本文選題：財務指標法　切入點：并購績效　出處：《安徽大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著我國市場經(jīng)濟的日益發(fā)展以及市場競爭的加劇,大量的公司選擇通過并購的方式來提升自身的實力和經(jīng)濟效益。企業(yè)并購行為產(chǎn)生的一個根本原因是企業(yè)的發(fā)展,然而并購活動的開展究竟能否為企業(yè)帶競爭力的提升,和企業(yè)價值的變化呢?隨著并購活動發(fā)展,人們也逐漸認識到并購乃是一把雙刃劍,既包含了無限的機遇也潛藏著不盡的風險。為了衡量并購活動的成功與否,并購績效應運而生。研究企業(yè)的并購活動和通過并購取得的績效,對于企業(yè)構(gòu)建并購績效的評價體系,以及企業(yè)未來并購活動的開展具有重要的引導意義。生物醫(yī)藥行業(yè)作為我國戰(zhàn)略新興產(chǎn)業(yè)的重要組成部分,一直以來都是國家重點扶持和關(guān)注的對象。并購已經(jīng)成為了我國生物醫(yī)藥行業(yè)進行產(chǎn)業(yè)整合和成長的重要手段之一。在此背景下,本文選取了安徽生物醫(yī)藥行業(yè)的領頭羊AK公司作為研究對象。采取財務指標法與事件研究法結(jié)合,概括的分析了 AK公司并購ZP公司前后的績效變動。對于AK公司今后的并購活動開展,具有一定的借鑒和指導意義。全文共分為六個部分,第一部分主要闡述了論文寫作的研究背景和研究意義,對并購原理和并購績效的文獻進行了梳理,闡述了本文的研究內(nèi)容與研究思路、文章的創(chuàng)新點;第二部分是概念概述部分,主要闡述了并購的概念、并購動因及企業(yè)并購績效的評價方法;第三部分是首先對并購的雙方進行了簡單的介紹,其后介紹了AK公司并購ZP公司的具體流程;第四部分主要是從并購對企業(yè)效率的影響和并購對企業(yè)股東效益以及并購的社會績效三方面對AK公司并購ZP公司后的績效變化做出了分析;第五部分闡述了 AK公司并購ZP公司的成功經(jīng)驗和不足之處并提出了一些建議;第六部分總結(jié)了 AK公司并購ZP公司的績效變化和研究的展望與不足。研究選取的AK公司,作為安徽本±的民營生物醫(yī)藥企業(yè),在行業(yè)中十分具有代表性。生物醫(yī)藥業(yè)作為我國戰(zhàn)略發(fā)展的重點行業(yè),前景光明。本文以財務指標法和事件研究法對其并購績效進行的全面剖析,能夠為生物醫(yī)藥行業(yè)的發(fā)展提供一定的借鑒意義;本文采取了單案例研究方法,相對于學術(shù)界大量的對于行業(yè)整體的實證性研究,本文對AK公司并購ZP公司的單案例研究,更具有針對性。對于AK公司此后的并購活動來說有更明確的指導意義。
[Abstract]:With the development of the market economy and the aggravation of the market competition in our country, a large number of companies choose to improve their strength and economic efficiency by means of M & A. one of the fundamental reasons for the M & A behavior is the development of the enterprise. However, whether M & A activities can improve the competitiveness of enterprises and change the value of enterprises? With the development of M & A activities, people have come to realize that M & A is a double-edged sword with unlimited opportunities and hidden risks. M & A performance arises as the times require. To study the M & A activities and the performance achieved through M & A, to construct the evaluation system of M & A performance, As well as the future M & A activities of enterprises to carry out an important guiding significance. Biomedical industry as an important part of China's strategic emerging industry, M & A has become one of the most important means for the integration and growth of biomedical industry in China. In this paper, AK Company, the leader of Anhui Biopharmaceutical Industry, is chosen as the research object. The financial index method is combined with the event research method. The performance changes before and after the acquisition of ZP Company by AK Company are summarized and analyzed. It has certain reference and guiding significance for the future M & A activities of AK Company. The full text is divided into six parts. The first part mainly elaborates the research background and significance of the thesis writing, combs the literature on the principle of M & A and the performance of M & A, expounds the research contents and research ideas of this paper, and points out the innovation of the article. The second part is an overview of the concept, mainly describes the concept of M & A, M & A motivation and corporate M A performance evaluation methods; the third part is the first simple introduction of both sides of M & A. Then it introduces the specific process of merger and acquisition of ZP company by AK company. The fourth part mainly analyzes the performance changes of AK Company after the merger and acquisition of ZP Company from three aspects: the impact of M & A on the efficiency of the enterprise, the benefit of M & A to the shareholders and the social performance of M & A; The fifth part expounds the successful experiences and shortcomings of the merger and acquisition of ZP Company by AK Company and puts forward some suggestions. The sixth part summarizes the performance changes and the prospects and shortcomings of the research on the merger and acquisition of ZP Company by AK Company. As a private biopharmaceutical enterprise in Anhui Province, it is very representative in the industry. Biomedical industry is the key industry in the strategic development of our country. The overall analysis of M & A performance by financial index method and event research method can provide some reference for the development of biomedical industry. Compared with a large number of empirical studies on the industry as a whole, this paper is more targeted to the single case study on the merger and acquisition of ZP company by AK Company, and has more definite guiding significance for the M & A activities of AK Company since then.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F426.72

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