本文選題：并購　切入點：績效　出處：《湘潭大學(xué)》2017年碩士論文

【摘要】：近些年來,在產(chǎn)業(yè)變革和技術(shù)發(fā)展的推動下,公司除了依靠內(nèi)源增長,也在不斷通過兼并重組購買增長、整合資源等外源增長方式來提高產(chǎn)業(yè)經(jīng)營效率。在過去的三十年里,中國已成為世界第二大經(jīng)濟體,企業(yè)不僅通過參加市場化競爭來逐步提高生產(chǎn)經(jīng)營效率,也在通過收購、兼并等方式進(jìn)一步提高公司的規(guī)模與市場占有率。然而,即使有很多企業(yè)能在經(jīng)濟發(fā)展的浪潮中迎難而上,邁向輝煌,但仍然有一些企業(yè)不得不面對優(yōu)勝劣汰的生存法則,接受失敗的命運。如何讓企業(yè)的并購活動實現(xiàn)預(yù)期的協(xié)同效應(yīng),是目前的研究重點。針對目前發(fā)生的企業(yè)并購現(xiàn)象,國內(nèi)外學(xué)者運用實證研究、案例研究等方法進(jìn)行了相關(guān)研究,從并購動因、并購方式、以及并購績效變化情況等方面進(jìn)行了深入研究。就并購動因而言,研究重點主要是在協(xié)同效應(yīng)理論、自由現(xiàn)金流理論、管理者自負(fù)理論等理論基礎(chǔ)上,結(jié)合樣本數(shù)據(jù)來進(jìn)行分析得出的。就并購績效而言,研究結(jié)論有一定區(qū)別:部分研究表明企業(yè)的績效在并購之后會顯著變好,而另一部分研究結(jié)論則表明企業(yè)的績效會因并購事件而變差。但無論如何,運用國外學(xué)者的研究方法在我國進(jìn)行研究是不妥當(dāng)?shù)�。我國資本市場的起步較晚,各方面都不是很健全。基于我國資本市場的特點,學(xué)者們認(rèn)為:在我國僅僅運用股價變化來衡量企業(yè)價值的變化是不妥當(dāng)?shù)?應(yīng)該在此基礎(chǔ)上結(jié)合相關(guān)財務(wù)數(shù)據(jù),進(jìn)行全面綜合的分析。本文回顧了國內(nèi)外關(guān)于企業(yè)并購以及并購績效研究的相關(guān)文獻(xiàn),以協(xié)同效應(yīng)理論、委托代理理論、自由現(xiàn)金流理論以及管理者自負(fù)理論為基礎(chǔ),結(jié)合我國企業(yè)并購的發(fā)展歷程以及相關(guān)法律法規(guī),以寶萊特并購重慶多泰作為案例,通過國泰安數(shù)據(jù)庫和巨潮資訊網(wǎng)提供的相關(guān)財務(wù)數(shù)據(jù),分析寶萊特并購重慶多泰的并購績效。本文使用事件研究法檢驗了市場對該起并購事件的態(tài)度以及短期績效,并利用財務(wù)指標(biāo)分析對企業(yè)并購?fù)瓿芍髷?shù)年的長期績效狀況進(jìn)行了分析研究,得出了寶萊特在并購之后,一定程度上實現(xiàn)了正向協(xié)同效應(yīng)的結(jié)論。本文通過案例分析,對企業(yè)并購提出了相關(guān)的建議和啟示:應(yīng)該進(jìn)一步完善與并購相關(guān)的法律法規(guī),從根本上為我國的企業(yè)并購提供法律援助;應(yīng)進(jìn)一步加強市場監(jiān)管力度,強化穿透式監(jiān)管;在企業(yè)并購時應(yīng)綜合考慮各方面的因素,爭取將“好鋼用在刀刃上”,不要白白浪費企業(yè)來之不易的資本積累;在并購?fù)瓿芍?應(yīng)結(jié)合各方資源,運用合理的方式方法迅速整合企業(yè)資源,讓并購活動為企業(yè)帶來預(yù)期的正向收益。
[Abstract]:In recent years, driven by industrial change and technological development, the company, in addition to relying on endogenous growth, is also constantly increasing its efficiency through mergers and acquisitions, purchasing growth, integrating resources, and other exogenous growth methods. In the past 30 years, China has become the second largest economy in the world. Enterprises not only increase the efficiency of production and operation by taking part in the market competition, but also further increase the size and market share of the companies by means of acquisitions, mergers, etc. However, Even though there are many enterprises that can rise to glory in the tide of economic development, there are still some enterprises that have to face the survival laws of the survival of the fittest. Accept the fate of failure. How to achieve the expected synergy of M & A activities is the focus of current research. In view of the current M & A phenomenon, domestic and foreign scholars use empirical research. Case study and other methods have carried on the related research, from the M & A motivation, M A mode, M A performance changes and other aspects of in-depth research. In terms of M & A motivation, the focus of the study is mainly on the synergy theory. On the basis of the theory of free cash flow and the theory of manager's conceit and combining with the sample data, the conclusion of the study is different: some studies show that the enterprise's performance will improve significantly after M & A. However, it is not appropriate to use the research methods of foreign scholars to do research in our country. The capital market of our country starts relatively late, and the capital market of our country starts relatively late, and the conclusion of the other part of the study shows that the performance of the enterprises will be worse because of the M & A events. Based on the characteristics of China's capital market, scholars believe that it is not appropriate to use the change of stock price to measure the change of enterprise value in our country, which should be combined with relevant financial data. This paper reviews domestic and foreign literatures on M & A and M & A performance, based on the theory of synergy, principal-agent theory, free cash flow theory and manager egotism theory. Combined with the development of M & A in our country and related laws and regulations, taking Baolet's merger and acquisition of Chongqing Duotai as a case, the relevant financial data provided by Cathay Pacific's database and Giant Tide Information Network, This paper analyzes the performance of Baolet's merger and acquisition of Chongqing Duotai. This paper uses event research method to test the market attitude to the merger and acquisition event and short-term performance. Using the financial index analysis, this paper analyzes and studies the long-term performance of the enterprise after the completion of M & A., and draws the conclusion that the positive synergistic effect is realized to some extent after the merger and acquisition. This paper puts forward some suggestions and revelations for enterprise M & A: we should further perfect the laws and regulations related to M & A and provide legal aid for our country's M & A fundamentally, strengthen the market supervision and strengthen the penetrating supervision. We should take all factors into account when the merger and acquisition of enterprises, strive to use "good steel on the blade", do not waste the enterprise's hard-won capital accumulation in vain; after the completion of the merger and acquisition, we should combine the resources of all parties. Using reasonable ways and means to integrate enterprise resources quickly, so that M & A can bring the expected positive income to the enterprise.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.46;F271;F406.7

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