發(fā)布時間：2018-04-26 03:06

  本文選題：并購績效 + 中國平安��； 參考：《山東大學》2014年碩士論文

【摘要】：企業(yè)并購作為一種資源的分配和再分配過程,是企業(yè)獲得戰(zhàn)略性成長的一種重要方式�！盎鞓I(yè)經(jīng)營”成為全球金融業(yè)未來的大趨勢,中國平安并購深發(fā)展就是發(fā)生在我國金融業(yè)最著名的跨行業(yè)并購案例之一。由于金融業(yè)混業(yè)經(jīng)營在我國仍未發(fā)展成熟,該案例具備較強的代表性,研究并購前后中國平安和深發(fā)展的經(jīng)營績效變化情況,為我國金融業(yè)未來的并購行為和發(fā)展提供數(shù)據(jù)和理論支持,對我國金融業(yè)的健康發(fā)展具有重要的意義。 相對于事件研究法,財務(wù)指標比較法通過對比并購前后雙方企業(yè)的財務(wù)指標來評價并購的財務(wù)績效,仍然是研究并購績效的最直接、最有效的方法。此外,本文采用個案研究法對中國平安并購深發(fā)展這一單個案例進行追蹤研究,從而了解其并購績效,能夠更深入、更全面地考察該案例的績效動態(tài)變化過程。在計算財務(wù)績效的諸多方法中,DEA(數(shù)據(jù)包絡(luò)分析)方法在處理多輸入,特別是多輸出的問題時具有絕對的優(yōu)勢。本文簡要介紹了DEA的基本原理、數(shù)據(jù)模型,其中BCC評估模型是傳統(tǒng)CCR模型的改進方案,能夠在變動規(guī)模報酬下同時涵蓋技術(shù)效率和規(guī)模效率的評估和考核,完全適用于本案例。 本文對中國平安并購深發(fā)展的背景和過程進行了簡要介紹,分析了并購方與被并購方的并購動因和預期取得的協(xié)同效應(yīng)。結(jié)合我國財政部頒發(fā)的《金融企業(yè)績效評價辦法》,分別從盈利能力、經(jīng)營增長能力、資產(chǎn)質(zhì)量以及償付能力指標四個方面對中國平安并購深發(fā)展所取得的績效進行研究和計算。 DEA計算結(jié)果顯示,截至2013年中期,完成并購之后的新中國平安其盈利能力的技術(shù)效率、純技術(shù)效率和規(guī)模效率變化不明顯,表明其總體盈利能力尚未得到質(zhì)的提升；新中國平安的經(jīng)營增長能力陷入瓶頸,并購后三年間其經(jīng)營增長能力技術(shù)效率值、純技術(shù)效率值和規(guī)模效率值均小于0.5；在資產(chǎn)質(zhì)量方面,新的中國平安其資產(chǎn)質(zhì)量技術(shù)效率和純技術(shù)效率大幅下降,規(guī)模效率微增,這是由于中國平安在完成并購深發(fā)展進行結(jié)構(gòu)整合時,需要向新的平安銀行持續(xù)注入流動性；在并購后兩年,新的中國平安的償還能力技術(shù)效率、純技術(shù)效率和規(guī)模效率在2011年全部達到1,實現(xiàn)DEA有效,在2012年和2013年其償還能力出現(xiàn)小幅下降,但仍基本保持穩(wěn)定。 通過本并購案例的研究,總結(jié)其成功并購的經(jīng)驗,對我國金融業(yè)未來的發(fā)展趨勢提供啟示�；鞓I(yè)經(jīng)營代表了我國金融業(yè)將來的發(fā)展方向,在鼓勵并購的同時主管部門應(yīng)該加強風險管理和監(jiān)管。隨著國內(nèi)金融業(yè)的不斷發(fā)展壯大和成熟,市場逐漸取代政府成為并購行為的決定方。數(shù)據(jù)分析結(jié)果表明,通過并購深發(fā)展,中國平安有效增強了自身銀行業(yè)務(wù)方面的實力,成為綜合性的金融控股集團公司,在盈利能力、經(jīng)營增長、資產(chǎn)質(zhì)量以及償付能力四個方面取得了較好的并購績效,各項指標基本平穩(wěn)。本文采用數(shù)據(jù)包絡(luò)分析方法,為中國平安并購深發(fā)展這一個案建立了一套有效的績效考核方法,具備推廣至其它金融業(yè)混業(yè)經(jīng)營并購案例研究的潛力。
[Abstract]:As a kind of resource allocation and redistribution, M & A is an important way for enterprises to gain strategic growth. "Mixed operation" has become a big trend in the future of global financial industry. The deep development of M & A in China is one of the most famous cross industries and purchase cases in China's financial industry. Because of the mixed operation of financial industry in me The country is still not mature, and the case has strong representativeness. It is of great significance to provide data and theoretical support for the future merger and acquisition behavior and development of China's financial industry, which is of great significance to the healthy development of our financial industry.
Compared with the event research method, the financial index comparison method is the most direct and effective method to evaluate the M & a performance by comparing the financial performance of the two enterprises before and after the merger and acquisition. In addition, the case study method is used to track and study the single case of the deep development of China's safe merger and acquisition. In the calculation of financial performance, DEA (Data Envelopment Analysis) has an absolute advantage in dealing with the problems of multi input, especially multiple output. This paper briefly introduces the basic principles of DEA, data model, and BCC evaluation. The model is an improved scheme of the traditional CCR model. It can also cover both technical efficiency and scale efficiency under variable scale compensation. It is fully applicable to this case.
