智慧松德并购大宇精雕的动因及绩效研究

发布时间：2018-06-03 17:48

本文选题：智慧松德 + 并购动因　；参考：《深圳大学》2017年硕士论文

【摘要】：近年来,在经济下行的压力大,印刷设备制造业面对新兴媒体的冲击再加上其行业自身重复建设严重,整个行业步入了调整期,呈现衰落的趋势,使得行业内竞争越发加剧,多家公司处境艰难,营业利润呈现负增长,面临着转型的重大压力。智慧松德作为印刷设备制造业中的一员,面临着整个行业低迷的困境,再加上自身因素,业绩逐年走低。在2013年甚至出现了利润亏损。为了扭转盈亏,智慧松德部署了外延性扩张之路,在2014年成功并购了大宇精雕100%股权,但是这次并购是否给智慧松德带来了良好的经济效益,并且扭转智慧松德走下坡路的局面,还尚无定论。智慧松德并购大宇精雕不仅完成了多方面的整合,还避免了人事的大幅变动。因此本文的主要研究重点就是分析此次并购事件的动因及绩效,然后根据并购的结果提出建议和对策。首先,本文介绍了论文研究问题的提出以及论文研究的意义和主要内容,然后简要的介绍了并购的相关理论和国内外文献综述,最后介绍了论文的研究方法。为下文奠定了基础。其次,本文介绍了智慧松德并购大宇精雕整个事件的概述以及并购发生的动因,接着还阐述了并购的主体、过程等,重点分析了并购双方在并购前的财务状况。再次,本文采用了传统的财务指标法对并购产生的财务绩效进行了研究分析,并且对绩效产生的原因进行了阐述。然后,本文采用了事件研究法来分析智慧松德此次并购事件给其带来的市场绩效,分析此次并购对股东财富带来的影响。接着,本文采用了经济增加值法对并购产生了绩效进行了研究,弥补了财务指标法的一些不足,可以更真实了反映企业的业绩情况。最后,分析总结了并购中存在的问题和成功之处,并且分析了问题产生原因,给出了相应的建议,对于存在的成功之处,也归纳出原因所在,以求给之后的并购提供一些参考。
[Abstract]:In recent years, under the pressure of the economic downturn, the printing equipment manufacturing industry is facing the impact of the new media and its own repeated construction is serious. The whole industry has stepped into a period of adjustment, showing a trend of decline, which makes the competition in the industry more and more intense. A number of companies are in a difficult situation, operating profits show negative growth, facing a major pressure of transformation. As a member of the printing equipment manufacturing industry, Wisdom Songde is facing the plight of the whole industry downturn, coupled with its own factors, the performance is declining year by year. There was even a profit loss in 2013. In order to reverse profits and losses, Wisdom Songde deployed the path of external expansion and successfully acquired 100% of Daewoo's fine carving shares in 2014. However, does this merger bring good economic benefits to Wisdom Songde? And to reverse the decline of wisdom Songde, there is no final conclusion. Wisdom Songde acquisition Daewoo sculpture not only completed the integration of many aspects, but also to avoid a large change in personnel. Therefore, the main research focus of this paper is to analyze the causes and performance of the M & A event, and then put forward suggestions and countermeasures according to the results of M & A. First of all, this paper introduces the research issues, the significance and main content of the paper, then briefly introduces the M & A theory and literature review at home and abroad, and finally introduces the research methods of the paper. Laid the foundation for the following. Secondly, this paper introduces the summation of the whole event and the causes of the merger and acquisition, and then expounds the subject and process of the merger and acquisition, and analyzes the financial situation of the two sides before the merger and acquisition. Thirdly, this paper uses the traditional financial index method to study and analyze the financial performance of M & A, and explains the reasons of the performance. Then, this paper uses the event research method to analyze the market performance and the impact of the merger and acquisition on shareholders' wealth. Then, this paper uses the method of economic added value to study the performance of M & A, which makes up for some shortcomings of the financial index method, and can reflect the performance of the enterprise more truthfully. Finally, this paper analyzes and summarizes the problems and successes in M & A, and analyzes the causes of the problems, and gives the corresponding suggestions, and concludes the reasons for the success of M & A in order to provide some references for the M & A after.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7;F271

【参考文献】