本文關(guān)鍵詞： 并購(gòu) 重組 可持續(xù)增長(zhǎng)　出處：《天津商業(yè)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：自2006年國(guó)家出臺(tái)《中央企業(yè)布局和結(jié)構(gòu)調(diào)整的指導(dǎo)意見(jiàn)》以來(lái)，我國(guó)掀起一輪輪并購(gòu)高潮，尤其以資源型企業(yè)為主，國(guó)家號(hào)召我國(guó)資源型企業(yè)通過(guò)并購(gòu)來(lái)實(shí)現(xiàn)資源型企業(yè)的持續(xù)健康發(fā)展。本文從煤炭行業(yè)出發(fā)，以2007年—2010年發(fā)生并購(gòu)重組的煤炭行業(yè)上市公司為研究對(duì)象，研究并購(gòu)重組對(duì)企業(yè)可持續(xù)增長(zhǎng)能力的影響,對(duì)我國(guó)煤炭行業(yè)上市公司并購(gòu)重組后企業(yè)成長(zhǎng)性進(jìn)行了粗淺的研究。 本文的研究方法：本文采用了實(shí)證研究與財(cái)務(wù)分析相結(jié)合，理論結(jié)合應(yīng)用以及比較分析等辦法，從現(xiàn)有的研究現(xiàn)狀入手，分析并購(gòu)重組對(duì)企業(yè)可持續(xù)增長(zhǎng)的影響。本文通過(guò)收集我國(guó)煤炭行業(yè)上市公司的并購(gòu)信息，采用實(shí)證研究的方法對(duì)這些數(shù)據(jù)進(jìn)行分析，首先研究這些上市公司并購(gòu)后，企業(yè)的可持續(xù)增長(zhǎng)能力是否增強(qiáng)，并購(gòu)是否有利于增強(qiáng)煤炭企業(yè)的發(fā)展?jié)摿ΑＦ浯�，�?duì)于并購(gòu)后的企業(yè)的發(fā)展?fàn)顩r進(jìn)行實(shí)證研究，研究并購(gòu)?fù)瓿珊�，企業(yè)的發(fā)展是否適宜，是否存在發(fā)展過(guò)快或者過(guò)慢等問(wèn)題。最后，本文運(yùn)用財(cái)務(wù)分析方法對(duì)影響企業(yè)可持續(xù)增長(zhǎng)率的各個(gè)因素進(jìn)行分析，通過(guò)逐一的分析比較研究，獲取并購(gòu)?fù)瓿珊笃髽I(yè)發(fā)展中應(yīng)重點(diǎn)關(guān)注的問(wèn)題。 本文共分為五個(gè)章節(jié)，研究?jī)?nèi)容如下： 第一章前言。本部分主要闡述文章的研究背景及意義、研究?jī)?nèi)容及方法以及本文的創(chuàng)新點(diǎn)。 第二章文獻(xiàn)綜述。通過(guò)總結(jié)并購(gòu)對(duì)企業(yè)影響的研究現(xiàn)狀、可持續(xù)增長(zhǎng)研究現(xiàn)狀以及并購(gòu)對(duì)可持續(xù)增長(zhǎng)影響的研究現(xiàn)狀，使本文的研究能夠更加科學(xué)、嚴(yán)謹(jǐn)。 第三章企業(yè)并購(gòu)重組及可持續(xù)增長(zhǎng)理論。本部分分別闡述了并購(gòu)重組的含義、戰(zhàn)略意義、可持續(xù)增長(zhǎng)對(duì)企業(yè)的影響、評(píng)價(jià)一個(gè)企業(yè)是否可持續(xù)增長(zhǎng)的財(cái)務(wù)模型以及并購(gòu)對(duì)企業(yè)可持續(xù)增長(zhǎng)的影響。 第四章我國(guó)煤炭行業(yè)并購(gòu)重組企業(yè)可持續(xù)增長(zhǎng)的實(shí)證研究。由于本文的研究是基于我國(guó)煤炭行業(yè)的角度，因此本部分先陳述了我國(guó)煤炭上市企業(yè)并購(gòu)重組概況，然后進(jìn)行了并購(gòu)重組企業(yè)的可持續(xù)增長(zhǎng)能力實(shí)證研究。實(shí)證研究包括研究設(shè)計(jì)、指標(biāo)的選取及定義、樣本選取以及并購(gòu)重組企業(yè)的成長(zhǎng)性實(shí)證分析，主要考察2007—2010年企業(yè)并購(gòu)前后可持續(xù)增長(zhǎng)的狀況、并購(gòu)后企業(yè)是否實(shí)現(xiàn)了可持續(xù)增長(zhǎng)情況。最后，對(duì)于主要是對(duì)并購(gòu)重組企業(yè)可持續(xù)增長(zhǎng)影響因素分析。通過(guò)運(yùn)用財(cái)務(wù)分析方法，對(duì)構(gòu)成企業(yè)可持續(xù)增長(zhǎng)的四個(gè)主要因素進(jìn)行分析，以發(fā)現(xiàn)我國(guó)煤炭上市公司在并購(gòu)?fù)瓿珊蟠嬖诘膯?wèn)題。 第五章我國(guó)并購(gòu)重組煤炭企業(yè)發(fā)展建議。首先針對(duì)第四章的實(shí)證研究，總結(jié)本文的研究結(jié)論。其次，根據(jù)結(jié)論，提出煤炭企業(yè)未來(lái)的發(fā)展建議。主要包括對(duì)于并購(gòu)后企業(yè)增長(zhǎng)不足或者增長(zhǎng)過(guò)度的問(wèn)題提出管理辦法，針對(duì)并購(gòu)?fù)瓿珊竺禾科髽I(yè)存在的發(fā)展問(wèn)題，，提出日后的發(fā)展建議。通過(guò)對(duì)我國(guó)煤炭企業(yè)的發(fā)展提出建議，也為全國(guó)范圍內(nèi)其他行業(yè)并購(gòu)重組提供參考。最后，總結(jié)本文研究中的不足以及今后的研究方向。 本文的研究結(jié)論：通過(guò)選取上市公司的財(cái)務(wù)數(shù)據(jù)進(jìn)行實(shí)證研究后，本文發(fā)現(xiàn)，并購(gòu)重組后，企業(yè)可持續(xù)增長(zhǎng)能力有顯著提高，但是并購(gòu)重組對(duì)于促進(jìn)企業(yè)實(shí)現(xiàn)可持續(xù)增長(zhǎng)的作用并不顯著。針對(duì)我國(guó)煤炭企業(yè)增長(zhǎng)不足或者增長(zhǎng)過(guò)度，本文提出了企業(yè)的管理建議。