双汇国际海外并购史密斯菲尔德绩效研究

发布时间：2018-02-06 05:23

本文关键词： 企业海外并购双汇国际史密斯菲尔德并购绩效 BSC　出处：《石河子大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购作为实现企业优化产业资源配置和实现规模效益的主要手段。在理论方面,并购为企业创造价值的理论主要体现在并购协同效应增加以及通过并购后带来的企业经营多元化等方面。但是许多并购案例可以看出,并购并不能为企业带来经济附加值。在市场经济的大环境下,海外并购逐渐成为大型企业集团进行战略性经营活动的重要组成部分。在政府相关政策的感召下,中国的许多企业开始加入海外并购的队伍中,因此,我国企业海外并购的数量大幅增长,海外并购交易规模也越来越大,同时伴随着一系列问题的出现。一些企业在并购活动中为公司带来经济价值,为公司绩效增加创造了条件,相反有些公司在海外并购后的财务业绩却是日益下滑,使股东利益受到打击。中国食品类企业在海外并购中经验缺乏,因而,在市场经营风险依然存在的情况下研究海外并购后的绩效是本文主要的研究问题。本文以双汇国际海外并购史密斯菲尔德为例,深入分析海外并购绩效问题。本文首先阐述了研究背景以及海外并购绩效的相关理论,梳理国内外学者在海外并购方面的研究;其次,具体介绍我国食品企业海外并购发展现状和并购特征,接着对双汇国际海外并购史密斯菲尔德的案例背景进行介绍;最后,对海外并购后绩效分别从短期和长期两个方面来分析。在短期绩效方面运用事件研究法分析并购后股东价值是否增加,在长期绩效上采用财务指标法和平衡计分卡法相结合分析了并购双方企业在并购这一经济活动发生后绩效变化,并对形成绩效变化的原因进行分析。结果显示,双汇国际此次并购后股东财富逐步增加,呈现不断上升的发展趋势。最后,总结出本文的研究结论:(1)双汇国际此次海外并购在一定时期内为公司创造了价值。(2)双汇国际的海外并购是双汇实现战略经营的重要环节。双汇在海外并购之后获得了海外先进技术,整合了猪肉加工产业链,提升公司的产品形象,同时提高了双汇在肉制品类企业中的核心竞争力。(3)双汇国际并购史密斯菲尔德成功的原因主要有并购前正确决策,选择的并购对象符合公司战略要求,国际银行等金融机构和国内政策的支持都为海外并购顺利实施提供了保障。
[Abstract]:M & A is the main means to optimize the allocation of industrial resources and achieve economies of scale in theory. The theory that M & A creates value for enterprises is mainly reflected in the increase of M & A synergy and the diversification of business management after M & A. but many cases of M & A can be seen. Mergers and acquisitions can not bring economic added value to enterprises. In the market economy environment, overseas mergers and acquisitions gradually become an important part of strategic business activities of large enterprise groups. Many enterprises in China begin to join the ranks of overseas M & A. Therefore, the number of overseas M & A of Chinese enterprises has increased significantly, and the scale of overseas M & A transactions has also become larger and larger. Along with the emergence of a series of problems, some enterprises in M & A activities bring economic value to the company, creating conditions for the increase of corporate performance. On the contrary, the financial performance of some companies after overseas mergers and acquisitions is declining, hurting the interests of shareholders. Chinese food companies are inexperienced in overseas mergers and acquisitions, so. It is the main research problem of this paper to study the performance of overseas M & A under the condition that the market management risk still exists. This paper takes Shuanghui International overseas M & A as an example. Firstly, this paper expounds the research background and the relevant theories of overseas M & A performance, and combs the domestic and foreign scholars' research on overseas M & A. Secondly, it introduces the development status and characteristics of overseas M & A of Chinese food enterprises, and then introduces the case background of Shuanghui International's overseas M & A of Smithfield. Finally, the performance of overseas M & A is analyzed from two aspects of the short-term and long-term. In the short-term performance analysis, using the event study method to analyze whether the value of shareholders after M & A increases. In terms of long-term performance, the financial index method and balanced scorecard method are used to analyze the performance changes of M & A enterprises after the economic activity of M & A, and the reasons for the change of performance are analyzed. The results show that. After the acquisition of Shuanghui International shareholders' wealth gradually increased, showing a rising trend of development. Finally. Summing up the research conclusion of this paper: (1) Shuanghui International's overseas M & A has created value for the company within a certain period of time. The overseas M & A of Shuanghui International is an important link in the strategic management of Shuanghui. After the overseas M & A, Shuanghui acquired advanced overseas technology. Integrated the pork processing industry chain to enhance the company's product image. At the same time, it improves the core competence of Shuanghui in meat products enterprises.) the main reasons for the success of Shuanghui International M & A in Smithfield are the correct decision before M & A, and the target of M & A is in line with the strategic requirements of the company. International banks and other financial institutions and domestic policies support the successful implementation of overseas mergers and acquisitions.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82;F406.7

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