本文關(guān)鍵詞：利亞德公司海外收購PLANAR公司的資金壓力測試研究　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 資金壓力測試 資金壓力情景 資金缺口 現(xiàn)金流量覆蓋率

【摘要】：并購活動一直是跨國公司增強綜合實力最熱衷的方式,同時有關(guān)并購的研究也一直是我國和世界財務(wù)學(xué)研究者的重要研究課題。在關(guān)于并購理論的研究中,并購的目標(biāo)選擇的研究,并購支付方式的研究,以及并購之后的績效評價問題是研究人員研究并購活動的主要方向。從并購活動研究的范圍可以看出,并購活動中涉及資金的問題是研究的核心內(nèi)容,是影響并購成功率和并購績效的關(guān)鍵問題。金融業(yè)的壓力測試方法由于長期為宏觀的金融市場和微觀的金融機構(gòu)提供了持續(xù)有效的定量風(fēng)險分析的管理模式,并逐步在我國向非營利組織和制造企業(yè)使用,不但強化了我國學(xué)者和風(fēng)險管理人員對風(fēng)險進行定量分析的能力,更為企業(yè)提供了強化資金風(fēng)險管理的有效措施。尤其在跨國并購活動中,企業(yè)的資金活動面臨比國內(nèi)并購活動和國內(nèi)財務(wù)管理更加復(fù)雜的風(fēng)險。將壓力測試方法和我國跨國公司跨國并購活動結(jié)合,制定出符合資金管理實際的資金壓力測試方法體系,有助于跨國公司提高綜合財務(wù)管理水平和并購績效水平,選取創(chuàng)業(yè)板上市公司利亞德首次海外并購的案例。通過文獻研究方法進行并購相關(guān)理論和壓力測試相關(guān)理論的分析,尋找論文研究的創(chuàng)新點。利用模型研究方法設(shè)計資金壓力測試指標(biāo)模型——資金缺口指標(biāo)和現(xiàn)金流量覆蓋率指標(biāo)模型,利用模擬研究方法設(shè)定資金壓力情景,結(jié)合公司實際股權(quán)收購PLANAR的過程和結(jié)果進行案例研究。通過現(xiàn)金流量覆蓋率指標(biāo)的計算發(fā)現(xiàn),利亞德公司利用預(yù)算管理和資金計劃管理手段實現(xiàn)了資金流入對流出項目的"覆蓋",對于實際收購活動出現(xiàn)的資金缺口又及時啟用了缺口籌資方案,最終保證了投資項目順利進行。實現(xiàn)項目產(chǎn)出并使募集資金最終入賬,而且在完成收購后使資產(chǎn)的盈利能力得到提升,資產(chǎn)質(zhì)量獲得優(yōu)化。公司資本結(jié)構(gòu)仍然合理,債務(wù)壓力沒有增加,最終實現(xiàn)了正向的績效。通過對案例的研究總結(jié)出,跨國公司在海外并購時,需要著重考察目標(biāo)對象,選擇具備成長性,不會帶來風(fēng)險的目標(biāo)單位作為被收購對象;另外,需要加強對資金的管理,由于并購活動需要大量的資金,籌資方案的選擇與資金的籌集額度十分重要,公司的長短期績效都會受到籌資活動的影響。并且,資金壓力測試模型作為定量的風(fēng)險管理工具,不單單局限于金融業(yè)的應(yīng)用,非金融業(yè)更可以建立以資金壓力測試模型為基礎(chǔ)的全面資金風(fēng)險管理體系。
[Abstract]:M & A activities have been the most enthusiastic way for multinational corporations to enhance their comprehensive strength. Meanwhile, the research on M & A has been an important research topic for financial researchers in China and the world. The research of the target choice of M & A, the study of payment method of M & A, and the performance evaluation after M & A are the main directions for researchers to study M & A activities, which can be seen from the scope of M & A activities research. The core of the study is the issue of funds involved in M & A activities. The stress test method of financial industry has provided a continuous and effective management mode of quantitative risk analysis for macro financial market and micro financial institutions for a long time. And gradually used in our country to non-profit organizations and manufacturing enterprises, not only strengthen the ability of Chinese scholars and risk managers to carry out quantitative analysis of risk. More enterprises provide effective measures to strengthen capital risk management, especially in cross-border M & A activities. Capital activities of enterprises face more complex risks than domestic M & A activities and domestic financial management. The stress test method is combined with transnational M & A activities of multinational corporations in China. It is helpful for multinational corporations to improve the level of comprehensive financial management and M & A performance by establishing a testing system of capital stress in line with the actual situation of capital management. Selected the gem listed company Liad first overseas M & A case. Through the literature research method to carry on the merger and acquisition related theory and the stress test correlation theory analysis. In order to find the innovation of the paper, we design the capital pressure test index model-fund gap index and cash flow coverage index model by using the model research method, and use the simulation research method to set up the fund pressure situation. Combined with the actual stock acquisition of PLANAR process and results of the case study. Through the calculation of cash flow coverage indicators found. Liad used budget management and fund plan management to achieve the "coverage" of capital inflows to outflow projects, and the gap financing scheme was used in time for the gap in actual acquisition activities. Finally, the investment project is guaranteed to proceed smoothly. The project output is realized and the raised funds are recorded finally, and the profitability of the assets is enhanced after the completion of the acquisition. The capital structure of the company is still reasonable, the debt pressure has not increased, and finally achieved positive performance. Through the case study, it is concluded that multinational companies in overseas mergers and acquisitions. It is necessary to focus on the target object and select the target unit which has the growth and will not bring the risk as the acquired object. In addition, there is a need to strengthen the management of funds, since M & A activities require a large amount of funds, the choice of financing options and the amount of funds raised is very important. The long-term and short-term performance of the company will be affected by the financing activities. Moreover, as a quantitative risk management tool, the capital stress test model is not limited to the application of the financial industry. Non-financial industry can also establish a comprehensive capital risk management system based on capital stress test model.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.6;F406.7;F271

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