 与帐面值的关系推导出了计算商誉的“单位增值法”。 在目标企业定价这一关键问题的研究上，介绍了资产评估法、拉巴波特模 型和市盈率模型；基于创值理论推导出了剑焦枣绝搓型!并通过华能案例进行 了实证。 在介绍完并购程序后，强调了并后整合的必要性，并结合案例分析了组织 机构整合、文化整合、管理制度整合和资产整合的内涵。 【本文在计算商誉的“单位增值法”和基于创值理论的“创值定价模型”上 具有创新性和可操作性。}一1，一一一 关键词： 兼并收购单位增值}y创值并后整各／ 《。i纛!。。。纛，囊；j。k’i蕊羹≤敷：．．，。∽。岔。囊l耋≤I滋{，嚣。§ Ab Ab stract In view of the merger between Huaneng Power IntematioimIInc fhereinafter cailed as Huaneng International)and Shandong Huaneng Power Developrnent Company Ltd(hereinafter called as Shandong Huaneng)and looking forward to the fLlture ofthe merger and acquisition【hereinaffer called as MA)market i11 China，a profound studv on a new rhodel of M＆A iS made through the methods of linking the theory with practice and combining quantitative analysis with qualitative analysis The thesis begins by analyzing the motivation based on which Huaneng Intemational merged Shandong Huaneng．It Further tells the relationship between MA and capital market，as well as between MA and COrt：}orate developing strategies by the theory of synergy and shareholders’wealth maximum．It poses a theory that a higher P／E ratio can offset an adverse effect caused by an EPS dilution，and verifies an EPS increase will lead tO a rise in share price due tO an expected effeCt． To make detailed research in the specified merger procedures completed by Huaneng International，and their related key financial and legal issues，and the roles played by the consultants as well．To give a new method of calculating goodwill called as“Unit Value Added Method“by analyzing the link between market value and book value of the researched company． On the research of share pricing，the key to the res