本文關(guān)鍵詞：雙匯并購史密斯菲爾德績效研究　出處：《河北師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 并購動(dòng)因 并購績效 事件研究法 會(huì)計(jì)指標(biāo)法

【摘要】：隨著商品經(jīng)濟(jì)的產(chǎn)生與發(fā)展,并購作為資本集中的一種方式,經(jīng)歷了由低級(jí)到高級(jí)的發(fā)展過程。從并購產(chǎn)生到現(xiàn)在,并購總共出現(xiàn)了五次浪潮,每一次浪潮都有自身的特點(diǎn),給市場(chǎng)經(jīng)濟(jì)帶來了新的特征,并在一定程度上推動(dòng)了社會(huì)和經(jīng)濟(jì)政策的變革。越來越多的企業(yè)加入并購這一浪潮中,從而實(shí)現(xiàn)擴(kuò)張自己的目的。縱觀五次浪潮,呈現(xiàn)出時(shí)間越來越短,規(guī)模越來越大的特點(diǎn)。上世紀(jì)末期,主要為以國企為主進(jìn)行海外并購的嘗試階段。新世紀(jì)伊始,伴隨中國加入世貿(mào)組織,以及我國明確提出“走出去”戰(zhàn)略,中國企業(yè)掀起海外并購熱潮。并購浪潮中,中國企業(yè)的跨國并購的步伐逐步加快,法律法規(guī)體系也越來越完善。由于我國企業(yè)綜合實(shí)力的不斷增強(qiáng),為了適應(yīng)新形勢(shì),我國信貸資金支持政策不斷向?qū)捤苫l(fā)展,導(dǎo)致我國跨國并購數(shù)量激增。并購,不僅能夠優(yōu)化企業(yè)的資源配置,合理利用企業(yè)的資源,而且能夠?yàn)槲覈髽I(yè)獲取國外的新技術(shù),提升創(chuàng)新能力,獲取新的競(jìng)爭(zhēng)優(yōu)勢(shì)。但是多年的研究發(fā)現(xiàn),并購行為存在的普遍問題是并購的積極作用并沒有維持長遠(yuǎn),多數(shù)并購主體企業(yè)發(fā)展后勁不足,并購行為對(duì)被并購企業(yè)產(chǎn)生的積極影響卻大于目標(biāo)企業(yè),這需要并購主體企業(yè)不斷尋找有效的途徑來維持并購產(chǎn)生的積極作用,充分發(fā)揮并購的協(xié)同作用,使企業(yè)做大做強(qiáng)。本文以雙匯為研究對(duì)象,對(duì)雙匯并購史密斯菲爾德公司的并購績效進(jìn)行研究。第一部分介紹了本論文的研究背景以及理論與現(xiàn)實(shí)的意義,研究方法與研究思路。第二部分解釋了并購及并購績效的含義,并介紹了并購的分類,指出雙匯并購案所屬為縱向并購。介紹了并購的相關(guān)理論基礎(chǔ),為本文研究并購績效打下了基礎(chǔ)。并購績效的研究方法主要有事件研究法與會(huì)計(jì)指標(biāo)法,兩種方法分別從短期股價(jià)與長期指標(biāo)對(duì)并購行為所產(chǎn)生的績效進(jìn)行分析。第三部分對(duì)并購案的相關(guān)狀況進(jìn)行分析,了解肉食品加工行業(yè)的發(fā)展背景、發(fā)展中所遇到的問題以及未來的發(fā)展趨勢(shì)。得出雖然我國肉食品產(chǎn)品曾經(jīng)出現(xiàn)過瘦肉精事件,消費(fèi)者購買不太放心,但經(jīng)過企業(yè)不斷進(jìn)行改進(jìn)并多方監(jiān)督,產(chǎn)品質(zhì)量在不斷改進(jìn)。除此之外,對(duì)并購雙方進(jìn)行了簡(jiǎn)單的介紹,并闡述了并購的過程。雖然并購過程耗時(shí)長成本高,但雙匯集團(tuán)與史密斯菲爾德公司共同努力,不斷協(xié)商,最終完成了此次并購。本文第四部分為雙匯并購史密斯菲爾德績效評(píng)價(jià)的實(shí)證環(huán)節(jié),通過使用事件研究法以及會(huì)計(jì)指標(biāo)法兩種研究方法對(duì)雙匯并購案的績效進(jìn)行了全面的分析,從而得出雙匯并購案的并購信息提前泄露,導(dǎo)致雙匯在并購后三日之內(nèi)日超額收益率并沒有大幅上升的現(xiàn)象,而并購案對(duì)雙匯集團(tuán)的長期發(fā)展起到了一定的作用,但是后勁不足,加上市場(chǎng)大環(huán)境的影響,雙匯集團(tuán)的長期指標(biāo)也處在不斷下降的趨勢(shì)。同時(shí),還加入了非財(cái)務(wù)指標(biāo)評(píng)價(jià),分別從客戶角度、產(chǎn)品角度及員工學(xué)習(xí)與成長角度來分析評(píng)價(jià)并購的影響,得出并購起到了積極的作用這一結(jié)論。第五部分本文對(duì)雙匯并購史密斯公司的并購績效評(píng)價(jià)進(jìn)行總結(jié),找出雙匯并購案中值得借鑒之處,為以后我國企業(yè)進(jìn)行跨國并購提供經(jīng)驗(yàn)。
[Abstract]:With the development of commodity economy, as a way of capital acquisitions, experienced from low-level to high-level development process. From the merger to now, there have been a total of five wave of mergers and acquisitions, each wave has its own characteristics, brings new features to the market economy, and to promote social and economic policy changes in a certain extent. More and more enterprises to join the wave of mergers and acquisitions, to expand their own purposes. Throughout the five wave, showing the time more and more short, characteristics of increasingly large scale. At the end of the last century, mainly for the trial stage of overseas mergers and acquisitions dominated by state-owned enterprises. At the beginning of the new century, with Chinese joined WTO, as well as China clearly put forward the strategy of "going out", China enterprises overseas mergers and acquisitions. Set off a wave of mergers and acquisitions Chinese cross-border mergers and acquisitions of enterprises to speed up the pace of law. Legal system is more and more perfect. The comprehensive strength of China's enterprises continue to strengthen, in order to adapt to the new situation, China's credit policy support to the development of loose, resulting in the number of cross-border mergers and acquisitions in China. The surge in mergers and acquisitions, not only can optimize the allocation of resources, rational use