宝莱特并购重庆多泰绩效研究

发布时间：2018-03-28 00:37

本文选题：并购　切入点：绩效　出处：《湘潭大学》2017年硕士论文

【摘要】：近些年来,在产业变革和技术发展的推动下,公司除了依靠内源增长,也在不断通过兼并重组购买增长、整合资源等外源增长方式来提高产业经营效率。在过去的三十年里,中国已成为世界第二大经济体,企业不仅通过参加市场化竞争来逐步提高生产经营效率,也在通过收购、兼并等方式进一步提高公司的规模与市场占有率。然而,即使有很多企业能在经济发展的浪潮中迎难而上,迈向辉煌,但仍然有一些企业不得不面对优胜劣汰的生存法则,接受失败的命运。如何让企业的并购活动实现预期的协同效应,是目前的研究重点。针对目前发生的企业并购现象,国内外学者运用实证研究、案例研究等方法进行了相关研究,从并购动因、并购方式、以及并购绩效变化情况等方面进行了深入研究。就并购动因而言,研究重点主要是在协同效应理论、自由现金流理论、管理者自负理论等理论基础上,结合样本数据来进行分析得出的。就并购绩效而言,研究结论有一定区别:部分研究表明企业的绩效在并购之后会显著变好,而另一部分研究结论则表明企业的绩效会因并购事件而变差。但无论如何,运用国外学者的研究方法在我国进行研究是不妥当的。我国资本市场的起步较晚,各方面都不是很健全。基于我国资本市场的特点,学者们认为:在我国仅仅运用股价变化来衡量企业价值的变化是不妥当的,应该在此基础上结合相关财务数据,进行全面综合的分析。本文回顾了国内外关于企业并购以及并购绩效研究的相关文献,以协同效应理论、委托代理理论、自由现金流理论以及管理者自负理论为基础,结合我国企业并购的发展历程以及相关法律法规,以宝莱特并购重庆多泰作为案例,通过国泰安数据库和巨潮资讯网提供的相关财务数据,分析宝莱特并购重庆多泰的并购绩效。本文使用事件研究法检验了市场对该起并购事件的态度以及短期绩效,并利用财务指标分析对企业并购完成之后数年的长期绩效状况进行了分析研究,得出了宝莱特在并购之后,一定程度上实现了正向协同效应的结论。本文通过案例分析,对企业并购提出了相关的建议和启示:应该进一步完善与并购相关的法律法规,从根本上为我国的企业并购提供法律援助;应进一步加强市场监管力度,强化穿透式监管;在企业并购时应综合考虑各方面的因素,争取将“好钢用在刀刃上”,不要白白浪费企业来之不易的资本积累;在并购完成之后,应结合各方资源,运用合理的方式方法迅速整合企业资源,让并购活动为企业带来预期的正向收益。
[Abstract]:In recent years, driven by industrial change and technological development, the company, in addition to relying on endogenous growth, is also constantly increasing its efficiency through mergers and acquisitions, purchasing growth, integrating resources, and other exogenous growth methods. In the past 30 years, China has become the second largest economy in the world. Enterprises not only increase the efficiency of production and operation by taking part in the market competition, but also further increase the size and market share of the companies by means of acquisitions, mergers, etc. However, Even though there are many enterprises that can rise to glory in the tide of economic development, there are still some enterprises that have to face the survival laws of the survival of the fittest. Accept the fate of failure. How to achieve the expected synergy of M & A activities is the focus of current research. In view of the current M & A phenomenon, domestic and foreign scholars use empirical research. Case study and other methods have carried on the related research, from the M & A motivation, M A mode, M A performance changes and other aspects of in-depth research. In terms of M & A motivation, the focus of the study is mainly on the synergy theory. On the basis of the theory of free cash flow and the theory of manager's conceit and combining with the sample data, the conclusion of the study is different: some studies show that the enterprise's performance will improve significantly after M & A. However, it is not appropriate to use the research methods of foreign scholars to do research in our country. The capital market of our country starts relatively late, and the capital market of our country starts relatively late, and the conclusion of the other part of the study shows that the performance of the enterprises will be worse because of the M & A events. Based on the characteristics of China's capital market, scholars believe that it is not appropriate to use the change of stock price to measure the change of enterprise value in our country, which should be combined with relevant financial data. This paper reviews domestic and foreign literatures on M & A and M & A performance, based on the theory of synergy, principal-agent theory, free cash flow theory and manager egotism theory. Combined with the development of M & A in our country and related laws and regulations, taking Baolet's merger and acquisition of Chongqing Duotai as a case, the relevant financial data provided by Cathay Pacific's database and Giant Tide Information Network, This paper analyzes the performance of Baolet's merger and acquisition of Chongqing Duotai. This paper uses event research method to test the market attitude to the merger and acquisition event and short-term performance. Using the financial index analysis, this paper analyzes and studies the long-term performance of the enterprise after the completion of M & A., and draws the conclusion that the positive synergistic effect is realized to some extent after the merger and acquisition. This paper puts forward some suggestions and revelations for enterprise M & A: we should further perfect the laws and regulations related to M & A and provide legal aid for our country's M & A fundamentally, strengthen the market supervision and strengthen the penetrating supervision. We should take all factors into account when the merger and acquisition of enterprises, strive to use "good steel on the blade", do not waste the enterprise's hard-won capital accumulation in vain; after the completion of the merger and acquisition, we should combine the resources of all parties. Using reasonable ways and means to integrate enterprise resources quickly, so that M & A can bring the expected positive income to the enterprise.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.46;F271;F406.7

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