外资并购对KH公司的绩效影响研究

发布时间：2018-01-29 22:37

本文关键词： 外资并购财务绩效企业价值　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：在经济全球化的今天,中国吸引到的外资规模不断创出新高,外资并购交易数量及占比大幅增加,外资已经成为我国经济发展中密不可分的部分,不仅影响着我国企业的发展,同时也影响着我国市场经济的成长。随着中国市场化改革深入推进,外资不仅仅可以参股企业,甚至可以对企业进行控股,成为公司的实际控制人。这对于我国企业来说,是机遇也是挑战。当外资通过并购取得企业足够控制权时,它作出的任何决策都会影响到企业未来的发展。所以,在外资大量涌入的当下,我们如何利用、引导外资使它为企业带来效益,是我们当前需要思考的问题。目前,我国外资并购的研究主要集中于大数据下的实证分析,却很少深入细节对事件进行具体研究。而本文主要通过对外资并购案例的剖析,深入企业探讨了外资并购对企业绩效的影响作用,为企业发展提供具体的参考和建议。本文首先从外资并购的动因出发,分别从并购方和被并购方角度研究了促成此次外资并购的原因。再分别从短期指标和长期价值两个方面研究了外资并购对KH公司的绩效影响,并深入企业分析了绩效变动原因和外资影响机制。通过外资并购KH公司的案例研究表明,外资并购并没有提高KH公司的短期绩效,甚至对KH公司的短期绩效指标有负面作用。但是外资通过后期对被并购企业包括管理、战略、产品等方面的整合工作,将自身携带的优势快速应用于被并购企业,不仅提高了被并购企业的价值水平,并且为被并购企业的长期发展提供了强劲动力。根据案例分析,本文针对外资并购提出了相关建议,首先企业应当抓住机会,引入与企业发展目标一致的外资企业,合理利用外资优势。其次,在企业外资并购实践中,关注企业短期效益变化的同时,应当更加注重外资并购对企业长期发展的影响。最后,企业应重视并购后整合活动,平稳推进企业整合工作的进行。
[Abstract]:In today's economic globalization, the scale of foreign capital attracted by China has set a new record, the number and proportion of foreign M & A transactions have increased significantly, foreign investment has become an inseparable part of the economic development of our country. Not only affects the development of Chinese enterprises, but also affects the growth of China's market economy. With the deepening of China's market-oriented reform, foreign capital can not only participate in the enterprise, or even control the enterprise. To become the actual controller of the company. This is an opportunity and a challenge for Chinese enterprises. When foreign capital acquires sufficient control rights through mergers and acquisitions. Any decision it makes will affect the future development of the enterprise. Therefore, how to use and guide the foreign capital to bring benefits to the enterprise at the moment of the influx of foreign capital. At present, the research of foreign capital M & A in China is mainly focused on the empirical analysis under big data. However, few in-depth details of the specific study of events. And this paper mainly through the analysis of foreign M & A cases, in-depth study of foreign M & A on corporate performance. To provide specific reference and suggestions for the development of enterprises. Firstly, this paper starts from the motivation of foreign M & A. From the perspective of M & A and M & A, this paper studies the causes of FDI M & A. and the impact of M & A on the performance of KH from two aspects of short-term index and long-term value. Through the case study of foreign capital merger and acquisition of KH company, it shows that foreign capital M A does not improve the short-term performance of KH company. Even on the short-term performance indicators of KH has a negative effect. But foreign investment through the later M & A enterprises including management, strategy, products and other aspects of integration work. The rapid application of its own advantages to the M & A enterprises not only improves the value level of the M & A enterprises, but also provides a strong impetus for the long-term development of the M & A enterprises. According to the case study. This paper puts forward the relevant suggestions for foreign capital M & A. Firstly, enterprises should seize the opportunity to introduce foreign capital enterprises that are consistent with the enterprise development objectives, and make rational use of foreign capital advantages. Secondly, in the practice of foreign capital M & A, enterprises should take advantage of foreign investment. At the same time, we should pay more attention to the influence of foreign capital mergers and acquisitions on the long-term development of enterprises. Finally, enterprises should attach importance to the integration activities after mergers and acquisitions, and smoothly promote the enterprise integration work.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.4;F271;F832.6

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