方正电机转型性并购绩效分析

发布时间：2018-05-03 08:50

本文选题：企业转型 + 并购　；参考：《上海国家会计学院》2017年硕士论文

【摘要】：改革开放之后我国经济经历了近30年的高速增长,但是2008年金融危机以来,经济增速逐渐放缓进入了新常态,与此伴随的是产能过剩、劳动力成本上升,传统制造企业经营和发展都受到了巨大的挑战,有的企业甚至出现了营收和利润率双降的情况。在这样的背景下,企业有动机对原有业务进行转型,寻找新的收入和利润增长点。内部研发和外部并购都可以使企业进入一个新的行业、经营一项新的业务,实现业务转型的目的。但是,依靠企业内部研发需要较长的时间,此外,由于技术壁垒的存在,即使花费了较多的时间进行研发也不一定能获得成功,而这些都可能使企业错失进入新行业、经营新业务的良好时机。与此相反,并购目标行业较为成熟的公司,可以使企业快速进入该行业,达到业务转型的目的。因此,并购转型成为了许多面临经营困境的企业的选择。2011年至2016年上市公司重大资产重组中业务转型性并购的数量和金额都呈现出了显著的上升趋势。本文分析了方正电机转型性并购这一典型案例的动因,梳理了其并购过程和支付方式,并用事件研究法分析了其短期绩效、用管理用财务报表分析法分析了其中期绩效、用品牌价值和研发能力分析了其长期绩效,得到的结果都是正面效应。在此基础之上总结了方正电机转型性并购成功的原因,并建议企业如果想通过并购实现转型,必须选择合适的时机和目标公司,同时还要根据自己的现金流状态选择合适的支付方式。鉴于管理用财务报表具有更强的可靠性等优点,本文最后还建议大家在实践中使用管理用财务报表研究分析企业。
[Abstract]:After the reform and opening up, China's economy has experienced rapid growth for nearly 30 years, but since the financial crisis of 2008, the economic growth rate has gradually slowed down into the new normal, which is accompanied by overcapacity and rising labor costs. The management and development of traditional manufacturing enterprises have been greatly challenged, and some enterprises have even suffered a decline in revenue and profit margins. Under such background, the enterprise has the motive to carry on the transformation to the original business, seeks the new revenue and the profit growth point. Internal R & D and external M & A can enable enterprises to enter a new industry, manage a new business, and achieve the purpose of business transformation. However, relying on internal R & D takes a long time, and because of the existence of technical barriers, even if more time spent on R & D may not be successful, and these may cause enterprises to miss out on entering new industries. A good opportunity for new business. On the contrary, M & A companies with mature target industries can quickly enter the industry and achieve the purpose of business transformation. Therefore, M & A transformation has become the choice of many enterprises facing management difficulties. From 2011 to 2016, the number and amount of transformational mergers and acquisitions of listed companies in major asset restructuring have shown a significant upward trend. This paper analyzes the motivation of the typical case of the transformational M & A of Fang Zheng Motor, combs the process of M & A and the way of payment, analyzes its short-term performance with the method of event study, and analyzes its medium-term performance with the method of financial statement analysis. Using brand value and R & D ability to analyze its long-term performance, the results are all positive effects. On this basis, this paper summarizes the reasons for the success of the transformative M & A of Fang Zheng Motor, and suggests that if enterprises want to achieve the transformation through M & A, they must choose the right time and target company. At the same time also according to their cash flow status to choose the appropriate way of payment. In view of the advantages of more reliable financial statements for management, this paper also suggests that we should use financial statements for management to study and analyze enterprises in practice.
【学位授予单位】：上海国家会计学院
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F271

【参考文献】