从湘火炬的并购看资源整合效益

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1、WBA论文从湘火炬的井购看资掉整合效益AbstraetFromearlyninetiesoflastcentury,StrategicalliancehasbecomemainstreamofworldfifthwavesofM&A．M&Ainchinahastransferredfromtheformofmainlybuyingpubliccompanywiththeonlyaimtogetmoneyfrominvestorstotheoneofstrategicalliancewiththeaimoflong—termdevelopment．Whiler

2、esourcespossessedbyallenterprisearelimited，thosebelongingtowholesocietyareresourceful．Itisalmostimpossibletoswiftlydevelopbywhollydependingontheresourcesamenterprisepossesses．Onlybycapitalizingonsocialresourcesandoptimizingallocationofresources，developingsocializationresources，oper

3、atinginternationally,managingscientificallyandutilizingthespecializedfinancetoolssuchasmergeandacquisition，restructurecananenterprisedevelopquicklybyreducingtheleadtimeofR&Dnewproducts．Especiallywhenacompanychangesitsstrategy．咄擅asacost—effectivewaytoexpansioncanmaintainthesustainab

4、leprofitbyacquiringthemarketshareoftargetcompanies．Restructuredin1993，TorchCorporationLid(hereafterasTorch)，formerlyknownasHunanZuzhouPlantisanationallykeyenterprise．TwoyearsafteritsIPO，Torchlostseasonedissueandstocksdividendbecauseitsreturnonnetassetdidnotmeetthebottomrequirement．

5、Afterrestructure，TorchintroducednewphilosophyandredesignedstrategieswhichisledbyindustryresearchandstrengthendevelopingsectorbystrategicplanningandwhichcultivatingcorecompetencebyM&Aandconsolidation．WecandrawsomeconclusionsfromtheM＆AcasesofTbrch：1、M&Aisakeymethodologytoincreasecapi

6、talandrelocatingsocialresources．Itenjoystheadvantagesofincreasingthecapitalswiftly，reducingtheentryandexitbarriersandimprovingtheefficientrelocationofsocialresources．2、M＆Ashouldformnewcorecompetence．CorecompetenceiSthecombinationofbothSOCialresourcesandenterprisesresources．Corecomp

7、etenceisthecombinationoforganizationeapitalandsocialcapital．3、Casestellus，corporatefinanceisabasicfinancialtoolhelpingsmalIenterprisestogrowfast．从湘火炬的井购看资源整合效】j矗第一部分企业购并理论与战略购并概述企业购并是把企业作为商品进行产权的交易，通常所说的购并(M＆A)是指在市场机制的作用下，企业为了获得其它企业的控制权而进行的产权交易活动。根据《中华人民共和国证券法》的规定，公司收购是指公开收购一家公司的股份

8、而获得对该公司控制权的行为：根据证监会颁布的《上市公