本文關(guān)鍵詞：利亞德公司海外收購(gòu)PLANAR公司的資金壓力測(cè)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(cè)試 資金壓力情景 資金缺口 現(xiàn)金流量覆蓋率

【摘要】：并購(gòu)活動(dòng)一直是跨國(guó)公司增強(qiáng)綜合實(shí)力最熱衷的方式,同時(shí)有關(guān)并購(gòu)的研究也一直是我國(guó)和世界財(cái)務(wù)學(xué)研究者的重要研究課題。在關(guān)于并購(gòu)理論的研究中,并購(gòu)的目標(biāo)選擇的研究,并購(gòu)支付方式的研究,以及并購(gòu)之后的績(jī)效評(píng)價(jià)問題是研究人員研究并購(gòu)活動(dòng)的主要方向。從并購(gòu)活動(dòng)研究的范圍可以看出,并購(gòu)活動(dòng)中涉及資金的問題是研究的核心內(nèi)容,是影響并購(gòu)成功率和并購(gòu)績(jī)效的關(guān)鍵問題。金融業(yè)的壓力測(cè)試方法由于長(zhǎng)期為宏觀的金融市場(chǎng)和微觀的金融機(jī)構(gòu)提供了持續(xù)有效的定量風(fēng)險(xiǎn)分析的管理模式,并逐步在我國(guó)向非營(yíng)利組織和制造企業(yè)使用,不但強(qiáng)化了我國(guó)學(xué)者和風(fēng)險(xiǎn)管理人員對(duì)風(fēng)險(xiǎn)進(jìn)行定量分析的能力,更為企業(yè)提供了強(qiáng)化資金風(fēng)險(xiǎn)管理的有效措施。尤其在跨國(guó)并購(gòu)活動(dòng)中,企業(yè)的資金活動(dòng)面臨比國(guó)內(nèi)并購(gòu)活動(dòng)和國(guó)內(nèi)財(cái)務(wù)管理更加復(fù)雜的風(fēng)險(xiǎn)。將壓力測(cè)試方法和我國(guó)跨國(guó)公司跨國(guó)并購(gòu)活動(dòng)結(jié)合,制定出符合資金管理實(shí)際的資金壓力測(cè)試方法體系,有助于跨國(guó)公司提高綜合財(cái)務(wù)管理水平和并購(gòu)績(jī)效水平,選取創(chuàng)業(yè)板上市公司利亞德首次海外并購(gòu)的案例。通過文獻(xiàn)研究方法進(jìn)行并購(gòu)相關(guān)理論和壓力測(cè)試相關(guān)理論的分析,尋找論文研究的創(chuàng)新點(diǎn)。利用模型研究方法設(shè)計(jì)資金壓力測(cè)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(shí)際股權(quán)收購(gòu)PLANAR的過程和結(jié)果進(jìn)行案例研究。通過現(xiàn)金流量覆蓋率指標(biāo)的計(jì)算發(fā)現(xiàn),利亞德公司利用預(yù)算管理和資金計(jì)劃管理手段實(shí)現(xiàn)了資金流入對(duì)流出項(xiàng)目的"覆蓋",對(duì)于實(shí)際收購(gòu)活動(dòng)出現(xiàn)的資金缺口又及時(shí)啟用了缺口籌資方案,最終保證了投資項(xiàng)目順利進(jìn)行。實(shí)現(xiàn)項(xiàng)目產(chǎn)出并使募集資金最終入賬,而且在完成收購(gòu)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(shí)現(xiàn)了正向的績(jī)效。通過對(duì)案例的研究總結(jié)出,跨國(guó)公司在海外并購(gòu)時(shí),需要著重考察目標(biāo)對(duì)象,選擇具備成長(zhǎng)性,不會(huì)帶來風(fēng)險(xiǎn)的目標(biāo)單位作為被收購(gòu)對(duì)象;另外,需要加強(qiáng)對(duì)資金的管理,由于并購(gòu)活動(dòng)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(zhǎng)短期績(jī)效都會(huì)受到籌資活動(dòng)的影響。并且,資金壓力測(cè)試模型作為定量的風(fēng)險(xiǎn)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(cè)試模型為基礎(chǔ)的全面資金風(fēng)險(xiǎn)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(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F406.7;F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 宋良榮;王文碩;陳錦磊;;基于流動(dòng)性覆蓋率的商業(yè)銀行壓力測(cè)試實(shí)證研究[J];金融監(jiān)管研究;2016年05期

2 楊德彬;;跨國(guó)并購(gòu)提高了中國(guó)企業(yè)生產(chǎn)率嗎——基于工業(yè)企業(yè)數(shù)據(jù)的經(jīng)驗(yàn)分析[J];國(guó)際貿(mào)易問題;2016年04期

3 安強(qiáng)身;姜占英;;風(fēng)險(xiǎn)可控還是危機(jī)前夜?——基于Logit模型的房地產(chǎn)社會(huì)融資風(fēng)險(xiǎn)壓力測(cè)試[J];云南財(cái)經(jīng)大學(xué)學(xué)報(bào);2016年02期

4 張立華;;宏觀審慎壓力測(cè)試的全球成效[J];中國(guó)金融;2016年07期

5 中國(guó)工商銀行環(huán)境因素壓力測(cè)試課題組;張紅力;周月秋;馬駿;殷紅;馬素紅;楊荇;樂宇;邱牧遠(yuǎn);;環(huán)境風(fēng)險(xiǎn)壓力測(cè)試探索[J];中國(guó)金融;2016年05期

6 丁建臣;劉亞嫻;陳寧;;基于壓力測(cè)試模型的我國(guó)商業(yè)銀行風(fēng)險(xiǎn)監(jiān)管研究[J];當(dāng)代經(jīng)濟(jì)研究;2016年02期

7 中國(guó)工商銀行環(huán)境因素壓力測(cè)試課題組;張紅力;周月秋;馬駿;殷紅;馬素紅;樂宇;楊荇;邱牧遠(yuǎn);;環(huán)境因素對(duì)商業(yè)銀行信用風(fēng)險(xiǎn)的影響——基于中國(guó)工商銀行的壓力測(cè)試研究與應(yīng)用[J];金融論壇;2016年02期

8 高士英;許青;沈娜;;經(jīng)濟(jì)“新常態(tài)”下的商業(yè)銀行流動(dòng)性研究與壓力測(cè)試[J];現(xiàn)代財(cái)經(jīng)(天津財(cái)經(jīng)大學(xué)學(xué)報(bào));2016年02期

9 丁建臣;龐小鳳;孟大偉;;銀行壓力測(cè)試的方法和應(yīng)用:優(yōu)勢(shì)與缺陷[J];現(xiàn)代經(jīng)濟(jì)探討;2015年11期

10 陳衛(wèi)東;張興榮;熊啟躍;;金融機(jī)構(gòu)壓力測(cè)試的國(guó)際經(jīng)驗(yàn)及啟示[J];金融監(jiān)管研究;2015年10期

，

本文編號(hào)：1394574