华帝股份并购百得厨卫的财务效应研究

发布时间：2018-01-09 08:34

本文关键词：华帝股份并购百得厨卫的财务效应研究　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着社会主义市场经济的快速发展,并购已经成为我国企业取得市场竞争优势的重要经济手段。近些年,从传统行业并购到新兴行业并购,从同行业并购到跨行业并购,从国内并购到跨国并购,企业并购事件层出不穷,数量逐年上升,规模也在不断扩大。作为家电行业的一个重要高利润领域,厨卫电器行业的竞争也日趋激烈,为了及时的扩大市场规模、抢占新市场,厨电企业通过并购获得外延式快速发展显得异常重要。本文拟以华帝股份并购百得厨卫案例为研究对象,深入分析并购所产生的财务效应,为厨卫电器行业企业的并购理论与实践提供参考。本文通过运用主成分分析法、事件研究法等研究方法,以华帝股份并购百得厨卫案例为研究对象,深入分析了华帝股份并购百得厨卫的协同效应、并购对经营绩效的影响及并购事件的市场反应等问题。本文主要分为五个部分:第一部分绪论。主要介绍研究背景及意义等内容;第二部分理论基础及文献综述。主要阐述并购的相关基础理论及国内外研究现状;第三部分华帝股份并购案例背景及动因分析。主要介绍华帝股份并购案例的简要情况,并进行了SWOT分析与并购动因分析;第四部分华帝股份并购案例的财务效应分析。深入分析华帝股份并购的协同效应、对综合绩效EVA的影响及并购事件的市场反应;第五部分研究结论与启示。总结研究的结论与启示。通过上述研究,本文得出如下结论:(一)并购取得了良好的管理协同、经营协同和财务协同效应;(二)并购有效促进了华帝股份中长期绩效的增长;(三)并购取得了良好的市场反应,投资者视并购为利好消息,增加了股东财富。
[Abstract]:With the rapid development of the socialist market economy, mergers and acquisitions have become an important means of China's enterprises to obtain competitive advantage in the market. In recent years, from the traditional industry mergers and acquisitions to emerging industry mergers and acquisitions, mergers and acquisitions from the same industry to cross industry mergers and acquisitions, mergers and acquisitions from domestic to international mergers and acquisitions, mergers and acquisitions events emerge in an endless stream, the number increasing year by year, the scale is also expanding as an important field of high profit of the home appliance industry, kitchen appliances industry has become increasingly fierce competition, in order to expand the market, seize the market, kitchen electric enterprises through mergers and acquisitions to obtain epitaxial rapid development is very important. This paper intends to stake in Vatti merger Black & Decker kitchen case as the object of study, in-depth analysis of the financial effects of mergers and acquisitions the theory and practice to provide a reference for the acquisition of kitchen appliances industry. In this paper, using the principal component analysis, event study The research methods of law, to the acquisition of shares in Vatti Black & Decker kitchen case as the object of study, in-depth analysis of the synergistic effect of the acquisition of shares in Vatti Black & Decker kitchen, M & A impact on business performance and market reaction of mergers and other issues. This paper is divided into five parts: the first part is the introduction. It mainly introduces the research background and significance of the content; the second part is the theoretical basis and literature review. Research status at home and abroad mainly expounds the basic theory of mergers and acquisitions; the third part shares of Vatti merger case analysis background and motivation are introduced briefly. Vatti shares merger cases, and conducted a SWOT analysis and acquisition motivation analysis; financial effect analysis of the fourth part of Vatti shares merger cases Vatti shares. Deep analysis of synergistic effect of mergers and acquisitions, the market reaction effect on the comprehensive performance of EVA and mergers; the fifth part of the study and conclusion Enlightenment. Sum up the conclusions and implications of the study. Through the above research, this paper draws the following conclusions: (a) MampA has achieved good collaborative management, collaborative management and financial synergies; (two) acquisition of the effective promotion of the long-term performance of Vatti shares in growth; (three) MampA has achieved good market response, investors M & as good news, increasing shareholder wealth.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7;F271

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