双汇并购史密斯菲尔德绩效研究

发布时间：2018-01-01 00:35

本文关键词：双汇并购史密斯菲尔德绩效研究　出处：《河北师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着商品经济的产生与发展,并购作为资本集中的一种方式,经历了由低级到高级的发展过程。从并购产生到现在,并购总共出现了五次浪潮,每一次浪潮都有自身的特点,给市场经济带来了新的特征,并在一定程度上推动了社会和经济政策的变革。越来越多的企业加入并购这一浪潮中,从而实现扩张自己的目的。纵观五次浪潮,呈现出时间越来越短,规模越来越大的特点。上世纪末期,主要为以国企为主进行海外并购的尝试阶段。新世纪伊始,伴随中国加入世贸组织,以及我国明确提出“走出去”战略,中国企业掀起海外并购热潮。并购浪潮中,中国企业的跨国并购的步伐逐步加快,法律法规体系也越来越完善。由于我国企业综合实力的不断增强,为了适应新形势,我国信贷资金支持政策不断向宽松化发展,导致我国跨国并购数量激增。并购,不仅能够优化企业的资源配置,合理利用企业的资源,而且能够为我国企业获取国外的新技术,提升创新能力,获取新的竞争优势。但是多年的研究发现,并购行为存在的普遍问题是并购的积极作用并没有维持长远,多数并购主体企业发展后劲不足,并购行为对被并购企业产生的积极影响却大于目标企业,这需要并购主体企业不断寻找有效的途径来维持并购产生的积极作用,充分发挥并购的协同作用,使企业做大做强。本文以双汇为研究对象,对双汇并购史密斯菲尔德公司的并购绩效进行研究。第一部分介绍了本论文的研究背景以及理论与现实的意义,研究方法与研究思路。第二部分解释了并购及并购绩效的含义,并介绍了并购的分类,指出双汇并购案所属为纵向并购。介绍了并购的相关理论基础,为本文研究并购绩效打下了基础。并购绩效的研究方法主要有事件研究法与会计指标法,两种方法分别从短期股价与长期指标对并购行为所产生的绩效进行分析。第三部分对并购案的相关状况进行分析,了解肉食品加工行业的发展背景、发展中所遇到的问题以及未来的发展趋势。得出虽然我国肉食品产品曾经出现过瘦肉精事件,消费者购买不太放心,但经过企业不断进行改进并多方监督,产品质量在不断改进。除此之外,对并购双方进行了简单的介绍,并阐述了并购的过程。虽然并购过程耗时长成本高,但双汇集团与史密斯菲尔德公司共同努力,不断协商,最终完成了此次并购。本文第四部分为双汇并购史密斯菲尔德绩效评价的实证环节,通过使用事件研究法以及会计指标法两种研究方法对双汇并购案的绩效进行了全面的分析,从而得出双汇并购案的并购信息提前泄露,导致双汇在并购后三日之内日超额收益率并没有大幅上升的现象,而并购案对双汇集团的长期发展起到了一定的作用,但是后劲不足,加上市场大环境的影响,双汇集团的长期指标也处在不断下降的趋势。同时,还加入了非财务指标评价,分别从客户角度、产品角度及员工学习与成长角度来分析评价并购的影响,得出并购起到了积极的作用这一结论。第五部分本文对双汇并购史密斯公司的并购绩效评价进行总结,找出双汇并购案中值得借鉴之处,为以后我国企业进行跨国并购提供经验。
[Abstract]:With the development of commodity economy, as a way of capital acquisitions, experienced from low-level to high-level development process. From the merger to now, there have been a total of five wave of mergers and acquisitions, each wave has its own characteristics, brings new features to the market economy, and to promote social and economic policy changes in a certain extent. More and more enterprises to join the wave of mergers and acquisitions, to expand their own purposes. Throughout the five wave, showing the time more and more short, characteristics of increasingly large scale. At the end of the last century, mainly for the trial stage of overseas mergers and acquisitions dominated by state-owned enterprises. At the beginning of the new century, with Chinese joined WTO, as well as China clearly put forward the strategy of "going out", China enterprises overseas mergers and acquisitions. Set off a wave of mergers and acquisitions Chinese cross-border mergers and acquisitions of enterprises to speed up the pace of law. Legal system is more and more perfect. The comprehensive strength of China's enterprises continue to strengthen, in order to adapt to the new situation, China's credit policy support to the development of loose, resulting in the number of cross-border mergers and acquisitions in China. The surge in mergers and acquisitions, not only can optimize the allocation of resources, rational use of resources of the enterprise, and the new technology can get abroad for Chinese enterprises, enhance innovation capability, obtain a new competitive advantage. However, years of research found that the general problem of mergers and acquisitions is the existence of the positive role of mergers and acquisitions did not last long, the majority of mergers and acquisitions enterprises lack of development potential, mergers and acquisitions has positive impact on corporate mergers and acquisitions have greater than the target enterprise, the need of mergers and acquisitions the main companies continue to find effective ways to maintain the positive effects of mergers and acquisitions, give full play to the synergy of mergers and acquisitions, so that enterprises bigger and stronger. In this paper, Shuanghui As the research object, to study the performance of merger acquisition company Smith Rumsfeld Shuanghui. The first part introduces the research background of this thesis and the theoretical and practical significance, research methods and research ideas. The second part explains the meaning of performance of mergers and acquisitions, mergers and acquisitions and introduced the classification, that belongs to Shuanghui merger as vertical mergers and acquisitions. It introduces the theoretical basis of mergers and acquisitions, mergers and acquisitions performance for this study lay the foundation. The method of the performance of mergers and acquisitions are mainly the event study method and accounting index method, the two methods are analyzed from the short-term stock price and long-term index generated on M & a performance. The third part analyzes the related situation of the merger the understanding of the background of the development of meat dish processing industry, the problems encountered in the development and the future trend of development. Although our products get meat dish at once After clenbuterol event, consumers do not worry, but after the enterprise continuous improvement and supervision, product quality in continuous improvement. In addition, the acquisition of both are introduced, and describes the process of mergers and acquisitions. Although the process is time-consuming and high cost, but Smith Rumsfeld and Shuanghui group company together time, negotiation, finally completed the acquisition. The fourth part is the empirical part of Shuanghui Smith Rumsfeld performance evaluation of mergers and acquisitions, mergers and acquisitions of the double exchange by using the event study method and accounting index method, the two methods of performance were comprehensively analyzed, thus obtains the Shuanghui merger acquisitions information leaked in advance, resulting in Shuanghui within three days after the merger, the excess rate of return does not rise, but the long-term development of the merger of Shuanghui group has played a certain role, but Lack of stamina, influence of environment on the market, long-term index of Shuanghui group has been continuously decreased. At the same time, also joined the non financial index appraisal respectively from the customer perspective, analysis and evaluation of the influence of M & a product perspective and employee learning and growth perspective, the merger has played a positive conclusion of this effect evaluation. The fifth part of this paper M & M & a performance of Smith company Shuanghui is summarized, find out the Shuanghui merger is worthy of reference, to provide experience for the Chinese enterprises to carry out cross-border mergers and acquisitions.

【学位授予单位】：河北师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82

【相似文献】