大北农并购南京天邦绩效分析

发布时间：2018-01-24 17:12

  本文关键词： 并购 动因 绩效 股东财富 协同效应　出处：《沈阳农业大学》2017年硕士论文　论文类型：学位论文

【摘要】：伴随着市场经济的发展和行业竞争的加剧,各行各业都将迎来新的挑战,不断有新的企业加入和老的企业退出。特别是对于农牧类企业而言,产业利润相对较低,而集约化程度却不足,因而产业洗牌现象更加严峻。在这样的形势下,一大批农牧企业走向了并购道路。在大北农并购南京天邦的案例中,南京天邦由于经营问题,连年亏损,随时面临被淘汰的风险,而南京天邦所处的动保产业正是大北农未来战略布局的方向。因此,在这样的条件下,大北农接手南京天邦是最好的选择。论文在研究过程中采用了财务指标法、事件研究法、临床诊断法分析并购后对大北农财务、股东财富和经营战略的影响。本文得出的主要结论如下:(1)在财务绩效方面,由于南京天邦相对于大北农而言规模较小,且南京天邦由于经营不善导致盈利能力较差,因而南京天邦对大北农财务并未造成重大影响,而且从一些财务指标上看,南京天邦对大北农还造成了短期的负面影响。(2)在股东财富方面,大北农并购南京天邦后,大北农股价在事件日后有一定的上涨,对大北农股票的超额收益率和累计超额收益率都有积极的影响。这说明股价对事件信息反应能力较强,但由于大北农涉足动保产业时间较短,因而市场对其未来产业整合具有一定的担忧,所以在并购日后不久,大北农股价又开始走低。因而大北农并购南京天邦,只是对大北农股东财富带来短暂的利好。(3)在税收惠利方面,南京天邦的资产折旧和营业亏损都能抵扣大北农部分应纳税额。而且南京天邦属于中小型高新技术企业,出于对产业的扶持,南京天邦享受国家税收优惠较大。大北农并购南京天邦不需要担心日后税收负担的加剧。(4)在战略协同方面,南京天邦所属的动保产业与大北农的饲料产业具有较高的行业协同性,具有相互促进作用;而且大北农已经开始积极部署动保产业的发展,所以并购南京天邦后,与自身的未来战略部署也不谋而合,能发挥较大的协同效应。总体而言,从短期来看,南京天邦并未给大北农带来可观财务绩效,在股东财富方面也只有短暂的利好。大北农在并购南京天邦后未立即获得可观绩效的情况下还在继续增持南京天邦股权,其目的主要在于其战略布局。动保产业毛利率较高,而且国家扶持力度较大,大北农并购南京天邦是为了做大做强其动保产业,因而大北农并购南京天邦主要是为了追求协同效应。
[Abstract]:With the development of market economy and the aggravation of industry competition, all kinds of industries will face new challenges, new enterprises will join and old enterprises will withdraw, especially for agri-pastoral enterprises. Industrial profits are relatively low, but the degree of intensification is insufficient, so the phenomenon of industrial reshuffle is more severe. Under this situation, a large number of agricultural and pastoral enterprises have moved to the road of merger and acquisition. In the case of Dabei Agriculture merger and acquisition of Nanjing Tianbang. Nanjing Tianbang is facing the risk of being eliminated at any time because of its operating problems and losing money year after year, and the mobile insurance industry in Nanjing Tianbang is the direction of the future strategic layout of North China Agriculture. Therefore, under such conditions. Dabei Nong took over Nanjing Tianbang is the best choice. In the research process, the paper used financial index method, event research method, clinical diagnosis method to analyze the merger and acquisition of the North Agricultural Finance. The main conclusions of this paper are as follows: 1) in terms of financial performance, the scale of Nanjing Tianbang is smaller than that of North China. Because of the poor management of Nanjing Tianbang led to poor profitability, so Nanjing Tianbang did not have a significant impact on the Northern Agricultural Finance, and from the perspective of some financial indicators. Nanjing Tianbang also caused a short-term negative impact on North China farmers. (2) in terms of shareholder wealth, Da Bei Peasants' share prices rose after the merger of Nanjing Tianbang. It has a positive effect on the excess return rate and cumulative excess return rate, which indicates that the stock price has a strong ability to react to the incident information, but because of the short time for the North farmers to step into the insurance industry. As a result, the market has certain concerns about its future industrial integration, so soon after the M & A, the shares of Da Bei Nong began to decline again. It only brings short-term benefits to the stockholders' wealth in North China) in the aspect of tax benefits. Nanjing Tianbang assets depreciation and operating losses can deduct part of the tax payable in Dabei agriculture. And Nanjing Tianbang is a small and medium-sized high-tech enterprises, out of support to the industry. Nanjing Tianbang enjoys greater tax benefits. Dabei Agriculture M & A Nanjing Tianbang does not need to worry about the future tax burden. 4) in strategic coordination. Nanjing Tianbang belongs to the mobile insurance industry and the feed industry of North China agriculture has a higher industry synergy and mutual promotion; And Dabei farmers have begun to actively deploy the development of mobile insurance industry, so after the acquisition of Nanjing Tianbang, and their future strategic deployment also coincide, can play a greater synergistic effect. Overall, from a short-term perspective. Nanjing Tianbang did not bring considerable financial performance to North China agriculture. In terms of shareholder wealth there is only a temporary positive. Dabei Nong in the acquisition of Nanjing Tianbang did not immediately get significant performance in the case of continued to increase the Nanjing Tianbang shares. Its purpose is mainly in its strategic layout. The gross profit rate of mobile insurance industry is high, and the strength of state support is greater. The North China Agriculture merger and acquisition of Nanjing Tianbang is to make the industry bigger and stronger. As a result, Dabei Agriculture M & A Nanjing Tianbang is mainly for the pursuit of synergy.
【学位授予单位】：沈阳农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F324.6
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本文编号：1460560