企业的收购活动是市场经济体制下一种必然现象，这是企业之间所有权的一种让渡 行为。通过收购，企业可以在短时间内迅速壮大自己的综合实力。但由于收购活动的交 易对象不是普通的单件商品，而是极为复杂的企业，这决定了收购是一项庞大而复杂的 工程，并且所面临的风险也是巨大的，因此在收购前撰写详尽的商业计划书是极具必要 性的。 本文以 YF 企业收购 ZK 垃圾发电厂这一活动为具体研究对象，就收购过程及收购 后的发展进行研究。文章首先对收购活动的相关理论知识进行了梳理，在此基础上，就 收购双方企业的概况进行了说明，并详尽分析 YF 企业收购 ZK 垃圾发电厂的动因；在 接下来的第三章中，报告从宏观政策、技术、市场等方面就项目机会进行了分析；在第 四章中，作者结合垃圾焚烧发电行业要求垃圾无害化处理特性，从工程、环保、安全方 面提出了收购后项目的技术改造方案；第五章就项目收购后的公司组织架构进行了设 计，并就收购后公司的新管理办法进行了阐述；第六及第七章主要是根据相关的财务数 据，对项目的投资进行估算，并对项目的盈利能力及债务清偿能力进行评价；最后部分 为报告的结论及相关意见。 企业收购是一项复杂的活动，其中涉及到技术、市场、财务以及投资环境等诸多方 面的内容，对这些问题进行事前的细致分析可以有效规避收购的盲目性及所面临的风 险，为企业收购决策提供科学依据。通过本文的撰写，希望能对我国企业之间的收购活 动提供一些借鉴。 关键词，收购；商业计划书；垃圾发电；财务评价 II Abstract Acquisition is a certain result of market system, it’s the transition of proprietary rights between two companies. A company can strengthen its competitive ability very quickly through acquisition. Because of the target of acquisition is not a simple commodity but a complicated company, this decide the acquisition is a complicated and huge system engineering, and the process is full of risks. So, have a detailed analysis for the process is really necessary. This paper regards it as research object that YF Company purchase ZK Garbage Power Plant, and has a research on the acquisition process and the development. Firstly, the writer synopsizes the related theory of acquisition, then introduces the general situation of acquiring enterprise and target firm, and analysis the motive of the acquisition behavior. In chapter three, the paper has a analyses of the program’s opportunity in the aspect of macroscopically policy, technology and marketing. Combined the garbage power industry’s character of hazard-free treatment, the writer brings up a technical reconstruction plan from engineering, environmental and security in chapter four. In chapter five, the company’s organizational structure has been designed, and represents the new management system. The main contents of chapter six and chapter seven is estimates the program’s investment which based on existing financial dates, and evaluates the program’s profitability and debt paying ability. The last part of the paper is the conclusion and proposes. Acquisition is a complicated project which is related to technology, marketing, financial, investment environment and so on. Analysis these facts carefully beforehand can help decision-makers avoid the blindness and risks of the acquisition. The writer hopes this dissertation could provide some guides to domestic acquisitions. Keywords: Acquisition; Business Plan; Garbage to Power Generation; financial evaluation III 目 录 摘要...........................................................................................................................................I ABSTRACT .............................................................................................................................. II 图表清单..................................................................................................................................VI 第一章 绪论..............................................................................................................................1 1.1 研究背景及意义.............................................................................................................. 1 1.1.1 研究背景................................................................................................................... 1 1.1.2 研究意义................................................................................................................... 1 1.2 国内外研究现状.............................................................................................................. 2 1.2.1 收购概述................................................................................................................... 2 1.2.2 收购动因研究........................................................................................................... 2 1.2.3 收购方式................................................................................................................... 3 1.2.4 收购风险研究........................................................................................................... 5 1.3 研究内容.......................................................................................................................... 6 1.3.1 研究思路................................................................................................................... 6 1.3.2 报告技术路线........................................................................................................... 6 第二章 项目概述......................................................................................................................8 2.1 收购企业分析.................................................................................................................. 8 2.1.1 YF 企业基本情况...................................................................................................... 8 2.1.2 YF 企业的主要业绩.................................................................................................. 8 2.2 目标企业分析.................................................................................................................. 9 2.2.1 ZK 垃圾发电厂基本情况.......................................................................................... 9 2.2.2 ZK 垃圾发电厂存在的问题...................................................................................... 9 2.3 收购动因分析................................................................................................................ 10 2.4 本章小结........................................................................................................................ 12 第三章 项目机会分析............................................................................................................13 3.1 垃圾发电行业概述........................................................................................................ 13 3.2 项目宏观机会分析........................................................................................................ 14 3.2.1 国外垃圾发电状况................................................................................................. 14 IV 3.2.2 国内垃圾发电状况................................................................................................. 15 3.3 项目技术分析................................................................................................................ 16 3.4 项目市场机会分析........................................................................................................ 17 3.5 项目社会效益分析 ........................................................................................................ 18 3.6 本章小结........................................................................................................................ 19 第四章 项目技改方案............................................................................................................20 4.1 工程评价及改进措施.................................................................................................... 20 4.1.1 垃圾接收、贮存及输送系统................................................................................. 20 4.1.2 垃圾焚烧系统......................................................................................................... 21 4.1.3 余热利用系统......................................................................................................... 21 4.1.4 烟气净化系统......................................................................................................... 21 4.1.5 除灰渣系统............................................................................................................. 22 4.2 环保评价及改进............................................................................................................ 22 4.2.1 废气......................................................................................................................... 22 4.2.2 废水......................................................................................................................... 23 4.2.3 固体废物................................................................................................................. 24 4.2.4 噪声......................................................................................................................... 24 4.3 安全评价........................................................................................................................ 25 4.3.1 危险因素分析......................................................................................................... 25 4.3.2 防范措施................................................................................................................. 25 4.4 本章小结........................................................................................................................ 26 第五章 公司组织结构及管理办法........................................................................................27 5.1 组织结构与人力资源.................................................................................................... 27 5.1.1 组织框架及岗位设置............................................................................................. 27 5.1.2 职能分工................................................................................................................. 27 5.2 公司管理办法................................................................................................................ 29 5.3 本章小结........................................................................................................................ 30 第六章 项目投资估算............................................................................................................31 6.1 ZK 垃圾发电厂收购价格估算 ...................................................................................... 31 6.1.1 估算方法介绍......................................................................................................... 31 V 6.1.2 估算方式选择......................................................................................................... 32 6.1.3 ZK 垃圾发电厂收购价格估算................................................................................ 32 6.1.4 收购支付方式......................................................................................................... 32 6.2 项目收购后改建投资估算............................................................................................ 33 6.3 资金筹措方式................................................................................................................ 33 6.4 本章小结........................................................................................................................ 34 第七章 财务评价....................................................................................................................35 7.1 财务评价依据................................................................................................................ 35 7.2 成本分析........................................................................................................................ 35 7.2.1 成本估算依据......................................................................................................... 35 7.2.2 成本估算分析......................................................................................................... 35 7.3 盈利能力分析................................................................................................................ 36 7.3.1 销售收入及销售税金估算..................................................................................... 36 7.3.2 利润估算................................................................................................................. 36 7.3.3 现金流量分析......................................................................................................... 36 7.4 清偿能力分析................................................................................................................ 37 7.5 不确定性分析................................................................................................................ 37 7.5.1 盈亏平衡分析......................................................................................................... 38 7.5.2 敏感性分析............................................................................................................. 39 5.5.3 风险分析................................................................................................................. 40 7.6 财务评价结果................................................................................................................ 42 结 论......................................................................................................................................43