我国国有铁业重组与并购的实证分析.doc

我国国有钢铁企业重组与并购的实证分析 2006128235 财政2班 张俊隆 摘要：钢铁行业是我国国民经济的重要组成部分，其发展状况对整体国民经济的发展起着举足轻重的作用。笔者主要以我国钢铁业的重组与并购为研究对象，首先梳理了钢铁业的发展历程，即从我国出现了现代冶炼技术到民国建立后逐渐形成的三大、五中、十八小为格局的钢铁企业到现在以上海宝钢为首的大型钢铁企业；其次阐述了钢铁行业的发展对国民经济的重要意义；再次剖析了目前大、中、小钢铁企业的重组和并购过程中出现的诸多问题；最后笔者通过“宝钢战略性收购八一钢铁”、“‘莱钢’与阿赛洛合资案”、“河北钢铁集团的重组”三个实例，总结了钢铁行业重组和并购的经验及启示，并在文章的最后提出相应的改进建议。Abstract: Iron industry is an important part of nation economy; it plays a significant role in nation economy development. The author focus on the iron industrys acquisition and merger . First，he hackles the process of the iron industry. From modern smelt technology to the three giants, five mediums and eighteen minitype iron companies which established in the China Republic, and also the large-scale iron company led by the Bao Steel. Next, he explains the importance of the iron industry to the nation economy; he restates the problem occurs on the giant, medium and small iron company during the process of acquisition and merger . At last, the author uses the three cases, that is ‘Bayi Iron and Steel Baosteel strategic acquisitions’， ‘Laiwu Steel joint venture with Arcelor case’，and ‘Hebei Iron and Steel Groups restructuring’ to sum up the experience and enlightenment in the iron industrys acquisition and merger , and puts forward some feasible suggestions at the end of the article. Keywords：Steel?? Acquisition?? Merger?? State-owned enterprises 目 录 一、导论…………………………………………………………………………………1 二、钢铁企业重组并购的历史沿革及现状……………………………………………1 （一）钢铁企业重组并购的历史…………………………………………………1 （二）钢铁企业重组并购的现状…………………………………………………2 三、钢铁产业与经济发展之间的关系…………………………………………………3 四、我国钢铁产业发展过程出现的问题………………………………………………4 （一）钢铁产品结构不合理、产品档次低，高端产品仍需进口………………5 （二）钢铁生产的持续高能耗、高污染、低效率………………………………5 （三）恶性竞争加剧了钢铁业的波动性…………………………………………5 （四）重复建设多，落后装备淘汰难……………………………………………6 （五）钢铁企业的分散，规模效益差，影响相关产业发展……………………6 五、我国国有钢铁企业的重组并购案例………………………………………………7 （一）宝钢战略性收购八一钢铁…………………………………………………7 （二）“莱钢”与阿赛洛合资案…………………………………………………8 （三）河北钢铁集团的重组………………………………………………………9 六、全文总结……………………………………………………………………………10 （一）政府部门在企业的并购重组中要发挥协调和支持作用…………