基于财务视角外资并购对宝骊叉车的影响分析

发布时间：2018-07-17 20:05

【摘要】：随着经济全球化的发展，跨国公司为了抢占市场份额、降低成本、提高效率和优化资源配置，进行大规模的跨国并购，并购已成为全球外商直接投资的主要方式之一。当前外资通过并购方式进入中国已成为其对华直接投资的一个重要趋势。外资并购给我国带来了许多优势，如为我国带来了新的资金来源、推进技术进步和产业升级等；但外资并购的根本动机是追逐利润和产业控制，而且还存在着市场、知识产权、专利以及技术的竞争，这些都影响着我国经济的发展方向。因此，外资并购中国上市公司对中国经济和企业发展来说既是机遇也是挑战，理性对待外资并购，是中国积极、合理、有效地利用外资的正确选择。在这样的背景之下，对外资并购中国企业的财务分析进行深入研究就极具现实意义。本文以宝骊叉车有限公司为例，通过财务视角来研究外资收购对企业的影响，具体的研究内容包括：首先，阐释了外资并购的基本概念及理论，包括外资并购的含义、动因以及模式。在此基础上，介绍外资并购的相关理论，包括关于绩效、财务风险概念的界定及衡量方法等，从理论上对本文研究内容给予说明。同时，总结、归纳国内外从财务视角对外资并购的企业影响的文献研究。其次，对我国机械制造企业的外资并购情况进行分析，包括并购现状、外资并购对我国企业的积极消极影响等。再次，以宝骊叉车有限公司为例进行案例分析，分析叉车市场的整个行业背景，宝骊叉车有限公司简介及收购情况。另外，对外资收购的宝骊叉车绩效、财务风险等进行财务分析。最后，就案例分析结果得到相关结论，根据结论探讨企业未来发展的对策，以及本文研究的局限性。通过对外资收购宝骊叉车企业的财务分析，外资并购在短期内会对宝骊叉车公司经营业绩、利润等方面带来影响，但是，经过一段时间的调整和适应，公司各项状况均有好转，特别是规模迅速扩张给企业市场占有率和影响力带来的提升，使得各项指标好转。长期内这种财务影响是正面的，风险也会降低，因此从企业的角度看，外资并购能够改善企业的经营状况，为企业带来业务扩张和产业升级。但是从更宏观的角度看，外资并购在一定程度上会把叉车变为其生产链上的加工厂，缺少核心技术上的提高，并可能对国内民族品牌发展有所打压，，对我国的产业发展和产业安全都产生不利影响。因此，在外资并购上，作为国内企业，特别是制造业，要保持理性，针对外资并购要有长远视角，要使得外资并购不仅给企业本身带来正面效果，也要对整个行业、产业带来有利影响。
[Abstract]:With the development of economic globalization, in order to seize market share, reduce costs, improve efficiency and optimize the allocation of resources, multinational corporations carry out large-scale cross-border mergers and acquisitions. M & A has become one of the main ways of foreign direct investment in the world. At present, the entry of foreign capital into China through M & A has become an important trend of its direct investment in China. Foreign M & A has brought many advantages to our country, such as bringing new sources of funds to our country, promoting technological progress and industrial upgrading, etc. However, the fundamental motive of foreign M & A is the pursuit of profits and industrial control, and there is also a market, intellectual property rights, etc. Patent and the competition of technology, these all affect the development direction of our country economy. Therefore, the merger and acquisition of Chinese listed companies by foreign capital is both an opportunity and a challenge to China's economy and the development of enterprises. It is the correct choice for China to make positive, reasonable and effective use of foreign capital in the rational treatment of foreign capital mergers and acquisitions. Under this background, it is of great practical significance to study the financial analysis of foreign M & A enterprises in China. This paper takes Baoli forklift truck co., Ltd as an example to study the influence of foreign capital acquisition on enterprises from the financial angle of view. The specific research contents include: first, it explains the basic concept and theory of foreign capital merger and acquisition, including the meaning of foreign capital merger and acquisition Motivation and mode. On this basis, this paper introduces the relevant theories of foreign capital M & A, including the definition of performance, the definition and measurement of financial risk, and explains the content of this paper theoretically. At the same time, summing up the domestic and foreign financial perspective on the impact of foreign M & A literature. Secondly, the paper analyzes the situation of foreign capital M & A of machinery manufacturing enterprises in China, including the present situation of M & A and the positive and negative effects of M & A on Chinese enterprises. Thirdly, take Baoli forklift Co., Ltd as an example to analyze the whole industry background of forklift truck market, the brief introduction and acquisition of Baoli forklift truck Co., Ltd. In addition, the foreign purchase of the forklift truck performance, financial risk for financial analysis. Finally, the paper draws some conclusions on the results of case analysis, discusses the countermeasures for the future development of enterprises and the limitations of this paper. Through the financial analysis of the foreign capital acquisition of Baoli forklift truck enterprises, foreign capital mergers and acquisitions will have an impact on the operating performance and profits of Baoli forklift company in the short term. However, after a period of adjustment and adaptation, the company's various conditions have improved. In particular, the rapid expansion of the scale of the enterprise market share and influence to improve the indicators. In the long run, the financial impact is positive and the risk will be reduced. Therefore, from the point of view of the enterprise, foreign M & A can improve the management of the enterprise and bring business expansion and industrial upgrading to the enterprise. But from a more macro perspective, to a certain extent, foreign mergers and acquisitions will turn forklifts into processing plants in their production chains, lacking the improvement of core technology, and may have a crackdown on the development of domestic national brands. To our country's industrial development and industrial safety have a negative impact. Therefore, in foreign capital M & A, as domestic enterprises, especially in the manufacturing industry, we should maintain rationality, have a long-term perspective on foreign capital mergers and acquisitions, and make foreign capital mergers and acquisitions not only bring positive effects to the enterprises themselves, but also have a positive impact on the entire industry. The industry has a favorable impact.
【学位授予单位】：西安科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F426.471

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