【摘要】：隨著市場(chǎng)經(jīng)濟(jì)的不斷深化和經(jīng)濟(jì)一體化的進(jìn)一步加劇,國內(nèi)外多數(shù)成功案例表明多元化、規(guī)�；慕�(jīng)營,是企業(yè)持續(xù)發(fā)展的根源,而并購作為一種經(jīng)濟(jì)資源再分配方式,是實(shí)現(xiàn)這一經(jīng)營模式的有效途徑之一,也是企業(yè)實(shí)現(xiàn)股東利益最大化、取得較高利潤回報(bào)的主要方式。 本文以寧夏重點(diǎn)優(yōu)勢(shì)產(chǎn)業(yè)代表中銀羊絨有限公司為研究對(duì)象,以鄧肯紗廠為并購目標(biāo)企業(yè),以國內(nèi)外相關(guān)并購研究成果為理論基礎(chǔ),在分析中銀絨業(yè)、鄧肯紗廠并購雙方的企業(yè)狀況、并購背景與動(dòng)機(jī)以及并購方式的基礎(chǔ)上,運(yùn)用財(cái)務(wù)指標(biāo)法,通過對(duì)并購前后企業(yè)股權(quán)結(jié)構(gòu)、資產(chǎn)狀況、納稅水平、償債能力、盈利和營運(yùn)能力、現(xiàn)金獲取能力以及發(fā)展能力等八個(gè)方面的財(cái)務(wù)指標(biāo)比較分析,對(duì)中銀絨業(yè)的并購績效給出客觀評(píng)價(jià)：本文認(rèn)為以目前的數(shù)據(jù)分析,中銀絨業(yè)的并購是成功的,通過并購鄧肯紗廠,中銀絨業(yè)的各項(xiàng)財(cái)務(wù)指標(biāo)除了償債能力有小幅下降之外,其他指標(biāo)都向著好的方向發(fā)展。首先并購后中銀絨業(yè)的資產(chǎn)結(jié)構(gòu)和股權(quán)結(jié)構(gòu)更加優(yōu)化,盈利能力,營運(yùn)能力,獲現(xiàn)能力和發(fā)展能力都有不同程度的提高,只有企業(yè)償債能力出現(xiàn)的小幅下降并不并不影響整體的并購績效。其次,通過分析,中銀絨業(yè)在并購鄧肯紗廠后,企業(yè)的發(fā)展勢(shì)頭更加強(qiáng)勁,在發(fā)展過程中充分利用了并購的鄧肯紗廠的各種資源,為企業(yè)的進(jìn)一步發(fā)展提供了良好的契機(jī)。
[Abstract]:With the deepening of market economy and the further aggravation of economic integration, most successful cases at home and abroad show that diversified and large-scale management is the root of the sustainable development of enterprises, and M & A is a way of redistribution of economic resources. It is one of the effective ways to realize this mode of operation, and it is also the main way for enterprises to realize the maximization of shareholders' interests and obtain higher profit returns. In this paper, the representative of key industries in Ningxia Bank of China Cashmere Co., Ltd. as the research object, Duncan gauze factory as the M & A target enterprise, based on the domestic and foreign M & A research results as the theoretical basis, in the analysis of the silver cashmere industry, On the basis of the situation, background and motive of M & A and the mode of M & A, the paper applies the financial index method to analyze the ownership structure, asset status, tax level, solvency, profitability and operating ability of the enterprises before and after the merger. By comparing and analyzing the financial indexes in eight aspects, such as cash acquisition ability and development ability, the paper gives an objective evaluation of the M & A performance of Bank of China cashmere industry: this paper holds that the merger and acquisition of Bank of China cashmere industry is successful with the current data analysis. Through the acquisition of Duncan yarn factory, the financial indicators of Bank of China cashmere industry except for a small decline in solvency, the other indicators are in a good direction. First of all, after the merger and acquisition, the asset structure and equity structure of the bank of China cashmere industry are more optimized, profitability, operating ability, earning capacity and development ability are improved to varying degrees. Only a small decline in corporate solvency does not affect overall M & A performance. Secondly, through analysis, after the acquisition of Duncan yarn factory, the development momentum of the enterprise is stronger. In the process of development, it makes full use of all kinds of resources of the acquired Duncan yarn factory, and provides a good opportunity for the further development of the enterprise.
【學(xué)位授予單位】：長春理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.81

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