of resources of the enterprise, and the new technology can get abroad for Chinese enterprises, enhance innovation capability, obtain a new competitive advantage. However, years of research found that the general problem of mergers and acquisitions is the existence of the positive role of mergers and acquisitions did not last long, the majority of mergers and acquisitions enterprises lack of development potential, mergers and acquisitions has positive impact on corporate mergers and acquisitions have greater than the target enterprise, the need of mergers and acquisitions the main companies continue to find effective ways to maintain the positive effects of mergers and acquisitions, give full play to the synergy of mergers and acquisitions, so that enterprises bigger and stronger. In this paper, Shuanghui As the research object, to study the performance of merger acquisition company Smith Rumsfeld Shuanghui. The first part introduces the research background of this thesis and the theoretical and practical significance, research methods and research ideas. The second part explains the meaning of performance of mergers and acquisitions, mergers and acquisitions and introduced the classification, that belongs to Shuanghui merger as vertical mergers and acquisitions. It introduces the theoretical basis of mergers and acquisitions, mergers and acquisitions performance for this study lay the foundation. The method of the performance of mergers and acquisitions are mainly the event study method and accounting index method, the two methods are analyzed from the short-term stock price and long-term index generated on M & a performance. The third part analyzes the related situation of the merger the understanding of the background of the development of meat dish processing industry, the problems encountered in the development and the future trend of development. Although our products get meat dish at once After clenbuterol event, consumers do not worry, but after the enterprise continuous improvement and supervision, product quality in continuous improvement. In addition, the acquisition of both are introduced, and describes the process of mergers and acquisitions. Although the process is time-consuming and high cost, but Smith Rumsfeld and Shuanghui group company together time, negotiation, finally completed the acquisition. The fourth part is the empirical part of Shuanghui Smith Rumsfeld performance evaluation of mergers and acquisitions, mergers and acquisitions of the double exchange by using the event study method and accounting index method, the two methods of performance were comprehensively analyzed, thus obtains the Shuanghui merger acquisitions information leaked in advance, resulting in Shuanghui within three days after the merger, the excess rate of return does not rise, but the long-term development of the merger of Shuanghui group has played a certain role, but Lack of stamina, influence of environment on the market, long-term index of Shuanghui group has been continuously decreased. At the same time, also joined the non financial index appraisal respectively from the customer perspective, analysis and evaluation of the influence of M & a product perspective and employee learning and growth perspective, the merger has played a positive conclusion of this effect evaluation. The fifth part of this paper M & M & a performance of Smith company Shuanghui is summarized, find out the Shuanghui merger is worthy of reference, to provide experience for the Chinese enterprises to carry out cross-border mergers and acquisitions.

