發(fā)布時間：2018-04-03 03:18

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

【摘要】：公司并購是其快速發(fā)展的重要手段,基于協(xié)同效應的同業(yè)并購將會使其效益獲得快速提高。但也有許多企業(yè)在并購活動中并沒有實現(xiàn)原有的協(xié)同效應,如何評價企業(yè)的并購績效成為了學術界關注的熱點。文章以公共關系行業(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)并購的績效問題。全文可以分為六部分內容,第一部分為緒論,主要介紹了論文的研究背景意義、研究內容和方法,并就國內外并購績效的相關研究進行綜述。第二部分為概念和理論基礎,主要介紹企業(yè)并購的相關概念,并就企業(yè)并購中涉及的理論方法進行簡述。第三部分在對比不同的企業(yè)績效評價方法后,最終選擇使用因子分析法建立企業(yè)并購績效評價模型,因子分析法建立的企業(yè)并購績效指標體系將財務指標和非財務指標進行融合,涵蓋了企業(yè)的盈利能力、償債能力、營運能力、成長能力和管理能力5個方面,能夠從整體的角度對L公司的并購績效充分評價,有助于企業(yè)定量的認識其持續(xù)并購績效情況,為后文對L公司并購績效的評價奠定基礎。第四部分為L公司持續(xù)并購的案例介紹,詳細描述了L公司的基本狀況及主要的并購活動,并使用波特五力模型對L公司并購活動的動因展開分析,認為L公司的持續(xù)并購包含管理層主觀動機、公司提升競爭優(yōu)勢需要以及上市成長壓力驅使三個層面的動因。第五部分為L公司并購績效的評價,主要使用企業(yè)并購績效評價指標體系和部分財務指標,以2010年至2016年L公司年報數(shù)據(jù)以及同行業(yè)相關數(shù)據(jù)為基礎,從盈利能力、償債能力、營運能力、成長能力和管理能力5個方面進行分析,以此來判斷L公司并購的績效表現(xiàn)。L公司并購績效整體處于持續(xù)下降趨勢,沒有發(fā)揮很好的協(xié)同效應,除了成長能力之外,其他方面的能力大多有不同程度的下降,尤其是營運情況壓力較大。文章認為L公司持續(xù)并購活動只是帶動了量的增加,而還沒有推動質的改善。這些主要與L公司過于激進的并購策略、并購協(xié)議缺陷和管理協(xié)同能力不足有關。最后為結論和相關的建議,并對論文的局限性作出說明。針對L公司持續(xù)并購中企業(yè)績效下降的問題,論文提出L公司并購標的選擇要順應行業(yè)發(fā)展趨勢,此外還要注重并購后的整合和對相關風險的控制,科學設置對賭協(xié)議,提升并購管理能力。希望能夠對將來公司改善其并購績效有一定的指導意義。
[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.

【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F713.8;F271

【參考文獻】

相關期刊論文 前10條

1 粟靈;;激進并購者海航[J];中國企業(yè)家;2017年02期

2 余宇輝;;基于市盈率估值模型的市值成長因素分析——以樂視為例[J];財政監(jiān)督;2016年14期

3 李彥杰;;電子商務企業(yè)并購財務效應分析[J];品牌(下半月);2015年11期

4 付蘭英;;資源型企業(yè)跨國并購績效綜合評價模型研究[J];科技廣場;2016年02期

5 葛結根;;并購支付方式與并購績效的實證研究——以滬深上市公司為收購目標的經(jīng)驗證據(jù)[J];會計研究;2015年09期

6 江銘;;企業(yè)并購后人員績效考核的多層次AHP-模糊綜合評價及應用[J];科技和產業(yè);2014年12期

7 魏長寬;;上市公司并購績效研究[J];江淮論壇;2014年04期

8 楊明宇;;私募股權投資中對賭協(xié)議性質與合法性探析——兼評海富投資案[J];證券市場導報;2014年02期

9 陳蕾;古夢迪;;蒙特卡羅模擬在周期性公司收益法估值預測中應用研究[J];財會通訊;2013年18期

10 張玉蘭;徐苗苗;宣杰;;河北省能源上市公司并購績效評價及優(yōu)化[J];企業(yè)經(jīng)濟;2012年09期

相關博士學位論文 前1條

1 程小偉;上市公司并購行為及其效應研究[D];同濟大學;2007年

相關碩士學位論文 前3條

1 李森;復星醫(yī)藥連續(xù)并購績效研究[D];北京交通大學;2015年

2 彭舒琳;P公司連續(xù)并購效益的案例分析[D];華南理工大學;2014年

3 呂苗苗;傳媒與游戲行業(yè)間的企業(yè)并購效應研究[D];河北經(jīng)貿大學;2014年

，

本文編號：1703391