L公司持续并购绩效研究

发布时间：2018-04-03 03:18

本文选题：协同效应　切入点：持续并购　出处：《湘潭大学》2017年硕士论文

【摘要】：公司并购是其快速发展的重要手段,基于协同效应的同业并购将会使其效益获得快速提高。但也有许多企业在并购活动中并没有实现原有的协同效应,如何评价企业的并购绩效成为了学术界关注的热点。文章以公共关系行业的知名企业L公司为案例,研究2011年到2016年间L公司持续并购的绩效问题。全文可以分为六部分内容,第一部分为绪论,主要介绍了论文的研究背景意义、研究内容和方法,并就国内外并购绩效的相关研究进行综述。第二部分为概念和理论基础,主要介绍企业并购的相关概念,并就企业并购中涉及的理论方法进行简述。第三部分在对比不同的企业绩效评价方法后,最终选择使用因子分析法建立企业并购绩效评价模型,因子分析法建立的企业并购绩效指标体系将财务指标和非财务指标进行融合,涵盖了企业的盈利能力、偿债能力、营运能力、成长能力和管理能力5个方面,能够从整体的角度对L公司的并购绩效充分评价,有助于企业定量的认识其持续并购绩效情况,为后文对L公司并购绩效的评价奠定基础。第四部分为L公司持续并购的案例介绍,详细描述了L公司的基本状况及主要的并购活动,并使用波特五力模型对L公司并购活动的动因展开分析,认为L公司的持续并购包含管理层主观动机、公司提升竞争优势需要以及上市成长压力驱使三个层面的动因。第五部分为L公司并购绩效的评价,主要使用企业并购绩效评价指标体系和部分财务指标,以2010年至2016年L公司年报数据以及同行业相关数据为基础,从盈利能力、偿债能力、营运能力、成长能力和管理能力5个方面进行分析,以此来判断L公司并购的绩效表现。L公司并购绩效整体处于持续下降趋势,没有发挥很好的协同效应,除了成长能力之外,其他方面的能力大多有不同程度的下降,尤其是营运情况压力较大。文章认为L公司持续并购活动只是带动了量的增加,而还没有推动质的改善。这些主要与L公司过于激进的并购策略、并购协议缺陷和管理协同能力不足有关。最后为结论和相关的建议,并对论文的局限性作出说明。针对L公司持续并购中企业绩效下降的问题,论文提出L公司并购标的选择要顺应行业发展趋势,此外还要注重并购后的整合和对相关风险的控制,科学设置对赌协议,提升并购管理能力。希望能够对将来公司改善其并购绩效有一定的指导意义。
[Abstract]:M & A is an important means for the rapid development of the synergistic effect of industry mergers and acquisitions will make its profits increased rapidly. But there are also many enterprises based in mergers and acquisitions activities did not realize the synergistic effect of the original, how to evaluate the performance of mergers and acquisitions has become a hot topic in academic circles. This paper takes L company public relations industry well-known enterprises as a case study in 2011 to continue acquisitions performance problems 2016 years L company. The paper can be divided into six parts, the first part is the introduction, mainly introduces the research background significance, research contents and methods, summarizes the related research and the performance of mergers and acquisitions at home and abroad. The second part is the concept and theoretical basis and this chapter introduces the concept of mergers and acquisitions, and the theories and methods involved in mergers and acquisitions. In the third part of the enterprise performance evaluation method after comparing with different, most The final choice analysis to establish the enterprise mergers and acquisitions performance evaluation model using factor, factor analysis method to establish the enterprise merger performance index system to integrate financial and non-financial indicators, including profitability, solvency, operating capacity, the 5 aspects of growth ability and management ability, can fully evaluate performance of mergers and acquisitions of L company from the perspective of overall understanding, help enterprises to quantitative continuous acquisition performance, which lays the foundation for later evaluation of L company merger performance. The fourth part is the continuous acquisition of L's case, a detailed description of the basic situation of L company and major mergers and acquisitions and the use of Potter's five forces model on merger motivation activities of L company to analyze that the continued acquisition of L company includes management of subjective motives, enhance the competitive advantage of company and listed the three levels of pressure driven growth The fifth part is the evaluation of motivation. L, the performance of mergers and acquisitions, mergers and acquisitions mainly use the performance evaluation index system and financial indicators, with annual data from 2010 to 2016, L company and the same industry related data, from the profitability, solvency, operating capacity, the 5 aspects of growth and management ability are analyzed, in order to to determine the performance of.L company L company mergers in the overall performance continued to decline, did not play a good synergistic effect, in addition to the ability to grow, most other areas have different degrees of decline, especially the operation pressure. The L company continued mergers and acquisitions just led to the increase in the amount of the also did not promote the qualitative improvement. These mainly with L too aggressive acquisition strategy, merger agreement defects and management coordination ability insufficiency. The last part is the conclusion and phase The proposal, and the limitation of the thesis explained. At L, continued to decline in mergers and acquisitions performance problems, proposed L company mergers and acquisitions subject choice to conform to the development trend of the industry, but also pay attention to the post merger integration in addition and the related risk control, set up scientific agreement on gambling, enhance the acquisition management ability. Hope to have certain guiding significance for the future to improve its performance of mergers and acquisitions.

【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F713.8;F271

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