华能国际电力收购与资本扩张案例分析 论文.doc

?a?ü1ú?êμ?á|ê?1oó?×ê±?à???°?ày·??? ????*****?a·???????￡??ò?a??-?1-ê?￡?±￡-1y1?￡???-Q￡o1-64-515-697 ????1??ü×?￡oà??? 1é·Y1??? μ?á| 1??? ê?1o ×ê±? ×ê2ú ?óòμ ?a·￠ ??·? ???? ???? ???? ??ê?1oó?×ê±?à???ê?êD3??-??3¤??2??￥μ??°ìa.′ó1??￡μ?ê?1o???ˉ?ú·￠′?1ú?òò??-3?D?á?100?à?ê,?èoó3???á???′?à?3±,???aD?1ú?òμ?é??á?-??éú??′?à′á?é??ìμ?±??ˉ?￡20êà?í90?ê′ú?D?úò?à′￡??aê?á??ü′ó1??￡μ?μú??′???×éà?3±￡????DóDμ??1?á1?????2￠?à1ú1?2￥1???￡?IBMê?1oá??¨1???￡?2¨ò?oí?óμà?￠?¨?ìó???DD??μ?o?2￠?￡D???è?μ?òa??ò?DDóúê?1998?ê11??23è?????D?2?ò?92òú?à?aμ?????ê?1o?à1úμú°?′óò?DD--D??úò?DDμ?è?2?1éè¨￡?′?′?ê?1o???ˉμ?òa??ò?DDò?13000òú?í??μ?×ê2ú×ü??3é?aêà??μúò?′óéìòμò?DD?￡ó?è?è??ò×?′óí???éì?à1ú?ú??1???1998?ê11??24è?D?2?ò?40òú?à?aμ?????ê?1o?à1úí??°1???ò??￠èí1????ù?áí???êD3?￡?ê1è??òí????ù?????ùò?′?°×èè?ˉ?￡?aD?????áao????a????′?à′á??T′óμ??e?ˉ￡?±í?÷è??òê?1o???ˉó??ò?üé??￠?ü1?μ?áìóò·￠?1?￡????????′ó?ó±?°?ê?òú?￠êy°ùòú?à?aμ?3é????￡??aD??ˉ??μ?ê?1oó?·′ê?1o????￡????ê?°￡??ò??ò2Díè?í???°?1??e?￡?éê??ú?ì?ìμ????ê??￡?ê?1oò23éá??ò1ú?-??éú??μ?ò???ê±éD?￡×?1993?ê±|?óê??toí?D2????ó·￠éúò?à′￡?ê?1oê??t?óá?3???￡?ò??áμ???è?ò?3é?aò?1é2??é????μ?à?3±?￡é??ú?y°2D-òé?ó1üíò???￠?￡ì???3μ2?1é?ó?-á??￠??ê?á?oíòáìù?ò2?1é±±??μè?°?úμ°1oê??tò?3é?aàúê·?-μ??￡?Y2?íêè?í3??￡?1997-1998?ê?D1ú?¤èˉêD3?800?ò?à?òé?êD1????DD?2?×ê2ú??×é???ˉμ?ò?′?325?ò?￡?éê??1óDêyá?′óμ??à?￠?ò??2￠2?íêè??a?tμ?ê?1oê??t?ú????·￠éú?￡è?1997?ê12???a?ü1ú?êμ?á|?a·￠1???￡¨ò????ò3??a·￠1???￡?D?2?ò?ò?′???ì??ò???§??35òú?aè???±òμ?·?ê?ê?1oéê?ü1????ú?a?üé?o￡êˉ?′?úμú?tμ?3§￡¨ò????ò3??t3§￡?49.34%μ?×ê2úoíè¨ò??￡??oó?a·￠1???ó????t3§°tà??í±?μ?μè·?éú2úD?×ê2úoóò?65òú?aè???±òμ?????×aè????à1ú?|???¤èˉ??ò×?ùé?êDμ???1é×ó1????a?ü1ú?êμ?á|μ?×ê2úê?1ooó￡??ú????áa???ùêμ??μú?té?êD￡?·￠DD2.5òú1éH1é￡?3?×ê×ê?e1.4òú?à?a?￡?a·￠1???μ??a′?ê?1oDD?a￡?±?±±???à?걨?à???a￡o?ù???a?11ú?ú?óòμ??1??￡×?′ó￡?2ù×÷×??a1?·?μ?ê?1oDD?a??ò??￡?a·￠1???êμ?????°????μ???????±êμì?¨?áêμ?ù′?￡?í?ê±ò2?ú1ú?úíaí?DDòμ?￠?óòμ???￠?eèú??oíàí????òy?eá??T′ó·′?ì?￡è???á??aá?×ü?á?a?ü1ú?êμ?×óê?1oó?×ê±?à???μ???ì?×?·¨oí?-?é￡???óú′ù???ò1ú?óòμ??2￠ê?1oDD?aμ?1?·??ˉ￡???óDò??¨μ??è??ò