本文關鍵詞：華帝股份并購百得廚衛(wèi)的財務效應研究　出處：《深圳大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 華帝股份 并購 主成分分析法 事件研究法

【摘要】：隨著社會主義市場經濟的快速發(fā)展,并購已經成為我國企業(yè)取得市場競爭優(yōu)勢的重要經濟手段。近些年,從傳統(tǒng)行業(yè)并購到新興行業(yè)并購,從同行業(yè)并購到跨行業(yè)并購,從國內并購到跨國并購,企業(yè)并購事件層出不窮,數(shù)量逐年上升,規(guī)模也在不斷擴大。作為家電行業(yè)的一個重要高利潤領域,廚衛(wèi)電器行業(yè)的競爭也日趨激烈,為了及時的擴大市場規(guī)模、搶占新市場,廚電企業(yè)通過并購獲得外延式快速發(fā)展顯得異常重要。本文擬以華帝股份并購百得廚衛(wèi)案例為研究對象,深入分析并購所產生的財務效應,為廚衛(wèi)電器行業(yè)企業(yè)的并購理論與實踐提供參考。本文通過運用主成分分析法、事件研究法等研究方法,以華帝股份并購百得廚衛(wèi)案例為研究對象,深入分析了華帝股份并購百得廚衛(wèi)的協(xié)同效應、并購對經營績效的影響及并購事件的市場反應等問題。本文主要分為五個部分:第一部分緒論。主要介紹研究背景及意義等內容;第二部分理論基礎及文獻綜述。主要闡述并購的相關基礎理論及國內外研究現(xiàn)狀;第三部分華帝股份并購案例背景及動因分析。主要介紹華帝股份并購案例的簡要情況,并進行了SWOT分析與并購動因分析;第四部分華帝股份并購案例的財務效應分析。深入分析華帝股份并購的協(xié)同效應、對綜合績效EVA的影響及并購事件的市場反應;第五部分研究結論與啟示�？偨Y研究的結論與啟示。通過上述研究,本文得出如下結論:(一)并購取得了良好的管理協(xié)同、經營協(xié)同和財務協(xié)同效應;(二)并購有效促進了華帝股份中長期績效的增長;(三)并購取得了良好的市場反應,投資者視并購為利好消息,增加了股東財富。
[Abstract]:With the rapid development of the socialist market economy, mergers and acquisitions have become an important means of China's enterprises to obtain competitive advantage in the market. In recent years, from the traditional industry mergers and acquisitions to emerging industry mergers and acquisitions, mergers and acquisitions from the same industry to cross industry mergers and acquisitions, mergers and acquisitions from domestic to international mergers and acquisitions, mergers and acquisitions events emerge in an endless stream, the number increasing year by year, the scale is also expanding as an important field of high profit of the home appliance industry, kitchen appliances industry has become increasingly fierce competition, in order to expand the market, seize the market, kitchen electric enterprises through mergers and acquisitions to obtain epitaxial rapid development is very important. This paper intends to stake in Vatti merger Black & Decker kitchen case as the object of study, in-depth analysis of the financial effects of mergers and acquisitions the theory and practice to provide a reference for the acquisition of kitchen appliances industry. In this paper, using the principal component analysis, event study The research methods of law, to the acquisition of shares in Vatti Black & Decker kitchen case as the object of study, in-depth analysis of the synergistic effect of the acquisition of shares in Vatti Black & Decker kitchen, M & A impact on business performance and market reaction of mergers and other issues. This paper is divided into five parts: the first part is the introduction. It mainly introduces the research background and significance of the content; the second part is the theoretical basis and literature review. Research status at home and abroad mainly expounds the basic theory of mergers and acquisitions; the third part shares of Vatti merger case analysis background and motivation are introduced briefly. Vatti shares merger cases, and conducted a SWOT analysis and acquisition motivation analysis; financial effect analysis of the fourth part of Vatti shares merger cases Vatti shares. Deep analysis of synergistic effect of mergers and acquisitions, the market reaction effect on the comprehensive performance of EVA and mergers; the fifth part of the study and conclusion Enlightenment. Sum up the conclusions and implications of the study. Through the above research, this paper draws the following conclusions: (a) MampA has achieved good collaborative management, collaborative management and financial synergies; (two) acquisition of the effective promotion of the long-term performance of Vatti shares in growth; (three) MampA has achieved good market response, investors M & as good news, increasing shareholder wealth.

【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.6;F406.7;F271

【參考文獻】

相關期刊論文 前8條

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本文編號：1400729