导　　师： 王善平

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 湖南大学

摘　　要： 近年来,随着中国经济的快速发展,国内钢铁行业也出现了一轮新的投资热潮,然而,与世界钢铁巨头相比,我国钢企规模显然偏低。钢铁行业是一个规模经济很显著的行业,国内钢企要提高竞争力,提高在世界上的竞争地位,就必须扩大规模。2005年,国家出台《钢铁产业发展政策》,鼓励有条件的钢铁企业通过并购的形式扩大规模。众所周知,并购作为一种企业的成长方式,给企业带来机遇的同时,也蕴藏着巨大的风险,国内外众多并购失败案例也说明了这一点。由于并购过程中孕育的不确定性,使得那些即使出发动机是好的并购,比如为了维持发展竞争优势,实现低成本扩张等,也因为客观上存在诸多原因使得并购结果并不尽人意,影响了并购效果。本文通过研究江西XY钢铁经历两次并购整合的案例,就XY钢铁企业并购的风险作了分析,并提出了化解风险的对策。为下一次跨省并购提出一些有益建议。 第一章为绪论,介绍了国外钢铁业并购理论和实践的发展状况,介绍了我国钢铁业并购现状,揭示了并购中隐含着风险。第二章为企业并购的一般理论分析,介绍了与并购相关的风险。第三章介绍了江西XY钢铁并购的基本情况与问题。客观分析了XY钢铁两次并购的动因,并购后所面临的问题。第四章为江西XY钢铁并购的风险及其成因分析。通过分析并购的风险分布,指出了形成风险的成因。第五章为化解江西XY钢铁企业并购风险的主要对策,从深化企业内部改革,提高核心竞争力,实施全面预算等方面探讨化解风险的对策,并提出进一步发展的建议。 In recent years, with the rapid development of Chinese economy, a new round of investment boom emerges in the domestic steel industry. However, compared with the world steel giants, China's steel enterprises scale still stays in low level. As being an industry with strong character of scale-economy, the domestic steel enterprises must expand their scale to improve the competitiveness and the competitive position in the world. In2005, with the promulgation of Iron and Steel Industry Development Policies, qualified enterprises are encouraged to expand scale by M/&A. Functioned as a growth method for enterprises, M/&A provides opportunities as well as enormous risks to them, illustrated by many cases of failed restructuring both at home and abroad. Because of the uncertainties in implementing, some of M/&As, though having positive initial intentions such as to maintain and develop the competitive advantages, or to fulfill low-cost expansion etc., end in unsatisfactory outcome for objective reasons, thus the restructuring effect is also influenced by these. By studying the twice restructuring experiences of Jiangxi XY iron and steel enterprise, this paper analyses the risks of this company during the process, and proposes strategies of defusing risks, to offer some beneficial suggestions for the inter-provincial acquisition next time. Chapter Ⅰ Introduction introduces the development of restructuring theory and practice of foreign iron/&steel industry, points out the status and the hidden risks of China's steel industry restructuring and reorganization. Chapter Ⅱ is the general theory analysis for corporate restructuring which proposed the static risk and dynamic risk after the reorganization. Chapter Ⅲ presents the basic situation and problems in the restructuring progress of the Jiangxi XY steel corporation:the power of the XY steel twice-restructuring, the problems after the reorganization. Chapter Ⅸ give out an analysis of risks and its causes in the progress of restructuring/&reorganization of Jiangxi XY steel. By analyzing the risk of restructuring/&reorganization, this part points out how the risk formatted. In Chapter Ⅹ the measures are given to defuse the risk of the restructuring of Jiangxi XY iron and steel enterprises, and several proposals are brought for the further development.

关 键 词： 江西 钢铁 并购 风险 对策

分 类 号： [F426.31 F271]

领　　域： [经济管理] [经济管理] [经济管理]