基于財(cái)務(wù)視角外資并購對寶驪叉車的影響分析
發(fā)布時(shí)間：2018-07-17 20:05
【摘要】：隨著經(jīng)濟(jì)全球化的發(fā)展，跨國公司為了搶占市場份額、降低成本、提高效率和優(yōu)化資源配置，進(jìn)行大規(guī)模的跨國并購，并購已成為全球外商直接投資的主要方式之一。當(dāng)前外資通過并購方式進(jìn)入中國已成為其對華直接投資的一個(gè)重要趨勢。外資并購給我國帶來了許多優(yōu)勢，如為我國帶來了新的資金來源、推進(jìn)技術(shù)進(jìn)步和產(chǎn)業(yè)升級等；但外資并購的根本動機(jī)是追逐利潤和產(chǎn)業(yè)控制，而且還存在著市場、知識產(chǎn)權(quán)、專利以及技術(shù)的競爭，這些都影響著我國經(jīng)濟(jì)的發(fā)展方向。因此，外資并購中國上市公司對中國經(jīng)濟(jì)和企業(yè)發(fā)展來說既是機(jī)遇也是挑戰(zhàn)，理性對待外資并購，是中國積極、合理、有效地利用外資的正確選擇。在這樣的背景之下，對外資并購中國企業(yè)的財(cái)務(wù)分析進(jìn)行深入研究就極具現(xiàn)實(shí)意義。 本文以寶驪叉車有限公司為例，通過財(cái)務(wù)視角來研究外資收購對企業(yè)的影響，具體的研究內(nèi)容包括：首先，闡釋了外資并購的基本概念及理論，包括外資并購的含義、動因以及模式。在此基礎(chǔ)上，介紹外資并購的相關(guān)理論，包括關(guān)于績效、財(cái)務(wù)風(fēng)險(xiǎn)概念的界定及衡量方法等，從理論上對本文研究內(nèi)容給予說明。同時(shí)，總結(jié)、歸納國內(nèi)外從財(cái)務(wù)視角對外資并購的企業(yè)影響的文獻(xiàn)研究。其次，對我國機(jī)械制造企業(yè)的外資并購情況進(jìn)行分析，包括并購現(xiàn)狀、外資并購對我國企業(yè)的積極消極影響等。再次，以寶驪叉車有限公司為例進(jìn)行案例分析，分析叉車市場的整個(gè)行業(yè)背景，寶驪叉車有限公司簡介及收購情況。另外，對外資收購的寶驪叉車績效、財(cái)務(wù)風(fēng)險(xiǎn)等進(jìn)行財(cái)務(wù)分析。最后，就案例分析結(jié)果得到相關(guān)結(jié)論，根據(jù)結(jié)論探討企業(yè)未來發(fā)展的對策，以及本文研究的局限性。 通過對外資收購寶驪叉車企業(yè)的財(cái)務(wù)分析，外資并購在短期內(nèi)會對寶驪叉車公司經(jīng)營業(yè)績、利潤等方面帶來影響，但是，經(jīng)過一段時(shí)間的調(diào)整和適應(yīng)，公司各項(xiàng)狀況均有好轉(zhuǎn)，特別是規(guī)模迅速擴(kuò)張給企業(yè)市場占有率和影響力帶來的提升，使得各項(xiàng)指標(biāo)好轉(zhuǎn)。長期內(nèi)這種財(cái)務(wù)影響是正面的，風(fēng)險(xiǎn)也會降低，因此從企業(yè)的角度看，外資并購能夠改善企業(yè)的經(jīng)營狀況，為企業(yè)帶來業(yè)務(wù)擴(kuò)張和產(chǎn)業(yè)升級。但是從更宏觀的角度看，外資并購在一定程度上會把叉車變?yōu)槠渖a(chǎn)鏈上的加工廠，缺少核心技術(shù)上的提高，并可能對國內(nèi)民族品牌發(fā)展有所打壓，，對我國的產(chǎn)業(yè)發(fā)展和產(chǎn)業(yè)安全都產(chǎn)生不利影響。因此，在外資并購上，作為國內(nèi)企業(yè)，特別是制造業(yè)，要保持理性，針對外資并購要有長遠(yuǎn)視角，要使得外資并購不僅給企業(yè)本身帶來正面效果，也要對整個(gè)行業(yè)、產(chǎn)業(yè)帶來有利影響。
[Abstract]:With the development of economic globalization, in order to seize market share, reduce costs, improve efficiency and optimize the allocation of resources, multinational corporations carry out large-scale cross-border mergers and acquisitions. M & A has become one of the main ways of foreign direct investment in the world. At present, the entry of foreign capital into China through M & A has become an important trend of its direct investment in China. Foreign M & A has brought many advantages to our country, such as bringing new sources of funds to our country, promoting technological progress and industrial upgrading, etc. However, the fundamental motive of foreign M & A is the pursuit of profits and industrial control, and there is also a market, intellectual property rights, etc. Patent and the competition of technology, these all affect the development direction of our country economy. Therefore, the merger and acquisition of Chinese listed companies by foreign capital is both an opportunity and a challenge to China's economy and the development of enterprises. It is the correct choice for China to make positive, reasonable and effective use of foreign capital in the rational treatment of foreign capital mergers and acquisitions. Under this background, it is of great practical significance to study the financial analysis of foreign M & A enterprises in China. This paper takes Baoli forklift truck co., Ltd as an example to study the influence of foreign capital acquisition on enterprises from the financial angle of view. The specific research contents include: first, it explains the basic concept and theory of foreign capital merger and acquisition, including the meaning of foreign capital merger and acquisition Motivation and mode. On this basis, this paper introduces the relevant theories of foreign capital M & A, including the definition of performance, the definition and measurement of financial risk, and explains the content of this paper theoretically. At the same time, summing up the domestic and foreign financial perspective on the impact of foreign M & A literature. Secondly, the paper analyzes the situation of foreign capital M & A of machinery manufacturing enterprises in China, including the present situation of M & A and the positive and negative effects of M & A on Chinese enterprises. Thirdly, take Baoli forklift Co., Ltd as an example to analyze the whole industry background of forklift truck market, the brief introduction and acquisition of Baoli forklift truck Co., Ltd. In addition, the foreign purchase of the forklift truck performance, financial risk for financial analysis. Finally, the paper draws some conclusions on the results of case analysis, discusses the countermeasures for the future development of enterprises and the limitations of this paper. Through the financial analysis of the foreign capital acquisition of Baoli forklift truck enterprises, foreign capital mergers and acquisitions will have an impact on the operating performance and profits of Baoli forklift company in the short term. However, after a period of adjustment and adaptation, the company's various conditions have improved. In particular, the rapid expansion of the scale of the enterprise market share and influence to improve the indicators. In the long run, the financial impact is positive and the risk will be reduced. Therefore, from the point of view of the enterprise, foreign M & A can improve the management of the enterprise and bring business expansion and industrial upgrading to the enterprise. But from a more macro perspective, to a certain extent, foreign mergers and acquisitions will turn forklifts into processing plants in their production chains, lacking the improvement of core technology, and may have a crackdown on the development of domestic national brands. To our country's industrial development and industrial safety have a negative impact. Therefore, in foreign capital M & A, as domestic enterprises, especially in the manufacturing industry, we should maintain rationality, have a long-term perspective on foreign capital mergers and acquisitions, and make foreign capital mergers and acquisitions not only bring positive effects to the enterprises themselves, but also have a positive impact on the entire industry. The industry has a favorable impact.
