本文關(guān)鍵詞： 并購(gòu)重組 企業(yè)績(jī)效 超額收益率　出處：《青島理工大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：中國(guó)鋼鐵行業(yè)經(jīng)過(guò)十幾年的快速發(fā)展，2012年粗鋼產(chǎn)量達(dá)到716萬(wàn)噸，，比2000年增加了586萬(wàn)噸，與此同時(shí)，產(chǎn)品質(zhì)量也取得了飛速的發(fā)展。然而，今天，鋼鐵行業(yè)正面臨著一個(gè)發(fā)展的瓶頸，一方面是行業(yè)利潤(rùn)率大幅下滑，另一方面是產(chǎn)能的無(wú)序擴(kuò)張。隨著國(guó)內(nèi)鋼鐵產(chǎn)量劇增，出現(xiàn)了明顯的產(chǎn)能過(guò)剩，鋼鐵企業(yè)陷入經(jīng)營(yíng)困境，利潤(rùn)高增長(zhǎng)的時(shí)代已經(jīng)過(guò)去，鋼鐵行業(yè)正在進(jìn)入一個(gè)漫長(zhǎng)的調(diào)整期。業(yè)內(nèi)習(xí)以為常的用語(yǔ)在過(guò)去的2012年里漸漸變?yōu)榱虽撹F企業(yè)虧損、貿(mào)易商破產(chǎn)與轉(zhuǎn)型等等。伴隨著經(jīng)營(yíng)環(huán)境的惡化，鋼鐵企業(yè)要沖出重圍、實(shí)現(xiàn)持續(xù)發(fā)展，走并購(gòu)重組之路是必然、也是時(shí)代的潮流。鋼鐵企業(yè)規(guī)模擴(kuò)張帶來(lái)了規(guī)模經(jīng)濟(jì)，同時(shí)增加了企業(yè)在行業(yè)中的市場(chǎng)份額，這是資源的有效配置，從而使企業(yè)在激烈的市場(chǎng)競(jìng)爭(zhēng)中立于不敗之地。由于我國(guó)市場(chǎng)經(jīng)濟(jì)中特殊的市場(chǎng)環(huán)境與經(jīng)濟(jì)環(huán)境，在鋼鐵企業(yè)在對(duì)并購(gòu)重組趨之若鶩的同時(shí)，動(dòng)用了大量的市場(chǎng)資源，影響范圍非常廣泛。 本文通過(guò)對(duì)山東鋼鐵集團(tuán)有限公司并購(gòu)重組這一典型案例進(jìn)行分析，深入探討并購(gòu)重組對(duì)山東鋼鐵集團(tuán)企業(yè)績(jī)效的影響。通過(guò)對(duì)并購(gòu)重組前后股價(jià)及股東財(cái)富的變化和各年度財(cái)務(wù)指標(biāo)的變化進(jìn)行分析，并結(jié)合對(duì)公司長(zhǎng)期績(jī)效的分析，從而考察并購(gòu)重組對(duì)績(jī)效的影響程度。在充分利用2008-2012年山東鋼鐵公布的年報(bào)、季報(bào)、月報(bào)及相關(guān)公告和證券市場(chǎng)股票價(jià)格走勢(shì)的基礎(chǔ)上，對(duì)山東鋼鐵集團(tuán)企業(yè)績(jī)效進(jìn)行評(píng)價(jià)。短期實(shí)證研究結(jié)果表明，山東鋼鐵集團(tuán)上市公司并購(gòu)重組后整體績(jī)效并沒(méi)有明顯改善，甚至出現(xiàn)惡化的情況，與短期內(nèi)行業(yè)績(jī)效差密不可分。通過(guò)中期并購(gòu)重組績(jī)效的分析研究可知，企業(yè)績(jī)效沒(méi)有一個(gè)統(tǒng)一的正值或負(fù)值，不能從整體上說(shuō)此次并購(gòu)重組帶給企業(yè)的績(jī)效變化是好還是壞，無(wú)論是濟(jì)南鋼鐵還是萊鋼股份在各方面表現(xiàn)都不一致，并購(gòu)重組績(jī)效都是有正、有負(fù)、有無(wú)影響，從數(shù)據(jù)上看沒(méi)有一個(gè)統(tǒng)一的規(guī)律，這主要是由于行業(yè)環(huán)境的影響。從長(zhǎng)期并購(gòu)重組績(jī)效角度看，山東鋼鐵在并購(gòu)之后總資產(chǎn)和股本大幅增加，提高了企業(yè)的實(shí)力；市場(chǎng)地位和行業(yè)排名較之前升高很多，加大了企業(yè)在整個(gè)行業(yè)中的影響力；協(xié)同效應(yīng)明顯，降低了企業(yè)的生產(chǎn)成本，提高了企業(yè)的管理效率；宏觀(guān)環(huán)境促進(jìn)發(fā)展，行業(yè)低迷帶來(lái)發(fā)展空間，自身競(jìng)爭(zhēng)優(yōu)勢(shì)名顯�？傊�，中短期并購(gòu)重組績(jī)效不明顯，并購(gòu)沒(méi)有產(chǎn)生持續(xù)的向好推動(dòng)力；但從戰(zhàn)略層面上，并購(gòu)必能帶來(lái)長(zhǎng)期績(jī)效的顯現(xiàn)。 然后，本文根據(jù)實(shí)證研究結(jié)果，并結(jié)合案例的分析，提出了幾點(diǎn)能夠改善鋼鐵企業(yè)并購(gòu)重組績(jī)效的建議。最后，本文總結(jié)了實(shí)證的結(jié)論，并展望了山東鋼鐵可預(yù)見(jiàn)的向好未來(lái)。
[Abstract]:After more than ten years of rapid development, the output of crude steel reached 7.16 million tons in 2012, an increase of 5.86 million tons over 2000, at the same time. The quality of products has also made rapid development. However, today, the steel industry is facing a bottleneck of development, on the one hand, the industry profit margin has fallen sharply. On the other hand, the disorderly expansion of production capacity. With the sharp increase in domestic steel production, there is a clear overcapacity, steel enterprises into a difficult business, the era of high profit growth has passed. The steel industry is entering a long period of adjustment. In the past 2012, the usual language has gradually become the loss of steel enterprises, the bankruptcy and transformation of traders, etc. With the deterioration of the business environment. It is inevitable and also the trend of the times for iron and steel enterprises to break out of the tight encirclement and achieve sustainable development. The