本文選題：并購 + 協(xié)同效應(yīng)　； 參考：《河南大學(xué)》2014年碩士論文

【摘要】：企業(yè)可以通過兼并收購活動取得發(fā)展，也可以通過兼并收購活動優(yōu)化資源配置。隨著經(jīng)濟(jì)全球化不斷深入發(fā)展，我國市場經(jīng)濟(jì)日益活躍，越來越多的國有企業(yè)、集體企業(yè)與私營企業(yè)目前都面臨著整合和重組資源以實現(xiàn)利潤最大化目標(biāo)的問題。要解決資源的整合和結(jié)構(gòu)調(diào)整問題，實現(xiàn)資源的配置達(dá)到最優(yōu)狀態(tài)，一個高效的解決途徑就是企業(yè)間的并購活動。取得并購的協(xié)同效應(yīng)是企業(yè)參與并購的最終目的，這一觀點被學(xué)術(shù)界和工業(yè)界廣泛認(rèn)可�，F(xiàn)實中由于對并購的協(xié)同效應(yīng)的評估存在偏差，也致使許多企業(yè)的并購活動未能成功。因此，一個公司要想通過并購活動的成功獲得快速的成長就必須了解和評估并購活動所帶來的協(xié)同效應(yīng)。 本文歸結(jié)了境內(nèi)外關(guān)于并購協(xié)同效應(yīng)的相關(guān)學(xué)說，總結(jié)了協(xié)同效應(yīng)的概念，從理論上探討了協(xié)同效應(yīng)產(chǎn)生的產(chǎn)生和發(fā)展過程，介紹了傳統(tǒng)的企業(yè)價值評估方式凈收益和凈資產(chǎn)收益率在評估時存在的沒有考慮資金的時間價值和未來風(fēng)險的收益情況、只能在事后反映股東價值的變化等弊端，這些弊端可能導(dǎo)致企業(yè)無法做出最優(yōu)化的決策判斷、可能會使公司行為短期化并影響其長期的可持續(xù)發(fā)展戰(zhàn)略。 接著文章還對EVA這一日益受到推崇的協(xié)同效應(yīng)評估方法進(jìn)行了理論淵源的梳理，并介紹了EVA運用于實踐的假設(shè)前提和概念，即經(jīng)濟(jì)增加值EVA被認(rèn)為可以評判某一組織新增長的財富價值和組織價值，在數(shù)量上,EVA相當(dāng)于把資本成本從稅后凈營業(yè)利潤中扣去，是扣去全部成本后的差額，它反映出公司在經(jīng)濟(jì)意義上而不是會計意義上是否盈利，指出運用EVA進(jìn)行評估的計算公式及在計算過程中應(yīng)當(dāng)對相應(yīng)的如利息支出、研發(fā)費用調(diào)整項、非經(jīng)常性收益調(diào)整項和在建工程等項目進(jìn)行相應(yīng)的調(diào)整、從生產(chǎn)的協(xié)同效應(yīng)、管理的協(xié)同效應(yīng)、財務(wù)的協(xié)同效應(yīng)三個方面具體闡述了EVA反映企業(yè)并購協(xié)同效應(yīng)的具體表現(xiàn)及相比于傳統(tǒng)對企業(yè)并購協(xié)同效應(yīng)評估方法的優(yōu)勢，這些優(yōu)勢具體體現(xiàn)為含義比傳統(tǒng)的評估方法簡單明了，理解起來更容易、能夠真實的反映企業(yè)的價值增加、能夠充分平衡協(xié)調(diào)相關(guān)利益人對企業(yè)的價值需求、能夠持續(xù)推進(jìn)企業(yè)科學(xué)長效的發(fā)展、能夠預(yù)警財務(wù)惡化。 本文認(rèn)為EVA在評估企業(yè)并購協(xié)同效應(yīng)方面比傳統(tǒng)的并購協(xié)同效應(yīng)評估方法有較顯著的優(yōu)勢，，和傳統(tǒng)的評估方法比較起來更有助于反映并購給企業(yè)帶來的生產(chǎn)經(jīng)營協(xié)同效應(yīng)、管理協(xié)同效應(yīng)及財務(wù)協(xié)同效應(yīng)。本文根據(jù)我國企業(yè)間并購的實踐活動，選取了濰柴動力并購亞星客車為樣本案例，按照EVA計算方法分別計算了并購前后濰柴動力和亞星客車的經(jīng)濟(jì)增加值，通過分析雙方經(jīng)濟(jì)增加值在并購前后的變化評估了此次并購是否給雙方帶來了期望達(dá)到的協(xié)同效應(yīng)，并在此基礎(chǔ)上探討了政府參與、政府的經(jīng)濟(jì)政策、企業(yè)組織的整合、員工心理契約、并購規(guī)模等宏觀和微觀因素對并購活動協(xié)同效應(yīng)實現(xiàn)的影響的具體體現(xiàn)。
[Abstract]:Enterprises can achieve development through merger and acquisition activities, and can optimize the allocation of resources through merger and acquisition activities. With the continuous development of economic globalization, China's market economy is increasingly active, more and more state-owned enterprises, collective and private enterprises are facing the integration and reorganization of resources to achieve the goal of maximizing profits. To solve the problem. To solve the problem of resource integration and structural adjustment, to achieve the optimal state of the allocation of resources, an efficient solution is the activity of mergers and acquisitions among enterprises. The synergy effect of acquisition is the ultimate goal of the enterprises' participation in mergers and acquisitions. This view is widely recognized by the academia and industry. In reality, the synergy of mergers and acquisitions is due to the reality. There is a deviation in the evaluation of the effects and the failure to succeed in the mergers and acquisitions of many enterprises. Therefore, a company must understand and evaluate the synergy of the M & A activities to achieve rapid growth through the success of M & A activities.
