基于后向并购的中化国际上游发展战略研究-工商管理专业论文.docxVIP

基于后向并购的中化国际上游发展战略研究 摘 要 长期以来，我国企业通过自身的积累扩大生产规模，企业发展缓慢、 规模偏小，竞争能力弱。中国资本市场的蓬勃发展，使越来越多的企业 走向资本市场，产生了具有现代意义的企业并购。企业并购能够促使企 业有效利用不断发展完善的资本市场，增强企业市场竞争能力，顺利实 现经济转型和结构调整。因此，研究我国企业通过并购向产业链上游发 展这一具有丰富实践特点的课题更具有现实意义。 纵向一体化是企业重要的发展战略之一。企业通过并购实施上游一 体化战略，可以在较短的时间实现掌控资源，稳定供应关系、降低交易 费用、拥有价格和信息优势、提高产品差异化能力及提高准入门槛，增 强竞争能力。然而，据国际著名企业管理机构科尔尼公司多年的统计数 据显示，只有 20%的并购案例能够实现最初的设想，大部分的并购都以 失败告终。中化国际天然橡胶业务在确定了上游发展战略之后，于 2004 年至 2005 年先后并购了三家天然橡胶加工企业，最终实现了成为国内 天然橡胶第三支力量的目标。本文通过对其战略制定和实施路径的具体 分析，得出中化国际清晰的战略路线和通过并购、整合持续不断地进行 战略推进是其战略能够成功的核心因素，并希望其实施战略的过程能为 其它企业提供借鉴。 关键词：战略，并购，上游，纵向一体化 RESEARCH ON THE BACKWARD DEVELOPMENT STRATEGY OF SINOCHEM INTL. CO. BASED ON MA ABSTRACT It has been a long time for the Chinese enterprises expanding their production scale only through the self-accumulation, which leads the company slow in development, small in scale and weak in competitiveness. With Chinas capital market is flourishing, more and more enterprises enter the capital market, and the modern corporate mergers and acquisitions (MA) has been generated. MA could allow the companies to utilize the developing capital market to enhance their market competitiveness effectively, realizing the economic transformation and structural adjustment smoothly. Therefore, the research on Chinese enterprises expanding to the upper reaches of industrial chain through MA has very high practical significance. Vertical integration is an important development strategy for the enterprises. Through MA integration strategy, the company can quickly control the resources, keep the stable supply relationship, reduce the transaction costs, hold the prices and information advantages enhance the ability of products differentiation, improve the access threshold and enhance the competitiveness. However, the statistics from AT Kearney shows that only 20% MA case could achieve the original expectation, most of MA cases end in failure. After Sinochem International Corporation’ Natural Rubber Department had determined to implement the b