【摘要】：本文以吉利并購(gòu)沃爾沃事件為例,以吉利汽車(chē)2007~2012年的數(shù)據(jù)為樣本,分別以現(xiàn)金增加值(CVA)指標(biāo)和經(jīng)濟(jì)增加值(EVA)指標(biāo)對(duì)該并購(gòu)行為的價(jià)值創(chuàng)造情況進(jìn)行對(duì)比研究。結(jié)果發(fā)現(xiàn),兩個(gè)指標(biāo)反映的價(jià)值創(chuàng)造情況不同,雖然兩個(gè)指標(biāo)均反映企業(yè)價(jià)值增加,但CVA指標(biāo)反映企業(yè)在并購(gòu)當(dāng)年的業(yè)績(jī)下降,并購(gòu)當(dāng)年比并購(gòu)前一年CVA降低,并購(gòu)不但沒(méi)有給企業(yè)創(chuàng)造新的價(jià)值,還損毀了企業(yè)的部分價(jià)值。而EVA指標(biāo)反映企業(yè)在并購(gòu)當(dāng)年價(jià)值提升,價(jià)值創(chuàng)造明顯,并購(gòu)為企業(yè)創(chuàng)造了價(jià)值。本文對(duì)這兩個(gè)指標(biāo)產(chǎn)生的差異進(jìn)行了分析,指出CVA指標(biāo)彌補(bǔ)了EVA指標(biāo)的缺陷,在對(duì)企業(yè)并購(gòu)價(jià)值創(chuàng)造進(jìn)行分析時(shí)更適合使用CVA指標(biāo)。
[Abstract]:Taking Geely's merger and acquisition of Volvo as an example, taking Geely Automobile's data from 2007 to 2012 as a sample, this paper makes a comparative study on the value creation of Geely M & A with the index of cash added value (CVA) and the index of economic value added (EVA). The results show that the two indexes reflect different value creation. Although the two indexes reflect the increase of enterprise value, the CVA index reflects the decline of the performance of the enterprise in the year of M & A, and the CVA of the year of M & A is lower than that of the year before M & A. M & A not only did not create new value for the enterprise, but also damaged part of the value of the enterprise. The EVA index reflects that the value of M & A is increased and the value created is obvious. M & A creates value for the enterprise. This paper analyzes the differences between the two indexes, and points out that the CVA index makes up the defect of EVA index, and it is more suitable to use CVA index when analyzing the value creation of M & A.
【作者單位】： 遼寧大學(xué)商學(xué)院;
【基金】：遼寧省科技廳項(xiàng)目“并購(gòu)行為對(duì)企業(yè)價(jià)值創(chuàng)造影響分析”資助
【分類(lèi)號(hào)】：F271;F406.72;F426.471

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相關(guān)期刊論文 前9條

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本文編號(hào)：2367861