本文選題：建筑業(yè)上市公司　切入點：并購模式　出處：《合肥工業(yè)大學(xué)》2017年碩士論文

【摘要】：建筑行業(yè)是國民經(jīng)濟(jì)重要支柱產(chǎn)業(yè)之一,建筑業(yè)總體規(guī)模雖然一直擴(kuò)大,但受經(jīng)濟(jì)整體發(fā)展影響,建筑業(yè)總產(chǎn)值從2011年開始一直有所下降,建筑業(yè)以市_場為導(dǎo)向的改革必然進(jìn)一步深化。從傳統(tǒng)建筑業(yè)到房地產(chǎn)業(yè)、金融業(yè)以及互聯(lián)網(wǎng)業(yè),建筑業(yè)不斷通過并購將業(yè)務(wù)范圍繼續(xù)擴(kuò)大,建筑業(yè)上市公司并購案件也逐年增長�，F(xiàn)有研究大多從理論出發(fā),宏觀分析建筑業(yè)發(fā)展或是其與其他產(chǎn)業(yè)的相關(guān)性,本文通過梳理建筑業(yè)上市公司并購進(jìn)程,以2012年開展并購活動的建筑業(yè)上市公司為研究對象,分析2011年至2015年樣本公司的財務(wù)數(shù)據(jù),選取會計研究法,分別從償債能力、盈利能力、經(jīng)營效率以及發(fā)展能力這四方面選取10項財務(wù)指標(biāo),通過spss軟件對這10項財務(wù)數(shù)據(jù)進(jìn)行降維,計算因子得分,并利用單因子分析方法對結(jié)果進(jìn)行考察,比較不同并購模式下并購績效之間的相關(guān)性以及并購前后績效變化情況。對相關(guān)結(jié)果進(jìn)行評價分析,得出以下結(jié)果:橫向并購和縱向并購模式下績效變化相似,但長期看,由于規(guī)模的擴(kuò)大、整合成本的降低,橫向并購對公司績效的改善狀況更顯著;縱向并購模式下,短期績效雖有改善的趨勢,但由于上下游供應(yīng)鏈銜接成本擴(kuò)大,縱向并購長期績效改善不如橫向并購;而混合并購模式下,績效下降趨勢明顯。第二,根據(jù)整體績效分析表明,并購對樣本公司提高企業(yè)盈利能力、經(jīng)營效率以及改善短期償債能力有一定幫助,但對長期償債能力、發(fā)展能力以及綜合績效的效果不顯著。第三,企業(yè)由于并購目的不同,所以并購績效結(jié)果也不相同,而建筑業(yè)上市公司在面對并購時,應(yīng)當(dāng)結(jié)合市場狀況,根據(jù)并購目的,合理安排并購方式,重點關(guān)注并購后整合問題,才能在達(dá)到并購目的同時改善并購績效。
[Abstract]:The construction industry is one of the important pillar industries of the national economy. Although the overall scale of the construction industry has been expanding, but affected by the overall economic development, the gross output value of the construction industry has been declining since 2011. The market-oriented reform of the construction industry is bound to deepen further. From the traditional construction industry to the real estate industry, the financial industry and the Internet industry, the construction industry continues to expand its scope of business through mergers and acquisitions. M & A cases of listed companies in the construction industry are also increasing year by year. Most of the existing studies are based on theory, macroscopically analyzing the development of construction industry or its correlation with other industries, this paper combs the process of M & A of listed companies in construction industry. Taking the listed companies in the construction industry that carried out mergers and acquisitions in 2012 as the research object, this paper analyzes the financial data of the sample companies from 2011 to 2015, selects the accounting research method, respectively, from the solvency, profitability, This paper selects 10 financial indexes from four aspects of management efficiency and development ability, and uses spss software to reduce dimension, calculate factor score, and use single factor analysis method to investigate the results. This paper compares the correlation between M & A performance under different M & A models and the changes of performance before and after M A. By evaluating and analyzing the related results, the following results are obtained: horizontal M & A is similar to vertical M A, but in the long run, the change of performance is similar, but in the long run, Due to the expansion of scale and the reduction of integration cost, the improvement of corporate performance is more obvious in horizontal mergers and acquisitions. In vertical merger mode, the short-term performance tends to improve, but the upstream and downstream supply chain link costs expand. The long-term performance improvement of vertical mergers and acquisitions is worse than that of horizontal mergers and acquisitions, while the decline trend of performance is obvious under the mixed merger mode. Second, according to the overall performance analysis, M & A can improve the profitability of the sample companies. Management efficiency and improvement of short-term solvency have some help, but the effect on long-term solvency, development ability and comprehensive performance is not significant. Third, because of the different purpose of M & A, the results of M & A performance are different. In order to achieve the goal of M & A, the listed companies in the construction industry should combine the market situation, arrange the way of M & A reasonably and focus on the problem of integration after M & A, in order to achieve the goal of M & A and improve the performance of M & A at the same time.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.92;F271;F406.7

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