scale expansion of iron and steel enterprises has brought about economies of scale and increased the market share of enterprises in the industry at the same time. This is the effective allocation of resources, so that enterprises in the fierce market competition in an invincible position, because of our market economy in the special market environment and economic environment. While the iron and steel enterprises are flocking to M & A, they use a lot of market resources and have a wide range of influence. This paper analyzes the typical case of merger and reorganization of Shandong Iron and Steel Group Co., Ltd. This paper probes into the influence of M & A on the enterprise performance of Shandong Iron and Steel Group, and analyzes the changes of stock price and shareholder's wealth before and after M & A and the change of financial index in each year. Combined with the analysis of the long-term performance of the company, so as to investigate the impact of mergers and acquisitions on performance. In the full use of the 2008-2012 annual report published by Shandong Iron and Steel, quarterly report. On the basis of monthly report and related announcements and stock price trend of stock market, this paper evaluates the enterprise performance of Shandong Iron and Steel Group. The short-term empirical research results show that. The overall performance of listed companies of Shandong Iron and Steel Group after M & A has not improved significantly, or even deteriorated, which is closely related to the short term performance of the industry. There is not a unified positive or negative corporate performance, can not be said from the overall M & A performance changes to enterprises is good or bad, whether Jinan Iron and Steel or Laigang shares in all aspects of the performance is not consistent. M & A performance is positive, negative, have no impact, from the data point of view there is no uniform rule, which is mainly due to the impact of industry environment. From the perspective of long-term M & A performance. Shandong Iron and Steel in the merger and acquisition of the total assets and equity increased significantly, improving the strength of the enterprise; Market status and industry ranking is much higher than before, increasing the influence of enterprises in the whole industry; The synergetic effect is obvious, which reduces the production cost of the enterprise and improves the management efficiency of the enterprise. The macro environment promotes the development, the industry downturn brings the development space, its own competitive advantage is obvious. In short, the short and medium term M & A performance is not obvious, the M & A does not produce the sustained good impetus; But from the strategic level, M & A will bring about long-term performance. Then, according to the empirical research results and combined with the case analysis, this paper puts forward several suggestions to improve the performance of iron and steel enterprises mergers and acquisitions. Finally, this paper summarizes the empirical conclusions. And looked forward to Shandong Iron and Steel foreseeable to a good future.
【學(xué)位授予單位】：青島理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F271;F426.31

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