MBA 硕士学位论文
外资并购后的企业市场
营销策划探讨
学位申请人 ：马建利
学科专业 ： 高级工商管理
指导教师 ： 景奉杰教授
答辩日期 ： 2008.10.29
A Thesis Submitted in Partial Fulfillment of the Requirements
for the Master’s Degree in Business Administration
Value Analysis on
Wuhan Iron & Steel Company Limited
Candidate : Ma JianLi
Major : Business Administration
Supervisor : Prof. jingfengjie
Huazhong University of Science & Technology
Wuhan 430074, P.R.China
October, 2008
摘 要
随着我国一系列鼓励吸引外资政策的出台，跨国公司虽然带来了资金、现代管理经验和技术，对中国经济发展产生了积极的影响，也极大地改变了中国市场的竞争格局。并且不是每一个跨国企业都能够在中国这个新兴的市场上找到市场机会。一些跨国企业在心态上、策略上和执行上发生了很多错误，产生了所谓的通病，错误的估计了中国的市场规则，使得跨国企业或外资企业在中国亏损、倒闭、撤资的事件屡屡发生。因此跨国公司和外资企业要在中国生存，必须找到一个适合中国市场的合适的营销策略和战略
沃茨阀门长沙公司长沙公司做为一个被美国外资收购的企业在收购后也面临这各种跟原先的管理方式的冲突问题，产生暂时的水土不适应，但是经过总部和公司高层领导的分析后，制定了一系列的有效措施和明确的战略，从而使公司迅速走出了低谷，克服了外资公司并购后所产生的一系列不适应，并且市场走向越来越强，这就是一个需要认真考虑和探讨的问题了。
本文运用营销理论、市场营销、服务营销、销售管理等相关学科知识理论，针对沃茨阀门长沙公司在并购后存在的问题进行汇总，并对公司并购的产品营销策略的变化，进行了分析，并提出一些可以改进意见，对于公司后续的发展应当有很大的帮助。
全文首先从沃茨阀门长沙公司的历史和并购后现状入手，通过对阀门市场宏观环境、公司和市场机会运用PECT（政策、经济、文化和技术），五力分析，CSM（财务、市场和质量）等工具进行分析，找出企业和产品市场竞争所具备的优势和劣势。同时对阀门市场进行了细分，公司选择了目标市场和结构目标市场，并对产品进行了定位，分析了公司选择的市场营销的基本战略。
文章还结合沃茨阀门长沙公司在并购后销售渠道、生产、技术等方面的变化的情况和所选择服务市场变化的特点进行了分析。在论文的最后提出了以后策划方案在实施中可能出现的问题并制定了相应的对策，并对营销策划进行了总结。
关键词：
跨国企业、外资 并购 阀门、市场营销、竞争优势、质量管理、产品开发
Abstract
How to evaluate the true value of the listed corporations is the important thesis in securities market. And it is also the best concerned problem of investors. Since 2005, the split share reformation has provided reasonable application of using valuation methods such as dividend discount models、free cash flow to equity discount models、free cash flow to the firm, etc. At the same time, with the price improvement of raw and processed materials, the extension of production capacity, and the development policy of iron & steel industry has been introduced followed by, the profit of the iron & steel companies are getting lower and lower. What should the companies choose, stock issuing, loan from financial institution,bond issuance or other financing methods, will influence the value of the corporation. Therefore, at this background, using an appropriate method to evaluate the true value of the company and research its financing strategy is very significant.
This thesis uses the method that not only the theories research and the substantial evidence researches but also quantitative analysis and qualitative analysis combine together, the main research is the valuation of the listed corporation based on free cash flow to the firm discount models. The author firstly introduces the background, the purpose and the content of the topic and the steps of valuation in brief. Secondly, takes an introduction to the theory foundation of the way of evaluation and financing theory in brief. Make an analyzing of the fiancing methods of iron & steel companies. And contrastively analyzes the main three discount models, the development of corporation valuation. Thirdly, analyzes the influence of the fiancing methods choice of iron & steel companies. Finally, the substantial evidence research, applying the free cash flow to the firm model to calculate the evaluation of Wuhan Iron and Steel Company Limited, elicits it can reflects the true value and real performances of the companies. According to the valuation of Wuhan Iron and Steel Company Limited and considering the future of companies, the author figures how to promote corporation valuation.
This thesis is based on the theories of corporation valuation、financial management, and displays all the valuation process in detail. By means of the analysis of fiancing methods influence to the capital structure, and the capital structure influence the value of the company to search the approaches of improving corporation value. The purpose lies in inquiry into the concrete calculation f
