15.【答案】 Report T0：Management of Junhong Group Company From：A.Analyst Date：×，×，2014 Subject：Acquiree internal environment and risks in acquisition analysis

　　Introduction： This report makes analysis of the internal environment of the acquiree using SWOT model.Next it makes analysis of the risks that should be considered in the acquisition. (1)Internal environment analysis as to the acquiree using SWOT model： SWOT analysis is a critical assessment of an organization’S strengths&weaknesses and opportunities&threats in order to establish its condition prior to the preparation of any long-term plans.Strengths and weaknesses are internal factors while opportunities and threats are external factors that should be considered. Strengths： The acquiree has strong crude oil process capacity and there are more than 1 20 categories products produced which indicate that the enterprise has strong produce advantage.The acquiree has obtained a lot of awards and its products tailored to Santana have been used and accepted by Volkswagen Company,which indicate that the acquiree has strong technology advantage and it has the ability to produce high level product which may obtain excess returns. Weaknesses： The acquiree uses traditional financial statement and Dupont analysis system which may not adapt to the flexibility and complexity of the economic activities. The employees who are responsible of marketing are the accountants，which indicates that the staff of the company may not have professional competence，which has adverse effects on the market expansion. Opportunities： The quality requirement of the product is increasing and the small package lubricating oil has huge potential market.As the enterprise has strong research&development ability and technology advantage，it may catch the opportunity to expand its market shares and improve profitability. Threats： The imported small package lubricating oil makes up a high proportion of the market shares. which may threaten the development ofthe acquiree.The imported small package lubricating oil has mature and comprehensive advertising channels which will have adverse effects on the sales ofthe acquiree. (2)The risks that should be considered in acquisition： When making acquisition decisions，the following risks in acquisition should be considered： ①Culture risk： Runquan Company is a state—owned old company,the culture of which may be different from that of Junhong Group Company.Whether the cultures of both companies can be hategrated or not is key to the success of the acquisition because the culture risk may have deep effects on the enterprise operation. ②Strategy risk：

　　When acquiring Rtmquan Company,we should consider whether the acquisition can achieve the goal of the group company or not，whether the acquisition can increase the shareholders wealth or not. As the main business of Junhong Group Company is building waterproofmg materials and themain business of Runquan Company is oil refming related，the management of Junhong Groupmay not well understand all the aspects of the acquiree’s business which may bring strategyrisk to group company. ③Financial risk： When making acquisition decisions，we should consider whether the finance structure of theacquiree is appropriate or not and whether the profitability of acquiree is stable or not.If the acquiree maintains high level gearing ratio and the profitability is not stable，the liquidation risk may increase which will decrease the expected rate of return. ④Operation risk： Runquan Company still uses traditional financial statements and the information system of the acquiree may be different from that of Junhong Group Company.Whether the information svstem can be integrated is critical to the information sharin9，information management which is key factor to the success of the acquisition. In conclusion，when making acquisition decisions，we should make clear analysis of the internal environment of the acquiree and the risks may be faced in acquisition.The factors we have considered are critical to the success of the acquisition.

　　【附中文翻譯】 報告 致：俊宏集團管理層 來自：某分析師 日期：2014年×月×日 主題：被收購企業(yè)內(nèi)部環(huán)境與收購中所要考慮的風險分析 介紹： 這份報告使用SWOT模型對被收購企業(yè)的環(huán)境進行了分析。然后分析了在收購中需要考 慮的風險。 (1)使用SWOT模型對被收購企業(yè)環(huán)境進行分析： SWOT分析是對企業(yè)優(yōu)勢、劣勢、機會、威脅的重要評估，來為長期計劃的編制做準備。 優(yōu)勢、劣勢是企業(yè)的內(nèi)部因素，機會與威脅是需要考慮的外部因素。 優(yōu)勢： 被收購企業(yè)擁有很強的原油生產(chǎn)能力，能夠生產(chǎn)120多種的產(chǎn)品，這表明了企業(yè)具有很 強的生產(chǎn)優(yōu)勢。 被收購企業(yè)獲得了一系列的獎項，能夠為桑塔納生產(chǎn)出專門定制的產(chǎn)品，并且被市場所 認同，表明了被收購企業(yè)具備很強的技術優(yōu)勢，并且有能力生產(chǎn)出高端產(chǎn)品來獲得額外 的收益。 劣勢： 被收購企業(yè)使用傳統(tǒng)的財務報表以及杜邦分析系統(tǒng)，不能適應經(jīng)濟活動的靈活性與復 負責銷售的員工是企業(yè)的會計，表明了公司員工可能沒有專業(yè)勝任能力，會對企業(yè)市場 擴張帶來不利影響。 機會： 對產(chǎn)品質(zhì)量要求的不斷提高以及小包裝原油帶來的巨大的潛在市場。由于企業(yè)具有很強 的研發(fā)能力以及技術優(yōu)勢，也許能夠抓住機會來擴大市場份額，改善盈利能力。 威脅： 進口小包裝原油占據(jù)了很大的市場份額，這會對被收購企業(yè)的銷售產(chǎn)生不利影響。 進口小包裝原油有著成熟與全方位的營銷渠道，這會對被收購企業(yè)的銷售產(chǎn)生不利影響。

　　(2)收購時要考慮到的風險： 當進行收購決策的時候，應該考慮到如下收購中存在的風險： ①文化風險： 潤泉公司是一家具有悠久歷史的國有公司，其公司文化會與俊宏集團公司的公司文化有 差異。能否將二者的公司文化進行整合是收購成功的一個關鍵性因素，因為文化會對企 業(yè)的營運產(chǎn)生深刻的影響。 ②戰(zhàn)略風險： 當收購潤泉公司的時候，我們應該考慮收購能否實現(xiàn)公司的目標，能否增加股東價值。 由于俊宏集團公司的主營業(yè)務是建筑防水材料，潤泉公司的主營業(yè)務與原油提煉相關， 俊宏集團公司也許不能夠很好的了解被收購企業(yè)各方面的業(yè)務，這會給集團公司帶來戰(zhàn) 略風險。 ③財務風險： 當做收購決策的時候，我們應該考慮被收購企業(yè)的財務結構是否適當以及被收購企業(yè)的 盈利能力是否穩(wěn)定。如果被收購企業(yè)維持很高的杠桿水平并且盈利能力不穩(wěn)定，其流動 性風險會增加并將會降低預期收益。 ④運營風險： 潤泉公司仍舊使用傳統(tǒng)的財務報表，被收購企業(yè)的信息系統(tǒng)會不同于俊宏集團公司的信 息系統(tǒng)。信息系統(tǒng)能否融合對于信息共享，信息管理產(chǎn)生關鍵影響，并且是收購成功的 一個關鍵因素。 總之，在做出收購決策的時候，我們應該對企業(yè)內(nèi)部環(huán)境以及收購會面臨的風險做出清 楚的分析。我們考慮的因素會對收購的成功與否產(chǎn)生關鍵的影響。

　　【附題干翻譯】如果你是俊宏集團投資部的分析師，請寫一份關于被收購企業(yè)(潤泉公司) 環(huán)境分析以及收購時會面臨的風險的報告給管理層。在對被收購企業(yè)(潤泉公司)環(huán)境 講行分析的時候，請使用SWOT模型。

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