本文關(guān)鍵詞： 并購(gòu)績(jī)效評(píng)價(jià)體系 企業(yè)集團(tuán) 改進(jìn)的DEA-AHP模型　出處：《哈爾濱工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著經(jīng)濟(jì)全球化的不斷加深,資本流通速率的迅速加快,為了尋求生存與發(fā)展,企業(yè)除了通過(guò)業(yè)務(wù)進(jìn)行資本積累之外,并購(gòu)成為了企業(yè)重要的對(duì)外投資的形式之一。企業(yè)以此可以直接得到業(yè)務(wù)范圍及企業(yè)規(guī)模的擴(kuò)大,實(shí)現(xiàn)由內(nèi)到外的全面化發(fā)展。隨著上市公司并購(gòu)活動(dòng)的不斷增多,判斷企業(yè)并購(gòu)的結(jié)果與預(yù)期是否相符,判斷并購(gòu)是否充分發(fā)揮了協(xié)同效應(yīng)越來(lái)越重要。因此,企業(yè)建立并購(gòu)績(jī)效評(píng)價(jià)體系的必要性是十分突出的,尤其是對(duì)于大中型企業(yè)集團(tuán)中各戰(zhàn)略下屬單位的整體并購(gòu)評(píng)價(jià)。為確保并購(gòu)計(jì)劃的實(shí)施與前期的戰(zhàn)略性計(jì)劃相契合,可以達(dá)到集團(tuán)整體利益最大化的目的,集團(tuán)利用企業(yè)并購(gòu)績(jī)效評(píng)價(jià)將并購(gòu)戰(zhàn)略成果轉(zhuǎn)化為一系列可量化的數(shù)據(jù)顯示,通過(guò)對(duì)比內(nèi)部歷史數(shù)據(jù)、外部市場(chǎng)數(shù)據(jù),最終對(duì)其并購(gòu)結(jié)果做出理性判斷。本文的研究思路是在回顧已有的國(guó)內(nèi)外并購(gòu)績(jī)效研究的基礎(chǔ)上,結(jié)合目前蘇寧集團(tuán)的并購(gòu)績(jī)效評(píng)價(jià)現(xiàn)狀,選擇出適合集團(tuán)的并購(gòu)績(jī)效評(píng)價(jià)方法,在此基礎(chǔ)上建立并購(gòu)績(jī)效評(píng)價(jià)體系。研究分析表明,蘇寧控股集團(tuán)自2009年以來(lái),先后完成了以努比亞并購(gòu)案為代表的多起并購(gòu)活動(dòng)。雖然兩個(gè)企業(yè)的“交接更名”過(guò)程已經(jīng)進(jìn)行完成,但是后期的并購(gòu)融合以及績(jī)效評(píng)價(jià)是十分重要的。針對(duì)蘇寧集團(tuán)的組織形式,本文所研究的并購(gòu)績(jī)效評(píng)價(jià)體系主要包括兩個(gè)層次。首先是運(yùn)用DEA-AHP模型針對(duì)集團(tuán)內(nèi)部每一起單獨(dú)的并購(gòu)案例進(jìn)行的績(jī)效評(píng)價(jià),這一層評(píng)價(jià)主要是針對(duì)并購(gòu)行為的發(fā)生給每個(gè)下屬子公司所帶來(lái)的“積極影響”或“消極作用”作出判斷,判斷并購(gòu)活動(dòng)的“效率”與“效果”。第二個(gè)層次是基于企業(yè)集團(tuán)角度的整體績(jī)效評(píng)價(jià),將集團(tuán)視為一個(gè)集合,其中發(fā)生的每起并購(gòu)案例均為其子集。在上一層次的基礎(chǔ)上,運(yùn)用模糊綜合指標(biāo)評(píng)價(jià)法,判斷是否每個(gè)并購(gòu)案的后期發(fā)展方向都符合企業(yè)集團(tuán)發(fā)展的整體戰(zhàn)略、符合企業(yè)價(jià)值最大化的目標(biāo)。本文旨在為企業(yè)集團(tuán)的并購(gòu)決策提供可借鑒的并購(gòu)績(jī)效評(píng)價(jià)體系。
[Abstract]:With the deepening of economic globalization and the rapid acceleration of capital circulation rate, in order to seek for survival and development, enterprises not only accumulate capital through business, M & A has become one of the most important forms of foreign investment. Enterprises can get the expansion of business scope and enterprise scale directly, and realize the comprehensive development from inside to outside. With the increasing of M & A activities of listed companies, It is more and more important to judge whether the results of M & A and M & A are in accordance with expectations, and to judge whether M & A has brought into full play the synergistic effect. Therefore, the necessity of establishing M & A performance evaluation system is very prominent. In particular, the overall M & A evaluation of each strategic subordinate unit in large and medium-sized enterprise groups. In order to ensure that the implementation of the M & A plan coincides with the earlier strategic plan, the purpose of maximizing the group's overall interests can be achieved. Group use M & A performance evaluation to transform M & A strategic achievements into a series of quantifiable data display, by comparing internal historical data, external market data, Finally, it makes a rational judgment on the results of mergers and acquisitions. The research idea of this paper is to review the existing domestic and foreign M & A performance studies, combined with the current situation of performance evaluation of SUNING Group M & A. On the basis of choosing the appropriate M & A performance evaluation method for the group, the research and analysis show that SUNING holding Group has been holding the group since 2009, and established the M & A performance evaluation system. A number of mergers and acquisitions, represented by the Nubian merger case, have been completed successively. Although the "handover and renaming" process of the two enterprises has been completed, However, the merger and acquisition integration and performance evaluation in the later period are very important. In view of the organizational form of SUNING Group, The M & A performance evaluation system studied in this paper mainly includes two levels. Firstly, the performance evaluation of each individual M & A case within the group is carried out by using DEA-AHP model. This level of evaluation is mainly based on the "positive impact" or "negative effect" brought by the merger and acquisition behavior to each subsidiary. Judging the "efficiency" and "effect" of M & A activities. The second level is the overall performance evaluation based on the enterprise group perspective, which regards the group as a set, in which each case of M & A is a subset. The fuzzy comprehensive index evaluation method is used to determine whether the late development direction of each merger case is in line with the overall strategy of enterprise group development. The purpose of this paper is to provide an evaluation system of M & A performance for the M & A decision of enterprise groups.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F721

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本文編號(hào)：1509137