本文關(guān)鍵詞： 海外并購 動因 績效分析 財務指標　出處：《遼寧大學》2013年碩士論文　論文類型：學位論文

【摘要】：在全球跨國并購浪潮的影響下，中國企業(yè)于20世紀80年代就開始海外并購的摸索，比較有代表性的企業(yè)如中信、中化、首鋼、華潤等，，現(xiàn)都已發(fā)展為集多行業(yè)經(jīng)營于一體、投資許多國家的大型跨國企業(yè)。隨著中國對外開放程度的深入和中國企業(yè)自身實力的不斷增強，越來越多的國內(nèi)企業(yè)開始放眼全球、進軍海外市場，通過跨國經(jīng)營和海外直接投資等多種方式，尋找新的戰(zhàn)略發(fā)展空間，加快國際化步伐。 然而，中海油高價競購尤尼科的失敗，可以看出國內(nèi)企業(yè)海外并購并非想象的一帆風順，在看似前景一片光明的情況下，海外并購的步伐開始受到了種種阻礙。在此背景下，本文選用吉利并購沃爾沃這個案例，對中國企業(yè)海外并購的動因與績效進行分析。分析我國企業(yè)海外并購的原因，評估企業(yè)并購過程中的風險，評價企業(yè)海外并購的績效，指出并購出現(xiàn)的問題，為中國企業(yè)的海外并購提供借鑒。 本文在對案例進行績效分析時，分別運用了杜邦分析、單項指標分析、以及其他宏觀因素分析。通過構(gòu)建財務指標體系來彌補單一指標無法全面反映并購后企業(yè)綜合績效的缺陷，綜合多個財務指標來評價上市公司績效。同時，重點分析企業(yè)的償債能力、營運能力、盈利能力。在整體中突出重點，提高分析結(jié)論的科學性和全面性。 本文共分五部分完成，第一部分，闡述論文的研究背景及意義、綜述并購績效的國內(nèi)外理論、以及論文的寫作內(nèi)容、結(jié)構(gòu)。第二部分，回顧吉利并購沃爾沃案例，主要包括吉利與沃爾沃兩公司的背景、并購過程、并購動因分析。第三部分，吉利并購沃爾沃財務指標分析與評價，分為單項財務指標和綜合財務指標。單向財務指標是通過盈利能力、償債能力、營運能力、成長能力分析評價。綜合財務指標是通過構(gòu)建杜邦分析體系評價。第四部分，吉利并購沃爾沃非財務指標分析與評價。主要選取了三個非財務指標，分別是未來發(fā)展能力、技術(shù)創(chuàng)新能力、市場份額。第五部分，結(jié)論及建議。結(jié)論是，吉利的此次并購為企業(yè)帶來了價值，企業(yè)的經(jīng)營績效不斷提高，但同時也要注意企業(yè)的負債壓力。吉利公司通過海外并購獲得了核心技術(shù),提高了公司在行業(yè)中的地位,在一定程度上提高了公司的競爭力。
[Abstract]:Under the influence of global cross-border M & A wave, Chinese enterprises began to explore overseas M & A in 1980s, more representative enterprises such as CITIC, Sinochem, Shougang, China Resources and so on. Now all of them have developed into a large multinational enterprise with multi-industry management and investment in many countries. With the deepening of China's opening to the outside world and the increasing strength of Chinese enterprises themselves. More and more domestic enterprises begin to look at the whole world and enter the overseas market. Through multinational operation and overseas direct investment, more and more domestic enterprises begin to seek new strategic development space and quicken the pace of internationalization. However, the failure of CNOOC to bid for Unocal at a high price shows that overseas mergers and acquisitions by domestic companies are not as smooth as they might have imagined, with a seemingly bright future. The pace of overseas M & A has been hindered by various obstacles. In this context, this paper chooses Geely to buy Volvo this case. This paper analyzes the motivation and performance of overseas M & A of Chinese enterprises, analyzes the reasons of overseas M & A of Chinese enterprises, assesses the risks in the process of M & A, evaluates the performance of M & A, and points out the problems of M & A. To provide reference for overseas M & A of Chinese enterprises. In this paper, the performance of the case analysis, respectively using the DuPont analysis, single index analysis. And other macro factor analysis. Through the construction of financial index system to make up for the single index can not fully reflect the comprehensive performance of the enterprise after mergers and acquisitions, comprehensive financial indicators to evaluate the performance of listed companies. At the same time. Focus on the analysis of corporate solvency, operating capacity, profitability. In the overall stress on the key, improve the scientific and comprehensive conclusion of the analysis. This paper is divided into five parts, the first part, describes the research background and significance of the paper, summarizes the domestic and foreign theory of M & A performance, as well as the content and structure of the paper. The second part. Review Geely merger and acquisition of Volvo cases, including Geely and Volvo company background, M & A process, M & A motivation analysis. The third part, Geely M & A Volvo financial indicators analysis and evaluation. Single financial indicators and comprehensive financial indicators. One-way financial indicators are through profitability, solvency, operating capacity. Comprehensive financial index is through the construction of DuPont analysis system evaluation. 4th part, Geely M & A Volvo non-financial indicators analysis and evaluation. Mainly selected three non-financial indicators. Respectively is the future development ability, the technological innovation ability, the market share. 5th part, the conclusion and the suggestion. The conclusion is that the Geely M & A brings the value to the enterprise, the enterprise's management performance unceasingly improves. But at the same time, we should pay attention to the debt pressure of enterprises. Geely acquired the core technology through overseas mergers and acquisitions, improved the position of the company in the industry, and improved the competitiveness of the company to a certain extent.
【學位授予單位】：遼寧大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F271;F275;F426.471

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