摘要
近年来，中国经济持续下行，三大产业经济结构面临调整转型，在新规范下的经
济发展中，并购市场变得活跃起来。近三年，国内市场中并购交易数量和规模都有了
很大提升，企业付出了很多努力，通过并购方式实现自身的转型发展。回首国内外结
束的并购案例，结果显现，并购的失败率极高，并购不能确保企业良性发展，失败的
并购给企业造成巨大的损失。毕马威等机构曾研究过企业并购的结果，它们指出在并
购后半年里，近半数的企业生产效率减速；近一半企业高级管理人员在被并购后因无
法适应选择跳槽至竞争对手公司；并购后三年，三分之二的企业利润负增长

本文研究对象 KS 公司，是国有资产注资的一家 A 股上市公司，它主要经营生产
ITO 导电膜玻璃、TFT- LCD 减薄玻璃、触摸屏等电子显示器件。KS 公司力图在液晶
显示产业凝聚综合竞争力，拓宽产品销路，节约交易成本，于 2014-2015 年间并购位
于产业链下游一家主营生产液晶显示模组和触摸屏模组的 GX 科技公司。但是在整个
交易完结后，KS 公司并没有按照交易前预期实现自身的减费增效，通过诊断发现，
该公司部分重要经营指标反而较并购 GX 科技公司前恶化，离行业平均水平还有不小
的差距，即使营业收入的提高也没有为企业赚得利润

本文结合交易费用理论、协同效应理论、价值链等企业并购相关的理论，运用资
料收集、管理层访谈、传统财务分析、杜邦分析法等诊断方法，诊断出 KS 公司并购
后导致自身盈利能力下降的问题所在，并有针对性地提出改进意见，提高并购成功率

关键词：纵向并购；财务分析；诊断KS 公司纵向并购问题诊断报告
I
ABSTRACT
Last several years, China&39;s economy continues downward, the three major industries
facing economic structure adjustment and transformation, under the new norms of
economic development, mergers and acquisitions market becomes active.In the past three
years, the number and scale of M&A transactions have been greatly improved in the
domestic market,enterprises strive to achieve their own transformation and development
through M&A. M&A can not only bring in profit, but also contains a huge risk.Looking
back on domestic and foreign mergers and acquisitions cases, the results show that the
failure of mergers and acquisitions is extremely high.KPMG and other organizations have
summed up the research of enterprise merger results, they point out half a year after the
acquisition, nearly half of the firm&39;s production efficiency slows down.In the year after the
completion of the merger, Nearly half of senior executives were unable to adapt to
switching to rival firms after being acquired, 2/3 of the enterprises&39; profits grew negatively.
The object of this study is KS company. It is a share listed company with state-owned
assets injection.the company mainly engaged in the production of ITO conductive film
glass,TFT-LCD thin glass, touch panel and other electronic display devices.KS company.
tries to agglomerate the comprehensive competitive power in LCD industry,expand
product sales, reduce transaction costs.In the period from 2014 to 2015,KS has acquired
GX technology company.GX is located in the lower reaches of the industrial chain. It
mainly produces LCD module and touch screen module.But after the whole deal was
over,KS did not meet its pre - market expectations of achieving its own cost reductions,
through the diagnosis, some of the company&39;s key operating indicators were worse than pre
merger deterioration of the GX technology company much lower than the industry average,
the company headquarters is to increase development profits.
This paper combines transaction cost theory, synergy effect theory, value chain theory
and other related theories of enterprise mergers and acquisitions and using data collection,
management interviews, traditional financial analysis, DuPont analysis and other
diagnostic methods,diagnose the problem that KS company leads to the decrease of its
profitability after merger and acquisition,and propose improvement suggestion,to improve
its successful rate of mergers and acquisitions.
KEYWORDS: Vertical merger;Financial analysis;DiagnosisKS 公司纵向并购问题诊断报告目 录
第一章 绪 论.. 1
第一节 研究背景 1
一、问题的提出 1
二、研究意义.... 2
第二节 国内外相关研究回顾.... 2
一、国外研究回顾及述评........ 2
二、国内研究回顾及述评........ 4
第三节 研究内容框架.... 5
第二章 企业并购的相关理论7
第一节 企业并购的概念及类型 7
一、企业并购的概念.... 7
二、企业并购的类型.... 8
第二节 企业并购的动因 9
第三节 并购的理论基础 9
一、交易费用理论........ 9
二、市场势力理论...... 10
三、协同效应理论...... 10
四、价值链理论.......... 10
第四节 企业财务分析方法...... 11
一、传统财务分析法.. 11
二、杜邦分析法.......... 12
第三章 诊断方案设计..........14
第一节 诊断对象.......... 14
第二节 诊断方法.......... 14
一、文献阅读法.......... 14
二、访谈法...... 15目录三、案例诊断法.......... 15
四、归纳法...... 15
第三节 方案设计.......... 15
一、方案的设计目标.. 15
二、方案的设计内容.. 15
第四章 KS 公司纵向并购的问题诊断与分析.........
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