XT电化并购XT市污水处理公司的绩效研究

发布时间：2018-05-29 23:44

本文选题：并购 + 并购绩效　；参考：《湘潭大学》2017年硕士论文

【摘要】：金融危机之后,经济环境日益恶劣和行业竞争风险加剧使得近几年全球经济增长速度逐步放缓,受到一系列不确定因素的影响,我国经济复苏之路仍然崎岖难行。在此大背景下,我国经济经济增长动力不足,使得我国许多工业企业尤其是化工行业企业的市场竞争环境日趋激烈,企业经营管理绩效每况愈下;为应对这些状况,企业纷纷采取并购的扩张策略来提升自身竞争实力和市场优势,希望能突破桎梏,赢得先机。扩张策略主要分为内部扩张和外部扩张,受制于企业自身实力和行业发展风险,企业内部扩张的过程往往比较缓慢且效果不佳;因此越来越多的企业热衷于通过并购的方式来寻求新的发展机会,通过进入新的领域,找到新的企业发展点来实现企业转型升级的战略目标。并购作为企业实现资源配置和外部治理的经营手段,其对企业发展是否有效自然地会落到对其并购绩效的检验工作上来。它能够直观反映出企业资源整合后的经济效果,能够说明并购是否使并购双方、或者参与并购的某一方公司的价值得到了提高、为公司的经营发展起到了正面积极的作用,并购方绩效或被并购方绩效如何衡量和检验已成为各界密切关注的热点。本文所选择的案例公司——XT电化,作为从事化工材料生产的老牌国企,所处行业产能过剩问题严重,新能源产品的发展、竞争对手实力的增强也使得行业竞争愈发激烈;而企业生产链下游的电池行业也竞争加剧,客户对企业产品质量要求越来越严格。这些因素都对公司产品的销售有一定的影响,从而也导致了公司的经营业绩的下滑。在此背景下,XT电化以定向增发的方式收购XT市污水处理有限责任公司,通过并购涉猎新的行业,规避现有的经营风险来寻求企业的发展出路。故对XT电化并购XT市污水处理有限公司的并购绩效进行分析具有一定的现实意义。本文通过经济增加值法和财务指标法对XT电化被并购后的绩效进行分析,我们能发现XT电化并购XT市污水处理公司之后,短期内其公司价值实现真正的增值,公司的财务状况得到了有效的改善,被并购方为XT电化带来了长期的利益,此案例并购活动为XT电化改革转型带来了机遇。本文通过绩效结果分析企业如何进一步改善经营状况,也能为在今后企业并购绩效考核的运用提供一些参考建议。
[Abstract]:After the financial crisis, the economic environment is getting worse and the industry competition risk intensifies, which makes the global economic growth speed slow gradually in recent years, influenced by a series of uncertain factors, our country's economic recovery road is still rugged and difficult. Under this background, the economic growth power of our country is insufficient, which makes the market competition environment of many industrial enterprises, especially chemical industry enterprises, become more and more intense, and the performance of enterprise management is getting worse. M & A expansion strategy has been adopted to enhance their competitive strength and market advantages, hoping to break through the shackles and win the first chance. The expansion strategy is mainly divided into internal expansion and external expansion, which is restricted by the strength of the enterprise and the risk of industry development. The process of internal expansion is often slow and the effect is not good. Therefore, more and more enterprises are keen to seek new development opportunities through mergers and acquisitions, and to achieve the strategic goal of enterprise transformation and upgrading by entering new fields and finding new development points. M & A, as a management means of realizing resource allocation and external governance, will naturally fall into the test of the performance of M & A on whether it is effective or not for the development of enterprises. It can directly reflect the economic effect of enterprise resources integration, can explain whether M & A can improve the value of both sides of M & A, or one of the companies involved in M & A, and play a positive role in the management and development of the company. How to measure and test the performance of M & A or M & A has become the focus of attention. As an old state-owned enterprise engaged in the production of chemical materials, the case company XT selected in this paper has serious problems of overcapacity in the industry, the development of new energy products and the enhancement of the strength of competitors also make the competition of the industry more fierce. But the battery industry downstream of the enterprise production chain also intensifies the competition, the customer to the enterprise product quality request is more and more strict. These factors have a certain impact on the sales of the company's products, which also led to a decline in the company's operating performance. Under this background, XT Audio-electric Company acquires XT Municipal sewage treatment Co., Ltd by means of directional additional issuance, and seeks the way out for the development of the enterprise by M & A on new industries and avoiding the existing operating risks. Therefore, it is of practical significance to analyze the performance of XT Audio merger and acquisition of XT Municipal sewage treatment Co., Ltd. In this paper, we analyze the performance of XT by means of economic added value method and financial index method. We can find that XT can realize real value added in the short term after the merger of XT with XT municipal sewage treatment company. The financial situation of the company has been effectively improved, the acquired party has brought long-term benefits for XT electrification, and this case of merger and acquisition has brought opportunities for the transformation of XT electrification reform. This paper analyzes how to further improve the business situation through the results of performance analysis, which can also provide some reference suggestions for the application of M & A performance appraisal in the future.
【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】：F426.7;F271;F406.7

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