本文關(guān)鍵詞：內(nèi)蒙古遠(yuǎn)興能源股份有限公司并購效應(yīng)的案例研究　出處：《云南財經(jīng)大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

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【摘要】：并購重組是企業(yè)經(jīng)營管理中一項復(fù)雜的活動,并購重組影響重大,小則影響企業(yè)所在的行業(yè),大則影響整個國民經(jīng)濟(jì)發(fā)展。最近這些年,越來越多的企業(yè)使用并購重組的方式來實現(xiàn)降低經(jīng)營成本、獲得規(guī)模效應(yīng)、增強市場競爭力等目標(biāo)。與此同時,企業(yè)并購重組是一個相當(dāng)復(fù)雜的資本運作過程,并購重組伴隨著巨大的財務(wù)風(fēng)險、法律風(fēng)險、道德風(fēng)險、市場風(fēng)險等等。煤炭作為一種重要的化工原料,廣泛運用在電力、化工、鋼鐵等行業(yè)。近年來,特別是2012年來,由于國家倡導(dǎo)節(jié)能減排,以及受到國內(nèi)外宏觀經(jīng)濟(jì)環(huán)境不景氣的影響,煤炭化工的下游行業(yè)進(jìn)入結(jié)構(gòu)調(diào)整的陣痛期,下游產(chǎn)業(yè)設(shè)備更新、產(chǎn)品進(jìn)入升級換代階段,發(fā)展速度放慢,對煤炭的需求明顯不足,煤炭行業(yè)出現(xiàn)了產(chǎn)能過剩的嚴(yán)峻局面,煤炭價格繼續(xù)走勢偏軟。2015年上半年煤炭企業(yè)虧損在更大范圍內(nèi)出現(xiàn),且煤炭銷售后應(yīng)收賬款的回款難度加大各種因素使得行業(yè)內(nèi)企業(yè)經(jīng)營營運能力減弱,償債能力嚴(yán)重不足,煤炭化工企業(yè)信用風(fēng)險進(jìn)一步上升。并且國家能源局發(fā)布的《煤炭工業(yè)發(fā)展“十二五”規(guī)劃》中,明確提出了鼓勵化工行業(yè)與煤礦企業(yè)的整合,通過煤炭行業(yè)與化工行業(yè)的兼并重組,加快產(chǎn)品結(jié)構(gòu)調(diào)整從而促進(jìn)產(chǎn)業(yè)升級并從根本上提高該行業(yè)的市場競爭力。本文首先敘述了內(nèi)蒙古遠(yuǎn)興能源股份有限公司(以下簡稱:遠(yuǎn)興能源)并購中源化學(xué)的研究背景與意義,較為全面的闡述了國內(nèi)外有關(guān)并購方面的研究成果;接著,界定了并購重組和效應(yīng)的概念,對并購效應(yīng)的有關(guān)基礎(chǔ)理論進(jìn)行了概述,并且揭示了評價并購效應(yīng)的主要方法以及本文選取財務(wù)指標(biāo)法的依據(jù);然后,分析了遠(yuǎn)興能源并購重組活動的背景、過程,主要從償債能力、盈利能力、發(fā)展能力、營運能力四個維度對遠(yuǎn)興能源并購中源化學(xué)并購效應(yīng)進(jìn)行解釋,并依據(jù)四個維度的數(shù)據(jù)指標(biāo)指出了遠(yuǎn)興能源并購后存在的問題,進(jìn)而提出措施幫助遠(yuǎn)興能源提高并購效應(yīng)。
[Abstract]:M & A is a complex activity in enterprise management. M & A has a significant impact on the industry in which the enterprise is located and a large impact on the development of the whole national economy in recent years. More and more enterprises use the method of M & A to achieve the goals of reducing operating cost, obtaining scale effect and enhancing market competitiveness. At the same time, M & A is a complicated capital operation process. M & A has been accompanied by huge financial risks, legal risks, moral risks, market risks and so on. As an important chemical raw material, coal is widely used in electricity, chemical, steel and other industries in recent years. Especially since 2012, due to the national advocacy of energy conservation and emission reduction, as well as the impact of the macroeconomic environment at home and abroad, the downstream industry of coal chemical industry has entered a painful period of structural adjustment, and downstream industry equipment has been updated. The product enters the upgrading stage, the development speed slows down, the demand for coal is obviously insufficient, and the coal industry has a severe situation of overcapacity. Coal prices continue to soften. In the first half of 2015, losses of coal enterprises appeared in a wider range. And after the sale of coal accounts receivable increased the difficulty of various factors make the business operation capacity of the industry weakened, debt service capacity is seriously inadequate. The credit risk of coal chemical enterprises is rising further. And in the 12th Five-Year Plan for the Development of Coal Industry issued by the State Energy Bureau, it is clearly proposed to encourage the integration of chemical industry and coal mining enterprises. Through the merger and reorganization of coal industry and chemical industry. Speed up the adjustment of product structure to promote industrial upgrading and fundamentally improve the market competitiveness of the industry. This paper first describes the Inner Mongolia Yuanxing Energy Co., Ltd. (hereinafter referred to as Yuanxing Energy). Research background and significance of Source Chemistry in M & A. More comprehensive elaboration of domestic and foreign M & A research results; Then, it defines the concepts of M & A reorganization and effect, summarizes the basic theory of M & A effect, and reveals the main methods of evaluating M & A effect and the basis of selecting the financial index method in this paper. Then, this paper analyzes the background and process of Yuanxing energy M & A activities, mainly from four dimensions of solvency, profitability, development ability and operational ability to explain the source chemical M & A effect in Yuanxing Energy M & A. According to the data index of four dimensions, this paper points out the existing problems after Yuanxing Energy merger and acquisition, and then puts forward some measures to help Yuanxing Energy improve the M & A effect.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F271;F426.21

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