宝钢并购邯钢因素分析与策略研究

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中文摘要

ABSTRACT

第一章绪论..............................................................................................................1

§1.1 研究背景和意义...........................................................................................1

§1.1.1 研究背景................................................................................................1

§1.1.2 研究意义................................................................................................2

§1.2 国内外研究现状及文献综述.......................................................................3

§1.2.1 国外研究现状及文献综述....................................................................3

§1.2.2 国内研究现状及文献综述....................................................................4

§1.3 研究内容和方法...........................................................................................6

§1.4 创新说明.......................................................................................................7

第二章钢铁行业并购环境因素分析......................................................................8

§2.1 钢铁行业国际并购环境...............................................................................8

§2.1.1 西方企业并购动因................................................................................8

§2.1.2 五次并购浪潮........................................................................................9

§2.1.3 国际钢铁行业并购环境分析..............................................................10

§2.2 钢铁行业国内并购环境.............................................................................11

§2.2.1 国内钢铁企业并购动因......................................................................11

§2.2.2 国内钢铁行业现状..............................................................................13

§2.2.3 国内钢铁行业并购环境分析..............................................................14

§2.3 国内政策环境对钢铁行业并购的影响.....................................................16

§2.4 钢铁行业并购环境因素综述.....................................................................18

第三章宝钢并购邯钢战略因素分析....................................................................19

§3.1 宝钢.............................................................................................................19

§3.1.1 宝钢简介..............................................................................................19

§3.1.2 宝钢发展战略分析..............................................................................20

§3.2 邯钢.............................................................................................................21

§3.2.1 邯钢简介..............................................................................................22

§3.2.1 邯钢运营分析......................................................................................25

§3.3 国内钢铁企业战略布局分析.....................................................................28

§3.4 宝钢并购邯钢的战略因素综述.................................................................31

第四章宝钢并购邯钢价值因素分析....................................................................32

§4.1 邯钢自由现金流贴现价值评估.................................................................32

§4.2 邯钢相对价值评估.....................................................................................34

§4.3 邯钢期权价值评估.....................................................................................35

§4.4 宝钢并购邯钢的价值因素综述.................................................................36

第五章宝钢并购邯钢策略研究............................................................................37

§5.1 证券交易并购策略.....................................................................................37

§5.2 自愿要约并购策略.....................................................................................38

§5.3 协议收购――分步走并购策略.................................................................40

§5.4 其它并购策略.............................................................................................41

§5.5 宝钢并购邯钢的策略综述.........................................................................42

结论......................................................................................................................43

附录....................................................................................................................45

参考文献..................................................................................................................49

在读期间公开发表的论文和承担科研项目及取得成果......................................51

致谢......................................................................................................................52

摘要

近年来，随着我国市场经济和证券市场的不断快速发展，企业并购活动

也越来越多。企业并购行为是市场经济发展的必然产物，它在我国经济生活中

的地位也越来越重要。作为能够迅速聚集资本、壮大企业规模的企业并购行为

也必成为我国企业参与激烈国际竞争的必然选择。

经过二十多年的发展，宝钢积极吸取国外同行的先进经验，引进日本新日

铁的管理模式，积累了一定的生产、管理、营销等方面的先进经验，并成功跨

入世界 500 强之列，成为国内首屈一指的钢铁联合企业。但是，在经济全球化

的大背景下，随着国内外各大钢铁公司纷纷通过兼并、联合，扩大产能。宝钢

也需要从自身战略角度出发，着眼于今后艰巨的形势，通过各种有效的扩张方

式以增强自身的竞争力。

本文以市场猜测颇多的宝钢欲并购邯钢为研究内容，采用因素分析法分析

宝钢所处的国内、外行业环境，以及国内政策面对钢铁行业并购重组的影响，

研究宝钢发展战略和邯钢的经营状况，然后，重点通过直接估价法，相对估价

法和实物期权估价法三种价值评估方法对邯钢的公司价值进行评估，最后根据

三种价值评估的结论进行分析，讨论宝钢可以采用的并购邯钢的并购策略。

目前，虽然宝钢并购邯钢并未成为事实，但是通过本文研究，笔者认为宝

钢如果期望保持自己在钢铁行业的领军地位，完全依靠自身的产能增加是不现

实的。位于金融中心的上海的宝钢，完全有能力运用金融资本的方式，通过并

购等策略的实施，实现自己立足华东、辐射全国的发展战略。

同时，文中采用的并购环境和企业战略相结合的因素分析方法，以及对被

并购企业的价值评估方法的运用和根据因素分析的结果设计并购策略，对于其

它行业或者其它企业并购策略的制定和实施，具有一定实践意义，也是笔者研

究此问题的意义所在。

关键词：并购因素分析环境战略价值并购策略

ABSTRACT

In recent years, with the continuous rapid development of the Chinese market

economy and the securities market, M & A activity has been increasing. Merger and

acquisition activity is an inevitable product of market economy development. At the

same time, it plays the more important role in Chinese economic life. As it could

quickly congregate capital, strengthen the scale of corporate. Mergers and

acquisitions become the inevitable choice that Chinese enterprises participate in the

fierce international competitions.

