企业战略一百华联吸收合并案例分析上
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★★★文档资源★★★【摘要】2004年，零售市场取消了各项对外商的****，几乎呈现完全开放的状态。

同一年，为了应对这样的竞争环境，我国首例上市公司之间的吸收合并案——第一百货和华联商厦合并案诞生。

这一合并是百联集团整合过程中重要的第一步。

合并中区分流通股和非流通股，设置不同的折股比例，同时独创性的设立了现金选择权。

这一创新的设计使该合并案称为“百联模式”。

由于是收例上市公司之间的并购，此次合并备受关注。

合并当局一再强调“百联模式”是为了平衡各方利益而设计的，但是，通过本文的分析却发现，折股比例实际上扩大了非流通股的利益而损害了中小流通股的利益。

同时，现金选择权对于流通股股东来说只有象征意义，实质上是给予部分非流通股东一种资金变现的途径。

此外，从合并之后的企业经营状况来看，合并后存续公司的盈利能力等都有很大程度的上升，然而百联整体集团的整合之路却仍然有些停滞。

本文的主要内容即是就这一合并为研究对象，探究其合并的背景、过程、结果，得出结论和启示。

关键词：企业并购折股比例现金选择权
Abstract
In 2004, most restricted policies for foreign funded companies were cancelled and since then the retailing market has been almost totally opening. In the same year, the merger case between Shanghai Department Store Co., Ltd. and Shanghai Hua Lian Co., Ltd. was born in such competitive situation, which is the first merger case between listed companies in China. It set different exchange ratios for different sorts of shareholders and creatively gave shareholders right to sell their shares at a specific price. This is called “Bailian Model” . Because it is the first case between listed companies in China, much attention has been paid to the management stresses that the model is designed to balance the benefit of every sorts of shareholders. However the fact is that the exchange ratios for different sorts of shareholders is designed to increse the non-tradeable shareholder’s benefit which har ms the benefit of tradeable shreholders. Also the cash option is meaningless to tradeable shareholders while is one way to realize their wealfare. And in terms of the financial position after mergering, the company has been developed quickly, while the progress of the whole group is carried out slowly.
The main idea of this article is to explore the background, process and result of the case and to give some suggestions for other companies in M&A.
Key words: Merger and Acquisition, exchange ratios, cash option
目录
一、引言 1
二、企业并购相关理论及现实背景 1 （一）企业并购的相关概念界定 1 （二）文献回顾 2
（三）我国企业并购现状 3
三、案例概况 4
（一）合并相关各方情况 4
（二）合并方案及实施过程 4
四、案例分析 5
（一）合并动因分析 5
（二）合并案例分析 6
（三）合并结果 8
五、结论及启示 10
资料来源。