本文選題：并購(gòu) + 并購(gòu)績(jī)效�。� 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：金融危機(jī)之后,經(jīng)濟(jì)環(huán)境日益惡劣和行業(yè)競(jìng)爭(zhēng)風(fēng)險(xiǎn)加劇使得近幾年全球經(jīng)濟(jì)增長(zhǎng)速度逐步放緩,受到一系列不確定因素的影響,我國(guó)經(jīng)濟(jì)復(fù)蘇之路仍然崎嶇難行。在此大背景下,我國(guó)經(jīng)濟(jì)經(jīng)濟(jì)增長(zhǎng)動(dòng)力不足,使得我國(guó)許多工業(yè)企業(yè)尤其是化工行業(yè)企業(yè)的市場(chǎng)競(jìng)爭(zhēng)環(huán)境日趨激烈,企業(yè)經(jīng)營(yíng)管理績(jī)效每況愈下;為應(yīng)對(duì)這些狀況,企業(yè)紛紛采取并購(gòu)的擴(kuò)張策略來(lái)提升自身競(jìng)爭(zhēng)實(shí)力和市場(chǎng)優(yōu)勢(shì),希望能突破桎梏,贏得先機(jī)。擴(kuò)張策略主要分為內(nèi)部擴(kuò)張和外部擴(kuò)張,受制于企業(yè)自身實(shí)力和行業(yè)發(fā)展風(fēng)險(xiǎn),企業(yè)內(nèi)部擴(kuò)張的過(guò)程往往比較緩慢且效果不佳;因此越來(lái)越多的企業(yè)熱衷于通過(guò)并購(gòu)的方式來(lái)尋求新的發(fā)展機(jī)會(huì),通過(guò)進(jìn)入新的領(lǐng)域,找到新的企業(yè)發(fā)展點(diǎn)來(lái)實(shí)現(xiàn)企業(yè)轉(zhuǎn)型升級(jí)的戰(zhàn)略目標(biāo)。并購(gòu)作為企業(yè)實(shí)現(xiàn)資源配置和外部治理的經(jīng)營(yíng)手段,其對(duì)企業(yè)發(fā)展是否有效自然地會(huì)落到對(duì)其并購(gòu)績(jī)效的檢驗(yàn)工作上來(lái)。它能夠直觀反映出企業(yè)資源整合后的經(jīng)濟(jì)效果,能夠說(shuō)明并購(gòu)是否使并購(gòu)雙方、或者參與并購(gòu)的某一方公司的價(jià)值得到了提高、為公司的經(jīng)營(yíng)發(fā)展起到了正面積極的作用,并購(gòu)方績(jī)效或被并購(gòu)方績(jī)效如何衡量和檢驗(yàn)已成為各界密切關(guān)注的熱點(diǎn)。本文所選擇的案例公司——XT電化,作為從事化工材料生產(chǎn)的老牌國(guó)企,所處行業(yè)產(chǎn)能過(guò)剩問(wèn)題嚴(yán)重,新能源產(chǎn)品的發(fā)展、競(jìng)爭(zhēng)對(duì)手實(shí)力的增強(qiáng)也使得行業(yè)競(jìng)爭(zhēng)愈發(fā)激烈;而企業(yè)生產(chǎn)鏈下游的電池行業(yè)也競(jìng)爭(zhēng)加劇,客戶對(duì)企業(yè)產(chǎn)品質(zhì)量要求越來(lái)越嚴(yán)格。這些因素都對(duì)公司產(chǎn)品的銷售有一定的影響,從而也導(dǎo)致了公司的經(jīng)營(yíng)業(yè)績(jī)的下滑。在此背景下,XT電化以定向增發(fā)的方式收購(gòu)XT市污水處理有限責(zé)任公司,通過(guò)并購(gòu)涉獵新的行業(yè),規(guī)避現(xiàn)有的經(jīng)營(yíng)風(fēng)險(xiǎn)來(lái)尋求企業(yè)的發(fā)展出路。故對(duì)XT電化并購(gòu)XT市污水處理有限公司的并購(gòu)績(jī)效進(jìn)行分析具有一定的現(xiàn)實(shí)意義。本文通過(guò)經(jīng)濟(jì)增加值法和財(cái)務(wù)指標(biāo)法對(duì)XT電化被并購(gòu)后的績(jī)效進(jìn)行分析,我們能發(fā)現(xiàn)XT電化并購(gòu)XT市污水處理公司之后,短期內(nèi)其公司價(jià)值實(shí)現(xiàn)真正的增值,公司的財(cái)務(wù)狀況得到了有效的改善,被并購(gòu)方為XT電化帶來(lái)了長(zhǎng)期的利益,此案例并購(gòu)活動(dòng)為XT電化改革轉(zhuǎn)型帶來(lái)了機(jī)遇。本文通過(guò)績(jī)效結(jié)果分析企業(yè)如何進(jìn)一步改善經(jīng)營(yíng)狀況,也能為在今后企業(yè)并購(gòu)績(jī)效考核的運(yùn)用提供一些參考建議。
[Abstract]:After the financial crisis, the economic environment is getting worse and the industry competition risk intensifies, which makes the global economic growth speed slow gradually in recent years, influenced by a series of uncertain factors, our country's economic recovery road is still rugged and difficult. Under this background, the economic growth power of our country is insufficient, which makes the market competition environment of many industrial enterprises, especially chemical industry enterprises, become more and more intense, and the performance of enterprise management is getting worse. M & A expansion strategy has been adopted to enhance their competitive strength and market advantages, hoping to break through the shackles and win the first chance. The expansion strategy is mainly divided into internal expansion and external expansion, which is restricted by the strength of the enterprise and the risk of industry development. The process of internal expansion is often slow and the effect is not good. Therefore, more and more enterprises are keen to seek new development opportunities through mergers and acquisitions, and to achieve the strategic goal of enterprise transformation and upgrading by entering new fields and finding new development points. M & A, as a management means of realizing resource allocation and external governance, will naturally fall into the test of the performance of M & A on whether it is effective or not for the development of enterprises. It can directly reflect the economic effect of enterprise resources integration, can explain whether M & A can improve the value of both sides of M & A, or one of the companies involved in M & A, and play a positive role in the management and development of the company. How to measure and test the performance of M & A or M & A has become the focus of attention. As an old state-owned enterprise engaged in the production of chemical materials, the case company XT selected in this paper has serious problems of overcapacity in the industry, the development of new energy products and the enhancement of the strength of competitors also make the competition of the industry more fierce. But the battery industry downstream of the enterprise production chain also intensifies the competition, the customer to the enterprise product quality request is more and more strict. These factors have a certain impact on the sales of the company's products, which also led to a decline in the company's operating performance. Under this background, XT Audio-electric Company acquires XT Municipal sewage treatment Co., Ltd by means of directional additional issuance, and seeks the way out for the development of the enterprise by M & A on new industries and avoiding the existing operating risks. Therefore, it is of practical significance to analyze the performance of XT Audio merger and acquisition of XT Municipal sewage treatment Co., Ltd. In this paper, we analyze the performance of XT by means of economic added value method and financial index method. We can find that XT can realize real value added in the short term after the merger of XT with XT municipal sewage treatment company. The financial situation of the company has been effectively improved, the acquired party has brought long-term benefits for XT electrification, and this case of merger and acquisition has brought opportunities for the transformation of XT electrification reform. This paper analyzes how to further improve the business situation through the results of performance analysis, which can also provide some reference suggestions for the application of M & A performance appraisal in the future.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.7;F271;F406.7

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本文編號(hào)：1952973