發(fā)布時(shí)間：2018-05-28 03:43

  本文選題：并購(gòu)重組 + 行業(yè)選擇��； 參考：《深圳大學(xué)》2017年碩士論文

【摘要】：在資本市場(chǎng)中,合理的并購(gòu)活動(dòng)能夠給企業(yè)帶來(lái)一定的增強(qiáng)效益,通過(guò)企業(yè)之間的并購(gòu)重組,可以使得并購(gòu)方的企業(yè)規(guī)模得到提升,從而提高經(jīng)濟(jì)績(jī)效,并占據(jù)更大的市場(chǎng)份額。在國(guó)企改革、促進(jìn)企業(yè)兼并重組的政策刺激作用下,2015年的企業(yè)并購(gòu)活躍程度及交易規(guī)模在2014年以后再創(chuàng)新高。但是在火爆的企業(yè)并購(gòu)重組態(tài)勢(shì)下,并非所有的企業(yè)并購(gòu)都是成功的,企業(yè)并購(gòu)作為一把雙刃劍,其帶來(lái)效益的提升并沒(méi)有在學(xué)術(shù)界達(dá)成一致的意見(jiàn),因此關(guān)于企業(yè)并購(gòu)前后業(yè)績(jī)變化的爭(zhēng)論從來(lái)沒(méi)有停止過(guò)。新日恒力是一家主營(yíng)金屬制品的上市公司,公司主導(dǎo)產(chǎn)品是鋼絲繩、預(yù)應(yīng)力鋼絞線、鋼絲。近幾年,受煤炭、鋼鐵行業(yè)不景氣及金屬制品行業(yè)競(jìng)爭(zhēng)加劇的影響,公司的業(yè)績(jī)不斷下滑,2014年全年、2015年前三個(gè)季度都為虧損狀態(tài)。為了避免連續(xù)虧損而導(dǎo)致公司被交易所給予風(fēng)險(xiǎn)警示,新日恒力開(kāi)始籌劃重大資產(chǎn)重組。2015年新日恒力跨界收購(gòu)博雅干細(xì)胞之后,實(shí)現(xiàn)從傳統(tǒng)產(chǎn)業(yè)進(jìn)軍新興產(chǎn)業(yè),但是新日恒力的跨界并購(gòu)出現(xiàn)了諸多問(wèn)題,例如行業(yè)的選擇問(wèn)題、兩個(gè)不同產(chǎn)業(yè)之間的資源整合問(wèn)題、并購(gòu)以后的經(jīng)營(yíng)風(fēng)險(xiǎn)問(wèn)題以及標(biāo)的資產(chǎn)減值的問(wèn)題。本文希望通過(guò)該案例為以后的企業(yè)進(jìn)行跨界并購(gòu)提供一定的借鑒經(jīng)驗(yàn)。本文的篇章脈絡(luò)如下:首先,本文以新日恒力并購(gòu)博雅干細(xì)胞為案例,理論與實(shí)踐相結(jié)合的方式去研究本次跨界并購(gòu)對(duì)并購(gòu)方新日恒力的業(yè)績(jī)影響,重點(diǎn)突出并購(gòu)之中出現(xiàn)的問(wèn)題。其次,本文以新日恒力并購(gòu)博雅干細(xì)胞為切入點(diǎn),對(duì)本次跨界并購(gòu)行為做出系統(tǒng)的分析,主要以財(cái)務(wù)績(jī)效作為分析指標(biāo),其中包括營(yíng)運(yùn)能力、償債水平、盈利水平以及企業(yè)的發(fā)展能力;營(yíng)運(yùn)能力的分析通過(guò)存貨周轉(zhuǎn)率、應(yīng)收賬款周轉(zhuǎn)、流動(dòng)資產(chǎn)周轉(zhuǎn)率、固定資產(chǎn)周轉(zhuǎn)率;償債能力則分別分析短期償債能力和長(zhǎng)期償債能力;盈利能力的分析通過(guò)銷售凈利率、成本費(fèi)用利潤(rùn)率和總資產(chǎn)凈利率;發(fā)展能力的分析通過(guò)總資產(chǎn)增長(zhǎng)率和營(yíng)業(yè)收入增長(zhǎng)率。最后,文章根據(jù)前文分析所存在的問(wèn)題及其原因,提出相對(duì)應(yīng)的建議。
[Abstract]:In the capital market, reasonable M & A activities can bring some enhanced benefits to the enterprises. Through the M & A among the enterprises, the scale of the M & A enterprises can be improved, and the economic performance can be improved. And occupy a larger market share. Under the stimulus of the reform of state-owned enterprises and the promotion of mergers and acquisitions, the activity of M & A and the scale of transactions in 2015 have reached a new high after 2014. However, in the hot situation of M & A, not all M & A is successful. As a double-edged sword, corporate M & A has not reached a consensus opinion in academic circles. Therefore, the debate on the changes in performance before and after mergers and acquisitions has never stopped. Xinri Hengli is a main metal products listed company, the main products are wire rope, prestressed steel strand, steel wire. In recent years, the company's results have fallen amid a slump in the coal and steel sectors and increased competition in the metal industry, with losses for the whole of 2014 and the first three quarters of 2015. In order to avoid successive losses and the company being warned by the exchange of risks, Xinri Hengli began planning a major asset restructuring. After the cross-border acquisition of Boya stem cells in 2015, Xinri Hengli made its way into new industries from traditional industries. However, there are many problems in the cross-border merger and acquisition of Xinri Hengli, such as the choice of industry, the integration of resources between two different industries, the management risk after merger and acquisition, and the impairment of underlying assets. This paper hopes to provide some reference experience for the future cross-border mergers and acquisitions through this case. The main contents of this paper are as follows: firstly, this paper takes Xinri Hengli's merger and acquisition of Boya Stem cells as a case to study the effect of this cross-border merger and acquisition on the performance of Fang Xinri Hengli in a combination of theory and practice. Focus on issues arising in mergers and acquisitions. Secondly, this paper takes Xinri Hengli's merger and acquisition of Boya stem cells as the breakthrough point, and makes a systematic analysis of this cross-border merger behavior, mainly taking financial performance as the analysis index, including operating ability, debt service level. The analysis of operating ability is based on inventory turnover, turnover of accounts receivable, turnover of current assets, turnover of fixed assets, ability to pay debts, short-term solvency and long-term solvency, respectively. Profitability is analyzed through net interest rates on sales, cost-cost margins, and net interest rates on total assets; capacity development is analyzed through total asset growth rates and revenue growth rates. Finally, according to the analysis of the existing problems and their causes, the corresponding suggestions are put forward.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.32;F271

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