本文關(guān)鍵詞： 并購 動(dòng)因 績效 股東財(cái)富 協(xié)同效應(yīng)　出處：《沈陽農(nóng)業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：伴隨著市場經(jīng)濟(jì)的發(fā)展和行業(yè)競爭的加劇,各行各業(yè)都將迎來新的挑戰(zhàn),不斷有新的企業(yè)加入和老的企業(yè)退出。特別是對于農(nóng)牧類企業(yè)而言,產(chǎn)業(yè)利潤相對較低,而集約化程度卻不足,因而產(chǎn)業(yè)洗牌現(xiàn)象更加嚴(yán)峻。在這樣的形勢下,一大批農(nóng)牧企業(yè)走向了并購道路。在大北農(nóng)并購南京天邦的案例中,南京天邦由于經(jīng)營問題,連年虧損,隨時(shí)面臨被淘汰的風(fēng)險(xiǎn),而南京天邦所處的動(dòng)保產(chǎn)業(yè)正是大北農(nóng)未來戰(zhàn)略布局的方向。因此,在這樣的條件下,大北農(nóng)接手南京天邦是最好的選擇。論文在研究過程中采用了財(cái)務(wù)指標(biāo)法、事件研究法、臨床診斷法分析并購后對大北農(nóng)財(cái)務(wù)、股東財(cái)富和經(jīng)營戰(zhàn)略的影響。本文得出的主要結(jié)論如下:(1)在財(cái)務(wù)績效方面,由于南京天邦相對于大北農(nóng)而言規(guī)模較小,且南京天邦由于經(jīng)營不善導(dǎo)致盈利能力較差,因而南京天邦對大北農(nóng)財(cái)務(wù)并未造成重大影響,而且從一些財(cái)務(wù)指標(biāo)上看,南京天邦對大北農(nóng)還造成了短期的負(fù)面影響。(2)在股東財(cái)富方面,大北農(nóng)并購南京天邦后,大北農(nóng)股價(jià)在事件日后有一定的上漲,對大北農(nóng)股票的超額收益率和累計(jì)超額收益率都有積極的影響。這說明股價(jià)對事件信息反應(yīng)能力較強(qiáng),但由于大北農(nóng)涉足動(dòng)保產(chǎn)業(yè)時(shí)間較短,因而市場對其未來產(chǎn)業(yè)整合具有一定的擔(dān)憂,所以在并購日后不久,大北農(nóng)股價(jià)又開始走低。因而大北農(nóng)并購南京天邦,只是對大北農(nóng)股東財(cái)富帶來短暫的利好。(3)在稅收惠利方面,南京天邦的資產(chǎn)折舊和營業(yè)虧損都能抵扣大北農(nóng)部分應(yīng)納稅額。而且南京天邦屬于中小型高新技術(shù)企業(yè),出于對產(chǎn)業(yè)的扶持,南京天邦享受國家稅收優(yōu)惠較大。大北農(nóng)并購南京天邦不需要擔(dān)心日后稅收負(fù)擔(dān)的加劇。(4)在戰(zhàn)略協(xié)同方面,南京天邦所屬的動(dòng)保產(chǎn)業(yè)與大北農(nóng)的飼料產(chǎn)業(yè)具有較高的行業(yè)協(xié)同性,具有相互促進(jìn)作用;而且大北農(nóng)已經(jīng)開始積極部署動(dòng)保產(chǎn)業(yè)的發(fā)展,所以并購南京天邦后,與自身的未來戰(zhàn)略部署也不謀而合,能發(fā)揮較大的協(xié)同效應(yīng)�？傮w而言,從短期來看,南京天邦并未給大北農(nóng)帶來可觀財(cái)務(wù)績效,在股東財(cái)富方面也只有短暫的利好。大北農(nóng)在并購南京天邦后未立即獲得可觀績效的情況下還在繼續(xù)增持南京天邦股權(quán),其目的主要在于其戰(zhàn)略布局。動(dòng)保產(chǎn)業(yè)毛利率較高,而且國家扶持力度較大,大北農(nóng)并購南京天邦是為了做大做強(qiáng)其動(dòng)保產(chǎn)業(yè),因而大北農(nóng)并購南京天邦主要是為了追求協(xié)同效應(yīng)。
[Abstract]:With the development of market economy and the aggravation of industry competition, all kinds of industries will face new challenges, new enterprises will join and old enterprises will withdraw, especially for agri-pastoral enterprises. Industrial profits are relatively low, but the degree of intensification is insufficient, so the phenomenon of industrial reshuffle is more severe. Under this situation, a large number of agricultural and pastoral enterprises have moved to the road of merger and acquisition. In the case of Dabei Agriculture merger and acquisition of Nanjing Tianbang. Nanjing Tianbang is facing the risk of being eliminated at any time because of its operating problems and losing money year after year, and the mobile insurance industry in Nanjing Tianbang is the direction of the future strategic layout of North China Agriculture. Therefore, under such conditions. Dabei Nong took over Nanjing Tianbang is the best choice. In the research process, the paper used financial index method, event research method, clinical diagnosis method to analyze the merger and acquisition of the North Agricultural Finance. The main conclusions of this paper are as follows: 1) in terms of financial performance, the scale of Nanjing Tianbang is smaller than that of North China. Because of the poor management of Nanjing Tianbang led to poor profitability, so Nanjing Tianbang did not have a significant impact on the Northern Agricultural Finance, and from the perspective of some financial indicators. Nanjing Tianbang also caused a short-term negative impact on North China farmers. (2) in terms of shareholder wealth, Da Bei Peasants' share prices rose after the merger of Nanjing Tianbang. It has a positive effect on the excess return rate and cumulative excess return rate, which indicates that the stock price has a strong ability to react to the incident information, but because of the short time for the North farmers to step into the insurance industry. As a result, the market has certain concerns about its future industrial integration, so soon after the M & A, the shares of Da Bei Nong began to decline again. It only brings short-term benefits to the stockholders' wealth in North China) in the aspect of tax benefits. Nanjing Tianbang assets depreciation and operating losses can deduct part of the tax payable in Dabei agriculture. And Nanjing Tianbang is a small and medium-sized high-tech enterprises, out of support to the industry. Nanjing Tianbang enjoys greater tax benefits. Dabei Agriculture M & A Nanjing Tianbang does not need to worry about the future tax burden. 4) in strategic coordination. Nanjing Tianbang belongs to the mobile insurance industry and the feed industry of North China agriculture has a higher industry synergy and mutual promotion; And Dabei farmers have begun to actively deploy the development of mobile insurance industry, so after the acquisition of Nanjing Tianbang, and their future strategic deployment also coincide, can play a greater synergistic effect. Overall, from a short-term perspective. Nanjing Tianbang did not bring considerable financial performance to North China agriculture. In terms of shareholder wealth there is only a temporary positive. Dabei Nong in the acquisition of Nanjing Tianbang did not immediately get significant performance in the case of continued to increase the Nanjing Tianbang shares. Its purpose is mainly in its strategic layout. The gross profit rate of mobile insurance industry is high, and the strength of state support is greater. The North China Agriculture merger and acquisition of Nanjing Tianbang is to make the industry bigger and stronger. As a result, Dabei Agriculture M & A Nanjing Tianbang is mainly for the pursuit of synergy.
【學(xué)位授予單位】：沈陽農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F324.6
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本文編號：1460560