基于现金增加值的并购价值创造研究——以吉利并购沃尔沃为例
发布时间：2018-12-07 20:56
【摘要】：本文以吉利并购沃尔沃事件为例,以吉利汽车2007~2012年的数据为样本,分别以现金增加值(CVA)指标和经济增加值(EVA)指标对该并购行为的价值创造情况进行对比研究。结果发现,两个指标反映的价值创造情况不同,虽然两个指标均反映企业价值增加,但CVA指标反映企业在并购当年的业绩下降,并购当年比并购前一年CVA降低,并购不但没有给企业创造新的价值,还损毁了企业的部分价值。而EVA指标反映企业在并购当年价值提升,价值创造明显,并购为企业创造了价值。本文对这两个指标产生的差异进行了分析,指出CVA指标弥补了EVA指标的缺陷,在对企业并购价值创造进行分析时更适合使用CVA指标。
[Abstract]:Taking Geely's merger and acquisition of Volvo as an example, taking Geely Automobile's data from 2007 to 2012 as a sample, this paper makes a comparative study on the value creation of Geely M & A with the index of cash added value (CVA) and the index of economic value added (EVA). The results show that the two indexes reflect different value creation. Although the two indexes reflect the increase of enterprise value, the CVA index reflects the decline of the performance of the enterprise in the year of M & A, and the CVA of the year of M & A is lower than that of the year before M & A. M & A not only did not create new value for the enterprise, but also damaged part of the value of the enterprise. The EVA index reflects that the value of M & A is increased and the value created is obvious. M & A creates value for the enterprise. This paper analyzes the differences between the two indexes, and points out that the CVA index makes up the defect of EVA index, and it is more suitable to use CVA index when analyzing the value creation of M & A.
【作者单位】： 辽宁大学商学院;
【基金】：辽宁省科技厅项目“并购行为对企业价值创造影响分析”资助
【分类号】：F271;F406.72;F426.471
[Abstract]:Taking Geely's merger and acquisition of Volvo as an example, taking Geely Automobile's data from 2007 to 2012 as a sample, this paper makes a comparative study on the value creation of Geely M & A with the index of cash added value (CVA) and the index of economic value added (EVA). The results show that the two indexes reflect different value creation. Although the two indexes reflect the increase of enterprise value, the CVA index reflects the decline of the performance of the enterprise in the year of M & A, and the CVA of the year of M & A is lower than that of the year before M & A. M & A not only did not create new value for the enterprise, but also damaged part of the value of the enterprise. The EVA index reflects that the value of M & A is increased and the value created is obvious. M & A creates value for the enterprise. This paper analyzes the differences between the two indexes, and points out that the CVA index makes up the defect of EVA index, and it is more suitable to use CVA index when analyzing the value creation of M & A.
【作者单位】： 辽宁大学商学院;
【基金】：辽宁省科技厅项目“并购行为对企业价值创造影响分析”资助
【分类号】：F271;F406.72;F426.471
【参考文献】
相关期刊论文 前9条
1 舒强兴,郭海芳;中国上市公司并购价值创造的实证研究[J];财经理论与实践;2003年05期
2 李延喜,郭晓e，
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