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本文从企业角度出发，结合相关的并购管理理论和评估方法，针对 2016
年全球最大的并购案件 AT&T 并购时代华纳公司进行分析研究。本文将应用
并购管理理论对收购方 AT&T 的定价进行验证分析，评价 AT&T 的并购定价
绩效，并归纳和改进相应定价管理实务，最终结论也希望能给中国企业进行
相关战略并购，特别是海外并购，提供一定的管理实务借鉴
研究将以“提出问题、分析问题、解决问题”的研究逻辑框架进行。一开始
为绪论，主要阐述本研究的背景、意义和内容方法，提出对定价管理的研究
接着归纳战略并购定价管理的相关理论并由理论推导出定价机制，并通过案
例描述提出“评价和改进 AT&T 定价管理绩效”的问题，根据定价的影响机
制分不同层面对案例进行验证分析，最终对研究对象的定价绩效作出相关评
价并改进和归纳相应的定价管理实务
AT&T 并购时代华纳的案例只是一个并购时代的冰山一角，随着新兴技
术和新兴市场的开发，大量的产业面临结构调整，大量的跨境业务将遭遇各
种各样的投资机会，新一轮并购浪潮注定将要来临，这是产业的需要，是经
济的需要，更多的，也是人的需要
为了在并购浪潮中站稳脚跟并创造价值，对战略并购其内在的本质和背
后逻辑的掌握就尤其重要，而本文就是这个而存在的。摘要
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关键词 战略并购 企业视角 定价机制 跨职能管理东华大学工商管理硕士学位论文
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RESEARCH ON PRICING MANAGEMENT PRACTICE IN
CORPORATE STRATEGIC M&A - BASED ON THE MERGER
OFAT&T AND TIME WARNER
Abstract
Growth is always the key to business managers. Nowadays more and more attentions are
being drawn to the form of In-organic growth which is mainly based on M&A, rather than the
form of Organic growth, which implies business operation performance.
Taking the point of view of corporate in-house, this article is going to look deeply into
the world’s biggest M&Adeal in 2016 and decipher it with combined methodologies regarding
both M&A management and Business Valuation. AT&T’s pricing management would be the
primary target for us to analyze with and validate the result, and ultimately to judge the pricing
performance and optimize the corresponding practice. And at the meantime, also hopefully,
this case can be somewhat referable to Chinese companies who want to sharp their skills
before making an investment overseas.
This research would be conducted basing on the logic streamline of “find the problem,
analyze the problem, and solve the problem”. Beginning with the introduction, which
demonstrates the research background, significance and research methodologies, and then
unveil the main target of the research is pricing management. After that it will derive the
pricing mechanism from the theoretical understanding of pricing management and brief the
AT&T case to focus everything on “judgement and optimization of AT&T’s pricing
management performance”. Following the three different dimensions of pricing mechanism,
this article is going validate, judge and optimize this pricing performance of AT&T and sum
up the related management practical knowhow in the meantime.
The merger between AT&T and Time Warner is but a tip on the iceberg of the upcoming
huge global trend of M&A. Along with the emergence of numerous new technologies and new
market, a large bunch of industries is going to undergo structural transformation, and lots of
cross-border investment opportunities need to be valuated, all of these are inevitable, for the
need of industry, for the need of economy, and more, for the humankind.
To stand fast in the upcoming M&A storm and create real value out of it, you need to东华大学工商管理硕士学位论文
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fully master the ins and outs of corporate strategic M&A, and that’s exactly the reason why I
am doing this research.
Author: SONG, Chuan Yi (MBA)
Supervised by: LI, Yong
KEYWORDS Strategic M&A, Corporate Perspective, Pricing Model, Cross-functional
Management东华大学工商管理硕士学位论文
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目录
摘要. I
Abstract .....III
第一章 绪论...........1
1.1 研究背景..1
1.1.1 全球并购市场现状 ...1
1.1.2 中国内地与香港地区的并购市场现状........3
1.1.3 当代企业战略并购的定价管理实务水平....6
1.2 研究目标与意义..8
1.2.1 研究目标 .......8
1.2.2 理论意义 .......8
1.2.3 实际意义 .......8
1.3 研究内容与方法..9
1.3.1 研究内容 .......9
1.3.2 研究方法 .....10
1.3.3 研究架构图 .10
第二章 战略并购定价管理的概述 .........12
2.1 战略并购的概述12
2.1.1 并购的概念 .12
2.1.2 战略并购的概念和特点 .....12
2.1.3 战略并购与财务并购的对比表 .....14
2.2 企业并购的常用流程与惯例 ....15
2.3 并购定价机制的理论推导与各因素概述 ........18
2.3.1 并购管理中的定价 .18
2.3.2 定价机制的理论推导 .........18
2.3.3 并购估值方法的概述 .........19
2.3.4 并购管理能力的概述 .........21
2.3.5 并购动机强度的概述 .........23
第三章 AT&T 与时代华纳并购案的整体浅析..25
3.1 并购交易内容....25
3.1.1 交易条款 .....25东华大学工商管理硕士学位论文
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3.1.2 交易架构 .....25
3.2 交易战略浅析....26
3.2.1 收购方——AT&T ...26
3.2.2 被收购方——时代华纳 .....28
3.2.3 交易双方的协同可能 .........30
3.3 聚焦“定价”....31
3.3.1 行业对交易价格的评价 .....31
3.3.2 本文对该案例定价的分析层面和关键假设..........32
第四章 估值方法层面的 AT&T 定价验证分析.34
4.1 估值方法的建模与选择考量 ....34
4.1.1 核心估值方法和模型 .........34
4.1.2 基于理论推演的估值方法选择 .....37
4.2 时代华纳的估值计算....40
4.2.1 多模型估值 .40
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