This paper gives a brief introduction to the background and process of the deep development of M & A in China, analyzes the motivation of merger and acquisition and the synergy between the M & a party and the M & a party, and combined with the methods of performance evaluation of financial enterprises issued by the Ministry of finance of China, from the profitability, the ability to increase the business, the quality of assets and the Solvency Index four respectively. On the one hand, the performance of China Ping an acquisition and merger has been studied and calculated.
DEA results show that as of the mid 2013, the technical efficiency, pure technical efficiency and scale efficiency of the new China after the completion of the merger and acquisition were not obvious, indicating that the overall profitability of the new China has not been improved qualitatively. The growth capacity of the new China's safe operation has fallen into a bottleneck and its business growth capacity in the three years after merger and acquisition. The technical efficiency value, pure technical efficiency value and scale efficiency value are all less than 0.5. In terms of asset quality, the new China's safety in its asset quality technology efficiency and pure technical efficiency have been greatly reduced and the scale efficiency is increasing slightly. This is due to the continuous injection of the new Ping An bank to the new Ping An Bank when the Chinese security has completed the integration of the deep development of merger and acquisition. In the two years after M & A, the technical efficiency of the new China's security reimbursement, pure technical efficiency and scale efficiency were all reached 1 in 2011, effective in DEA, and a slight decline in the ability to repay in 2012 and 2013, but it remained basically stable.
Through the study of the case of M & A, this paper summarizes the experience of successful merger and acquisition, and provides inspiration for the future development trend of China's financial industry. The mixed operation represents the future direction of China's financial industry. At the same time, the departments in charge should strengthen the risk management and supervision while encouraging the merger and acquisition. With the continuous development and maturity of the domestic financial industry, the city has grown up and mature. The field has gradually replaced the government as the decisive part of the merger and acquisition. The results of the data analysis show that, through the deep development of M & A, China's security has effectively enhanced its own bank business strength and became a comprehensive financial holding group company. It has achieved better mergers and acquisitions in four aspects of profitability, business growth, asset quality and solvency. By using data envelopment analysis, a set of effective performance assessment methods have been established for the case of the deep development of China's safe M & A, which has the potential to study the case of merger and acquisition in other financial industry.

【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F271;F832.39

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本文編號：1804190