【摘要】：2014年以來,并購被當(dāng)做企業(yè)升級(jí)轉(zhuǎn)型的一種“捷徑”,呈爆發(fā)式增長。那么并購是否都能給企業(yè)帶來正向并購績效呢?本文選取具有代表性的雷科并購案進(jìn)行研究。雷科防務(wù)原為制造業(yè),是2015年發(fā)生并購活動(dòng)最多的行業(yè),雷科防務(wù)本年基于期望通過并購進(jìn)行企業(yè)轉(zhuǎn)型的目的并購了奇維科技,本文利用建立績效評(píng)價(jià)體系對(duì)它的并購績效進(jìn)行研究。目前國內(nèi)在評(píng)價(jià)企業(yè)并購績效時(shí),多從股票的市場價(jià)格波動(dòng)或財(cái)務(wù)指標(biāo)角度進(jìn)行研究,本文選擇不同的研究視角——以雷科防務(wù)并購后企業(yè)績效為研究對(duì)象,用EVA和財(cái)務(wù)指標(biāo)分析的方法,沿著研究雷科防務(wù)總體股東價(jià)值和具體各項(xiàng)并購動(dòng)因完成度的思路,探討通過并購進(jìn)行轉(zhuǎn)型的企業(yè)是否能提升企業(yè)并購績效并剖析其中的原因。具體從以下幾個(gè)方面展開:首先,通過學(xué)習(xí)國內(nèi)外研究文獻(xiàn),闡述并購、并購績效、EVA、并購動(dòng)因等相關(guān)理論;其次,介紹了雷科防務(wù)和目標(biāo)公司的基本情況、并購過程,分析并購動(dòng)因;然后,建立以EVA和財(cái)務(wù)指標(biāo)分析為基礎(chǔ)的并購績效評(píng)價(jià)體系,使用2014-2016年雷科防務(wù)財(cái)務(wù)報(bào)表數(shù)據(jù)及企業(yè)公告信息,進(jìn)行并購績效評(píng)價(jià)分析。分析得出結(jié)論:基于EVA對(duì)雷科防務(wù)各季度經(jīng)濟(jì)增加值的變化情況分析,并購未給企業(yè)股東創(chuàng)造預(yù)期價(jià)值,即整體績效不升反降;基于財(cái)務(wù)指標(biāo)分析并購動(dòng)因完成情況來看,公司的發(fā)展能力雖然提高,但綜合盈利能力等其他多種指標(biāo)來看,沒有達(dá)到并購目標(biāo)。本研究認(rèn)為,至少從目前來看并購并沒有給雷科防務(wù)帶來正向并購績效。最后,根據(jù)雷科防務(wù)實(shí)際情況,對(duì)反應(yīng)出來的問題提出企業(yè)視角和市場視角的對(duì)策建議。
[Abstract]:Since 2014, mergers and acquisitions have been seen as a "shortcut" to corporate upgrading and transformation, showing explosive growth. So can mergers and acquisitions bring positive M & A performance to enterprises? In this paper, the representative mine merger and acquisition case is selected to study. Reco Defense, originally a manufacturing industry, was the industry with the most M & A activities in 2015. Reke Defense this year acquired Qiwei Technology for the purpose of enterprise transformation through mergers and acquisitions. This paper uses the establishment of performance evaluation system to study its M & A performance. At present, when evaluating the performance of M & A in China, most of them are studied from the perspective of stock market price fluctuation or financial index. this paper chooses different research perspectives-taking the enterprise performance after Reke Defense M & A as the research object. With the method of EVA and financial index analysis, along with the train of thought of studying the overall shareholder value and the completion degree of the specific M & A motivation, this paper discusses whether the enterprises transformed through M & A can improve the performance of M & A and analyze the reasons. Specific from the following aspects: first of all, through the study of domestic and foreign research literature, elaborated M & A, M & A performance, EVA, M & A motivation and other related theories; Secondly, it introduces the basic situation of Reke defense and target company, the process of merger and acquisition, and analyzes the motivation of merger and acquisition. Then, a M & A performance evaluation system based on EVA and financial index analysis is established, and the M & A performance evaluation and analysis are carried out by using the financial statement data and enterprise announcement information of Reke Defense from 2014 to 2016. The conclusion is drawn as follows: based on the analysis of the changes of economic added value of Reke Defense in each quarter of EVA, M & A does not create the expected value for the shareholders of the enterprise, that is, the overall performance does not rise but decline; Based on the financial index analysis of M & A motivation, although the development ability of the company has been improved, but the comprehensive profitability and other indicators have not achieved the M & A goal. This study believes that, at least from the current point of view, M & A does not bring positive M & A performance to Reke Defense. Finally, according to the actual situation of Reke defense, this paper puts forward some countermeasures and suggestions from the perspective of enterprise and market.
【學(xué)位授予單位】：西安石油大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F271

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