本文選題：鋼鐵企業(yè)　切入點(diǎn)：并購(gòu)重組　出處：《遼寧科技大學(xué)》2013年碩士論文

【摘要】：并購(gòu)重組已成為企業(yè)優(yōu)化產(chǎn)品結(jié)構(gòu)、提升競(jìng)爭(zhēng)力的重要手段，對(duì)公司并購(gòu)重組績(jī)效優(yōu)劣的研究，就成為了國(guó)內(nèi)外學(xué)者探討的熱點(diǎn)。但是由于并購(gòu)重組的復(fù)雜性和多樣性，研究樣本的不同，以及研究方法上的缺陷等原因，未能取得一致的結(jié)論。因此，研究我國(guó)鋼鐵企業(yè)并購(gòu)重組績(jī)效，具有十分重要的價(jià)值。 已有研究對(duì)鋼鐵企業(yè)并購(gòu)重組政策未能進(jìn)行量化分析，，本課題從實(shí)際出發(fā)，加入國(guó)家產(chǎn)業(yè)政策這個(gè)虛擬變量，同那些衡量企業(yè)績(jī)效的財(cái)務(wù)指標(biāo)一起建立指標(biāo)體系，不僅對(duì)中國(guó)上市鋼鐵企業(yè)的并購(gòu)績(jī)效，進(jìn)行規(guī)范性的研究，而且以盡可能充分的數(shù)據(jù)進(jìn)行實(shí)證研究，從而更客觀準(zhǔn)確的研究并購(gòu)重組對(duì)績(jī)效的影響。 首先本文根據(jù)我國(guó)上市鋼鐵企業(yè)并購(gòu)重組的現(xiàn)狀，對(duì)2002-2008年發(fā)生的并購(gòu)重組活動(dòng)進(jìn)行了實(shí)證研究，選取了衡量公司經(jīng)營(yíng)業(yè)績(jī)的12個(gè)指標(biāo)，加上產(chǎn)業(yè)政策這一虛擬變量，對(duì)這13個(gè)變量利用因子分析法，構(gòu)造了評(píng)價(jià)企業(yè)績(jī)效的綜合得分函數(shù)，并以此衡量上市鋼鐵企業(yè)的并購(gòu)績(jī)效。實(shí)證研究發(fā)現(xiàn)：并購(gòu)重組后企業(yè)經(jīng)營(yíng)績(jī)效得到了明顯的改善，有少部分鋼鐵企業(yè)績(jī)效出現(xiàn)惡化的情況。造成這一結(jié)果的原因有并購(gòu)整合效應(yīng)的滯后，及危機(jī)對(duì)全球鋼鐵業(yè)的沖擊，導(dǎo)致原材料和燃料價(jià)格的攀升，以及我國(guó)中介機(jī)構(gòu)的滯后等等。最后，本文針對(duì)影響我國(guó)上市鋼鐵企業(yè)并購(gòu)重組績(jī)效的相關(guān)因素，提出了具體的應(yīng)對(duì)措施。
[Abstract]:M & A has become an important means for enterprises to optimize their product structure and enhance their competitiveness. The research on the performance of M & A has become a hot topic for scholars at home and abroad, but due to the complexity and diversity of M & A, Therefore, it is of great value to study the performance of M & A of iron and steel enterprises in China. There has been no quantitative analysis of the merger and reorganization policy of iron and steel enterprises. This paper starts from the reality, joins the virtual variable of national industrial policy, and sets up the index system together with the financial indexes that measure the performance of the enterprise. Not only the M & A performance of listed iron and steel enterprises in China is studied in a normative way, but also the empirical research is carried out with the fullest possible data, so as to study the effect of M & A on the performance more objectively and accurately. Firstly, according to the current situation of M & A of listed iron and steel enterprises in China, this paper makes an empirical study on the M & A activity in 2002-2008, and selects 12 indicators to measure the company's operating performance, plus the virtual variable of industrial policy. Using factor analysis method, this paper constructs a comprehensive score function to evaluate the performance of listed iron and steel enterprises. A small number of iron and steel enterprises have experienced deterioration in their performance. This result is due to the lag in the merger and acquisition integration effect and the impact of the crisis on the global steel industry, which has led to rising prices of raw materials and fuel. Finally, this paper puts forward some specific countermeasures against the related factors that affect the performance of M & A of listed iron and steel enterprises in China.
【學(xué)位授予單位】：遼寧科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F271;F426.31

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