發(fā)布時間：2018-04-27 18:38

  本文選題：并購 + 財務(wù)效應(yīng)　； 參考：《長沙理工大學》2014年碩士論文

【摘要】：隨著我國經(jīng)濟的快速發(fā)展以及全球化布局的加速,國內(nèi)企業(yè)對于快速擴張經(jīng)營規(guī)模的意愿越來越強烈,對于擴張規(guī)模的途徑與方式進行了持續(xù)的探索,于此過程中并購則成為國內(nèi)企業(yè)愈加青睞的一種擴張模式。自我國加入WTO體系以來,并購熱潮確實產(chǎn)生了一大批規(guī)�？焖倥蛎浀钠髽I(yè),但規(guī)模的擴張并不代表企業(yè)的財務(wù)效應(yīng)發(fā)生了有利的變化,而財務(wù)效應(yīng)正是衡量一個企業(yè)價值大小的基礎(chǔ),因此研究上市公司并購與財務(wù)效應(yīng)的關(guān)系是十分有必要的。本文選取了中聯(lián)重科并購CIFA這一經(jīng)典案例,從短期和長期兩個角度來分析該項并購帶給中聯(lián)重科的財務(wù)效應(yīng)的變化。從結(jié)構(gòu)上,本文分為六個部分：第一部分主要介紹了選題背景和意義,并購行為財務(wù)效應(yīng)的國內(nèi)外研究現(xiàn)狀,以及本文的研究內(nèi)容、方法及技術(shù)路線；第二部分為理論基礎(chǔ),主要介紹了并購相關(guān)的理論體系及財務(wù)效應(yīng)相關(guān)的理論體系；第三部分為案例研究,以中聯(lián)重科并購CIFA作為案例,來具體分析并購與財務(wù)效應(yīng)的關(guān)聯(lián)性；第四部分為問題研究,討論了中聯(lián)重科并購CIFA長期財務(wù)效應(yīng)不佳的原因；第五部分為解決策略,根據(jù)前文分析的原因,提出相應(yīng)解決策略；第六部分為通過這次研究所得的結(jié)論。本文研究結(jié)論如下：并購僅來帶短期財務(wù)效應(yīng),并未給中聯(lián)重科帶來顯著的長期財務(wù)效應(yīng),且中聯(lián)重科在股票增值效應(yīng)、盈利能力、合理避稅效應(yīng)方面比一般上市公司的表現(xiàn)更差。后文分析了原因并提出了解決策略。
[Abstract]:With the rapid development of China's economy and the acceleration of globalization, domestic enterprises are more and more willing to expand their business scale rapidly, and have been continuously exploring the ways and means of expanding scale. In this process, M & A has become a more and more popular expansion mode of domestic enterprises. Since China's entry into the WTO system, the M & A boom has indeed produced a large number of rapidly expanding enterprises, but the expansion of scale does not mean that the financial effects of enterprises have undergone favorable changes. The financial effect is the basis to measure the value of an enterprise, so it is necessary to study the relationship between M & A and financial effect of listed companies. This paper selects the classic case of CIFA M & A, and analyzes the change of the financial effect of the merger from two aspects: short term and long term. In terms of structure, this paper is divided into six parts: the first part mainly introduces the background and significance of the topic, the domestic and foreign research status of the financial effect of M & A, as well as the research content, methods and technical route of this paper; the second part is the theoretical basis. It mainly introduces the theory system of M & A and the theory system of financial effect. The third part is case study, taking CIFA as a case to analyze the relationship between M & A and financial effect. This paper discusses the reasons for the poor long-term financial effect of the merger and acquisition of CIFA by Zoomlion. The fifth part is the solution strategy, according to the reasons analyzed above, the corresponding solution strategy is put forward; the sixth part is the conclusion obtained through this study. The conclusions of this paper are as follows: M & A only brings short-term financial effect, does not bring significant long-term financial effect to Zoomlion. The reasonable tax avoidance effect is worse than the average listed company's performance. The following article analyzes the reason and puts forward the solution strategy.
【學位授予單位】：長沙理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F426.4

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本文編號：1811850