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论文运用纵向发展法、横向发展法分析了 F 公司所处热处理行业的战略
转型路径，从价值链理论入手确定了 F 公司通过纵向并购和自主扩张，延伸
企业产业链下游业务的战略转型方案。同时通过五力分析，得出横向并购国
内外同行业公司，对企业进行技术升级，增强企业核心竞争力的战略转型方
案。通过纵向发展和横向发展相结合的转型战略，增加 F 公司的盈利能力、
融资能力、技术研发能力，从而实现 F 企业未来价值的稳定和提高。论文结
合真实的并购案例，对 F 企业的战略转型实施，进行了进一步的研究，对并
购中企业自身分析、目标企业的选择、目标企业的分析、目标企业的估值、
并购整合等内容进行了详细的阐述并提出了见解。最后，对于 F 公司的战略
转型进行了经济评价、风险评估和持续跟进
关键词：F 公司；横向并购；纵向延伸；战略转型哈尔滨工业大学高级管理人员工商管理硕士学位论文
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Abstract
In the past couple years, World economy struggled to stay up . Under such
macro-economic situation, China manufacturing sector suffered more in export
and domestic market. Over-capacity became the main issue in nearly all domestic
industries. As China’s only publically listed heat treat enterprise - Company F
had an under-par performance in ROI and share price, largely because heat treat
market shrank noticeably and company growth reached bottleneck even it is still
China’s leading heat treat company. Therefore, it is essential for Company F to
develop new enterprise transformation strategies so to reshape its competitive
advantages and to improve its market value.
This paper applies case study methodology and focuses on Company F’s
transformation strategy development, including the phases of strategic
transformation options, transformation roadmap design, strategy execution, risk
assessment, and post-transformation evaluation.
First, the author uses vertical integration and horizontal growth methods to
study the options of Company F’s transformation in heat treat industry. By
conducting enterprise value-chain analysis, Company’s roadmap was developed
in the direction of vertical integration through acquisitions and self-expansion to
shift company’s business structure from heat treat equipment manufacturing
centered to heat treat service centered. Second, by applying Porter’s five-force
model and other enterprise value-improvement methodologies, Company F’s
transformation strategy is developed as acquiring other advanced heat treat
technologies to enhance company’s technology leadership so to improve its core
competiveness. Third, its transformation is designed in combination of acquiring
technology based heat treat equipment manufacturers and acquiring heat treat
service companies, which should improve Company F’s profit generating
capability, financing capacity as well as R&D innovation capability with the
ultimate goal of retaining and improving company’s future market value. Then
the author further studied the execution process of Company F’s transformation
by comparing other similar real-world M&A cases, analyzing company F’s
competence, selecting target companies, studying target companies’ business哈尔滨工业大学高级管理人员工商管理硕士学位论文
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model and valuation, and acquiring the target companies. Last but not the least,
the author conducted economic evaluation, risk assessment, and follow-up study
to Company F’s strategic transformation process.
Key words: Company F, vertical acquisition, horizontal integration, strategic
transformation哈尔滨工业大学高级管理人员工商管理硕士学位论文
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目 录
摘要.......I
Abstract..II
第 1 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.......2
1.2 国内外研究综述.2
1.2.1 国内文献综述..........2
1.2.2 国外文献综述..........4
1.3 制造业转型升级路径概述........4
1.3.1 生产型转向服务型..5
1.3.2 并购重组.......6
1.4 研究内容及研究路线.....7
1.4.1 研究内容.......7
1.4.2 研究路线.......8
第 2 章 F 公司发展现状和转型战略提出.....9
2.1 F 公司现状..........9
2.1.1 F 公司的发展...........9
2.1.2 F 公司在国内热处理行业中的地位......10
2.1.3 F 企业面临的困难和挑战...........10
2.2 F 企业转型战略的提出...........14
2.3 本章小结16
第 3 章 F 公司战略转型设计方案... 17
3.1 F 企业发展战略的不同选择....17
3.1.1 基于 F 企业价值链分析选择......17
3.1.2 F 企业基于五力分析选择...........19
3.2 F 企业战略转型升级方案......22
3.3 本章小结24
第 4 章 F 公司战略转型的实施与评估.......25
4.1 中国资本市场概况.......25哈尔滨工业大学高级管理人员工商管理硕士学位论文
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4.1.1 中国 A 股市场情况...........25
4.1.2 中国并购重组情况26
4.1.3 中国有关支持并购重组的政策..26
4.2 目标企业的选择...........27
4.2.1 F 公司财务分析.... 28
4.2.2 目标企业分析........30
4.3 估值及并购的实施...
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