Strategic Reorganization Of State-owned Enterprises Through Mergers And Acquisitions Integration

The thesis hope passes to the Jiangjing City electric power company procures the argument of the item, investigating to make use of the market means integrates heavy celebrating the municipal than asunder of the possibility of the local electric power property, investigate to establish a kind of suitable for a method for heavyly celebrating state-owned property in local power company making priceseses at the same time, make sure to procure the price with the reasonable.Here the foundation is last, certain heavy celebrate the mode that municipal water conservancy electric power industry group limited company procure each area County power company.At the same time, pass to the Jiangjing electric power company procures design of integrating the project, certain a kind of match the heavy celebrates the place the special features, easy to for square power company a management for accepting mode in every locality, complete the group company make use of the market means, becoming current than scatter about, can't the local charged barbed wire net of the industry scale integrate high-quality property, be used as heavy celebrate municipal electric power system reform of a part, realize fast expansion in property in company in group, betterly the strategy purpose that serve society.The thesis passes to Jiangjing electric power company is in to the annex of the state-owned property with procure process, more difficult a lesson a list price for is concerning state-owned property changing the system, state-owned making price offering for sale problem, change the system for the state-owned business enterprise in norm and state-owned a problem for making price turning letting, heavy celebrated the city hall to out the set the hair of Yu[1997] No.38 text, YU[2001] the No.52 the text successively, change the system to the state-owned business enterprise the problem exsited in the process made the some rules, but the state-owned makes the price offers for sale how fair make the price reasonably, since guarantee the state-owned property protect the value increases in value, guaranteeing the state-owned property again can flow reasonably on the capital market, can make state-owned property got the excellent turning install.In the aspects of choice that make the price method, because of canning compare the company analysis method with can compare the bargain analysis method must have the prosperous capital market, more case example, lack domestic current the bargain of the state-owned property to say, very much the enough case example props up.And buy themarket multiple analysis method analyze first public of and buy the market bargain multiple, and usually is trading the scale to ascend to take into the restrict with the industry category, for example, can be provided as analytic bargain a bargain for being limited by this front in six months, target company in the electric power profession, the scale limit in 50,000,000 dollars including, this kind of method and can't provide the help of high times.But the dividends usuallies convert into cash to analyze the method to get the analysis of the bonus from the target company to the value that get the target company.The above method exsits current state-owned property make price very much the localization of the different degree, the past a text tries to use value analysis method as to lends support to the method, the cash discharge converts into cash to analyze method( the method of DCF) as the main method, the certain state-owned property procures the price.Among them, use the cash discharge converts into cash to analyze the method makes sure the income is after procuring, value analysis the method gets of result the conduct and actions manages with state-owned property the section to make the basis of the price for the state-owned property, two kinds of methods is mutually combinative, make sure the state-owned property procure the price.