搜索
上海交通大学硕士学位论文从ＡＢ公司的建立看中国证券公司的合并后的重组姓名：周勇申请学位级别：硕士专业：工商管理（MBA）指导教师：陈亚民20040111MBA4MBA5MBA6THERESEARCHOFTHERESTUCTURINGAFTERTHEMERGEROFAB-SECURITIESCOMPANYABSTRACTThispaperdiscussesmainlycompanyrestructuring.First,theaimofrestructuringistoachievesynergy,whichincludesbusinesssynergy,operatingsynergy,investmentsynergyandmanagementsynergy.Therearefourwaysbymeansofwhichsynergycancreatevalues:shareinresourcesandbusinessactivities,diffusioneffectfrommarketingandresearch&development,shareinknowledgeandtechniquebycompaniesinsimilardomain,shareincompany’simage.Restructuringconsistsofownershiprestructuring,businessandmanagementrestructuringandassetrestructuring.Methodsofownershiprestructuringare:acquisition,segmentation,transfer,mergerandnewestablishment.Methodsofbusinessandmanagementrestructuringare:identificationofcompany’sstrategyandimplementationofstrategicmanagement,restructuringonmanagementstructure,restructuringonprocedures,restructuringonhumanresources,andconstructionofcompanyculture.Methodsofassetrestructuringare:saleofpartialassets,companysplitting,assetexchange,restructuringofdebts,andcustody.ThispaperillustratesindetailtheprocessofthemergerofCompanyAB.Theaimofownershiprestructuringistosetupboardofdirectorsoflimitedsharecompany,toclearlyidentifytherelationshipbetweenownershipandmanagement,todefinetherightsandresponsibilitiesofdifferentfunctionallevelsaccordingtocompanycharter,andthereforetoestablishmodernlegalpersonmanagementstructure.Besides,identificationofstrategy,consolidatedfinance,managementrestructuring,businessintegration,personnelreadjustmentandcompanyculturehavesuccessfullyfacilitatedCompanyABtobethemarketleaderindomesticsecuritiesmarketregardingitsbusiness,managementandcomprehensivecompetence.OntheotherMBA7hand,assetevaluationandliquidation,assetexchange,publicissuingofsharesandbondshavegreatlyimprovedtheCompany’sassetquality,whichincreasestheCompany’spoweragainstrisks.Thispaper,informofsubjectdiscussion,analyzescompanyAB’sbusinessandmanagementrestructuringaswellasassetrestructuring.Intheanalysisofmanagementrestructuring,thispaper,basedonthecharacteristicsoftheCompany,illustratesthestep-by-stepprocessofformingacompletecustomer-marketing-centeredmanagementfromtwotypesofmanagementpolesapart.Intheanalysisofrestructuringonoperatingprocedures,thispaperdescribesthetarget,themethodsandtheprocessoftherestructuring,aswellastheultimateeffect.Intheanalysisofassetrestructuring,thispaperconcludesthat,theassetrestructuringofcompanyABhasbecomethevitalissueoutoftherequirementfromSecuritiesRegulatoryCommissiononthenetassetofsecuritiescompaniesandtheneedforfurtherdevelopment.Fromadeepunderstandingoftheoriesonrestructuringandfullexploitationoncompany’sgoodwill,theCompanydevisesasmartplanofassetrestructuring,which,bymeansofcompanysplittingandassetexchangeforexample,hasgreatlyimprovedtheassetqualityoftheCompany.Intheprocessofimplementingtheplan,theCompanystickstotheprincipleofmutualbenefitandfinallymanagestoreachanagreementbetweenshareholdersandstrategiccooperator,whichcompletedthewholeprocessofassetrestructuring.FromtheanalysisontherestructuringofcompanyAB,Iconcludesevenstandardstoevaluateasuccessfulrestructuring:1.changesinmarketpositionandmarketshare;2.changesinprofitandprofitpercapita;3.changeinassetquality;4.changeinpoweragainstrisks;5.changesinlineofproductandcreativity;6.rationalityofmanagementstructure;7.changeinpotentialoflong-termdevelopment.Onlyfromthesevenstandardsabove,canwegenerateareasonableevaluationofacaseofrestructuringtojudgewhetheritissuccessfulornot.KEYWORDSMergers,Restructuring,strategy,BusinessProcessRe-engineering(BPR),AssetsRestructuring.12004122200312200312MBA101TCL570()(2002)76MBA20.1.2MBA30.1.30.1.42002929IPO,“”0.1.5400004600MBA430305700900200199%lllll02llllll03MBA5123SOIP1ROIROI=S1-O1/I1P1P2Pn:ST=S1+S2+...+Sn:OT=O1+O2+...+OnIT=I1+I2+...+In:(ROI)T=ST-OT/IT4:Ss=SIOs=OTIs=IT(ROI)s(ROI)TSs=STOs=OTIs=IT5l6ll()()²²7²²²²8192103111241311415216171811922021322MBA23MBA24MBA2526272829()30313233343536373839231310206.011313152545%15257303010-6-13-20-25-25-30-2340414243MBA44MBA45[1][2][3][4]MBA46MBA47MBA48MBA49MBA50从ＡＢ公司的建立看中国证券公司的合并后的重组作者：周勇学位授予单位：上海交通大学相似文献(10条)1.期刊论文吴洪.WuHong从并购潮中思考电信业的重组之路-世界电信2001,14(3)国际电信业并购潮席卷全球,并购的动因是三网融合的趋势而非企业融资的需要.因而旨在占领市场和技术领先的战略型并购而非财务型并购是国际电信业并购的主流.为增强自身实力、合理配置电信资源并提高其使用效率,我国电信业应抓住时机利用并购渠道完善电信业的重组变革.2.学位论文池恩安民爆行业的并购与重组战略——贵州久联民爆公司的并购与重组发展战略案例分析2007企业并购与重组作为优化资源配置手段，在西方国家由来已久。在刚刚走向市场经济的中国，也由于经济体制改革的深化、产业结构的调整、国际竞争的加剧等多方面的原因，企业并购与重组发展成为企业资产重组和资源重新配置的重要方式，然而，近几十年来国内外的并购与重组实践与实证研究表明，并购与重组失败的可能性要大于成功的可能性，并购与重组的价值创造源于后期的整合工作，因此整合是并购与重组成败的关键因素。并购与重组作为一项实现企业战略、促进资源优化配置的方法或措施如何在中国经济发展中发挥更大的积极作用是一件值得思考的事情。公司并购与重组的动因是为了追求企业的最佳生产规模，是为了减轻代理问题，是为了降低交易成本，是为了企业的产权掌握在对公司的发展更有利的一方手中，是为了获得管理的协同效应，也是为了获得财务协同效应，简言之，就是为了获得更好的经济效益、赚更多的钱。民爆行业是一种特殊的行业，国家一直是严格控制和管理，但是在2001年我国加入世贸组织后，外来资本通过合资或控股等方式逐步进入民爆行业，如澳瑞凯公司就已在中国的威海和内蒙古采用控股或参股的方式建立了民爆生产厂，并且其高端产品已占领我国市场，例如2006年长江三峡大坝上游围堰爆破拆除工程所采用的所有火工品就全部是澳瑞凯公司的产品，尽管其价格昂贵，但是其精度高，能准确控制起爆时间和药室的延期时间，能极大地改善爆破效果，因此备受用户青睐。民爆市场的分割，加剧了企业间的竞争，使得民爆企业不得不考虑自身的生存危机。植物界讲的