本文選題：協(xié)同效應(yīng)　切入點(diǎn)：持續(xù)并購(gòu)　出處：《湘潭大學(xué)》2017年碩士論文

【摘要】：公司并購(gòu)是其快速發(fā)展的重要手段,基于協(xié)同效應(yīng)的同業(yè)并購(gòu)將會(huì)使其效益獲得快速提高。但也有許多企業(yè)在并購(gòu)活動(dòng)中并沒(méi)有實(shí)現(xiàn)原有的協(xié)同效應(yīng),如何評(píng)價(jià)企業(yè)的并購(gòu)績(jī)效成為了學(xué)術(shù)界關(guān)注的熱點(diǎn)。文章以公共關(guān)系行業(yè)的知名企業(yè)L公司為案例,研究2011年到2016年間L公司持續(xù)并購(gòu)的績(jī)效問(wèn)題。全文可以分為六部分內(nèi)容,第一部分為緒論,主要介紹了論文的研究背景意義、研究?jī)?nèi)容和方法,并就國(guó)內(nèi)外并購(gòu)績(jī)效的相關(guān)研究進(jìn)行綜述。第二部分為概念和理論基礎(chǔ),主要介紹企業(yè)并購(gòu)的相關(guān)概念,并就企業(yè)并購(gòu)中涉及的理論方法進(jìn)行簡(jiǎn)述。第三部分在對(duì)比不同的企業(yè)績(jī)效評(píng)價(jià)方法后,最終選擇使用因子分析法建立企業(yè)并購(gòu)績(jī)效評(píng)價(jià)模型,因子分析法建立的企業(yè)并購(gòu)績(jī)效指標(biāo)體系將財(cái)務(wù)指標(biāo)和非財(cái)務(wù)指標(biāo)進(jìn)行融合,涵蓋了企業(yè)的盈利能力、償債能力、營(yíng)運(yùn)能力、成長(zhǎng)能力和管理能力5個(gè)方面,能夠從整體的角度對(duì)L公司的并購(gòu)績(jī)效充分評(píng)價(jià),有助于企業(yè)定量的認(rèn)識(shí)其持續(xù)并購(gòu)績(jī)效情況,為后文對(duì)L公司并購(gòu)績(jī)效的評(píng)價(jià)奠定基礎(chǔ)。第四部分為L(zhǎng)公司持續(xù)并購(gòu)的案例介紹,詳細(xì)描述了L公司的基本狀況及主要的并購(gòu)活動(dòng),并使用波特五力模型對(duì)L公司并購(gòu)活動(dòng)的動(dòng)因展開(kāi)分析,認(rèn)為L(zhǎng)公司的持續(xù)并購(gòu)包含管理層主觀動(dòng)機(jī)、公司提升競(jìng)爭(zhēng)優(yōu)勢(shì)需要以及上市成長(zhǎng)壓力驅(qū)使三個(gè)層面的動(dòng)因。第五部分為L(zhǎng)公司并購(gòu)績(jī)效的評(píng)價(jià),主要使用企業(yè)并購(gòu)績(jī)效評(píng)價(jià)指標(biāo)體系和部分財(cái)務(wù)指標(biāo),以2010年至2016年L公司年報(bào)數(shù)據(jù)以及同行業(yè)相關(guān)數(shù)據(jù)為基礎(chǔ),從盈利能力、償債能力、營(yíng)運(yùn)能力、成長(zhǎng)能力和管理能力5個(gè)方面進(jìn)行分析,以此來(lái)判斷L公司并購(gòu)的績(jī)效表現(xiàn)。L公司并購(gòu)績(jī)效整體處于持續(xù)下降趨勢(shì),沒(méi)有發(fā)揮很好的協(xié)同效應(yīng),除了成長(zhǎng)能力之外,其他方面的能力大多有不同程度的下降,尤其是營(yíng)運(yùn)情況壓力較大。文章認(rèn)為L(zhǎng)公司持續(xù)并購(gòu)活動(dòng)只是帶動(dòng)了量的增加,而還沒(méi)有推動(dòng)質(zhì)的改善。這些主要與L公司過(guò)于激進(jìn)的并購(gòu)策略、并購(gòu)協(xié)議缺陷和管理協(xié)同能力不足有關(guān)。最后為結(jié)論和相關(guān)的建議,并對(duì)論文的局限性作出說(shuō)明。針對(duì)L公司持續(xù)并購(gòu)中企業(yè)績(jī)效下降的問(wèn)題,論文提出L公司并購(gòu)標(biāo)的選擇要順應(yīng)行業(yè)發(fā)展趨勢(shì),此外還要注重并購(gòu)后的整合和對(duì)相關(guān)風(fēng)險(xiǎn)的控制,科學(xué)設(shè)置對(duì)賭協(xié)議,提升并購(gòu)管理能力。希望能夠?qū)?lái)公司改善其并購(gòu)績(jī)效有一定的指導(dǎo)意義。
[Abstract]:M & A is an important means for the rapid development of the synergistic effect of industry mergers and acquisitions will make its profits increased rapidly. But there are also many enterprises based in mergers and acquisitions activities did not realize the synergistic effect of the original, how to evaluate the performance of mergers and acquisitions has become a hot topic in academic circles. This paper takes L company public relations industry well-known enterprises as a case study in 2011 to continue acquisitions performance problems 2016 years L company. The paper can be divided into six parts, the first part is the introduction, mainly introduces the research background significance, research contents and methods, summarizes the related research and the performance of mergers and acquisitions at home and abroad. The second part is the concept and theoretical basis and this chapter introduces the concept of mergers and acquisitions, and the theories and methods involved in mergers and acquisitions. In the third part of the enterprise performance evaluation method after comparing with different, most The final choice analysis to establish the enterprise mergers and acquisitions performance evaluation model using factor, factor analysis method to establish the enterprise merger performance index system to integrate financial and non-financial indicators, including profitability, solvency, operating capacity, the 5 aspects of growth ability and management ability, can fully evaluate performance of mergers and acquisitions of L company from the perspective of overall understanding, help enterprises to quantitative continuous acquisition performance, which lays the foundation for later evaluation of L company merger performance. The fourth part is the continuous acquisition of L's case, a detailed description of the basic situation of L company and major mergers and acquisitions and the use of Potter's five forces model on merger motivation activities of L company to analyze that the continued acquisition of L company includes management of subjective motives, enhance the competitive advantage of company and listed the three levels of pressure driven growth The fifth part is the evaluation of motivation. L, the performance of mergers and acquisitions, mergers and acquisitions mainly use the performance evaluation index system and financial indicators, with annual data from 2010 to 2016, L company and the same industry related data, from the profitability, solvency, operating capacity, the 5 aspects of growth and management ability are analyzed, in order to to determine the performance of.L company L company mergers in the overall performance continued to decline, did not play a good synergistic effect, in addition to the ability to grow, most other areas have different degrees of decline, especially the operation pressure. The L company continued mergers and acquisitions just led to the increase in the amount of the also did not promote the qualitative improvement. These mainly with L too aggressive acquisition strategy, merger agreement defects and management coordination ability insufficiency. The last part is the conclusion and phase The proposal, and the limitation of the thesis explained. At L, continued to decline in mergers and acquisitions performance problems, proposed L company mergers and acquisitions subject choice to conform to the development trend of the industry, but also pay attention to the post merger integration in addition and the related risk control, set up scientific agreement on gambling, enhance the acquisition management ability. Hope to have certain guiding significance for the future to improve its performance of mergers and acquisitions.

【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F713.8;F271

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