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硕士研究生学位论文题目：中国平安收购深圳发展银行案例研究姓名：张剑学号：10728434院系：光华管理学院专业：MBA研究方向：金融导师：唐国正二010年五月I版权声明任何收存和保管本论文各种版本的单位和个人，未经本论文作者同意，不得将本论文转借他人，亦不得随意复制、抄录、拍照或以任何方式传播。否则，引起有碍作者著作权之问题，将可能承担法律责任。II摘要2009年6月发生的中国平安收购深圳发展银行的并购案必将成为中国金融领域中具有里程碑式的事件。此项并购无论从并购双方的规模，还是并购金额，以及并购后对中国保险业和银行业的影响，在整个中国金融领域都是前所未有的。本文通过对此次并购过程、并购动机、并购影响和对并购后的展望等几个方面的阐释，试图展现此次并购的全貌。本文还涉及对被并购公司深圳发展银行的估值问题，采用了自上而下的分析方法，通过宏观环境，产业竞争环境以及公司竞争力的分析，使用三阶段股权自由现金流的估值方法，对深发展的股权价值进行了评估。本文期望通过这个典型案例的研究，对未来我国类似并购起到现实的借鉴作用。关键词：公司并购价值评估中国平安银行深发展IIIThecasestudyofPingAnInsurancegroupacquisitionofShenzhenDevelopmentBankZhangJian(MBA)DirectedbyTangGuozhengAbstractTookplaceinJune2009,theacquisitionofShenzhenDevelopmentBankbyChinaPingAnInsuranceGroupwillbecomealandmarkeventinChina'sfinancialsector.Thedeal,whetherintermsofscale,amount,orthepost-mergerimpactontheChineseinsuranceandbankingindustryareunprecedented.Thethesisistryingtoshowthewholepictureofthisacquisitionthroughinterpretationoftheacquisitionprocess,M&Amotives,post-mergerprospectsandotheraspects.Thethesisalsoinvolvesvaluationoftheacquiredcompany,ShenzhenDevelopmentBank.Itusesthetop-downmethodofanalysis,andtheprocessisbrokendownintothreeparts,macroenvironment,industrycompetitionandthecompanycompetitionanalysis.Finally,byconductingthethree-stageequityfreecashflowvaluationmodel,theequityvalueofSDBisevaluated.TheauthorhopesthattheresearchonsuchatypicalcasestudywillprovideausefulreferenceforsimilarmergersandacquisitionsinChina.Keywords:MergerandAcquisitionvaluationbankingPingAnInsurancegroupShenzhenDevelopmentBankIV目录第一章引言........................................................................................................................1第二章并购各方介绍........................................................................................................12.1深发展....................................................................................................................12.2新桥资本................................................................................................................52.3中国平安................................................................................................................52.4平安寿险................................................................................................................6第三章并购过程................................................................................................................73.1新桥资本寻求退出................................................................................................73.2中国平安银行系的构建........................................................................................83.3中国平安收购深发展的过程..............................................................................10第四章并购价值评估......................................................................................................114.1价值评估方法的选择..........................................................................................114.2银行业现状..........................................................................................................124.3银行业外部宏观环境分析..................................................................................144.3.1政策因素...................................................................................................144.3.2经济因素...................................................................................................154.3.3社会因素...................................................................................................184.3.4科技因素...................................................................................................204.4银行业竞争力分析..............................................................................................214.4.1行业内竞争...............................................................................................214.4.2潜在进入者...............................................................................................234.4.3替代品的威胁...........................................................................................234.4.4供应商（存款者）...................................................................................244.4.5购买者（贷款者）...................................................................................254.5深发展价值评估..................................................................................................264.5.1深发展业务介绍.......................................................................................264.5.2深发展的竞争力分析...............................................................................274.5.3深发展估值计算.......................................................................................34第五章并购动机..............................................................................................................405.1经营协同效应......................................................................................................405.2多元化..................................................................................................................41第六章并购影响和展望..................................................................