當(dāng)企業(yè)增長(zhǎng)過(guò)度時(shí)，企業(yè)可以通過(guò)增加權(quán)益資本、擴(kuò)大舉債規(guī)模、非核心業(yè)務(wù)剝離、尋求外購(gòu)、兼并來(lái)彌補(bǔ)增長(zhǎng)過(guò)快帶來(lái)的資金需求，投入企業(yè)運(yùn)營(yíng)，謀求可持續(xù)發(fā)展。當(dāng)企業(yè)增長(zhǎng)不足時(shí)，企業(yè)可以通過(guò)管理政策的調(diào)整以及激勵(lì)措施促進(jìn)企業(yè)的發(fā)展。 通過(guò)財(cái)務(wù)分析法，分析可持續(xù)增長(zhǎng)的四個(gè)影響因素，發(fā)現(xiàn)我國(guó)煤炭行業(yè)在并購(gòu)結(jié)束之后存在的問(wèn)題，并針對(duì)這些問(wèn)題,提出了七點(diǎn)煤炭企業(yè)在日后發(fā)展的建議，供并購(gòu)之后企業(yè)在管理方面進(jìn)行參考。企業(yè)在日后的運(yùn)營(yíng)中，應(yīng)該更加積極并適宜地推行并購(gòu)重組、剝離企業(yè)的非核心業(yè)務(wù)、調(diào)整企業(yè)的財(cái)務(wù)政策、提高企業(yè)的資產(chǎn)周轉(zhuǎn)率、加強(qiáng)企業(yè)的成本控制、創(chuàng)新財(cái)務(wù)管理方法以及制定完善的人才戰(zhàn)略。 本文的創(chuàng)新之處：本文主要從可持續(xù)增長(zhǎng)角度研究并購(gòu)前后企業(yè)的差異，以往的研究中，大部分是從績(jī)效、資源整合等角度出發(fā)，本文選取了可持續(xù)增長(zhǎng)能力為角度，研究并購(gòu)重組對(duì)企業(yè)可持續(xù)增長(zhǎng)能力影響研究，角度具有一定的創(chuàng)新性。另外，煤炭行業(yè)的洗牌對(duì)我國(guó)具有重大意義，本文以煤炭行業(yè)并購(gòu)重組的相關(guān)國(guó)家政策為背景，將煤炭行業(yè)作為研究基點(diǎn)，以此為角度進(jìn)行研究，對(duì)國(guó)家政策的進(jìn)一步落實(shí)實(shí)施具有較大的現(xiàn)實(shí)意義。
[Abstract]:Since the introduction of the guidance of the central enterprise layout and structural adjustment in the country in 2006 , China has launched a round of M & A high tide , especially in resource - based enterprises , and the state calls on China ' s resource - based enterprises to realize the continuous healthy development of resource - based enterprises through M & A . In this paper , the influence of M & A restructuring on the enterprises ' sustainable growth ability is studied from the coal industry as the research object in 2007 - 2010 . This paper adopts the methods of combining empirical research and financial analysis , combining theory with application and comparative analysis , and analyzes the impact of M & A restructuring on the sustainable growth of enterprises . This paper is divided into five chapters , the contents of which are as follows : In the first chapter , this part mainly expounds the background and significance of the research , the contents and methods of the study and the innovation points of this paper . The second chapter provides a review of the current situation of the research on the influence of M & A on the enterprises , the present situation of sustainable growth research and the research status of M & A on the sustainable growth of the M & A , so that the research in this paper can be more scientific and rigorous . The third chapter expounds the meaning , strategic significance and sustainable growth of M & A restructuring , and evaluates whether an enterprise can sustain the sustained growth of the financial model and the effect of M & A on the sustainable growth of the enterprise . Chapter four is an empirical study on the sustainable growth of M & A in China ' s coal industry . As the research of this paper is based on the angle of coal