惠而浦并购合肥三洋的资本协同效应研究

发布时间：2018-05-01 05:42

本文选题：技术资本 + 知识资本　；参考：《兰州财经大学》2017年硕士论文

【摘要】：随着经济全球化的不断发展,越来越多的企业试图通过并购来获得重要的战略资源、迅速占领和扩大市场、实现协同效应。并购在企业家眼里已然是一种帮助企业迅速发展的催化剂。然而,并非所有的并购行为,都能给投资者带来满意的答案。人们通常利用是否实现协同效应来判断企业并购整合的成果。在现阶段的研究中,协同效应主要从经营、管理、财务三个角度来分析说明。笔者认为,企业并购,直接增加的就是要素资本。并购整合的重心则是要素资本的重新配置及利用。因此,本文以要素资本为切入点,研究企业并购活动中由要素资本产生的协同效应。本文首先回顾了并购的相关理论,主要解释了并购的概念及类别,并对并购动因理论进行了总结。接下来使用文献综述的方法总结了协同效应相关研究,与绝大多数研究不同的是,笔者增加了从要素资本角度研究协同效应的内容。由于对要素资本的研究较多,因此对本文研究的技术资本、知识资本、信息资本进行了统一的概念界定。具体分析了各个要素资本在并购活动中产出协同效应的实现机理。其次以惠而浦并购合肥三洋为例,具体介绍了并购双方的基本情况,并购背景、并购动因及并购过程。从技术资本、知识资本、信息资本这三个方面,利用定性及定量相结合的分析方法,具体分析了各要素资本所实现的协同效应。最后,通过案例的实际情况,为我国企业并购提供新的启示。
[Abstract]:With the development of economic globalization, more and more enterprises try to acquire important strategic resources through mergers and acquisitions, quickly occupy and expand the market, and achieve synergy. M & A has been a catalyst for the rapid development of enterprises in the eyes of entrepreneurs. However, not all mergers and acquisitions can bring satisfactory answers to investors. People usually use whether to achieve synergy to judge the results of M & A integration. In the present research, synergy effect is analyzed from three angles of management, management and finance. The author thinks, enterprise merger and acquisition, what increase directly is element capital. The focus of M & A integration is the reconfiguration and utilization of factor capital. Therefore, this paper takes factor capital as the starting point to study the synergetic effect produced by factor capital in M & A activities. This paper first reviews the relevant theories of M & A, mainly explains the concept and category of M & A, and summarizes the theory of M & A motivation. Then we use the literature review method to summarize the synergistic effect research. Different from most of the studies, the author adds the content of the synergistic effect research from the factor capital point of view. Since there are many researches on factor capital, this paper defines the concept of technology capital, knowledge capital and information capital. The realization mechanism of output synergy in M & A activities is analyzed in detail. Secondly, taking Whirlpool's merger and acquisition of Hefei Sanyo as an example, the paper introduces the basic situation, background, motivation and process of merger and acquisition. From the three aspects of technical capital, knowledge capital and information capital, the synergetic effect of each factor capital is analyzed concretely by using qualitative and quantitative analysis methods. Finally, through the actual situation of the case, provides new enlightenment for our country enterprise merger and acquisition.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F416.6

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