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  本文關(guān)鍵詞：上汽并購南汽的協(xié)同效應(yīng)研究　出處：《湘潭大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 并購 協(xié)同效應(yīng) 上南合作

【摘要】：隨著全球市場經(jīng)濟的日益發(fā)展，越來越多的企業(yè)利用兼并收購作為擴大業(yè)務(wù)規(guī)模的工具，集中生產(chǎn)和資本，實現(xiàn)企業(yè)規(guī)模和業(yè)績的增長。雖然目前國內(nèi)外的并購案例眾多，但由于并購活動的復(fù)雜性導(dǎo)致其失敗率很高，真正成功完成并購的案例只占少數(shù)，這其中的重要原因則是企業(yè)忽視并購前的事先評估與并購后的全面整合的重要性,導(dǎo)致并購后企業(yè)間缺乏協(xié)同或協(xié)同效應(yīng)有限。而在我國的企業(yè)并購活動中也存在不考慮協(xié)同效應(yīng)的現(xiàn)象，較普遍的表現(xiàn)為盲目追求多元化經(jīng)營或熱門行業(yè)、借殼上市、非實質(zhì)性重組等。 與此同時，我國企業(yè)的并購經(jīng)濟行為也在繁榮發(fā)展，市場上的并購交易量呈現(xiàn)出急劇增長的態(tài)勢。近年來我國汽車行業(yè)對于國民經(jīng)濟增長的貢獻(xiàn)越來越大，但由于汽車產(chǎn)業(yè)追求規(guī)模經(jīng)濟，為縮小我國與發(fā)達(dá)國家之間的差距，迅速擴大企業(yè)規(guī)模的途徑是進(jìn)行行業(yè)間的并購重組。產(chǎn)生協(xié)同效應(yīng)對衡量企業(yè)的并購活動是否取得成功起至關(guān)重要的作用，，本文以上海汽車集團股份有限公司（以下簡稱上汽集團）并購南京汽車集團有限公司（以下簡稱南汽集團）為案例，深入分析此次并購是否實現(xiàn)了協(xié)同效應(yīng)。 本文首先對協(xié)同效應(yīng)的相關(guān)理論進(jìn)行概述，為后面的分析提供理論基礎(chǔ)。之后對上汽并購南汽這一具體案例進(jìn)行分析，對并購產(chǎn)生的協(xié)同效應(yīng)進(jìn)行識別，并從企業(yè)財務(wù)數(shù)據(jù)和經(jīng)濟增加值兩個角度驗證了上南合作產(chǎn)生了并購協(xié)同效應(yīng)，且在經(jīng)營、財務(wù)、管理三方面有不同表現(xiàn)。根據(jù)案例的整理和分析，對文章進(jìn)行總結(jié)得出上南合作在短期內(nèi)實現(xiàn)了并購協(xié)同效應(yīng)的結(jié)論，并指出協(xié)同效應(yīng)實現(xiàn)的關(guān)鍵在于并購前對目標(biāo)企業(yè)的識別及并購后的有效整合。
[Abstract]:With the development of the global market economy, more and more enterprises use mergers and acquisitions as a tool to expand business scale and concentrate production and capital. Although there are many M & A cases at home and abroad, due to the complexity of M & A activities, the failure rate is very high. The important reason is that enterprises ignore the importance of pre-evaluation and comprehensive integration. As a result, there is a lack of synergy or limited synergistic effect among enterprises after M & A. and there is also a phenomenon of not considering synergy in the M & A activities of enterprises in China, which is generally manifested in the blind pursuit of diversification or hot industries. Backdoor listing, non-substantial restructuring and so on. At the same time, the M & A economic behavior of Chinese enterprises is booming, and the volume of M & A in the market is increasing rapidly. In recent years, the automobile industry of our country contributes more and more to the growth of national economy. But because the automobile industry pursues the scale economy, in order to narrow the gap between our country and the developed countries. The way to expand the scale of enterprises rapidly is to conduct mergers and acquisitions among industries, and to produce synergistic effects plays an important role in measuring the success of M & A activities. This paper takes Shanghai Automobile Group Co., Ltd (SAIC) as an example to analyze whether the merger has realized synergistic effect. Firstly, this paper summarizes the related theories of synergy effect, which provides a theoretical basis for the subsequent analysis. Then, this paper analyzes the specific case of SAIC M & A, and identifies the synergistic effect generated by the merger. And from the two angles of enterprise financial data and economic value added to verify that the cooperation between South and Shanghai produced merger and acquisition synergy effect, and there are different performance in three aspects of management, finance and management. According to the case of collation and analysis. The conclusion of the paper is that the synergy of M & A is realized in the short term, and the key to the realization of the synergy lies in the identification of the target enterprises before M & A and the effective integration after M & A.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F426.471

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