基于改进的DEA-AHP模型的苏宁集团并购绩效评价研究

发布时间：2018-02-13 21:26

  本文关键词： 并购绩效评价体系 企业集团 改进的DEA-AHP模型　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化的不断加深,资本流通速率的迅速加快,为了寻求生存与发展,企业除了通过业务进行资本积累之外,并购成为了企业重要的对外投资的形式之一。企业以此可以直接得到业务范围及企业规模的扩大,实现由内到外的全面化发展。随着上市公司并购活动的不断增多,判断企业并购的结果与预期是否相符,判断并购是否充分发挥了协同效应越来越重要。因此,企业建立并购绩效评价体系的必要性是十分突出的,尤其是对于大中型企业集团中各战略下属单位的整体并购评价。为确保并购计划的实施与前期的战略性计划相契合,可以达到集团整体利益最大化的目的,集团利用企业并购绩效评价将并购战略成果转化为一系列可量化的数据显示,通过对比内部历史数据、外部市场数据,最终对其并购结果做出理性判断。本文的研究思路是在回顾已有的国内外并购绩效研究的基础上,结合目前苏宁集团的并购绩效评价现状,选择出适合集团的并购绩效评价方法,在此基础上建立并购绩效评价体系。研究分析表明,苏宁控股集团自2009年以来,先后完成了以努比亚并购案为代表的多起并购活动。虽然两个企业的“交接更名”过程已经进行完成,但是后期的并购融合以及绩效评价是十分重要的。针对苏宁集团的组织形式,本文所研究的并购绩效评价体系主要包括两个层次。首先是运用DEA-AHP模型针对集团内部每一起单独的并购案例进行的绩效评价,这一层评价主要是针对并购行为的发生给每个下属子公司所带来的“积极影响”或“消极作用”作出判断,判断并购活动的“效率”与“效果”。第二个层次是基于企业集团角度的整体绩效评价,将集团视为一个集合,其中发生的每起并购案例均为其子集。在上一层次的基础上,运用模糊综合指标评价法,判断是否每个并购案的后期发展方向都符合企业集团发展的整体战略、符合企业价值最大化的目标。本文旨在为企业集团的并购决策提供可借鉴的并购绩效评价体系。
[Abstract]:With the deepening of economic globalization and the rapid acceleration of capital circulation rate, in order to seek for survival and development, enterprises not only accumulate capital through business, M & A has become one of the most important forms of foreign investment. Enterprises can get the expansion of business scope and enterprise scale directly, and realize the comprehensive development from inside to outside. With the increasing of M & A activities of listed companies, It is more and more important to judge whether the results of M & A and M & A are in accordance with expectations, and to judge whether M & A has brought into full play the synergistic effect. Therefore, the necessity of establishing M & A performance evaluation system is very prominent. In particular, the overall M & A evaluation of each strategic subordinate unit in large and medium-sized enterprise groups. In order to ensure that the implementation of the M & A plan coincides with the earlier strategic plan, the purpose of maximizing the group's overall interests can be achieved. Group use M & A performance evaluation to transform M & A strategic achievements into a series of quantifiable data display, by comparing internal historical data, external market data, Finally, it makes a rational judgment on the results of mergers and acquisitions. The research idea of this paper is to review the existing domestic and foreign M & A performance studies, combined with the current situation of performance evaluation of SUNING Group M & A. On the basis of choosing the appropriate M & A performance evaluation method for the group, the research and analysis show that SUNING holding Group has been holding the group since 2009, and established the M & A performance evaluation system. A number of mergers and acquisitions, represented by the Nubian merger case, have been completed successively. Although the "handover and renaming" process of the two enterprises has been completed, However, the merger and acquisition integration and performance evaluation in the later period are very important. In view of the organizational form of SUNING Group, The M & A performance evaluation system studied in this paper mainly includes two levels. Firstly, the performance evaluation of each individual M & A case within the group is carried out by using DEA-AHP model. This level of evaluation is mainly based on the "positive impact" or "negative effect" brought by the merger and acquisition behavior to each subsidiary. Judging the "efficiency" and "effect" of M & A activities. The second level is the overall performance evaluation based on the enterprise group perspective, which regards the group as a set, in which each case of M & A is a subset. The fuzzy comprehensive index evaluation method is used to determine whether the late development direction of each merger case is in line with the overall strategy of enterprise group development. The purpose of this paper is to provide an evaluation system of M & A performance for the M & A decision of enterprise groups.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F721

【参考文献】

中国期刊全文数据库 前10条

1 白杨敏;彭语冰;崔婷;;基于AHP-DEA模型的企业技术创新能力评价[J];统计与决策;2015年12期

2 王雅婷;李恩平;;企业跨国并购绩效评价及整合分析——以TCL集团为例[J];财会通讯;2015年04期

3 左晓慧;吕洁瑶;;基于EVA的上市公司并购绩效研究[J];财经理论与实践;2014年06期

4 王艳;阚铄;;企业文化与并购绩效[J];管理世界;2014年11期

5 余鹏翼;王满四;;国内上市公司跨国并购绩效影响因素的实证研究[J];会计研究;2014年03期

6 田高良;韩洁;李留闯;;连锁董事与并购绩效——来自中国A股上市公司的经验证据[J];南开管理评论;2013年06期

7 刘贵清;;基于DEA与AHP方法的中小企业绩效评价模型[J];统计与决策;2013年14期

8 陆桂贤;;我国上市公司并购绩效的实证研究——基于EVA模型[J];审计与经济研究;2012年02期

9 熊欣;;基于平衡计分卡的房地产企业并购绩效研究——以我国房地产企业为例[J];现代商业;2012年06期

10 马瑜X;高海梅;李志学;;基于DEA计算的企业并购绩效差量评价模型研究[J];会计之友;2012年04期

中国硕士学位论文全文数据库 前3条

1 李丹;我国A股上市公司并购绩效的实证研究[D];西南财经大学;2012年

2 王童杰;我国上市公司并购绩效评价[D];西南财经大学;2011年

3 张慧云;不同动因驱动下的上市公司并购绩效研究[D];上海交通大学;2008年

，

本文编号：1509137