本文選題：并購績效 + 事件研究法��； 參考：《沈陽農(nóng)業(yè)大學》2017年碩士論文

【摘要】：并購能夠?qū)崿F(xiàn)企業(yè)規(guī)模的擴張,增強競爭能力,從市場角度來看,并購體現(xiàn)出了市場優(yōu)勝劣汰、適者生存的規(guī)則,是有效配置社會資源的重要途徑之一。同時,也不是所有的并購都能成功,并購如果成功就會給企業(yè)帶來充足資源、擴大規(guī)模、提升競爭力的好處,不成功的并購就是對資源的一種浪費。評價企業(yè)的并購后績效,是考察一個企業(yè)的并購活動是否獲得成功的一個重要方式,無論是國內(nèi)還是國外,許多專家都對并購績效進行過深入研究。由于各種影響因素的存在,對并購績效的分析結(jié)果和影響因素的研究始終沒有達成共識。實際上每個行業(yè)都有著和其他行業(yè)不同的特殊性,所以并購對績效的影響是不一致的。在當前飼料企業(yè)并購活動活躍的情況下,本文主要采用事件研究法、財務分析法通過對金新農(nóng)一系列符合本文研究的并購事件的績效進行分析,主要考察兩個方面,并購對股東財富的影響方面:由于并購需要一段時間來反映效果,所以在股東財富方面僅對短期績效進行分析,通過構(gòu)建市場模型對窗口期累計超額收益率進行計算分析。并購對財務績效的影響方面:通過橫向?qū)Ρ群涂v向?qū)Ρ认嘟Y(jié)合的方式對盈利能力、發(fā)展能力、償債能力、營運能力這四個能力進行分析,并且用杜邦分析來對金新農(nóng)并購財務績效進行綜合分析。研究結(jié)果表明,從股東財富角度來看,經(jīng)過建立市場模型對六次并購事件窗口期的累計超額收益率進行計算,可以得出金新農(nóng)的六次并購平均獲得了 19.05%的累計超額收益,整體呈現(xiàn)獲得正的市場績效的趨勢。從財務績效角度來看,績效狀況為在考察期內(nèi)先減后增的變化趨勢,這是由于這些并購都需要一段時間去整合,效果也需要一段時間來反映,四個能力指標都有所上升,因此金新農(nóng)的并購對績效的影響是正面的。對影響并購績效的因素進行分析,得出主要包括行業(yè)整體狀況、政策法規(guī)、多元化發(fā)展等方面。在本文的最后總結(jié)了此次金新農(nóng)并購給我們帶來了一些啟示和借鑒,包括謹慎選擇并購目標、選擇最佳并購時機、做好前期調(diào)查、強化風險意識、明確并購動機以及順應行業(yè)發(fā)展。
[Abstract]:Mergers and acquisitions can achieve the expansion of the scale of the enterprise and enhance the competitiveness. From the market point of view, M & A embodies the survival of the fittest and the survival of the fittest. It is one of the important ways to effectively configure the social resources. At the same time, not all mergers and acquisitions can be successful. If M & A is successful, it will bring enough resources to the enterprise and expand the scale. To improve the advantages of competitiveness, the unsuccessful merger and acquisition is a waste of resources. Evaluation of the performance after merger and acquisition is an important way to investigate the success of an enterprise's merger and acquisition, both domestic and foreign, many experts have studied the performance of M & A in depth. In fact, there is no consensus on the results of M & a performance and the influencing factors. In fact, each industry has the particularity different from other industries. So the impact of M & A on performance is inconsistent. The performance of a series of merger and acquisition events in accordance with this study is analyzed in a series of two aspects: the effect of merger and acquisition on the wealth of shareholders: because the merger requires a period of time to reflect the effect, the short-term performance is analyzed only in the shareholders' wealth, and the accumulative excess return rate in the window period is carried out through the construction of the market model. The impact of M & A on financial performance: through the combination of horizontal and vertical contrast, the four abilities of profitability, development ability, solvency and operation ability are analyzed, and DuPont analysis is used to analyze the financial performance of merger and acquisition of gold and new farmers. The results show that from the point of view of shareholder wealth Look, through the establishment of a market model to calculate the cumulative excess rate of return on the window period of the six merger and acquisition, it can be concluded that Jin Xinnong's six mergers and acquisitions have gained an average of 19.05% cumulative excess returns and the overall trend of obtaining positive market performance. From the perspective of financial performance, the performance situation is the first decrease in the period of the investigation period. The trend is due to the need to integrate these mergers and acquisitions for some time. The effect also needs to be reflected for some time. The four capabilities are all rising, so the impact of Jin Xinnong's M & A on performance is positive. The factors that affect the performance of M & A are analyzed, and the main factors include the overall situation of the industry, the policies and regulations, the diversification of development. At the end of this paper, we conclude that the Jin Xinnong M & A has brought us some inspiration and reference, including careful selection of M & a target, choosing the best time for M & A, doing a good preliminary investigation, strengthening the awareness of risk, making clear the motivation of M & A and complying with the development of the industry.
【學位授予單位】：沈陽農(nóng)業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F324.6;F271
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本文編號：1929567