本文關鍵詞： 企業(yè)海外并購 雙匯國際 史密斯菲爾德 并購績效 BSC　出處：《石河子大學》2017年碩士論文　論文類型：學位論文

【摘要】：并購作為實現(xiàn)企業(yè)優(yōu)化產(chǎn)業(yè)資源配置和實現(xiàn)規(guī)模效益的主要手段。在理論方面,并購為企業(yè)創(chuàng)造價值的理論主要體現(xiàn)在并購協(xié)同效應增加以及通過并購后帶來的企業(yè)經(jīng)營多元化等方面。但是許多并購案例可以看出,并購并不能為企業(yè)帶來經(jīng)濟附加值。在市場經(jīng)濟的大環(huán)境下,海外并購逐漸成為大型企業(yè)集團進行戰(zhàn)略性經(jīng)營活動的重要組成部分。在政府相關政策的感召下,中國的許多企業(yè)開始加入海外并購的隊伍中,因此,我國企業(yè)海外并購的數(shù)量大幅增長,海外并購交易規(guī)模也越來越大,同時伴隨著一系列問題的出現(xiàn)。一些企業(yè)在并購活動中為公司帶來經(jīng)濟價值,為公司績效增加創(chuàng)造了條件,相反有些公司在海外并購后的財務業(yè)績卻是日益下滑,使股東利益受到打擊。中國食品類企業(yè)在海外并購中經(jīng)驗缺乏,因而,在市場經(jīng)營風險依然存在的情況下研究海外并購后的績效是本文主要的研究問題。本文以雙匯國際海外并購史密斯菲爾德為例,深入分析海外并購績效問題。本文首先闡述了研究背景以及海外并購績效的相關理論,梳理國內(nèi)外學者在海外并購方面的研究;其次,具體介紹我國食品企業(yè)海外并購發(fā)展現(xiàn)狀和并購特征,接著對雙匯國際海外并購史密斯菲爾德的案例背景進行介紹;最后,對海外并購后績效分別從短期和長期兩個方面來分析。在短期績效方面運用事件研究法分析并購后股東價值是否增加,在長期績效上采用財務指標法和平衡計分卡法相結(jié)合分析了并購雙方企業(yè)在并購這一經(jīng)濟活動發(fā)生后績效變化,并對形成績效變化的原因進行分析。結(jié)果顯示,雙匯國際此次并購后股東財富逐步增加,呈現(xiàn)不斷上升的發(fā)展趨勢。最后,總結(jié)出本文的研究結(jié)論:(1)雙匯國際此次海外并購在一定時期內(nèi)為公司創(chuàng)造了價值。(2)雙匯國際的海外并購是雙匯實現(xiàn)戰(zhàn)略經(jīng)營的重要環(huán)節(jié)。雙匯在海外并購之后獲得了海外先進技術(shù),整合了豬肉加工產(chǎn)業(yè)鏈,提升公司的產(chǎn)品形象,同時提高了雙匯在肉制品類企業(yè)中的核心競爭力。(3)雙匯國際并購史密斯菲爾德成功的原因主要有并購前正確決策,選擇的并購對象符合公司戰(zhàn)略要求,國際銀行等金融機構(gòu)和國內(nèi)政策的支持都為海外并購順利實施提供了保障。
[Abstract]:M & A is the main means to optimize the allocation of industrial resources and achieve economies of scale in theory. The theory that M & A creates value for enterprises is mainly reflected in the increase of M & A synergy and the diversification of business management after M & A. but many cases of M & A can be seen. Mergers and acquisitions can not bring economic added value to enterprises. In the market economy environment, overseas mergers and acquisitions gradually become an important part of strategic business activities of large enterprise groups. Many enterprises in China begin to join the ranks of overseas M & A. Therefore, the number of overseas M & A of Chinese enterprises has increased significantly, and the scale of overseas M & A transactions has also become larger and larger. Along with the emergence of a series of problems, some enterprises in M & A activities bring economic value to the company, creating conditions for the increase of corporate performance. On the contrary, the financial performance of some companies after overseas mergers and acquisitions is declining, hurting the interests of shareholders. Chinese food companies are inexperienced in overseas mergers and acquisitions, so. It is the main research problem of this paper to study the performance of overseas M & A under the condition that the market management risk still exists. This paper takes Shuanghui International overseas M & A as an example. Firstly, this paper expounds the research background and the relevant theories of overseas M & A performance, and combs the domestic and foreign scholars' research on overseas M & A. Secondly, it introduces the development status and characteristics of overseas M & A of Chinese food enterprises, and then introduces the case background of Shuanghui International's overseas M & A of Smithfield. Finally, the performance of overseas M & A is analyzed from two aspects of the short-term and long-term. In the short-term performance analysis, using the event study method to analyze whether the value of shareholders after M & A increases. In terms of long-term performance, the financial index method and balanced scorecard method are used to analyze the performance changes of M & A enterprises after the economic activity of M & A, and the reasons for the change of performance are analyzed. The results show that. After the acquisition of Shuanghui International shareholders' wealth gradually increased, showing a rising trend of development. Finally. Summing up the research conclusion of this paper: (1) Shuanghui International's overseas M & A has created value for the company within a certain period of time. The overseas M & A of Shuanghui International is an important link in the strategic management of Shuanghui. After the overseas M & A, Shuanghui acquired advanced overseas technology. Integrated the pork processing industry chain to enhance the company's product image. At the same time, it improves the core competence of Shuanghui in meat products enterprises.) the main reasons for the success of Shuanghui International M & A in Smithfield are the correct decision before M & A, and the target of M & A is in line with the strategic requirements of the company. International banks and other financial institutions and domestic policies support the successful implementation of overseas mergers and acquisitions.
【學位授予單位】：石河子大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F426.82;F406.7

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