【學(xué)位授予單位】：河北師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F426.82

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 徐一龍;丹麥種豬將在雙匯落戶[J];河南畜牧獸醫(yī);2002年04期

2 ;雙匯食品[J];河南稅務(wù);2002年05期

3 國鳥;;春都雙匯“跳舞”慢四快三——企業(yè)向哪兒擴(kuò)張?[J];企業(yè)導(dǎo)報(bào);2002年02期

4 明名;雙匯闖市場(chǎng)的“秘密武器”[J];中國牧業(yè)通訊;2003年22期

5 峰棟;河南雙匯:殺豬殺出個(gè)信息化[J];中國高新區(qū);2003年04期

6 王立群;;雙匯軟件的另類創(chuàng)業(yè)[J];IT時(shí)代周刊;2003年17期

7 ;雙匯溫氏挑動(dòng)粵肉品爭(zhēng)戰(zhàn)[J];河南畜牧獸醫(yī);2004年06期

8 孟杰;劉小兵:改寫CIO角色[J];中國制造業(yè)信息化;2004年11期

9 祁格平;;160億 中國的雙匯 世界的雙匯[J];品牌;2005年05期

10 劉潤平;;雙匯再鑄輝煌的真經(jīng)[J];農(nóng)產(chǎn)品加工;2006年02期

相關(guān)會(huì)議論文 前4條

1 ;河南省漯河市雙匯實(shí)業(yè)集團(tuán)有限責(zé)任公司[A];走進(jìn)新世紀(jì)的中國商業(yè)[C];2002年

2 李艷玲;;基于人本財(cái)務(wù)視角的企業(yè)社會(huì)責(zé)任問題探討——以“雙匯”集團(tuán)為例[A];中國會(huì)計(jì)學(xué)會(huì)高等工科院校分會(huì)第十八屆學(xué)術(shù)年會(huì)（2011）論文集[C];2011年

3 王歡;湯谷良;;“借道”MBO:路徑創(chuàng)新還是制度缺失?——基于雙匯MBO的探索性案例研究[A];第三屆海峽兩岸會(huì)計(jì)學(xué)術(shù)研討會(huì)論文集[C];2011年

4 李劍峰;姜慧群;;從雙匯的危機(jī)公關(guān)看消費(fèi)者信任與重復(fù)購買意愿的再建[A];第七屆（2012）中國管理學(xué)年會(huì)市場(chǎng)營銷分會(huì)場(chǎng)論文集（選編）[C];2012年

相關(guān)重要報(bào)紙文章 前10條

1 本報(bào)記者 李國訓(xùn);雙匯的信息化“自助餐”[N];中國電子報(bào);2002年

2 本報(bào)記者 王國明;雙匯何以成為亞洲老大[N];中國工商報(bào);2000年

3 周子丹;雙匯模式何以成功[N];中國企業(yè)報(bào);2004年

4 王自合 張立新;雙匯品牌越做越大[N];河南日?qǐng)?bào);2004年

5 本報(bào)記者 劉海法 賀浪莎;雙匯：尋找替代優(yōu)勢(shì)[N];經(jīng)濟(jì)日?qǐng)?bào);2002年

6 全四清 牛衛(wèi)國 白潔;雙匯“人才”怎么了[N];中華工商時(shí)報(bào);2005年

7 王錦;雙匯發(fā)展 圖謀完美產(chǎn)業(yè)鏈[N];中國證券報(bào);2007年

8 石玉;4名雙匯高層及殼公司已套現(xiàn)3億元[N];第一財(cái)經(jīng)日?qǐng)?bào);2006年

9 石玉;雙匯國有股轉(zhuǎn)讓依舊懸而未決[N];第一財(cái)經(jīng)日?qǐng)?bào);2006年

10 王妍;改弦更張,雙匯即將姓“洋”[N];金融時(shí)報(bào);2006年

相關(guān)碩士學(xué)位論文 前10條

1 陳旭方;雙匯品牌發(fā)展研究[D];廈門大學(xué);2006年

2 邵倩;中國企業(yè)跨國并購風(fēng)險(xiǎn)分析及防范[D];上海交通大學(xué);2015年

3 夏露;民營企業(yè)海外并購動(dòng)因與績效分析[D];江西財(cái)經(jīng)大學(xué);2015年

4 席曼;雙匯并購史密斯菲爾德案例研究[D];黑龍江大學(xué);2016年

5 趙浩楓;阜新雙匯企業(yè)內(nèi)聚力影響因素分析[D];遼寧工程技術(shù)大學(xué);2014年

6 許一婷;雙匯集團(tuán)并購案例分析研究[D];吉林財(cái)經(jīng)大學(xué);2015年

7 張勝利;雙匯并購史密斯菲爾德案例融資策略分析[D];西南財(cái)經(jīng)大學(xué);2016年

8 盧怡超;雙匯發(fā)展曲線MBO績效研究[D];蘭州財(cái)經(jīng)大學(xué);2016年

9 楊艷杰;雙匯并購史密斯菲爾德績效研究[D];河北師范大學(xué);2017年

10 孫運(yùn)紅;河南漯河雙匯實(shí)業(yè)集團(tuán)公司肉類市場(chǎng)營銷戰(zhàn)略及策略研究[D];天津大學(xué);2004年

，

本文編號(hào)：1362191