海格通信连续并购绩效研究

发布时间：2018-03-24 07:38

本文选题：连续并购　切入点：动因　出处：《深圳大学》2017年硕士论文

【摘要】：随着我国资本市场的不断完善,国内并购市场交易的数量和金额屡创新高,各类企业参与并购活动的热情空前高涨。相关数据显示,2014年中国资本市场的购并交易累计达3546起,交易金额达到9874亿元,较2013年同期分别增长了44.28%和48.44%,并且我国企业倾向于短时间内发起多起购并,在2008-2012年间,我国上市公司的并购市场中,发生并购交易的上市公司平均并购了5.29次。这种短时间内发起多起并购的连续购并行为成为我国购并交易市场的一个新特征。正因为我国并购市场内上市公司呈现出由单次并购向连续并购转变的趋势性新特征,使得上市公司的连续并购成为我国资本市场值得研究的新现象。目前为止,学者们关于连续并购绩效的研究主要集中在连续并购绩效和绩效的影响因素上。因为市场和行业不同,同时各公司并购情况各异,上述实证研究成果各异,没有一致性的结论。海格通信是连续并购企业中的典型代表之一,该公司自上市以来短短几年内进行了多起并购,公司希望通过连续并购实现自身快速的发展,提高自身竞争能力,并获得先进的技术资源。本文结合并购的相关理论以及国内外学者对连续并购的研究文献,对海格通信连续并购绩效进行研究。本文共分为五个部分,第一部分是绪论,介绍了论文的研究背景、选题意义、研究内容等。第二部分是相关理论和文献综述,主要对连续并购的概念进行了界定,阐述了连续并购的动因及影响并购绩效因素的理论基础,并对连续并购绩效研究进行了文献综述。第三部分是案例介绍以及动因分析,首先梳理了公司在2011年至2015年间发生的所有并购活动,其次分析了连续并购的动因,整合的情况以及取得的效果,最后总结了海格通信并购能力的改善情况以及存在的风险。第四部分是对海格通信连续并购的绩效分析,首先采用事件研究法计算所有并购事件的累计超常收益率来评价公司的短期绩效,其次运用财务分析法、EVA经济增加值法以及主成分分析法对并购长期绩效进行评价。第五部分是本文的结论与建议。经过分析,本文发现海格通信进行连续并购包含了实现公司产业布局战略、扩大规模、获得利润增长以及追求技术协同这四方面的动因。在绩效方面,事件研究法分析短期绩效发现连续并购为股东带来了财富效应;财务指标法与主成分分析法评价公司绩效时,发现公司2011年绩效有所下滑,之后呈现上升趋势,整体上来说连续并购对公司的盈利能力、偿债能力以及成长能力有积极的促进作用,但营运能力有所降低;EVA经济增加值分析发现连续并购对企业的价值有较大的提升作用。
[Abstract]:With the development of China's capital market continues to improve, the number and amount of mergers and acquisitions market hit record highs, all kinds of enterprises involved in mergers and acquisitions activity unprecedented enthusiasm. The relevant data shows that in 2014 China capital market transactions amounted to 3546, the transaction amounted to 987 billion 400 million yuan, compared with the same period in 2013 increased by 44.28% and 48.44%, and Chinese companies tend to short time launched a number of mergers and acquisitions, in 2008-2012 years, China's listed company mergers and acquisitions market, mergers and acquisitions of listed companies merger transaction average 5.29 times. In this short period of time to send for the number of mergers and acquisitions has become a new feature of China's M & a trading market. Because of China's mergers and acquisitions of Listed Companies in the market is showing new features trend changes from single to continuous mergers and acquisitions mergers and acquisitions of the listed companies for merger and acquisition has become China's capital market is worth Study on the new phenomenon. So far, scholars study on continuous performance of mergers and acquisitions mainly focus on the factors affecting the performance of mergers and acquisitions and continuous performance. Because of the market and industry, at the same time the company mergers and acquisitions are different, the empirical research results are not consistent conclusion. Haig Communications is one of the typical representatives of enterprises in the continuous mergers and acquisitions, the company since a few years the number of mergers and acquisitions, the company hope that through continuous development of its rapid, improve their competitive ability, and advanced technical resources. Based on the research literature on the theory of continuous mergers and acquisitions and mergers and acquisitions of domestic and foreign scholars, on the performance of the continuous acquisition of Haig communications this article is divided into five parts, the first part is the introduction, introduces the research background, research significance, research content. The second part is the related Theory and literature review, mainly on the concept of continuous mergers and acquisitions were defined, elaborated the continuous mergers and acquisitions motivation and influence factors of M & a performance theory, and the continuous research on M & a performance were reviewed. The third part is the case introduction and analysis of motivation, reviews all mergers and acquisitions occurred in the period from 2011 to 2015 secondly, analyze the causes of continuous mergers and acquisitions, integration and achieved effect, finally summarized the improvement of Haig communications merger and acquisition ability and risk. The fourth part is the continuous acquisition of Haig communications performance analysis, to evaluate the short-term performance of the company's cumulative abnormal return rate is first calculated all the event by event study method secondly, using the financial analysis method, value method and principal component analysis method to evaluate the long term performance increase economy. The fifth part is EVA The conclusion and suggestion. Through the analysis, this paper found that continuous mergers and acquisitions Haige communication includes the implementation of the company's industrial layout strategy, expand the scale, profit growth and the pursuit of technology collaboration motivation of the four aspects. In terms of the performance, the method of event study analysis found that short-term performance of continuous acquisition of shareholders' wealth effect; financial index method and the principal component analysis method to evaluate the performance of the company, the company found in 2011 performance decline, after the rise, the whole continuous mergers and acquisitions on the company's profitability, solvency and growth capacity has a positive role in promoting, but the operating capacity decreased; EVA economic value added analysis found that continuous mergers and acquisitions of enterprise value promotion great.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F626

【参考文献】