《青岛啤酒公司收购和合并》讲义

《《青岛啤酒公司收购和合并》讲义》由会员分享，可在线阅读，更多相关《《青岛啤酒公司收购和合并》讲义（90页珍藏版）》请在读根文库上搜索。

1、 1 FIN 4050 Merges & Acquisitions ( ) : 2 1993 500 300 3 4 , 5 1993 6 94-98 7 1 9 9 3 -1 9 9 8 95 12 18 RM B 8 2 , 5 0 0 , 0 0 0 12 21 97 11 22 RM B 1 0 , 0 0 0 , 0 0 0 11 22 RM B 6 0 , 0 0 0 , 0 0 0 98 4 2 RM B 1 2 , 5 0 0 , 0 0 0 7 1 11 28 8 17 1999 9 1999 2 12 RMB 4,750,000 2 27 RMB 5,000,000 3 1。

2、9 RMB 31,500,000 6 15 RMB 4,750,000 6 29 RMB 4,750,000 7 26 RMB 10,000,000 9 9 RMB 30,000,000 9 10 RMB 8,000,000 9 26 RMB 38,000,000 10 27 RMB 30,000,000 11 4 RMB 45,000,000 11 18 RMB 11,000,000 11 21 RMB 6,000,000 12 1 RMB 45,000,000 12 18 RMB 18,000,000 12 30 RMB 18,330,000 12 30 RMB 3,500,000 10 。

3、16 2000 11 2000 3 28 RMB 8,205,000 4 22 RMB 1,300,000 4 24 RMB 16,000,000 5 18 RMB 4,000,000 6 18 RMB 20,000,000 7 11 RMB 30,000,000 8 9 RMB 153,750,000 8 18 USD 10,000,000 8 18 USD 12,500,000 8 30 RMB 7,000,000 9 1 RMB 60,000,000 9 13 RMB 9,880,000 12 6 RMB 15,800,000 12 8 RMB 28,905,500 12 16 RMB 。

4、80,000,000 12 21 RMB 61,110,000 12 2001 13 2001 3 28 RMB 5,000,000 6 28 RMB 85,000,000 7 10 RMB 70,000,000 7 11 RMB 5,000,000 11 13 RMB 96,000,000 11 13 RMB 30,990,000 11 13 RMB 27,990,000 14 96 3% 2001 11% 96 35 2001 251 15 = 16 2001 7 17 = 18 19 2001 : 7.8% : 1.8% 2001 1.7 2001 1 ( 60%) ? 20 = 21 。

5、? 22 174 23 174 24 25 :2001 1.5 75% , - , 26 ! 27 1 3 28 5 29 o 85% 30 70.56 41 100 38 13 68.4 70 20 15 30 5 26 5 2 1.67 7.1 ( ) 31 30% 32 98 : 8541 02 : 123921 14.5 33 2001 ,CEO 34 35 36 ( ) ( ) . 37 , , - 38 ( ) ( ) . 39 + + 40 ( ) ERP ERP ERP = Enterprise Resource Planning ( ) 41 ERP 1400 2000 22。

6、041 42 43 + 44 & + / , , 45 , 46 47 48 1998 2002 ( ) 30 50 ( ) 3 1 3 m2 7 m2 49 30% 2002 300 300 3 1 50 (01 ) 26488 (02 ) 3971 - 1. 3500 2. 187 3. 190 1000 4877 51 , (54%) (35%) 29% (11/01) (09/02) (90%) (09/02) (56.32%) 76.1% (06/01) (41.28%) 69.28% (07/01) (70%) 85% (07/01) 53 54 02-03 55 56 2001 。

7、6 2001 2 8.89% 3.46% $7.87 RMB ( $7.87 ) $8100 RMB 3400 ( $2.36) 7 5.43% 57 AB (22.5% ) $14 AB 58 AB 20% 7% AB 27% AB ? ? 59 $14 $10 $4 60 Equity , 41% 61 62 63 64 (99 00) 65 (02-03) 66 1993-98 HK SS 10 20 -2.97% 17.55% 10 20 -2.97% 17.55% 10 7 -10.16% 3.88% 10 7 -10.16% 3.88% 2 16 -1.10% -3.13% 5 2。

8、7 -9.22% 3.57% 9 28 -7.87% 0.35% 67 1999 HK SS 1 8 -10.47% 0.56% 1 8 -10.47% 0.56% 2 3 -2.86% -3.32% 5 7 -3.51% -1.50% 5 7 -3.51% -1.50% 5 24 -4.42% 8.04% 8 13 1.27% 4.40% 8 13 1.27% 4.40% 9 6 3.00% 6.74% 9 22 -11.11% 0.55% 10 19 3.76% 0.24% 11 3 -1.05% 7.81% 11 3 -1.05% 7.81% 11 3 -1.05% 7.81% 12 8。

9、 -6.73% -3.10% 12 8 -6.73% -3.10% 12 8 -6.73% -3.10% 68 2000 HK SS 1 28 -4.00% 5.57% 3 20 -18.08% 2.78% 3 20 -18.08% 2.78% 4 11 1.72% 0.11% 6 19 0.71% -0.65% 6 22 -0.71% 1.96% 6 30 -2.84% -2.59% 6 30 -2.84% -2.59% 6 30 -2.84% -2.59% 8 2 3.70% -3.14% 8 2 3.70% -3.14% 8 9 -4.60% 6.62% 11 2 -5.19% 12.2。

10、8% 11 2 -5.19% 12.28% 11 17 -5.70% 4.46% 11 17 -3.23% 0.74% 69 2001 HK SS 3 28 10.95% -1.84% 6 22 4.72% -0.57% 7 10 -1.83% -0.29% 11 15 -5.49% 3.01% 11 15 -5.49% 3.01% 11 15 -5.49% 3.01% 70 2002-03 HK SS 02 1.00% 1.00% 03 1.47% 0.22% 71 H A 72 H 73 A 74 75 (EBIT) = ? 76 (Gross Profit) 77 % (Net Profit Margin) = 78 AB :( ) 30.56% 79 4% AB ? , AB ? 80 2003 81 2003 2003 82 100% 83 H 84 1.5 Stock Price 85 H A H Stock Price 86 H , H 87 , A 88 6/11/2003 47.72, 3 , 89 , H 90 。