本文選題：民爆行業(yè) + 并購(gòu)��； 參考：《長(zhǎng)沙理工大學(xué)》2015年碩士論文

【摘要】：并購(gòu)是企業(yè)擴(kuò)大規(guī)模,提高財(cái)務(wù)績(jī)效和綜合實(shí)力的重要手段。在我國(guó)民爆企業(yè)規(guī)模小、布局分散、技術(shù)水平低的背景下,國(guó)家大力支持民爆企業(yè)并購(gòu),以提升產(chǎn)業(yè)集中度和競(jìng)爭(zhēng)力。民爆企業(yè)N公司積極響應(yīng)國(guó)家要求,于2012年9月收購(gòu)了民爆企業(yè)S公司。但此次并購(gòu)活動(dòng)是否提高了N公司的財(cái)務(wù)績(jī)效尚無(wú)定論。因此,研究N公司并購(gòu)S公司的財(cái)務(wù)績(jī)效是非常有意義的。計(jì)算N公司并購(gòu)S公司前后的財(cái)務(wù)績(jī)效,評(píng)價(jià)N公司并購(gòu)財(cái)務(wù)績(jī)效的優(yōu)劣,剖析并購(gòu)財(cái)務(wù)績(jī)效優(yōu)劣成因,總結(jié)N公司并購(gòu)案例的啟示,是本文主要的研究?jī)?nèi)容。首先,本文介紹了研究背景、目的和意義,整理了國(guó)內(nèi)外研究現(xiàn)狀并進(jìn)行了文獻(xiàn)評(píng)述,闡述了研究的主要內(nèi)容和方法,說(shuō)明了本次研究的應(yīng)用價(jià)值。其次,本文對(duì)企業(yè)并購(gòu)財(cái)務(wù)績(jī)效的含義進(jìn)行了界定,介紹了支撐本文研究的委托代理理論和協(xié)同效應(yīng)理論。再次,本文介紹了并購(gòu)案例概況,采用國(guó)務(wù)院國(guó)資委頒發(fā)的的財(cái)務(wù)績(jī)效評(píng)價(jià)方法計(jì)算并評(píng)價(jià)了并購(gòu)案例企業(yè)的并購(gòu)財(cái)務(wù)績(jī)效,評(píng)價(jià)結(jié)果是N公司的并購(gòu)財(cái)務(wù)績(jī)效未達(dá)預(yù)期。接著,本文分析了并購(gòu)案例企業(yè)財(cái)務(wù)績(jī)效未達(dá)預(yù)期的成因。最后,本文總結(jié)了N公司并購(gòu)案例的啟示并作出結(jié)論。本文得出以下結(jié)論：N公司的盈利能力、資產(chǎn)質(zhì)量、償債能力和經(jīng)營(yíng)增長(zhǎng)能力均在并購(gòu)后有所下降；整體來(lái)看,N公司并購(gòu)后的財(cái)務(wù)績(jī)效低于并購(gòu)前,并購(gòu)財(cái)務(wù)績(jī)效未達(dá)預(yù)期；N公司并購(gòu)財(cái)務(wù)績(jī)效未達(dá)預(yù)期的主要原因是宏觀經(jīng)濟(jì)環(huán)境低迷、民爆行業(yè)產(chǎn)能過(guò)剩、N公司產(chǎn)業(yè)鏈延伸滯后和N公司并購(gòu)后的整合存在問(wèn)題。針對(duì)案例企業(yè)并購(gòu)財(cái)務(wù)績(jī)效下降的成因,本文得出以下啟示：經(jīng)濟(jì)低迷的情況下審慎制定并購(gòu)決策、民爆行業(yè)并購(gòu)須警惕行業(yè)風(fēng)險(xiǎn)、加快N公司產(chǎn)業(yè)鏈的延伸以及注重并購(gòu)后的整合。本文的研究不僅對(duì)案例企業(yè)并購(gòu)后的整合、發(fā)展具有重大的指導(dǎo)意義,而且能為未來(lái)進(jìn)行類(lèi)似并購(gòu)活動(dòng)的企業(yè)提供經(jīng)驗(yàn)教訓(xùn)。
[Abstract]:M & A is an important means for enterprises to expand scale, improve financial performance and comprehensive strength. Under the background of small scale, scattered layout and low technology level, the state vigorously supports the merger and acquisition of civil explosive enterprises in order to enhance the industrial concentration and competitiveness. Civil explosion Enterprise N Company actively responded to the state request, in September 2012 to acquire civil explosive enterprise S Company. However, whether the M & A activity has improved the financial performance of N company is not conclusive. Therefore, it is very meaningful to study the financial performance of M & A S Company. It is the main research content of this paper to calculate the financial performance before and after M & A of company N, to evaluate the financial performance of M & A of company N, to analyze the causes of the financial performance of M & A, and to summarize the inspiration of M & A cases of company N. First of all, this paper introduces the research background, purpose and significance, collates the domestic and foreign research status and carries on the literature review, elaborated the research main content and the method, explained this research application value. Secondly, this paper defines the meaning of financial performance of M & A, and introduces the principal-agent theory and synergetic effect theory which support the research of this paper. Thirdly, this paper introduces the general situation of M & A cases, calculates and evaluates the M & A financial performance of M & A cases by using the financial performance evaluation method issued by SASAC of the State Council. The evaluation result is that the M & A financial performance of N Company is not up to expectations. Then, this paper analyzes the causes of the financial performance of M & A cases not up to expectations. Finally, this paper summarizes the inspiration of M & A cases and draws a conclusion. This paper draws the following conclusions: the profitability, asset quality, solvency and operating growth ability of% N Company are all decreased after M & A; the financial performance of M & A is lower than that of M & A company on the whole. The main reasons why the financial performance of M & A is not up to expectations are that the macroeconomic environment is low, the overcapacity of civil explosion industry is lagging behind the extension of the industrial chain of N Company and the problems of integration after M & A of N Company exist. In view of the causes of financial performance decline of enterprise merger and acquisition, this paper draws the following enlightenment: under the condition of economic downturn, we should make merger and acquisition decision carefully, and civil explosion industry M & A should be on the alert for industry risk. Accelerate the extension of N company industrial chain and pay attention to the integration after M & A. The research in this paper is not only of great significance to the integration and development of case enterprises after M & A, but also can provide experience and lessons for enterprises engaged in similar M & A activities in the future.
【學(xué)位授予單位】：長(zhǎng)沙理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F271;F426.7;F406.7

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