發(fā)布時(shí)間：2018-07-18 09:11

【摘要】：在世界經(jīng)濟(jì)一體化趨勢(shì)影響下,我國(guó)企業(yè)為了迎接更為劇烈的國(guó)際競(jìng)爭(zhēng),迫切需要迅速壯大自己。并購(gòu)作為企業(yè)外延式快速發(fā)展的有效手段,已經(jīng)成為我國(guó)企業(yè)擴(kuò)張、提高競(jìng)爭(zhēng)力的重要方式之一。我國(guó)資本市場(chǎng)并購(gòu)活動(dòng)歷史始于上個(gè)世紀(jì)末,并購(gòu)案件逐年增加,近些年更掀起了一陣并購(gòu)熱潮,所涉及的金額也不斷上升。進(jìn)入互聯(lián)網(wǎng)時(shí)代后,大數(shù)據(jù)、云計(jì)算的迅猛發(fā)展對(duì)印刷機(jī)械行業(yè)產(chǎn)生了空前的的沖擊,印刷機(jī)械行業(yè)面臨著巨大挑戰(zhàn),印刷機(jī)械行業(yè)企業(yè)迅速擴(kuò)大規(guī)模、提高競(jìng)爭(zhēng)力,也紛紛選擇了并購(gòu)發(fā)展模式。由此,印刷機(jī)械企業(yè)并購(gòu)協(xié)同效應(yīng)如何,能否有效提升公司經(jīng)營(yíng)業(yè)績(jī)等問(wèn)題,成為當(dāng)前財(cái)務(wù)理論界研究的熱點(diǎn)之一。本文以長(zhǎng)榮股份并購(gòu)力群股份案例為研究對(duì)象,深入研究并購(gòu)所帶來(lái)的財(cái)務(wù)影響,以期為上述問(wèn)題的解決有所裨益。本文通過(guò)運(yùn)用事件研究法、主成分分析法等研究方法,以長(zhǎng)榮股份并購(gòu)力群股份案例為研究對(duì)象,深入分析了長(zhǎng)榮股份并購(gòu)力群股份的協(xié)同效應(yīng)、對(duì)經(jīng)營(yíng)績(jī)效影響及并購(gòu)事件的市場(chǎng)反應(yīng)等問(wèn)題。本文主要分為五個(gè)部分:第一部分緒論。主要介紹研究目的、意義等內(nèi)容;第二部分并購(gòu)基本理論與文獻(xiàn)綜述。主要闡述并購(gòu)的相關(guān)基礎(chǔ)理論及國(guó)內(nèi)外研究現(xiàn)狀;第三部分案例簡(jiǎn)介和SWOT分析。主要介紹本次并購(gòu)案例及運(yùn)用SWOT分析了長(zhǎng)榮股份并購(gòu)的必要性及條件;第四部分長(zhǎng)榮股份并購(gòu)案例財(cái)務(wù)效應(yīng)分析。主要運(yùn)用杜邦分析、主成分分析法及EVA模型等研究方法,對(duì)長(zhǎng)榮股份并購(gòu)力群股份事件所取得的協(xié)同效應(yīng)及其對(duì)公司綜合績(jī)效的影響進(jìn)行深入分析,并運(yùn)用事件法分析了并購(gòu)所帶來(lái)的市場(chǎng)反應(yīng);第五部分研究結(jié)論與建議。通過(guò)上述研究,本文得出如下結(jié)論:(一)長(zhǎng)榮股份并購(gòu)力群股份取得良好的協(xié)同效應(yīng);(二)并購(gòu)對(duì)經(jīng)營(yíng)績(jī)效改善存在顯著的正向影響;(三)并購(gòu)取得了良好的市場(chǎng)反應(yīng),資本市場(chǎng)投資者對(duì)本次并購(gòu)持正面積極態(tài)度。
[Abstract]:Under the influence of the trend of world economic integration, Chinese enterprises urgently need to strengthen themselves in order to meet the more fierce international competition. M & A, as an effective means for the rapid development of enterprises, has become one of the important ways for enterprises to expand and improve their competitiveness. The history of M & A in China's capital market began at the end of the last century, and the cases of M & A increased year by year. In recent years, there has been a wave of M & A upsurge, and the amount of money involved has also been rising. After entering the Internet era, the rapid development of big data and cloud computing has had an unprecedented impact on the printing machinery industry. The printing machinery industry is facing enormous challenges. Printing machinery industry enterprises rapidly expand their scale and improve their competitiveness. Also has chosen the merger and acquisition development pattern one after another. As a result, how to coordinate the merger and acquisition of printing machinery enterprises and whether they can effectively improve the company's business performance have become one of the hot issues in the field of financial theory. This paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply studies the financial impact of M & A in order to help solve the above problems. By using the method of event research and principal component analysis, this paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply analyzes the synergistic effect of EVA stock merger and acquisition of Li Qun shares. Impact on business performance and market reaction to M & A events. This paper is divided into five parts: the first part is introduction. The second part introduces the basic theory of M & A and literature review. This paper mainly expounds the basic theory of M & A and the current research situation at home and abroad. The third part introduces the case and SWOT analysis. This paper mainly introduces this case of merger and acquisition and analyzes the necessity and condition of Evergreen stock merger by using SWOT. The fourth part analyzes the financial effect of the case of Evergreen stock merger and acquisition. By using the methods of DuPont analysis, principal component analysis and EVA model, this paper makes a deep analysis of the synergistic effect and its influence on the comprehensive performance of Li Qun. The market reaction brought by M & A is analyzed by event method. Through the above research, this paper draws the following conclusions: (1) Evergreen shares acquisition of Li Qun shares achieved good synergy; (2) M & A has significant positive impact on the improvement of business performance; (3) M & A has achieved a good market response, Capital market investors on the M & A positive attitude.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F426.4;F406.72;F271

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