【摘要】：企業(yè)并購(gòu)是企業(yè)資產(chǎn)重組的一種重要形式，也是企業(yè)特殊的一種投資活動(dòng)，企業(yè)并購(gòu)是一把雙刃劍，企業(yè)并購(gòu)成功可以產(chǎn)生協(xié)同效應(yīng)，有利于企業(yè)資源的合理配置和充分利用，從而給企業(yè)帶來(lái)巨大的利潤(rùn)；企業(yè)并購(gòu)失敗，則給企業(yè)背上了一個(gè)大的包袱，甚至導(dǎo)致企業(yè)的破產(chǎn)。企業(yè)并購(gòu)績(jī)效的評(píng)價(jià)是檢驗(yàn)企業(yè)并購(gòu)決策甚至并購(gòu)成功與否的一個(gè)重要工具，也是在企業(yè)并購(gòu)中管理的一個(gè)重要環(huán)節(jié)。 隨著社會(huì)的發(fā)展，市場(chǎng)競(jìng)爭(zhēng)愈演愈烈，并購(gòu)和被并購(gòu)已成為大多數(shù)公司的必然選擇。我國(guó)企業(yè)的并購(gòu)活動(dòng)正變得日益活躍，新時(shí)期產(chǎn)業(yè)結(jié)構(gòu)的調(diào)整和市場(chǎng)的進(jìn)一步發(fā)展，加速了各種并購(gòu)活動(dòng)的進(jìn)行，并購(gòu)不僅可以迅速擴(kuò)大企業(yè)的生產(chǎn)規(guī)模，提高企業(yè)的核心競(jìng)爭(zhēng)力，增加企業(yè)對(duì)市場(chǎng)的占有率，同時(shí)也可以降低產(chǎn)品的生產(chǎn)成本和合并企業(yè)內(nèi)部的產(chǎn)品交易成本，在財(cái)務(wù)和管理以及經(jīng)營(yíng)上產(chǎn)生協(xié)同效應(yīng)，有利于資源的整合和充分利用。但值得注意的是，并購(gòu)活動(dòng)是否如期所愿的增加了股東的收益，是否對(duì)企業(yè)的業(yè)績(jī)有提高的作用，是否有利于企業(yè)創(chuàng)造更多的社會(huì)價(jià)值？這些都是并購(gòu)者和并購(gòu)者所關(guān)注的。 大量的企業(yè)并購(gòu)實(shí)踐表明，并購(gòu)活動(dòng)對(duì)企業(yè)的績(jī)效有著直接和重要的影響，已是國(guó)內(nèi)外學(xué)者們關(guān)注的重點(diǎn)。然而我國(guó)的并購(gòu)活動(dòng)開(kāi)始的較晚，僅有近30年的歷史，很多理論和實(shí)踐仍然需要不斷的摸索和創(chuàng)新，我國(guó)企業(yè)并購(gòu)的特點(diǎn)依舊是起步晚、規(guī)模小，且處于早起積累的階段，加強(qiáng)并購(gòu)的理論研究，豐富并購(gòu)的實(shí)踐經(jīng)驗(yàn)，對(duì)于指導(dǎo)我國(guó)企業(yè)的并購(gòu)活動(dòng)十分迫切與重要。 本文對(duì)國(guó)家電網(wǎng)并購(gòu)許繼集團(tuán)的案例進(jìn)行分析，從被并購(gòu)方的角度來(lái)分析并購(gòu)的績(jī)效，通過(guò)分析相關(guān)財(cái)務(wù)指標(biāo)和EVA的變動(dòng)，同時(shí)輔助一些非財(cái)務(wù)指標(biāo)，來(lái)評(píng)價(jià)此次并購(gòu)的績(jī)效，總結(jié)經(jīng)驗(yàn)和教訓(xùn)，以期為我國(guó)企業(yè)并購(gòu)計(jì)劃和戰(zhàn)略的制定提供指導(dǎo)。本文先介紹了研究背景和研究意義，以及并購(gòu)的動(dòng)機(jī)理論，為本文研究奠定理論基礎(chǔ)，然后對(duì)國(guó)家電網(wǎng)并購(gòu)許繼集團(tuán)的案例進(jìn)行介紹，并對(duì)并購(gòu)的績(jī)效進(jìn)行評(píng)價(jià)和分析，同時(shí)也對(duì)并購(gòu)所帶來(lái)相關(guān)業(yè)務(wù)和所有者權(quán)益的變動(dòng)進(jìn)行分析。本文主要選取了一些財(cái)務(wù)指標(biāo)和非財(cái)務(wù)指標(biāo)以及EVA指標(biāo)，對(duì)并購(gòu)前三年和并購(gòu)后一年的的數(shù)據(jù)進(jìn)行評(píng)價(jià)和分析，最后總結(jié)結(jié)論，，并提出建議和啟示。 本文主要運(yùn)用了規(guī)范研究和案例研究相結(jié)合的研究方法，在對(duì)國(guó)內(nèi)外已有的相關(guān)研究成果進(jìn)行歸納、分析以及總結(jié)，運(yùn)用財(cái)務(wù)管理學(xué)、會(huì)計(jì)學(xué)、戰(zhàn)略管理等多科知識(shí)，對(duì)我國(guó)企業(yè)并購(gòu)活動(dòng)中的績(jī)效評(píng)估問(wèn)題進(jìn)行推理和研究。在對(duì)案例的研究方面選取了并購(gòu)前三年和并購(gòu)后一年的一些數(shù)據(jù)進(jìn)行對(duì)比和分析，在指標(biāo)選擇上，仍然選用了傳統(tǒng)的財(cái)務(wù)指標(biāo)，同時(shí)加入EVA的評(píng)價(jià)，輔助一些非財(cái)務(wù)指標(biāo)進(jìn)行研究分析，也引入了杜邦分析體系進(jìn)行分析，對(duì)案例的并購(gòu)績(jī)效進(jìn)行評(píng)價(jià)。
[Abstract]:M & A is not only an important form of assets reorganization of enterprises, but also a special investment activity of enterprises. M & A is a double-edged sword. The success of M & A can produce synergistic effect, which is beneficial to the rational allocation and full utilization of enterprise resources. Thus bring the huge profit to the enterprise; The failure of M & A puts a big burden on the enterprise and even leads to the bankruptcy of the enterprise. The performance evaluation of M & A is an important tool to test the decision-making and even the success of M & A, and it is also an important link in the management of M & A. With the development of society, market competition becomes more and more intense, M & A and M & A have become the inevitable choice of most companies. M & A activities of Chinese enterprises are becoming more and more active. The adjustment of industrial structure and the further development of the market in the new period have accelerated the development of various M & A activities. M & A can not only rapidly expand the production scale of enterprises, but also accelerate