本文選題：跨國并購 + 績效�。� 參考：《西北農(nóng)林科技大學(xué)》2012年碩士論文

【摘要】：目前學(xué)術(shù)界對通信行業(yè)的并購績效評價研究較為缺乏。在這樣的背景下，對AVAYA公司并購績效評價研究具有十分重要的理論價值和實踐意義。通過對AVAYA的全球并購北電網(wǎng)絡(luò)案例的分析和研究，為我國尚處于起步階段的通信企業(yè)提高國際競爭力提供可借鑒的參考依據(jù)。 論文借鑒國內(nèi)外相關(guān)研究成果，以企業(yè)并購理論為指導(dǎo)，對AVAYA并購北電網(wǎng)絡(luò)的概況進(jìn)行闡述，，包括并購企業(yè)及所處行業(yè)的特點(diǎn)和現(xiàn)狀分析，并分析了并購的動因、措施以及影響，并且運(yùn)用SWOT的分析方法，對并購后的AVAYA公司的狀況做了全面分析和評價�；谔岣呃麧櫵健a(chǎn)品整合、技術(shù)升級、擴(kuò)大市場占有率以及多樣化經(jīng)營等動因，AVAYA對北電網(wǎng)絡(luò)進(jìn)行了并購。在并購過程中，經(jīng)歷了風(fēng)險評估與控制，對管理、生產(chǎn)和市場進(jìn)行整合，并采取配套保障措施，實現(xiàn)了順利并購。在以上基礎(chǔ)上構(gòu)建基于財務(wù)指標(biāo)的并購績效評價指標(biāo)體系，利用市政財務(wù)數(shù)據(jù)，對AVAYA公司并購前后多項財務(wù)指標(biāo)的變動的進(jìn)行分析，以此評價其并購績效，并提出提高償債能力的對策建議。 通過財務(wù)指標(biāo)體系對AVAYA并購北電網(wǎng)絡(luò)績效進(jìn)行的評價分析，得出經(jīng)過并購，以總資產(chǎn)周轉(zhuǎn)率和流動資產(chǎn)周轉(zhuǎn)率表征的AVAYA公司的營運(yùn)能力明顯改善；以資產(chǎn)負(fù)債率和流動比率表征的償債能力下降，負(fù)債率達(dá)到較高水平，可能會影響公司的持續(xù)經(jīng)營；以資產(chǎn)凈利潤率和每股收益表征的盈利能力基本保持并有提升潛力。從并購績效評價中發(fā)現(xiàn)，AVAYA公司在并購后存在償債能力下降的問題，這已經(jīng)影響到企業(yè)的信用評級，并會進(jìn)一步制約其持續(xù)發(fā)展，應(yīng)采取合理控制資產(chǎn)負(fù)債率、調(diào)整債務(wù)結(jié)構(gòu)、合理利用財務(wù)杠桿等綜合配套措施提高償債能力。
[Abstract]:At present, there is a lack of research on the performance evaluation of M & A in the communication industry. Under this background, it is of great theoretical and practical significance to study the performance evaluation of AVAYA company M & A. Through the analysis and research of the case of AVAYA's global M & a network, it will improve the state of our country at the initial stage. The international competitiveness provides reference for reference.
Using the relevant research results at home and abroad and taking the theory of enterprise merger and acquisition as the guidance, this paper expounds the general situation of AVAYA M & a network, including the characteristics and current situation analysis of M & A enterprises and its industry, and analyses the motivation, measures and influence of M & A, and makes use of the analysis method of SWOT to do the situation of AVAYA company after merger and acquisition. Comprehensive analysis and evaluation. Based on the motivation of raising profit level, product integration, technology upgrading, expanding market share and diversified operation, AVAYA has been M & A on the north electric network. During the process of merger and acquisition, it experienced risk assessment and control, integrated management, production and market integration, and adopted supporting measures to achieve successful merger and acquisition. On the basis of the above basis, we construct the performance evaluation index system of M & A based on financial indicators, and use the municipal financial data to analyze the changes of many financial indicators before and after the merger and acquisition of AVAYA company, in order to evaluate the performance of the merger and acquisition, and put forward the countermeasures and suggestions to improve the debt paying ability.
Through the evaluation and analysis of the performance of AVAYA M & A by the financial index system, it is concluded that the operation ability of AVAYA company, characterized by the total assets turnover rate and the turnover rate of the current assets, is obviously improved; the debt ratio and the liquidity ratio are reduced and the debt ratio reaches a high level, which may affect the public. According to the performance evaluation of M & A, AVAYA company has a decline in solvency after M & A, which has already affected the credit rating of the enterprise, and will further restrict its sustainable development, and should take reasonable control funds. Debt ratio, adjustment of debt structure, rational use of financial leverage and other comprehensive measures to improve solvency.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F271;F426.61;F626

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本文編號：2040264