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.

　　【附中文翻译】 报告 致：俊宏集团管理层 来自：某分析师 日期：2014年×月×日 主题：被收购企业内部环境与收购中所要考虑的风险分析 介绍： 这份报告使用SWOT模型对被收购企业的环境进行了分析。然后分析了在收购中需要考 虑的风险。 (1)使用SWOT模型对被收购企业环境进行分析： SWOT分析是对企业优势、劣势、机会、威胁的重要评估，来为长期计划的编制做准备。 优势、劣势是企业的内部因素，机会与威胁是需要考虑的外部因素。 优势： 被收购企业拥有很强的原油生产能力，能够生产120多种的产品，这表明了企业具有很 强的生产优势。 被收购企业获得了一系列的奖项，能够为桑塔纳生产出专门定制的产品，并且被市场所 认同，表明了被收购企业具备很强的技术优势，并且有能力生产出高端产品来获得额外 的收益。 劣势： 被收购企业使用传统的财务报表以及杜邦分析系统，不能适应经济活动的灵活性与复 负责销售的员工是企业的会计，表明了公司员工可能没有专业胜任能力，会对企业市场 扩张带来不利影响。 机会： 对产品质量要求的不断提高以及小包装原油带来的巨大的潜在市场。由于企业具有很强 的研发能力以及技术优势，也许能够抓住机会来扩大市场份额，改善盈利能力。 威胁： 进口小包装原油占据了很大的市场份额，这会对被收购企业的销售产生不利影响。 进口小包装原油有着成熟与全方位的营销渠道，这会对被收购企业的销售产生不利影响。

　　(2)收购时要考虑到的风险： 当进行收购决策的时候，应该考虑到如下收购中存在的风险： ①文化风险： 润泉公司是一家具有悠久历史的国有公司，其公司文化会与俊宏集团公司的公司文化有 差异。能否将二者的公司文化进行整合是收购成功的一个关键性因素，因为文化会对企 业的营运产生深刻的影响。 ②战略风险： 当收购润泉公司的时候，我们应该考虑收购能否实现公司的目标，能否增加股东价值。 由于俊宏集团公司的主营业务是建筑防水材料，润泉公司的主营业务与原油提炼相关， 俊宏集团公司也许不能够很好的了解被收购企业各方面的业务，这会给集团公司带来战 略风险。 ③财务风险： 当做收购决策的时候，我们应该考虑被收购企业的财务结构是否适当以及被收购企业的 盈利能力是否稳定。如果被收购企业维持很高的杠杆水平并且盈利能力不稳定，其流动 性风险会增加并将会降低预期收益。 ④运营风险： 润泉公司仍旧使用传统的财务报表，被收购企业的信息系统会不同于俊宏集团公司的信 息系统。信息系统能否融合对于信息共享，信息管理产生关键影响，并且是收购成功的 一个关键因素。 总之，在做出收购决策的时候，我们应该对企业内部环境以及收购会面临的风险做出清 楚的分析。我们考虑的因素会对收购的成功与否产生关键的影响。

　　【附题干翻译】如果你是俊宏集团投资部的分析师，请写一份关于被收购企业(润泉公司) 环境分析以及收购时会面临的风险的报告给管理层。在对被收购企业(润泉公司)环境 讲行分析的时候，请使用SWOT模型。

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