After more than 20 years of development, Baosteel actively learned advanced

experience from their foreign counterparts, introduced Japanese Nippon Steel

management style, accumulated a certain amount of advanced experiences in

production, management, marketing, and another aspect, and successfully entered

the World's Top 500 List, became a leading domestic steel joint venture. However,

in the backdrop of economic globalization, the major abroad steel companies have

expanded production capacity through mergers and joint. Baosteel also needs focus

on the future difficult situation that bases on its strategic point of view, needs

expand through various effective ways to enhance the competitiveness of its own.

This paper will take it as the study case that Baosteel would merger Handan

Iron and Steel which bring the market much confusion and speculation. During the

study procession, the writer will use factor analysis to investigate the domestic and

foreign trade environment of Baosteel, and analyze the influence of the domestic

policy about the reorganization of the steel industry, anatomize the development

strategies of Baosteel and the operation of the Handan Iron and Steel, evaluate the

value of the Handan Iron and Steel Company through the Discounted Cash Flows

Model, Relative Value Assessment Method and the Option Pricing Model. At last

according to the results of assessment from the three valuation methods, we will

discuss the possible strategies that Baosteel should take to merge Handan Iron and

Steel.

At present, though that Baosteel merges Handan Iron and Steel does not

become a true thing. Through this study, I believe that if Baosteel expected to

maintain its leading position in the domestic steel industry, relying entirely on its

own production-growing should be unrealistic. In the financial center of Shanghai,

Baosteel is full of the capable of using the financial capital, through mergers and

acquisitions, and other strategies, to reach its development strategy of the foothold

in the east of China and the influence of the nation.

Meanwhile, in this thesis, the analytical method that combining the merger

environment with the strategy of the company, the methods of value evaluation on

the merged company , the design and modification of the merger strategy, could be

applied to the same situation of other industry when making and implementing the

merger strategies. And that is the point and intention of the author.

Key Word: Merger and Acquisitions, Factor Analysis, Circumstance, Strategy,

Value Evaluation, Merger Strategy

第一章绪论

-1-

第一章绪论

本章阐述选择宝钢并购邯钢进行研究的背景与意义；同时，分析关于并购

这一经济现象的国内外研究现状，并整理归纳部分研究文献；最后，给出了撰

写该论文的框架结构与需要解决的问题及所采用的研究方法。

§1.1 研究背景和意义

本小节介绍经济全球化的钢铁行业并购大背景，以及研究国内钢铁企业并

购因素和分析可行并购策略对于其他行业内并购的借鉴意义。

§1.1.1 研究背景

世界经济全球化趋势日益增强，科技革命迅速发展，钢铁等传统产业不仅

要应对严峻挑战，同时也面临着更大的发展机遇。近年来，国际钢铁业并购浪

潮席卷而来。米塔尔与安赛乐钢铁集团在 2006 年完成合并，组建了国际钢铁

行业的超级航母。在经济全球化的背景下，充满诱惑的中国市场已纳入世界钢

铁巨头的并购视野。对于我国钢铁企业来说，同样也意识到这种生存危机。

作为全球最大的钢铁生产国和铁矿石进口国，当前我国钢铁产能已出现结

构性过剩。2006 年，我国钢产量超过 4.2 亿吨，钢铁行业产能过剩的矛盾和企

业间同质化竞争趋势越来越突出。同时，2007 年7月国家调整出口政策，钢

材出口退税率调降到 8％，生铁、钢坯等加征 10％的出口关税。这不但增加了

钢铁企业出口成本，加大了出口难度，也加剧了国内市场的竞争。并且海运费、

国内运费、大宗原料燃料价格的不断上涨，使得我国钢铁行业供大于求的深层

次矛盾也不断显现出来。

我国《钢铁产业发展政策》提出，到 2010 年，我国钢铁冶炼企业数量要

有较大幅度减少，国内排名前十位的钢铁企业集团钢产量占全国产量的比例达

到50％以上，期间要形成两个 3000 万吨级特大型钢铁企业集团。但是，当前

我国钢铁产业集中度并未因企业并购而提高。2005 年，我国前 10 位钢铁企业

的钢产量占全国的比例为 35.36％。而 2006 年的统计数据，显示这一比例下降

到34.86％。这表明，我国当前钢铁产业重组效果并不理想，甚至可以说产业

重组尚未有多少实质性动作。

武钢集团在 2004 年成功实现整体上市的同时，也加快了对地区性钢铁企

业的战略重组，成功收购鄂钢，使整个湖北钢材市场牢牢的控制在自己手中。

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摘要：

目录中文摘要ABSTRACT第一章绪论..............................................................................................................1§1.1研究背景和意义...........................................................................................1§1.1.1研究背景............................................................

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