G公司系列并購績效研究
發(fā)布時間：2018-09-18 12:34
【摘要】：隨著我國資本市場的不斷完善,并購活動日益成為上市公司尋求快速發(fā)展的重要途徑。有數(shù)據(jù)顯示,2012年全球并購市場交易金額達2.8萬億美元,中國排名第二,增速居世界首位。而2013年中國并購市場交易金額3328.5億美元,并購案例數(shù)多達4496起。中國并購市場的交易日趨活躍,進行系列并購的企業(yè)也在不斷增加。雖然越來越多的公司將系列并購作為擴大規(guī)模、提升競爭力的快捷方式,但實施系列并購的企業(yè)出現(xiàn)低效益的情況也較為突出,值得深入研究。并購交易的完成并不意味著并購成功,并購活動最終能帶來并購企業(yè)經(jīng)營效益的提高及股東財富的增加才說明并購獲得成功,而這一切,都有賴于并購后企業(yè)經(jīng)營管理資源與戰(zhàn)略的配合。如果并購交易完成后,缺乏經(jīng)營管理活動各環(huán)節(jié)的配合,則企業(yè)的經(jīng)營績效無法得到提高,并購活動也無法取得成功。G公司是一家家電連鎖零售企業(yè),自2004年起通過系列并購活動快速成長為行業(yè)第一。但在公司營業(yè)收入和凈利潤大幅增加的同時,公司的經(jīng)營效益卻呈下降趨勢,這和G公司系列并購擴張的策略不無關(guān)系。因此本文的研究目的在于探究G公司進行系列并購后效益逐步下降的原因。首先,本文運用股價與ROE兩個指標對G公司開展系列并購活動后企業(yè)的綜合績效進行分析,發(fā)現(xiàn)其經(jīng)營績效逐步下滑的事實。進而,筆者運用杜邦分析法、連環(huán)替代法等方法對企業(yè)的綜合績效指標進行層層解析,并找出導致企業(yè)綜合績效不斷下滑的主要原因——企業(yè)經(jīng)營成本的增長速度大于收入的增長速度。這反映出G公司在實施系列并購實現(xiàn)規(guī)模迅速擴張的同時,其經(jīng)營管理資源與經(jīng)營管理能力的增長相對滯后,最終導致了總經(jīng)營績效的下降。然后,筆者對可得的反映G公司經(jīng)營管理資源和經(jīng)營管理能力的資料進行深入研究,并找到了其經(jīng)營管理活動相對薄弱的環(huán)節(jié)——并購后采購系統(tǒng)整合不力、品牌整合策略失誤、物流設(shè)施相對落后,人力資源管理環(huán)節(jié)出現(xiàn)失誤等。最后,本文對G公司系列并購的案例研究進行總結(jié),并對同行業(yè)的其他企業(yè)提出建議。
[Abstract]:With the continuous improvement of capital market in China, M & A has become an important way for listed companies to seek rapid development. Data show that in 2012, the global M & A market value of $2.8 trillion, China ranked second, the world's fastest growth rate. In 2013, Chinese M & A market transactions amounted to US $332.85 billion, with 4496 M & A cases. The M & A market in China is becoming more and more active, and the number of M & A companies is increasing. Although more and more companies take series mergers and acquisitions as a quick way to expand their scale and enhance their competitiveness, the situation of low efficiency of enterprises carrying out series mergers and acquisitions is also more prominent, which is worthy of further study. The completion of M & A does not mean the success of M & A. It depends on the cooperation of management resources and strategy after M & A. If, after the completion of the M & A transaction, the business performance of the enterprise cannot be improved without the cooperation of all aspects of the business and management activities, the M & A activity will not be able to succeed. G Company is a household appliance chain retail enterprise. Since 2004 through a series of mergers and acquisitions activities to rapidly grow into the industry first. However, while the operating income and net profit of the company increased significantly, the operating efficiency of the company showed a downward trend, which has something to do with the strategy of M & A expansion of company G series. Therefore, the purpose of this study is to explore the reasons for the gradual decline of G Company's profit after M & A. Firstly, this paper analyzes the comprehensive performance of G company after a series of M & A activities by using stock price and ROE, and finds out the fact that its business performance is declining step by step. Then, the author uses DuPont analysis method, serial substitution method and other methods to analyze the comprehensive performance indicators of enterprises layer by layer. And find out the main reason that causes the enterprise comprehensive performance to decline continuously-the growth speed of the enterprise operating cost is bigger than the growth speed of the income. This reflects that while implementing series M & A to achieve rapid expansion, the growth of its management resources and management ability lags behind, which ultimately leads to the decline of total operating performance. Then, the author makes a deep research on the available information which reflects the management resources and management ability of G Company, and finds out the weak link of its management activities, that is, the weak integration of purchasing system after M & A. Brand integration strategy mistakes, logistics facilities are relatively backward, human resources management link errors and so on. Finally, this paper summarizes the case study of M & A of company G, and puts forward some suggestions to other enterprises in the same industry.
