上市公司合眾思?jí)巡①?gòu)績(jī)效分析
本文選題：合眾思?jí)?/strong> + 并購(gòu)績(jī)效 ； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文
【摘要】：隨著國(guó)防技術(shù)水平和軍隊(duì)現(xiàn)代化程度的提高,以及軍民融合不斷深入,國(guó)家的大力支持,越來(lái)越多的民間資本進(jìn)入軍工等一些國(guó)家壟斷領(lǐng)域,企業(yè)通過(guò)兼并重組,不斷進(jìn)行資源的內(nèi)部和外部整合,特別是構(gòu)建完整產(chǎn)業(yè)鏈,針對(duì)企業(yè)的薄弱環(huán)節(jié)進(jìn)行有效的改進(jìn),不斷完善產(chǎn)業(yè)布局,從而能夠擁有更高的市場(chǎng)份額,我國(guó)北斗衛(wèi)星導(dǎo)航企業(yè)將進(jìn)入一個(gè)快速發(fā)展的時(shí)期,并購(gòu)重組將成為時(shí)代的主旋律。衛(wèi)星導(dǎo)航行業(yè)作為國(guó)防科技的重要行業(yè)之一,近年來(lái)并購(gòu)活動(dòng)頻繁,但作為一個(gè)新興行業(yè),沒(méi)有可參考的成熟模式,并購(gòu)重組存在較大風(fēng)險(xiǎn),缺乏合理的績(jī)效評(píng)價(jià)體系,而并購(gòu)又是企業(yè)做大做強(qiáng),加快資源整合的重要途徑。隨著國(guó)內(nèi)的資本市場(chǎng)改革速度加快,上市公司在信息披露等公司治理方面有了很大進(jìn)步,資本市場(chǎng)對(duì)實(shí)體經(jīng)濟(jì)顯得更加重要。這需要在企業(yè)并購(gòu)績(jī)效評(píng)價(jià)方法上進(jìn)行創(chuàng)新,本文在總結(jié)國(guó)內(nèi)外研究現(xiàn)狀的基礎(chǔ)上,結(jié)合我國(guó)資本市場(chǎng)的特點(diǎn),在相關(guān)理論的支撐下,提出了綜合評(píng)價(jià)北斗導(dǎo)航企業(yè)并購(gòu)績(jī)效的評(píng)價(jià)方法。此方法兼顧了財(cái)務(wù)分析和非財(cái)務(wù)分析,又考慮了并購(gòu)對(duì)股東財(cái)富的影響。以合眾思?jí)巡①?gòu)長(zhǎng)春天成科技發(fā)展有限公司和北京招通致晟科技有限公司為例進(jìn)行了研究,分析指標(biāo)的選擇以及擴(kuò)展平衡計(jì)分卡進(jìn)行模型構(gòu)建。通過(guò)模型對(duì)案例進(jìn)行評(píng)價(jià),判斷此次并購(gòu)是否成功,并根據(jù)這一有代表性的案例,為以后行業(yè)內(nèi)的并購(gòu)活動(dòng)提供借鑒,為我國(guó)北斗衛(wèi)星導(dǎo)航企業(yè)并購(gòu)所涉及的績(jī)效評(píng)價(jià)體系構(gòu)建提供理論和實(shí)踐支撐。
[Abstract]:With the improvement of the level of defense technology and the modernization of the armed forces, as well as the deepening integration between the military and the people, and the strong support of the state, more and more private capital has entered the monopoly fields of some countries, such as military industry, and enterprises have been merged and reorganized. The internal and external integration of resources, especially the construction of a complete industrial chain, the effective improvement of the weak links of enterprises, the continuous improvement of the industrial layout, so as to be able to have a higher market share. China's Beidou satellite navigation enterprises will enter a period of rapid development, mergers and acquisitions will become the main theme of the times. Satellite navigation industry is one of the important industries of national defense science and technology. In recent years, M & A activities are frequent. However, as a new industry, there is no mature model for reference, there is a greater risk in M & A reorganization, and there is a lack of a reasonable performance evaluation system. M & A is also an important way for enterprises to become bigger and stronger and to speed up the integration of resources. With the acceleration of the reform of the domestic capital market, listed companies have made great progress in corporate governance, such as information disclosure, and the capital market has become more important to the real economy. This paper summarizes the current situation of domestic and foreign research, combined with the characteristics of China's capital market, under the support of relevant theories. A comprehensive evaluation method for M & A performance of Beidou navigation enterprises is put forward. This method considers both financial analysis and non-financial analysis, and the impact of M & A on shareholder wealth. Taking the merger and acquisition of Changchun Tiancheng Science and Technology Development Co., Ltd and Beijing Zhaotong Zhisheng Science and Technology Co., Ltd. Through the model to evaluate the case, judge whether the M & A is successful or not, and according to this representative case, for the future M & A activities in the industry to provide reference, It provides theoretical and practical support for the construction of the performance evaluation system involved in the M & A of Beidou Satellite Navigation Enterprises in China.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F49;F271
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