译 名：“Bring the Dying Back to Life”: The Road of GCL Group M&A *ST CHAORI
案例作者：周宁、李琦、邹艳、韩小汀、王祺、孙文彬
作者单位：北京航空航天大学
所在案例库：中国金融专业学位案例中心
案例链接：http://www.pdf.org.cn/homepage/excellent/146
中文摘要：随着世界经济一体化的发展，市场竞争日渐激烈，并购成为企业整 合资源、洗牌重组，实现结构调整、产业转型、提升核心竞争力的重要策略和 途径。成立于 1991 年的协鑫集团拥有全球规模最大、市场占有率最高的光伏材 料制造能力，为实现打造光伏领域全产业链的布局，集团对破产企业*ST 超日实 施了并购，但是并购重组中却面临着重重的困难与难题。本案例通过描述协鑫 集团并购重组破产企业*ST 超日的全过程，包括我国首例企业债券—“11 超日” 债违约事件的解决、并购后资产注入和对赌协议的最终实现，揭示了并购的动 因与特征，探究了并购重组破产企业面临的挑战和难题、如何设计和实施满足 所有利益相关者需求的并购重组方案和并购绩效的评价。该案例为企业并购重 组破产标的企业提供了启示和借鉴作用。
英文摘要：With the development of world economic integration, market competition has become increasingly fierce. M&A have become important strategy and approache for companies to integrate resources, reshuffle and restructure, realize structural adjustment, industrial transformation, and enhance core competitiveness. GCL Group, established in 1991, has the world's largest scale and largest market share of photovoltaic materials manufacturing capabilities. To achieve the layout of the entire industry chain in the photovoltaic industry, GCL Group implemented M&A with bankruptcy *ST CR. However, it faces many difficulties. This case illustrates the entire process of the M&A bankruptcy enterprise*ST CR of GCL Group, including the settlement of the first case of China's first corporate bond “11 CR” debt, the asset injection after M&A, and the final realization of the gambling agreement. The motivations and characteristics of M&A, explores the challenges faced by M&A bankrupt companies, how to design and implement M&A plans that meet the needs of all stakeholders and M&A performance evaluations. This case provides inspiration and reference for companies that have merged and restructured bankruptcy targets.
中文关键词：并购动因;破产重组;并购绩效;协鑫集团;*ST 超日
英文关键词：M&A; Bankruptcy Restructuring; M&A Performance; GCL Group; *ST CR
案例入库时间：2018-06
