中国南北车并购的协同效应研究

发布时间：2018-01-25 16:10

本文关键词： 横向并购国企动因制度背景协同效应　出处：《广东财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：为顺应全球市场经济的迅猛发展的趋势,实现企业规模扩张和财务绩效的增长,兼并收购等方式被越来越多的企业用于生产要素和资本的集中。而我国的国企也有基于这样的动因实行并购,而且国家政策正助推国企改革,掀起国企的并购浪潮,“一带一路”战略的实施,国企抱团取暖走出国门并购案例也不在少数。基于政策性的战略并购,对于国企而言究竟是正面影响还是负面效应还取决于并购的动因以及并购后并购方与目标企业能否发挥协同效应。因此,本文以中国南车股份有限公司(简称中国南车)和中国北车股份有限公司(简称中国北车)的并购活动为案例,深入剖析本案例并购的动因以及协同效应的实现情况。本文首先对并购动因和协同效应国内外的研究现状及相关理论进行归纳梳理,为后面的案例分析提供理论依据。案例部分先对中国南北车并购的内外部动因进行阐述,利用会计指标法并结合前文分析的动因中找出与本案例各协同效应匹配的角度分析中国南北车并购在经营、财务、管理三方面的协同效应。根据对案例的深入剖析,本文总结得出中国南北车并购在短期内实现了一定程度的协同效应的结论,对国企横向并购协同效应实现的启示在于并购需遵从市场化的并购选择,重视目标企业选择的相关性,支付方式具备的合理性,并购完成的有效资源整合以及构建长期协同效应的评价体系并触发激励作用。
[Abstract]:In order to comply with the rapid development of the global market economy, to achieve the expansion of enterprise size and financial performance growth. Mergers and acquisitions have been used by more and more enterprises to concentrate factors of production and capital, and China's state-owned enterprises are also based on such motives to implement mergers and acquisitions, and national policies are promoting the reform of state-owned enterprises. Set off the wave of mergers and acquisitions of state-owned enterprises, the implementation of the "Belt and Road" strategy, state-owned enterprises to warm up abroad M & A cases are not few. Based on the policy of strategic mergers and acquisitions. For state-owned enterprises, whether the positive or negative effects also depends on the motivation of M & A and whether the M & A and target enterprises can play a synergistic effect. This paper takes the M & A activities of China Southern car Co., Ltd. and China North car Co., Ltd. (CNR) as a case study. Deeply analyze the motivation of M & A in this case and the realization of synergy effect. Firstly, this paper summarizes the current research situation and related theories of M & A motivation and synergy at home and abroad. For the case analysis of the following theoretical basis. The case of the first part of the north-south car merger and acquisition of China's internal and external motivation to elaborate. Using the accounting index method and combined with the previous analysis of the motivation to find out the case with the synergy of the point of view of M & A in China North-South M & A in business, finance. According to the in-depth analysis of the case, this paper summarizes the conclusion that the north-south car merger and acquisition of China achieved a certain degree of synergy in the short term. The enlightenment to the realization of horizontal merger and acquisition synergy effect of state-owned enterprises is that M & A should comply with the market choice of M & A, attach importance to the relevance of the choice of target enterprises, and pay attention to the reasonableness of payment methods. The effective resource integration of M & A and the evaluation system of long-term synergistic effect are constructed and the incentive effect is triggered.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.472;F406.7

【参考文献】