并购重组中的目标公司价值创造分析——以丹东化纤并购重组案为例.doc

厦门大学 硕士学位论文 并购重组中的目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：王志强并购重组中的目标公司价值创造分tF^——以丹东化纤并购重组案分析 Abstract Abstract Acquisition is a very complicated process of investment decision. Success of an acquisition is mainly determined by whether it creates value. On analyzing the acquisition case of Dandong Chemical Fiber Co.,Ltd as an example, this article tries to analyze and judge on whether acquisition and reorganization can promote the value creation of the company purchased, discuss the resources of value creation, and provide opinions and suggestions for the future development of Dandong Chemical Fiber Co.,Ltd. There are six parts in this article. Chapter 1 briefs the relevant knowledge of acquisition, and introduces the value effect of acquisition and reorganization based on the proof of research and practice from domestic and abroad. Chapter 2 introduces the situations of S Group and Dandong Chemical Fiber Co.,Ltd (the purchaser and the purchased respectively), analyses the strategy of acquisition, and proposes the strategic planning for Dandong Chemical Fiber Co.,Ltd after acquisition with SWOT. On comparing the financial index and EVA of Dandong Chemical Fiber Co.,Ltd after the acquisition with those prior to the acquisition, and comparing the EVA changes of Dandong Chemical Fiber Co.,Ltd with those of the other domestic listed companies of the same industry, chapter 3 makes judgments on whether acquisition will create value for a company purchased，and points out how acquisition may promote the value creation of Dandong Chemical Fiber Co.,Ltd. Chapter 4 analyses the resources of value creation of a company purchased from the aspects of financial structure and free cash flow, proposes the ways to promote the value creating capability for a company and appraises the contributions to the value creation of Dandong Chemical Fiber Co.,Ltd by decisions of business and investment. Based on the comparison with the average level of the industry and the