【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F721
本文編號：2247943
[Abstract]:With the continuous improvement of capital market in China, M & A has become an important way for listed companies to seek rapid development. Data show that in 2012, the global M & A market value of $2.8 trillion, China ranked second, the world's fastest growth rate. In 2013, Chinese M & A market transactions amounted to US $332.85 billion, with 4496 M & A cases. The M & A market in China is becoming more and more active, and the number of M & A companies is increasing. Although more and more companies take series mergers and acquisitions as a quick way to expand their scale and enhance their competitiveness, the situation of low efficiency of enterprises carrying out series mergers and acquisitions is also more prominent, which is worthy of further study. The completion of M & A does not mean the success of M & A. It depends on the cooperation of management resources and strategy after M & A. If, after the completion of the M & A transaction, the business performance of the enterprise cannot be improved without the cooperation of all aspects of the business and management activities, the M & A activity will not be able to succeed. G Company is a household appliance chain retail enterprise. Since 2004 through a series of mergers and acquisitions activities to rapidly grow into the industry first. However, while the operating income and net profit of the company increased significantly, the operating efficiency of the company showed a downward trend, which has something to do with the strategy of M & A expansion of company G series. Therefore, the purpose of this study is to explore the reasons for the gradual decline of G Company's profit after M & A. Firstly, this paper analyzes the comprehensive performance of G company after a series of M & A activities by using stock price and ROE, and finds out the fact that its business performance is declining step by step. Then, the author uses DuPont analysis method, serial substitution method and other methods to analyze the comprehensive performance indicators of enterprises layer by layer. And find out the main reason that causes the enterprise comprehensive performance to decline continuously-the growth speed of the enterprise operating cost is bigger than the growth speed of the income. This reflects that while implementing series M & A to achieve rapid expansion, the growth of its management resources and management ability lags behind, which ultimately leads to the decline of total operating performance. Then, the author makes a deep research on the available information which reflects the management resources and management ability of G Company, and finds out the weak link of its management activities, that is, the weak integration of purchasing system after M & A. Brand integration strategy mistakes, logistics facilities are relatively backward, human resources management link errors and so on. Finally, this paper summarizes the case study of M & A of company G, and puts forward some suggestions to other enterprises in the same industry.
【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F721
【參考文獻】
相關(guān)期刊論文 前8條
1 張金鑫;張秋生;李霞;;并購績效的經(jīng)驗研究方法[J];北京交通大學學報(社會科學版);2007年04期
2 王躍堂;我國證券市場資產(chǎn)重組績效之比較分析[J];財經(jīng)研究;1999年07期
3 王江石;賀銦璇;李玉蘭;;股權(quán)分置改革與收購公司短期并購績效[J];東北財經(jīng)大學學報;2011年01期
4 宋希亮;張秋生;初宜紅;;我國上市公司換股并購績效的實證研究[J];中國工業(yè)經(jīng)濟;2008年07期
5 楊曉嘉,陳收;中國上市公司并購動機研究[J];湖南大學學報(社會科學版);2005年01期
6 陳漢文,陳向民;證券價格的事件性反應(yīng)——方法、背景和基于中國證券市場的應(yīng)用[J];經(jīng)濟研究;2002年01期
7 朱寶憲,王怡凱;1998年中國上市公司并購實踐的效應(yīng)分析[J];經(jīng)濟研究;2002年11期
8 張宗新,季雷;公司購并利益相關(guān)者的利益均衡嗎?——基于公司購并動因的風險溢價套利分析[J];經(jīng)濟研究;2003年06期
，本文編號：2247943
本文鏈接：http://sikaile.net/guanlilunwen/wuliuguanlilunwen/2247943.html
最近更新
教材專著