the development of M & A activities. Improve the core competitiveness of the enterprise, increase the market share of the enterprise, at the same time can reduce the production cost of the product and the transaction cost of the product inside the merger enterprise, and produce the synergistic effect in the finance, management and management as well as the operation. It is conducive to the integration and full utilization of resources. However, it is worth noting whether M & A activities have increased the profit of shareholders as scheduled, whether it will improve the performance of enterprises, and whether M & A activities will help enterprises to create more social value. These are the concerns of mergers and acquisitions. A large number of M & A practices show that M & A activities have a direct and important impact on the performance of enterprises, and have become the focus of scholars at home and abroad. However, China's M & A activities started relatively late, only nearly 30 years of history, many theories and practices still need to continue to explore and innovate, the characteristics of M & A in China are still late start, small scale, and in the early accumulation stage, It is very urgent and important to strengthen the theoretical research of M & A and enrich the practical experience of M & A in order to guide the M & A activities of Chinese enterprises. This paper analyzes the case of State Grid M & A Xu Ji Group, analyzes the performance of M & A from the perspective of the merger party, and evaluates the performance of the M & A by analyzing the changes of relevant financial indicators and EVA, and at the same time assisting some non-financial indicators to evaluate the performance of the M & A. Summarize the experience and lessons in order to provide guidance for the formulation of M & A plan and strategy in China. This paper first introduces the research background and significance, as well as the motivation theory of M & A, which lays a theoretical foundation for this research, then introduces the case of State Grid M & A Xu Ji Group, and evaluates and analyzes the performance of M A. At the same time, it also analyzes the changes of related business and owner's equity brought by M & A. This paper mainly selects some financial index, non-financial index and EVA index to evaluate and analyze the data of the first three years and one year after the merger and acquisition. Finally, it summarizes the conclusion, and puts forward some suggestions and enlightenments. This paper mainly uses the combination of normative research and case study to sum up, analyze and summarize the related research results at home and abroad, and apply the multi-subject knowledge such as financial management, accounting, strategic management, and so on, to sum up, analyze and summarize the existing research results at home and abroad. This paper makes a reasoning and research on the performance evaluation of M & A activities in China. In the case study, some data from the first three years of M & A and one year after M & A are selected for comparison and analysis. In terms of index selection, the traditional financial indicators are still selected, and at the same time, the evaluation of EVA is added. Assist some non-financial index to carry on the research analysis, also introduced DuPont analysis system to carry on the analysis, carry on the appraisal to the merger and acquisition performance of the case.
【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.61;F406.7

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