本文關(guān)鍵詞： 外資并購 財(cái)務(wù)績(jī)效 企業(yè)價(jià)值　出處：《重慶理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：在經(jīng)濟(jì)全球化的今天,中國吸引到的外資規(guī)模不斷創(chuàng)出新高,外資并購交易數(shù)量及占比大幅增加,外資已經(jīng)成為我國經(jīng)濟(jì)發(fā)展中密不可分的部分,不僅影響著我國企業(yè)的發(fā)展,同時(shí)也影響著我國市場(chǎng)經(jīng)濟(jì)的成長。隨著中國市場(chǎng)化改革深入推進(jìn),外資不僅僅可以參股企業(yè),甚至可以對(duì)企業(yè)進(jìn)行控股,成為公司的實(shí)際控制人。這對(duì)于我國企業(yè)來說,是機(jī)遇也是挑戰(zhàn)。當(dāng)外資通過并購取得企業(yè)足夠控制權(quán)時(shí),它作出的任何決策都會(huì)影響到企業(yè)未來的發(fā)展。所以,在外資大量涌入的當(dāng)下,我們?nèi)绾卫�、引�?dǎo)外資使它為企業(yè)帶來效益,是我們當(dāng)前需要思考的問題。目前,我國外資并購的研究主要集中于大數(shù)據(jù)下的實(shí)證分析,卻很少深入細(xì)節(jié)對(duì)事件進(jìn)行具體研究。而本文主要通過對(duì)外資并購案例的剖析,深入企業(yè)探討了外資并購對(duì)企業(yè)績(jī)效的影響作用,為企業(yè)發(fā)展提供具體的參考和建議。本文首先從外資并購的動(dòng)因出發(fā),分別從并購方和被并購方角度研究了促成此次外資并購的原因。再分別從短期指標(biāo)和長期價(jià)值兩個(gè)方面研究了外資并購對(duì)KH公司的績(jī)效影響,并深入企業(yè)分析了績(jī)效變動(dòng)原因和外資影響機(jī)制。通過外資并購KH公司的案例研究表明,外資并購并沒有提高KH公司的短期績(jī)效,甚至對(duì)KH公司的短期績(jī)效指標(biāo)有負(fù)面作用。但是外資通過后期對(duì)被并購企業(yè)包括管理、戰(zhàn)略、產(chǎn)品等方面的整合工作,將自身攜帶的優(yōu)勢(shì)快速應(yīng)用于被并購企業(yè),不僅提高了被并購企業(yè)的價(jià)值水平,并且為被并購企業(yè)的長期發(fā)展提供了強(qiáng)勁動(dòng)力。根據(jù)案例分析,本文針對(duì)外資并購提出了相關(guān)建議,首先企業(yè)應(yīng)當(dāng)抓住機(jī)會(huì),引入與企業(yè)發(fā)展目標(biāo)一致的外資企業(yè),合理利用外資優(yōu)勢(shì)。其次,在企業(yè)外資并購實(shí)踐中,關(guān)注企業(yè)短期效益變化的同時(shí),應(yīng)當(dāng)更加注重外資并購對(duì)企業(yè)長期發(fā)展的影響。最后,企業(yè)應(yīng)重視并購后整合活動(dòng),平穩(wěn)推進(jìn)企業(yè)整合工作的進(jìn)行。
[Abstract]:In today's economic globalization, the scale of foreign capital attracted by China has set a new record, the number and proportion of foreign M & A transactions have increased significantly, foreign investment has become an inseparable part of the economic development of our country. Not only affects the development of Chinese enterprises, but also affects the growth of China's market economy. With the deepening of China's market-oriented reform, foreign capital can not only participate in the enterprise, or even control the enterprise. To become the actual controller of the company. This is an opportunity and a challenge for Chinese enterprises. When foreign capital acquires sufficient control rights through mergers and acquisitions. Any decision it makes will affect the future development of the enterprise. Therefore, how to use and guide the foreign capital to bring benefits to the enterprise at the moment of the influx of foreign capital. At present, the research of foreign capital M & A in China is mainly focused on the empirical analysis under big data. However, few in-depth details of the specific study of events. And this paper mainly through the analysis of foreign M & A cases, in-depth study of foreign M & A on corporate performance. To provide specific reference and suggestions for the development of enterprises. Firstly, this paper starts from the motivation of foreign M & A. From the perspective of M & A and M & A, this paper studies the causes of FDI M & A. and the impact of M & A on the performance of KH from two aspects of short-term index and long-term value. Through the case study of foreign capital merger and acquisition of KH company, it shows that foreign capital M A does not improve the short-term performance of KH company. Even on the short-term performance indicators of KH has a negative effect. But foreign investment through the later M & A enterprises including management, strategy, products and other aspects of integration work. The rapid application of its own advantages to the M & A enterprises not only improves the value level of the M & A enterprises, but also provides a strong impetus for the long-term development of the M & A enterprises. According to the case study. This paper puts forward the relevant suggestions for foreign capital M & A. Firstly, enterprises should seize the opportunity to introduce foreign capital enterprises that are consistent with the enterprise development objectives, and make rational use of foreign capital advantages. Secondly, in the practice of foreign capital M & A, enterprises should take advantage of foreign investment. At the same time, we should pay more attention to the influence of foreign capital mergers and acquisitions on the long-term development of enterprises. Finally, enterprises should attach importance to the integration activities after mergers and acquisitions, and smoothly promote the enterprise integration work.
【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.4;F271;F832.6

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