本文關(guān)鍵詞：寶利來并購北京新聯(lián)鐵之并購績效分析　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 并購績效 并購整合 經(jīng)濟(jì)增加值 神州高鐵

【摘要】：當(dāng)今,經(jīng)濟(jì)問題是全球所共同關(guān)注的問題,它的好壞關(guān)系到一個(gè)國家的未來發(fā)展。在經(jīng)濟(jì)不理想的背景下,我國的企業(yè)也受其影響嚴(yán)重。比如企業(yè)營業(yè)收入減少,營業(yè)利潤下降等等。在這種危險(xiǎn)情況下,企業(yè)想要生存就必須提升企業(yè)的利潤。于是越來越多的國內(nèi)企業(yè)選擇進(jìn)行跨行業(yè)并購,以此來改變主營方向,從而在新的業(yè)務(wù)范圍內(nèi)加速企業(yè)成長�？缧袠I(yè)并購在擴(kuò)大自己的經(jīng)營范圍,注入盈利能力較強(qiáng)的業(yè)務(wù)及資產(chǎn),扭轉(zhuǎn)了上市公司原本的經(jīng)營差的狀況,提高了上市公司經(jīng)營資質(zhì)和質(zhì)量。由此來看,跨行業(yè)并購交易事件發(fā)生完成后的相關(guān)績效分析就成為了評價(jià)一項(xiàng)并購事件是否成功的關(guān)鍵因素。寶利來并購北京新聯(lián)鐵是2015年發(fā)生的跨行業(yè)并購案例,從酒店服務(wù)業(yè)成功轉(zhuǎn)行成軌道交通行業(yè)。并購重組后發(fā)展高鐵行業(yè)也符合了國家“一帶一路”發(fā)展戰(zhàn)略,并購之后的神州高鐵成長為中國軌道交通運(yùn)營維護(hù)產(chǎn)業(yè)領(lǐng)軍產(chǎn)業(yè)。本文結(jié)合寶利來并購北京新聯(lián)鐵事件,分析方法結(jié)合了理論方法研究與實(shí)際分析、定性研究與定量分析,對比寶利來在并購前(寶利來)和并購后(神州高鐵)產(chǎn)生的績效變化。所有的研究都要有理論依據(jù)的,本文主要依據(jù)我國和外國學(xué)者所做的相關(guān)研究理論,從以下三點(diǎn):概念、方法、影響因素出發(fā),最后總結(jié)歸納其概念和研究方法。本文研究的重點(diǎn)是寶利來并購北京新聯(lián)鐵的績效分析,開始是對并購事件發(fā)生后上市公司的非財(cái)務(wù)指標(biāo)分析,主要包括公司的科研創(chuàng)新、戰(zhàn)略目標(biāo)、員工滿意度這三點(diǎn)。財(cái)務(wù)績效分析的數(shù)據(jù)主要摘取神州高鐵2014年度至2016年度的財(cái)務(wù)報(bào)表,首先從財(cái)務(wù)績效的角度出發(fā),這也是本文研究重點(diǎn),通過數(shù)據(jù)對比,就這次并購事件對神州高鐵盈利能力、償債能力、營運(yùn)能力以及成長能力的影響來研究,同時(shí)利用事件研究法對并購案發(fā)生的前后相關(guān)上市公司價(jià)值的變化,也就是市場績效進(jìn)行分析;其次,構(gòu)創(chuàng)EVA績效評價(jià)模型,分析神州高鐵并購前后的數(shù)值變化;得出寶利來并購北京新聯(lián)鐵這一并購行為能夠?qū)ι鲜泄井a(chǎn)生良好的并購績效這一結(jié)論。最后,合理建議了關(guān)于國內(nèi)跨行業(yè)并購應(yīng)該注意的事項(xiàng)。
[Abstract]:Today, the economy is a global concern, it relates to the future development of a country's economy is not ideal. In the background, China's enterprises are also affected by the serious. Such as business revenue, operating profit decline and so on. In this dangerous situation, the enterprise wants to survive must to enhance the profits of the enterprise. So more and more domestic enterprises choose to cross industry mergers and acquisitions, in order to change the main direction, so as to accelerate the growth of enterprises in the new business scope. In cross industry mergers and acquisitions to expand their business scope, business and assets into profitability strong, reversed the original bad business of listed companies status of the listed companies improve business qualification and quality. Thus, the related performance analysis after the completion of the occurrence of cross industry mergers and acquisitions events became an event success off Key factors. The acquisition of Beijing sheenline polaroid is a cross industry merger cases occurred in 2015, from the hotel service industry successful transition into the railway industry. After mergers and acquisitions are in line with the national "The Belt and Road" development strategy of the development of high-speed rail industry, after the merger of China high-speed rail transit operation China growth for the maintenance of industry leading industry in this paper, combined with the acquisition of Beijing. Polaroid sheenline event analysis method combined with the method of theoretical research and practical analysis, qualitative research and quantitative analysis, comparison of Polaroid before the merger and acquisitions (Polaroid) (China high-speed rail) performance changes produced. All of the research have theoretical basis, this paper mainly focuses on the related theory research Chinese and foreign scholars have done, from the following three points: concept, methods, influencing factors, finally summarizes the concepts and research methods. This paper focuses on the Baoli Beijing Xinliantie analysis of M & a performance is analysis of non-financial indicators of mergers and acquisitions of listed companies after the incident, including research and innovation, the company's strategic goal, employee satisfaction in these three points. The financial performance analysis data of the removal of the main China high iron 2014 to 2016 annual financial statements, first from the financial performance this point of view, is the focus of this paper, by comparing the data, the event of China High Speed Rail profitability, solvency, operating capacity and the growth ability of listed companies at the same time related changes before and after the merger of the use of event study value, which is also the market performance analysis; secondly, the evaluation of Gen EVA performance model, numerical analysis of changes before and after the Shenzhou high iron merger; merger that Polaroid Beijing Xinliantie the mergers and acquisitions of listed companies to produce There is a good conclusion on the performance of M & A. Finally, it makes a reasonable suggestion for the matters that should be paid attention to in the domestic cross industry merger and acquisition.

【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F719.2;F271

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本文編號：1382630