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1、厦门大学硕士学位论文并购重组中的冃标公司价值创造分析一以丹东化纤并购重组案为例姓名:翁彬申请学位级别:硕士专业:工商管理导教师:王志强20051101AbstractAbstractAcquisitionisaverycomplicatedprocessofinvestmentdecision.Successofanacquisitionismainlydeterminedbywhetheritcreatesvalue.OnanalyzingtheacquisitioncaseofDandongChemicalFiberCo.,Ltda
2、sanexample,thisarticletriestoanalyzeandjudgeonwhetheracquisitionandreorganizationcanpromotethevaluecreationofthecompanypurchased,discusstheresourcesofvaluecreation,andprovideopinionsandsuggestionsforthefuturedevelopmentofDandongChemicalFiberCo.,Ltd.Therearesixpartsinthis
3、article.Chapter1briefstherelevantknowledgeofacquisition,andintroducesthevalueeffectofacquisitionandreorganizationbasedontheproofofresearchandpracticefromdomesticandabroad.Chapter2introducesthesituationsofSGroupandDandongChemicalFiberCo.,Ltd(thepurchaserandthepurchasedres
4、pectively),analysesthestrategyofacquisition,andproposesthestrategicplanningforDandongChemicalFiberCo.,LtdafteracquisitionwithSWOT.OncomparingthefinancialindexandEVAofDandongChemicalFiberCo.,Ltdaftertheacquisitionwiththosepriortotheacquisition,andcomparingtheEVAchangesofD
5、andongChemicalFiberCo.,Ltdwiththoseoftheotherdomesticlistedcompaniesofthesameindustry,chapter3makesjudgmentsonwhetheracquisitionwillcreatevalueforacompanypurchased,andpointsouthowacquisitionmaypromotethevaluecreationofDandongChemicalFiberCo.,Ltd.Chapter4analysestheresour
6、cesofvaluecreationofacompanypurchasedfromtheaspectsoffinancialstructureandfreecashflow,proposesthewaystopromotethevaluecreatingcapabilityforacompanyandappraisesthecontributionstothevaluecreationofDandongChemicalFiberCo.,Ltdbydecisionsofbusinessandinvestment.Basedonthecom
7、parisonwiththeaverageleveloftheindustryandtheimprovementoffreecashflow,chapter5analysesandevaluatesthesituationsofDandongChemicalFiberCo.,Ltdonaspectsoffinancialstandings,assetsoperation,andsolvency,anddeterminestheorientationofvaluecreationforthecompany.Thefinalpartwill
8、generalizethemajorconclusionsofthearticleandproposethelimitations.Keywords:Acquisitionandreorganization