This paper sums up the related theories about the synergistic effect of mergers and acquisitions, summarizes the concept of synergy effect, discusses the production and development process of the synergistic effect in theory, and introduces the traditional value of enterprise value assessment and net asset returns without considering the time value and future wind of the fund. The benefits of risk can only reflect the changes of shareholders' value after the event, which may lead to the failure of the enterprise to make the optimal decision judgment, which may make the company's behavior short-term and affect its long-term sustainable development strategy.
Then the article also combed the theoretical origin of EVA, an increasingly respected synergistic evaluation method, and introduced the hypothesis and concept of the application of EVA to practice, that is, the economic value added EVA is considered to be able to judge the wealth value and organizational value of a new growth of an organization. In quantity, EVA is equivalent to the cost of capital from tax. The post net operating profit is deducted from the total cost deduction, which indicates that the company is not profitable in the economic sense but not in the accounting sense. It points out that the calculation formula for the use of EVA and the corresponding interest expenditure, R & D cost adjustment, non recurrent income adjustment and construction project should be used in the calculation process. The project carries on the corresponding adjustment, from three aspects of the synergy effect of production, the synergy effect of management, and the synergy effect of the finance, the concrete performance of EVA reflecting the synergy effect of the enterprise merger and acquisition and the advantages of the traditional evaluation method of the synergy effect of the enterprise merger and acquisition are compared. These advantages are concretely embodied as the simple meaning of the evaluation method to be compared with the traditional method of evaluation. It is easier to understand and truly reflect the increase in value of the enterprise. It can fully balance and coordinate the value demand of the related stakeholders to the enterprise. It can continue to advance the long-term development of the enterprise science, and can warn the financial deterioration.
This paper holds that EVA has a significant advantage over the traditional M & a synergy evaluation method in evaluating the synergy effect of M & A. Compared with the traditional evaluation method, it is more helpful to reflect the synergy effect of M & A to enterprises, management synergy and financial synergy. This paper is based on the M & A among enterprises in China. In practice, we selected the example case of Weichai Power M & a coach, calculated the economic value of Weichai Power and Yaxi bus before and after the merger and acquisition according to the EVA calculation method, and evaluated whether the merger and acquisition brought the synergy effect to both sides by analyzing the changes of the economic added value before and after the merger and acquisition. On this basis, the impact of government participation, government economic policy, enterprise organization integration, employee psychological contract, M & a scale and other macro and micro factors on the realization of the synergy effect of M & A activities are discussed.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.471;F271

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