發(fā)布時(shí)間：2018-04-27 14:49

  本文選題：旅游上市公司 + 并購協(xié)同效應(yīng)　； 參考：《蘭州交通大學(xué)》2017年碩士論文

【摘要】：隨著三次產(chǎn)業(yè)中服務(wù)業(yè)占比的不斷增大,旅游產(chǎn)業(yè)的良好發(fā)展使得資本不斷涌入,行業(yè)競(jìng)爭(zhēng)日益激烈。在資本市場(chǎng)發(fā)展規(guī)律下,旅游業(yè)和其他行業(yè)一樣,也逐漸形成了通過并購來整合資源、尋求規(guī)模經(jīng)濟(jì)效益和增強(qiáng)企業(yè)競(jìng)爭(zhēng)力的發(fā)展趨勢(shì)。企業(yè)并購的主要?jiǎng)右蚴菍で蟛①徍蟮膮f(xié)同效應(yīng),它反映了企業(yè)資源整合的效果和資本分配的成果,是企業(yè)采取并購活動(dòng)效益的體現(xiàn)。2015年我國旅游上市公司共有103家,其中登陸國內(nèi)資本市場(chǎng)的有97家,登陸海外資本市場(chǎng)的有6家。2015年發(fā)生旅游上市公司并購事件15起,但并購?fù)瓿珊蟮馁Y源整合效果較差,并購為企業(yè)帶來的效益增加較少。諸多學(xué)者通過對(duì)并購協(xié)同效應(yīng)的研究來尋找并購資源整合效果較差的可能原因,以期降低并購風(fēng)險(xiǎn),為企業(yè)采取并購行為提供理論依據(jù),助推并購活動(dòng)更好的實(shí)施。本文首先對(duì)并購協(xié)同效應(yīng)定性和定量分析的文獻(xiàn)進(jìn)行簡(jiǎn)要回顧,在此基礎(chǔ)上對(duì)25家旅游上市公司并購協(xié)同效應(yīng)進(jìn)行評(píng)估。在對(duì)已有文獻(xiàn)分析后,本文選擇了反映企業(yè)綜合能力的12個(gè)財(cái)務(wù)指標(biāo)來評(píng)估旅游上市公司的并購協(xié)同效應(yīng),財(cái)務(wù)指標(biāo)主要包括反映投資與收益的指標(biāo),如每股凈資產(chǎn)、凈資產(chǎn)收益率和基本每股收益;反映償債能力的指標(biāo),如流動(dòng)比率、速動(dòng)比率、應(yīng)收賬款周轉(zhuǎn)率和資產(chǎn)負(fù)債率;反映盈利能力的指標(biāo),如凈利潤(rùn)率和資產(chǎn)報(bào)酬率;反映經(jīng)營(yíng)能力的指標(biāo),如存貨周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率和總資產(chǎn)周轉(zhuǎn)率。然后運(yùn)用主成分分析法分別評(píng)估了企業(yè)實(shí)施并購后四年的協(xié)同效應(yīng)相對(duì)價(jià)值�？赡軐�(duì)并購協(xié)同價(jià)值產(chǎn)生影響的7個(gè)因素主要包括并購支付方式、是否是關(guān)聯(lián)交易、并購相對(duì)規(guī)模、流通股比例、并購企業(yè)并購前績(jī)效、并購企業(yè)的規(guī)模增長(zhǎng)和股權(quán)集中度等。通過對(duì)7個(gè)影響因素與并購協(xié)同效應(yīng)的相關(guān)性分析,確定了包括現(xiàn)金支付比例、并購前績(jī)效、并購前規(guī)模增長(zhǎng)和股權(quán)集中度等四個(gè)比較顯著的因素,并根據(jù)這四個(gè)因素對(duì)并購后四年的協(xié)同效應(yīng)進(jìn)行分類分析。研究發(fā)現(xiàn):(1)旅游上市公司并購后四年的協(xié)同效應(yīng)實(shí)現(xiàn)效果不佳且價(jià)值水平較低,實(shí)現(xiàn)正協(xié)同效應(yīng)的企業(yè)數(shù)量相對(duì)較少;(2)旅游企業(yè)在并購后的1年內(nèi)能夠?qū)崿F(xiàn)協(xié)同效應(yīng),但協(xié)同效應(yīng)的持續(xù)性較差;(3)7個(gè)影響因素對(duì)并購協(xié)同效應(yīng)的解釋力度較小,只有現(xiàn)金支付比例、并購前績(jī)效、并購前規(guī)模增長(zhǎng)和股權(quán)集中度等四個(gè)影響因素較顯著;(4)旅游企業(yè)并購時(shí)現(xiàn)金支付比例較高、并購前績(jī)效較低、并購前規(guī)模增長(zhǎng)緩慢以及股權(quán)集中度較高等因素,使并購后四年的協(xié)同效應(yīng)實(shí)現(xiàn)效果不理想。
[Abstract]:With the increasing proportion of service industry in the three industries, the good development of tourism industry makes the capital pour in constantly, and the competition of the industry is becoming more and more fierce. Under the law of capital market development, tourism, like other industries, has gradually formed the trend of integrating resources through mergers and acquisitions, seeking economies of scale and enhancing the competitiveness of enterprises. The main motivation of M & A is to seek the synergetic effect after M & A, which reflects the effect of enterprise resource integration and the result of capital distribution, and is the embodiment of the benefit of M & A. in 2015, there are 103 tourism listed companies in our country. Among them, 97 have entered the domestic capital market and 6 have landed in the overseas capital market. There were 15 M & A events of tourism listed companies in 2015, but the effect of resource