利亚德公司海外收购PLANAR公司的资金压力测试研究

发布时间：2018-01-07 23:02

本文关键词：利亚德公司海外收购PLANAR公司的资金压力测试研究　出处：《哈尔滨商业大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购活动一直是跨国公司增强综合实力最热衷的方式,同时有关并购的研究也一直是我国和世界财务学研究者的重要研究课题。在关于并购理论的研究中,并购的目标选择的研究,并购支付方式的研究,以及并购之后的绩效评价问题是研究人员研究并购活动的主要方向。从并购活动研究的范围可以看出,并购活动中涉及资金的问题是研究的核心内容,是影响并购成功率和并购绩效的关键问题。金融业的压力测试方法由于长期为宏观的金融市场和微观的金融机构提供了持续有效的定量风险分析的管理模式,并逐步在我国向非营利组织和制造企业使用,不但强化了我国学者和风险管理人员对风险进行定量分析的能力,更为企业提供了强化资金风险管理的有效措施。尤其在跨国并购活动中,企业的资金活动面临比国内并购活动和国内财务管理更加复杂的风险。将压力测试方法和我国跨国公司跨国并购活动结合,制定出符合资金管理实际的资金压力测试方法体系,有助于跨国公司提高综合财务管理水平和并购绩效水平,选取创业板上市公司利亚德首次海外并购的案例。通过文献研究方法进行并购相关理论和压力测试相关理论的分析,寻找论文研究的创新点。利用模型研究方法设计资金压力测试指标模型——资金缺口指标和现金流量覆盖率指标模型,利用模拟研究方法设定资金压力情景,结合公司实际股权收购PLANAR的过程和结果进行案例研究。通过现金流量覆盖率指标的计算发现,利亚德公司利用预算管理和资金计划管理手段实现了资金流入对流出项目的"覆盖",对于实际收购活动出现的资金缺口又及时启用了缺口筹资方案,最终保证了投资项目顺利进行。实现项目产出并使募集资金最终入账,而且在完成收购后使资产的盈利能力得到提升,资产质量获得优化。公司资本结构仍然合理,债务压力没有增加,最终实现了正向的绩效。通过对案例的研究总结出,跨国公司在海外并购时,需要着重考察目标对象,选择具备成长性,不会带来风险的目标单位作为被收购对象;另外,需要加强对资金的管理,由于并购活动需要大量的资金,筹资方案的选择与资金的筹集额度十分重要,公司的长短期绩效都会受到筹资活动的影响。并且,资金压力测试模型作为定量的风险管理工具,不单单局限于金融业的应用,非金融业更可以建立以资金压力测试模型为基础的全面资金风险管理体系。
[Abstract]:M & A activities have been the most enthusiastic way for multinational corporations to enhance their comprehensive strength. Meanwhile, the research on M & A has been an important research topic for financial researchers in China and the world. The research of the target choice of M & A, the study of payment method of M & A, and the performance evaluation after M & A are the main directions for researchers to study M & A activities, which can be seen from the scope of M & A activities research. The core of the study is the issue of funds involved in M & A activities. The stress test method of financial industry has provided a continuous and effective management mode of quantitative risk analysis for macro financial market and micro financial institutions for a long time. And gradually used in our country to non-profit organizations and manufacturing enterprises, not only strengthen the ability of Chinese scholars and risk managers to carry out quantitative analysis of risk. More enterprises provide effective measures to strengthen capital risk management, especially in cross-border M & A activities. Capital activities of enterprises face more complex risks than domestic M & A activities and domestic financial management. The stress test method is combined with transnational M & A activities of multinational corporations in China. It is helpful for multinational corporations to improve the level of comprehensive financial management and M & A performance by establishing a testing system of capital stress in line with the actual situation of capital management. Selected the gem listed company Liad first overseas M & A case. Through the literature research method to carry on the merger and acquisition related theory and the stress test correlation theory analysis. In order to find the innovation of the paper, we design the capital pressure test index model-fund gap index and cash flow coverage index model by using the model research method, and use the simulation research method to set up the fund pressure situation. Combined with the actual stock acquisition of PLANAR process and results of the case study. Through the calculation of cash flow coverage indicators found. Liad used budget management and fund plan management to achieve the "coverage" of capital inflows to outflow projects, and the gap financing scheme was used in time for the gap in actual acquisition activities. Finally, the investment project is guaranteed to proceed smoothly. The project output is realized and the raised funds are recorded finally, and the profitability of the assets is enhanced after the completion of the acquisition. The capital structure of the company is still reasonable, the debt pressure has not increased, and finally achieved positive performance. Through the case study, it is concluded that multinational companies in overseas mergers and acquisitions. It is necessary to focus on the target object and select the target unit which has the growth and will not bring the risk as the acquired object. In addition, there is a need to strengthen the management of funds, since M & A activities require a large amount of funds, the choice of financing options and the amount of funds raised is very important. The long-term and short-term performance of the company will be affected by the financing activities. Moreover, as a quantitative risk management tool, the capital stress test model is not limited to the application of the financial industry. Non-financial industry can also establish a comprehensive capital risk management system based on capital stress test model.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F406.7;F271

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