本文選題：國有企業(yè) + 并購動因　； 參考：《河北大學(xué)》2017年碩士論文

【摘要】：并購作為企業(yè)擴張的快速方式,在企業(yè)決策中一直占據(jù)著重要地位。隨著我國股權(quán)分置改革的完成,并購的數(shù)量與涉及的資產(chǎn)規(guī)模均有了大幅度提升。在我國,學(xué)術(shù)界與理論界一直非常關(guān)注國有企業(yè)的并購,除了因為國有企業(yè)并購涉及規(guī)模巨大之外,更是因為國有企業(yè)受到政府影響較大。除了企業(yè)自身出于自身發(fā)展需求,進(jìn)行并購之外,地方政府也會出于自身目的,使下屬國有企業(yè)并購指定的企業(yè),俗稱“拉郎配”。那么在這樣的過程中,并購動因是什么?政府在企業(yè)并購決策中是否達(dá)到了自身目的?這樣的多元化并購的績效如何?影響這些績效的因素又是什么?本文通過冀中能源并購東北航空與華北制藥作為分析對象,對其并購前后的績效進(jìn)行比較,力圖為并購是否提升企業(yè)績效提供一定解釋,同時為其他企業(yè)的并購提供一定借鑒。本文分析了冀中能源的兩起并購案例前后的績效表現(xiàn),發(fā)現(xiàn)相對于連續(xù)虧損并最后賣出的東北航空,華北制藥的并購績效相對較好并達(dá)到了地方政府的并購目的。究其原因,兩起并購的并購支付方式、整合程度、政府干預(yù)等因素導(dǎo)致了兩起并購案例的不同并購績效。相對于現(xiàn)金支付方式,國有企業(yè)特有的資產(chǎn)無償劃轉(zhuǎn)不僅手續(xù)簡單,而且為企業(yè)節(jié)省了大量資金;同時較高程度的人力資源、組織與企業(yè)文化整合能夠有效提高并購績效;行業(yè)進(jìn)入壁壘的存在對于多元化并購績效有著負(fù)面影響;最后目標(biāo)公司同并購企業(yè)較近的地理距離與政府的大力扶持也對并購績效有著正面影響。最后根據(jù)研究結(jié)果,對公司并購提出一些對策建議,一是不能僅局限于現(xiàn)金支付方式,要靈活使用多種支付方式;二是加強并購后的整合工作,包括文化整合、人力資源整合和組織整合;三是選擇并購目標(biāo)時要充分考慮政策與地域因素,有效降低溝通成本并提高并購績效。
[Abstract]:M & A, as a rapid way of enterprise expansion, has always occupied an important position in enterprise decision-making. With the completion of split share structure reform in China, the number of mergers and acquisitions and the scale of assets involved have been greatly increased. In China, the academic and theoretical circles have been very concerned about mergers and acquisitions of state-owned enterprises, in addition to state-owned enterprises involved in large scale, but also because state-owned enterprises are greatly affected by the government. In addition to the enterprise's own development needs, M & A, the local government will also for its own purposes, so that the subordinate state-owned enterprise M & A designated enterprises, commonly known as "rallying match". So in such a process, what is the motivation of M & A? Does the government achieve its goal in the M & A decision? What is the performance of such diversified mergers and acquisitions? What are the factors that affect these performance? This paper compares the performance before and after the acquisition of Northeast Airlines and North China Pharmaceutical by Jizhong Energy, trying to provide a certain explanation for whether the merger and acquisition can improve the performance of enterprises, and at the same time, provide some reference for other enterprises. This paper analyzes the performance of Jizhong Energy before and after two M & A cases, and finds that the performance of Huabei Pharmaceutical is relatively better than that of Northeast Airlines, which is continuously losing and finally sold, and achieves the goal of local government M & A. The reason is that the two M & A payment methods, the degree of integration, government intervention and other factors led to the two M & A cases of different M & A performance. Compared with cash payment, the transfer of assets free of charge in state-owned enterprises is not only simple, but also saves a lot of funds for enterprises, at the same time, the integration of human resources, organization and enterprise culture can effectively improve the performance of mergers and acquisitions. The existence of barriers to entry has a negative impact on the performance of diversified mergers and acquisitions. Finally, the geographical distance between the target companies and the M & A enterprises and the strong support of the government also have a positive impact on the performance of mergers and acquisitions. Finally, according to the results of the research, some countermeasures and suggestions are put forward to the merger and acquisition of the company. The first is not limited to the cash payment mode, but also the flexible use of various payment methods, and the other is to strengthen the integration work, including cultural integration, after the merger and acquisition. The third is to fully consider the policy and regional factors when choosing the target of M & A to effectively reduce the communication cost and improve the M & A performance.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.2

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