integration after the completion of M & A was poor, and the benefits of M & A increased less. Many scholars have studied the synergy effect of M & A to find out the possible reasons for the poor integration of M & A resources in order to reduce the risk of M & A, to provide theoretical basis for enterprises to adopt M & A behavior, and to promote the better implementation of M & A activities. This paper reviews the literature of qualitative and quantitative analysis of M & A synergy, and evaluates the M & A synergy effect of 25 tourism listed companies. After analyzing the existing literature, this paper selects 12 financial indicators reflecting the comprehensive ability of enterprises to evaluate the merger and acquisition synergy of tourism listed companies. The financial indicators mainly include the indicators of investment and earnings, such as net assets per share. Return on net assets and basic earnings per share; indicators of solvency, such as current ratio, liquidity ratio, turnover ratio of accounts receivable and asset-liability ratio; indicators of profitability, such as net profit margin and return on assets; Indicators of operational capacity, such as inventory turnover, fixed assets turnover, and total asset turnover. Then the relative value of synergy in four years after M & A is evaluated by principal component analysis. The seven factors that may affect the synergistic value of M & A mainly include the payment mode of M & A, the relative scale of M & A, the proportion of tradable shares, the performance before M & A, the growth of M & A scale and the degree of equity concentration, etc. Through the correlation analysis of seven influencing factors and the synergy effect of M & A, the paper determines four relatively significant factors, including the proportion of cash payment, the performance before M & A, the growth of scale before M & A and the degree of equity concentration. According to these four factors, the synergetic effect of four years after M & A is classified and analyzed. It is found that the synergy effect of tourism listed companies in four years after merger and acquisition is not good and the value level is low, and the number of enterprises that realize positive synergy effect is relatively small. 2) Tourism enterprises can realize synergy effect within one year after M & A. However, the persistence of synergetic effect is poor (37) the explanation of M & A synergetic effect is relatively small, only cash payment ratio, performance before M & A. There are four factors influencing the scale growth and equity concentration before M & A. (4) the proportion of cash payment in M & A is higher, the performance before M & A is lower, the growth of scale before M & A is slow and the degree of equity concentration is high, etc. So that four years after the merger and acquisition synergy effect is not ideal.
【學(xué)位授予單位】：蘭州交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F592.6;F271

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