AK公司并购ZP公司绩效研究

发布时间：2018-03-22 05:05

本文选题：财务指标法　切入点：并购绩效　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的日益发展以及市场竞争的加剧,大量的公司选择通过并购的方式来提升自身的实力和经济效益。企业并购行为产生的一个根本原因是企业的发展,然而并购活动的开展究竟能否为企业带竞争力的提升,和企业价值的变化呢?随着并购活动发展,人们也逐渐认识到并购乃是一把双刃剑,既包含了无限的机遇也潜藏着不尽的风险。为了衡量并购活动的成功与否,并购绩效应运而生。研究企业的并购活动和通过并购取得的绩效,对于企业构建并购绩效的评价体系,以及企业未来并购活动的开展具有重要的引导意义。生物医药行业作为我国战略新兴产业的重要组成部分,一直以来都是国家重点扶持和关注的对象。并购已经成为了我国生物医药行业进行产业整合和成长的重要手段之一。在此背景下,本文选取了安徽生物医药行业的领头羊AK公司作为研究对象。采取财务指标法与事件研究法结合,概括的分析了 AK公司并购ZP公司前后的绩效变动。对于AK公司今后的并购活动开展,具有一定的借鉴和指导意义。全文共分为六个部分,第一部分主要阐述了论文写作的研究背景和研究意义,对并购原理和并购绩效的文献进行了梳理,阐述了本文的研究内容与研究思路、文章的创新点;第二部分是概念概述部分,主要阐述了并购的概念、并购动因及企业并购绩效的评价方法;第三部分是首先对并购的双方进行了简单的介绍,其后介绍了AK公司并购ZP公司的具体流程;第四部分主要是从并购对企业效率的影响和并购对企业股东效益以及并购的社会绩效三方面对AK公司并购ZP公司后的绩效变化做出了分析;第五部分阐述了 AK公司并购ZP公司的成功经验和不足之处并提出了一些建议;第六部分总结了 AK公司并购ZP公司的绩效变化和研究的展望与不足。研究选取的AK公司,作为安徽本±的民营生物医药企业,在行业中十分具有代表性。生物医药业作为我国战略发展的重点行业,前景光明。本文以财务指标法和事件研究法对其并购绩效进行的全面剖析,能够为生物医药行业的发展提供一定的借鉴意义;本文采取了单案例研究方法,相对于学术界大量的对于行业整体的实证性研究,本文对AK公司并购ZP公司的单案例研究,更具有针对性。对于AK公司此后的并购活动来说有更明确的指导意义。
[Abstract]:With the development of the market economy and the aggravation of the market competition in our country, a large number of companies choose to improve their strength and economic efficiency by means of M & A. one of the fundamental reasons for the M & A behavior is the development of the enterprise. However, whether M & A activities can improve the competitiveness of enterprises and change the value of enterprises? With the development of M & A activities, people have come to realize that M & A is a double-edged sword with unlimited opportunities and hidden risks. M & A performance arises as the times require. To study the M & A activities and the performance achieved through M & A, to construct the evaluation system of M & A performance, As well as the future M & A activities of enterprises to carry out an important guiding significance. Biomedical industry as an important part of China's strategic emerging industry, M & A has become one of the most important means for the integration and growth of biomedical industry in China. In this paper, AK Company, the leader of Anhui Biopharmaceutical Industry, is chosen as the research object. The financial index method is combined with the event research method. The performance changes before and after the acquisition of ZP Company by AK Company are summarized and analyzed. It has certain reference and guiding significance for the future M & A activities of AK Company. The full text is divided into six parts. The first part mainly elaborates the research background and significance of the thesis writing, combs the literature on the principle of M & A and the performance of M & A, expounds the research contents and research ideas of this paper, and points out the innovation of the article. The second part is an overview of the concept, mainly describes the concept of M & A, M & A motivation and corporate M A performance evaluation methods; the third part is the first simple introduction of both sides of M & A. Then it introduces the specific process of merger and acquisition of ZP company by AK company. The fourth part mainly analyzes the performance changes of AK Company after the merger and acquisition of ZP Company from three aspects: the impact of M & A on the efficiency of the enterprise, the benefit of M & A to the shareholders and the social performance of M & A; The fifth part expounds the successful experiences and shortcomings of the merger and acquisition of ZP Company by AK Company and puts forward some suggestions. The sixth part summarizes the performance changes and the prospects and shortcomings of the research on the merger and acquisition of ZP Company by AK Company. As a private biopharmaceutical enterprise in Anhui Province, it is very representative in the industry. Biomedical industry is the key industry in the strategic development of our country. The overall analysis of M & A performance by financial index method and event research method can provide some reference for the development of biomedical industry. Compared with a large number of empirical studies on the industry as a whole, this paper is more targeted to the single case study on the merger and acquisition of ZP company by AK Company, and has more definite guiding significance for the M & A activities of AK Company since then.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72

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