双汇跨国并购史密斯菲尔德绩效评估

发布时间：2018-04-16 09:29

本文选题：双汇 + 跨国并购　；参考：《广东外语外贸大学》2017年硕士论文

【摘要】：随着经济全球化的不断深入发展,中国企业逐步走向世界。现如今,跨国并购已经成为了中国企业资本输出的主要方式之一。近年来,中国企业跨国并购愈演愈烈,但数据表明,我国企业跨国并购的成功交易仅为1/3。大多数并购交易由于文化冲突、人力资源整合、财务风险等问题,并购不但没有起到正效应,反而给企业带来了负效应。本文选取了双汇国际跨国并购史密斯菲尔德的案例进行短期和长期绩效评估。文章采用了事件研究法、会计指标法和非会计指标法展开评估。本文得出的结论为:在短期内,市场对于此并购存在争议,未能吸引足够多的投资者,该并购未产生明显的短期积极绩效。从长期看,此并购对于双汇国际整个集团产生了积极的绩效影响,尤其是对被并购方史密斯的积极绩效影响尤为显著。然而,与此同时并购给集团另一子公司双汇发展带来的负面竞争影响大于其协同效果。同时,本文总结了双汇并购的经验和教训,并提出了相应的启示,包括中国畜牧业走向产业链一体化发展的新模式;并购方应提高自身管理水平;积极进行并购整合,充分发挥双方协同效应等。
[Abstract]:With the deepening development of economic globalization, Chinese enterprises are gradually moving towards the world.Nowadays, cross-border M & A has become one of the main ways for Chinese enterprises to export capital.In recent years, cross-border mergers and acquisitions of Chinese enterprises have become more and more serious, but the data show that only one third of the successful M & A transactions have been made in China.Most M & A transactions, due to cultural conflicts, integration of human resources, financial risks and other issues, M & A not only did not play a positive effect, but brought negative effects to enterprises.This paper selects the case of Shuanghui International acquisition of Smithfield for short-and long-term performance evaluation.This paper adopts event research method, accounting index method and non-accounting index method to evaluate.The conclusion of this paper is as follows: in the short term, there is controversy in the market for the merger and acquisition, which fails to attract enough investors, and the merger does not produce obvious short-term positive performance.In the long run, the M & A has a positive impact on the performance of Shuanghui International Group, especially on Smith's positive performance.However, at the same time, M & A brings more negative competitive effects to the development of Shuanghui, another subsidiary of the Group than its synergistic effect.At the same time, this paper summarizes the experiences and lessons of Shuanghui M & A, and puts forward the corresponding enlightenment, including the new model of Chinese animal husbandry developing towards the integration of industry chain, the merger and acquisition parties should improve their own management level, actively carry out merger and acquisition integration,Give full play to the synergy between the two sides and so on.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.82

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