industry in China , this part firstly sets forth the general situation of M & A restructuring in China ' s coal listed companies , and then makes an empirical study on the sustainable growth of M & A restructuring enterprises . In chapter 5 , the suggestions for the development of China ' s acquisition and restructuring of China ' s coal enterprises are summarized . First , according to the empirical research of Chapter IV , the conclusions of this paper are summarized . Secondly , according to the conclusion , the paper puts forward some suggestions on the future development of coal enterprises . The research conclusion : After the empirical research on the financial data of listed companies , this paper finds that after the M & A restructuring , the enterprise sustainable growth ability has improved significantly . In view of the insufficient growth or excessive growth of the enterprise , this paper puts forward the management suggestion of the enterprise . When the enterprise grows excessively , the enterprise can make up for the capital requirement caused by the growth too quickly , invest in the operation of the enterprise and seek the sustainable development . When the enterprise grows insufficient , the enterprise can promote the development of the enterprise through the adjustment of the management policy and the incentive measures . Through the financial analysis method , the four influencing factors of sustainable growth are analyzed , the problems existing in the coal industry in China after the end of the merger and acquisition are analyzed , and the suggestions for future development of the coal enterprises are put forward . In the future operation , the enterprises should actively and appropriately carry out the merger and reorganization , the non - core business of the enterprises , the enterprise financial policy , the enterprise ' s asset turnover rate , the enterprise ' s cost control , the innovative financial management method and the development of the perfect talent strategy . In this paper , we study the differences between the enterprises before and after the M & A from the angle of sustainable growth . In the past research , most of the research is from the angle of performance , resource integration and so on . In addition , the research on the impact of M & A restructuring on the ability of sustainable growth of enterprises is of great significance . In addition , the coal industry has a great significance to the country policy . In addition , the coal industry is regarded as the basis for research , which is of great practical significance to the further implementation of the national policy .

【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F426.21;F271

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