【學(xué)位授予單位】：西安科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F271;F426.471
本文編號：2130791
[Abstract]:With the development of economic globalization, in order to seize market share, reduce costs, improve efficiency and optimize the allocation of resources, multinational corporations carry out large-scale cross-border mergers and acquisitions. M & A has become one of the main ways of foreign direct investment in the world. At present, the entry of foreign capital into China through M & A has become an important trend of its direct investment in China. Foreign M & A has brought many advantages to our country, such as bringing new sources of funds to our country, promoting technological progress and industrial upgrading, etc. However, the fundamental motive of foreign M & A is the pursuit of profits and industrial control, and there is also a market, intellectual property rights, etc. Patent and the competition of technology, these all affect the development direction of our country economy. Therefore, the merger and acquisition of Chinese listed companies by foreign capital is both an opportunity and a challenge to China's economy and the development of enterprises. It is the correct choice for China to make positive, reasonable and effective use of foreign capital in the rational treatment of foreign capital mergers and acquisitions. Under this background, it is of great practical significance to study the financial analysis of foreign M & A enterprises in China. This paper takes Baoli forklift truck co., Ltd as an example to study the influence of foreign capital acquisition on enterprises from the financial angle of view. The specific research contents include: first, it explains the basic concept and theory of foreign capital merger and acquisition, including the meaning of foreign capital merger and acquisition Motivation and mode. On this basis, this paper introduces the relevant theories of foreign capital M & A, including the definition of performance, the definition and measurement of financial risk, and explains the content of this paper theoretically. At the same time, summing up the domestic and foreign financial perspective on the impact of foreign M & A literature. Secondly, the paper analyzes the situation of foreign capital M & A of machinery manufacturing enterprises in China, including the present situation of M & A and the positive and negative effects of M & A on Chinese enterprises. Thirdly, take Baoli forklift Co., Ltd as an example to analyze the whole industry background of forklift truck market, the brief introduction and acquisition of Baoli forklift truck Co., Ltd. In addition, the foreign purchase of the forklift truck performance, financial risk for financial analysis. Finally, the paper draws some conclusions on the results of case analysis, discusses the countermeasures for the future development of enterprises and the limitations of this paper. Through the financial analysis of the foreign capital acquisition of Baoli forklift truck enterprises, foreign capital mergers and acquisitions will have an impact on the operating performance and profits of Baoli forklift company in the short term. However, after a period of adjustment and adaptation, the company's various conditions have improved. In particular, the rapid expansion of the scale of the enterprise market share and influence to improve the indicators. In the long run, the financial impact is positive and the risk will be reduced. Therefore, from the point of view of the enterprise, foreign M & A can improve the management of the enterprise and bring business expansion and industrial upgrading to the enterprise. But from a more macro perspective, to a certain extent, foreign mergers and acquisitions will turn forklifts into processing plants in their production chains, lacking the improvement of core technology, and may have a crackdown on the development of domestic national brands. To our country's industrial development and industrial safety have a negative impact. Therefore, in foreign capital M & A, as domestic enterprises, especially in the manufacturing industry, we should maintain rationality, have a long-term perspective on foreign capital mergers and acquisitions, and make foreign capital mergers and acquisitions not only bring positive effects to the enterprises themselves, but also have a positive impact on the entire industry. The industry has a favorable impact.
【學(xué)位授予單位】：西安科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F271;F426.471
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