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Title: | 老牌橡膠國企轉型發展戰略研究—以H公司為例 Research on the Strategy of Transformation and Development of the Old Rubber State-owned Enterprise — Take Company H as an Example |
Authors: | Feng Lyu 呂峰 |
Advisor: | 陳家麟 |
Keyword: | 轉型,戰略,併購, Transformation,Strategy,Merger and Acquisition (M&A), |
Publication Year : | 2020 |
Degree: | 碩士 |
Abstract: | H公司是經中國農業部批准聯合多家國企單位於2005年共同發起設立的,公司設立時的主要業務為天然橡膠的種植、生產、加工和銷售,經中國證監會批准,公司在2010年向社會公眾發行普通股,並於2011年在上海證券交易所掛牌上市,主要業務依然為天然橡膠的種植、生產、加工和銷售。由於公司的歷史沿革、體制和戰略使命,公司經營邏輯和發展模式根深蒂固,忽略了產業環境、市場環境和時代環境的變化,造成公司主營業務嚴重依賴於橡膠上游傳統業務,但因近來年膠價持續低迷,甚至出現價格倒掛現象,這也直接導致了集團利潤表現不佳,盈利能力較弱,資本關注度較低的現狀。公司決策層已深刻感受到公司發展的瓶頸,堅定決心以投資並購和戰略管理為主要方式探索新的企業價值革新之路,實現公司的產業結構重塑和從「管業務」向「管資本」的轉型。本人於2018年底加入H公司,負責公司資本運作和投資並購工作,本論文通過研究分析其發展歷史沿革和產業環境的變化為背景,來探討H公司未來的轉型方向和並購發展思路。
本論文以H公司為研究對象,通過對公司的歷史沿革、業務構成、自身優劣勢及涉足行業的產業環境進行深入分析和研究,結合和借鑒部分類似體徵企業轉型的成功經驗,來明確公司的轉型方向,為公司並購和發展戰略確立目標和方向,解決公司未來戰略上做什麼和怎麼做的問題,同時結合實踐,就2019年本人主導的兩項並購交割案例的回顧,對並購過程中的戰略思考和交割後的整合問題進行總結。 國企轉型需求下的並購發展戰略是一個龐大的系統工程,其不僅是對產業的深入研究和判斷,不僅是資金問題的妥善處理,不僅是人才團隊的儲備,其還有國企體制所涉及的一些特殊問題,本論文從H公司實際出發,包含著實踐中的一些個人認知和體會,或可以為其他國企的並購轉型發展提供一定的借鑒意義。 Company H was established in 2005 with the approval of the Ministry of Agriculture of the People's Republic of China in conjunction with a number of state-owned enterprises. When the company was established, the main businesses were cultivation, production, processing and sales of natural rubber. With the approval of the China Securities Regulatory Commission, the Group issued ordinary shares to the public in 2010 and was listed on the Shanghai Stock Exchange in 2011. Its main businesses remain the cultivation, production, processing and sales of natural rubber. Due to the Group's historical evolution, system and strategic mission, the Group's operating logic and development model are deeply entrenched, which ignoring changes in the industrial environment, market environment, and the environment of the times. As a result, the Group's main businesses heavily rely on the traditional rubber upstream businesses. In recent years, the price of rubber has continued to slump and even prices have inverted which have directly led to the poor profit performance, weak profitability and low capital attention of the group. The company's decision-making layer has deeply felt the bottleneck of the company's development, and is firmly determined to explore new ways of corporate value innovation with investment and acquisition and strategic management as the main methods to realize the restructuring of the group's industrial structure and the transition from 'managing business' to 'managing capital'. I joined Company H at the end of 2018 and is responsible for the company's capital operation and investment mergers and acquisitions. This thesis explores the company's future transformation direction and M & A development ideas through research and analysis of its development history and changes in the industrial environment. This thesis takes Company H as the research object, making in-depth analysis and research on the company's historical evolution, business composition, its own advantages and disadvantages, and the industrial environment. The analysis and research involved in the industry, combining and drawing on some successful experiences of similar physical enterprise transformation, to clarify the group's transformation direction, establish goals and directions for the group's M & A and development strategy, solve the group's future strategic what to do and how to do it. In combination with practice and based on a review of two M & A and delivery cases that I led in 2019, I summarized the strategic thinking during the M & A process and the integration issues after the settlement. The M & A development strategy under the transformation needs of state-owned enterprises is a huge systematic project, which is not only an in-depth study and judgment of the industry, but also the proper handling of funding issues, not only the reserve of talent teams, but also some of the issues involved in the state-owned enterprise system. Starting from the actual situation of company H, this thesis contains some personal cognitions and experiences in practice, or it can provide some references for other state-owned enterprises' M & A transformation development. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/62483 |
DOI: | 10.6342/NTU202000924 |
Fulltext Rights: | 有償授權 |
Appears in Collections: | 臺大-復旦EMBA境外專班 |
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ntu-109-1.pdf Restricted Access | 2.99 MB | Adobe PDF |
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