本文關(guān)鍵詞： 聯(lián)想集團(tuán) 摩托羅拉 并購　出處：《黑龍江八一農(nóng)墾大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國市場經(jīng)濟(jì)的日趨成熟,企業(yè)間的競爭也愈演愈烈,并購成為了企業(yè)增強(qiáng)自身實(shí)力的一種重要途徑,以求其能夠在同行業(yè)間占有一席之地。在并購的事件中跨國并購的企業(yè)數(shù)量占并購事件數(shù)量的比重之大,且該類型的企業(yè)發(fā)展會(huì)帶動(dòng)很多相關(guān)行業(yè)的興起和進(jìn)步,對經(jīng)濟(jì)發(fā)展的影響也有深遠(yuǎn)的影響。然而跨國并購的企業(yè)并購后的績效參差不齊,有的會(huì)產(chǎn)生規(guī)模效應(yīng),加速發(fā)展;有的因?yàn)槊つ坎①?后期整合不力,導(dǎo)致績效一落千丈,影響企業(yè)可持續(xù)發(fā)展。因此,全面深入研究跨國企業(yè)的并購案例具有頗為重大的意義,能夠?yàn)楹罄m(xù)企業(yè)實(shí)施跨國并購起到借鑒作用。本文以聯(lián)想集團(tuán)并購摩托羅拉為例,依據(jù)規(guī)模經(jīng)濟(jì)理論、多元化經(jīng)營等相關(guān)并購動(dòng)因理論,從短期股票市場情況和長期財(cái)務(wù)指標(biāo)入手,運(yùn)用事件研究法和因子分子法,研究聯(lián)想集團(tuán)并購摩托羅拉后的績效,發(fā)現(xiàn)聯(lián)想集團(tuán)并購摩托羅拉后在短期內(nèi)市場效應(yīng)并不理想,產(chǎn)生較大的負(fù)超額收益率;但以財(cái)務(wù)指標(biāo)反映長期的并購績效時(shí),卻符合長期財(cái)務(wù)績效的周期變化規(guī)律。由此我們可以從聯(lián)想集團(tuán)并購摩托羅拉的案例中為國內(nèi)的跨國并購活動(dòng)提出建設(shè)性意見:從企業(yè)自身的角度出發(fā),要了解被并購方所在地區(qū)的法律法規(guī)和被并購方的行業(yè)性質(zhì)、經(jīng)營狀況,考慮自身現(xiàn)金流和未來發(fā)展方向、經(jīng)營戰(zhàn)略,并注重并購后的整合工作;從宏觀環(huán)境的角度出發(fā),國家應(yīng)大力支持企業(yè)海外并購,完善相關(guān)法律法規(guī),為企業(yè)拓展融資渠道,保證其持續(xù)經(jīng)營,并加快第三方中介機(jī)構(gòu)的發(fā)展,為并購活動(dòng)保駕護(hù)航。
[Abstract]:With the maturation of market economy in our country, the competition among enterprises is becoming more and more serious. M & A has become an important way for enterprises to enhance their own strength. In order to be able to occupy a place in the same industry. In the M & A events, the number of cross-border M & A enterprises account for the proportion of M & A events. And the development of this type of enterprises will lead to the rise and progress of many related industries, and also have a far-reaching impact on economic development. However, the performance of cross-border M & A enterprises after M & A is not uniform. Some will produce scale effect, accelerate development; Some because of blind mergers and acquisitions, the late integration is weak, resulting in a decline in performance, affecting the sustainable development of enterprises. Therefore, a comprehensive in-depth study of M & A cases of multinational enterprises has a rather significant significance. This paper takes Lenovo Group M & A as an example, according to the theory of economies of scale, diversification and other related M & A motivation theory. From the short-term stock market situation and long-term financial indicators, using the event study method and factor molecular method, the performance of Lenovo Group after the acquisition of Motorola is studied. It is found that the market effect is not ideal in the short term after the acquisition of Motorola by Lenovo Group, resulting in a large negative excess return. But when the financial indicators reflect the long-term M & A performance. Therefore, we can give constructive suggestions for domestic cross-border M & A activities from the case of Motorola merger and acquisition of Lenovo Group: from the perspective of the enterprise itself. It is necessary to understand the laws and regulations of the area where the acquired party is located, the nature of the acquired party's industry, the operating situation, consider its own cash flow and future development direction, the management strategy, and pay attention to the integration work after the merger and acquisition; From the perspective of macro environment, the state should vigorously support overseas mergers and acquisitions of enterprises, improve relevant laws and regulations, expand financing channels for enterprises, ensure their continuous operation, and accelerate the development of third-party intermediaries. Escort for M & A activities.
【學(xué)位授予單位】：黑龍江八一農(nóng)墾大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.6

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