H公司连续并购绩效研究

发布时间：2018-05-04 00:15

本文选题：连续并购 + 并购动因　；参考：《安徽财经大学》2017年硕士论文

【摘要】：改革开放以来,文化传媒业经历了从弱到强的发展过程,作为发展迅猛的朝阳产业,现已成为中国特色社会主义经济的关键组成部分,在中央和各级政府的高度重视下,诸多利好政策层出不穷,互联网经济也日益繁荣,这都为文化传媒行业的发展提供了巨大的机遇和挑战。在此背景下,兼并重组逐渐成为行业发展热点,越来越多的文化传媒公司参与到并购重组的队伍中,跨产业、跨区域的大型并购案件时有发生,频繁的并购重组逐渐成为文化传媒企业扩大企业规模,实现自身发展的途径。2015年文化传媒产业的宣布并购规模达历史新高,披露金额372.87亿美元,2016年伴随政策收紧趋于理性,但完成并购数量依旧稳中有升,在文化传媒业的并购热潮中,连续并购的现象屡见不鲜,然而,并购数量并不代表着并购质量,连续并购是否可以提升企业绩效,促进企业的长足发展是需要我们探究的问题。本文以国内外学者对于连续并购的研究为基础,结合文化传媒行业中较热的影视类企业并购案例,运用事件研究法和财务指标法对H公司连续并购的短期和长期绩效进行探究,一方面,对H公司的并购窗口期短期财富效应进行观察,另一方面,选取反映企业综合实力的财务指标ROE进行长期绩效评价,并参照杜邦分析体系,使用连环替代法对其指标进行分解,从盈利能力、营运能力和偿债能力等多方面评价连续并购后企业的绩效情况。研究结果表明,H公司连续并购案在一定程度上增加了企业的短期财务效益和长期综合实力,为企业带来了正的绩效,连续并购战略显然是成功的。然而,不可忽略的事实是,随着并购次数的增多,H公司后期并购项目市场反应平淡,长期绩效评价指标在后期出现下滑趋势,具体分析后,对H公司连续并购绩效研究结论归结如下:一是获利能力提升,但盈利质量偏低;二是资产规模扩大,但营运能力下降,三是财务收益较高,但资本结构欠佳。在此研究结论基础上,笔者对H公司的连续并购行为提出以下建议:第一,大力发展主营业务,增强盈利质量;第二,加强协同效益,共谋长期发展;第三,正视企业财务风险,合理化资本结构,以期实现企业长久健康的发展。同时希望本文的研究结论能够对同行业其他相关企业的类似并购提供借鉴意义。
[Abstract]:Since the reform and opening up, the cultural media industry has experienced a process of development from weak to strong. As a rising industry with rapid development, it has become a key component of the socialist economy with Chinese characteristics, and has been attached great importance to by the central authorities and governments at all levels. Many favorable policies emerge in endlessly, and the Internet economy is booming day by day, which provides enormous opportunities and challenges for the development of cultural media industry. In this context, merger and reorganization has gradually become a hot spot of industry development. More and more cultural media companies participate in the team of M & A and reorganization. Large M & A cases across industries and regions occur from time to time. Frequent mergers and acquisitions have gradually become a way for cultural media enterprises to expand their size and realize their own development. In 2015, the announced M & A scale of the cultural media industry reached a record high, with a disclosure amount of US $37.287 billion. In 2016, with the policy tightening, it tends to be rational. However, the number of completed M & A is still increasing steadily. In the M & A boom of the cultural media industry, the phenomenon of continuous M & A is common. However, the quantity of M & A does not represent the quality of M & A, and whether continuous M & A can improve the performance of the enterprise. To promote the rapid development of enterprises is a problem we need to explore. Based on the domestic and foreign scholars' research on continuous M & A, combined with the hot cases of M & A in the cultural media industry, this paper explores the short and long term performance of H company by using event research method and financial index method. On the one hand, the short-term wealth effect of M & A window period of H Company is observed, on the other hand, the long-term performance evaluation is carried out by selecting the financial index ROE, which reflects the comprehensive strength of the enterprise, and referring to the DuPont analysis system, The index is decomposed by the method of serial substitution, and the performance of the enterprise after successive mergers and acquisitions is evaluated from many aspects, such as profitability, operating ability and solvency. The research results show that the continuous mergers and acquisitions of the company to a certain extent increase the short-term financial benefits and long-term comprehensive strength of the enterprise, bring positive performance for the enterprise, the continuous merger strategy is obviously successful. However, it can not be ignored that, with the increase of M & A times, the market response of M & A project in the later stage of M & A of H Company is dull, and the long-term performance evaluation index has a downward trend in the later period. The conclusions of the research on H company's continuous M & A performance are as follows: first, the profitability is improved, but the profit quality is low; second, the scale of assets is expanded, but the operation ability is decreased; the third, the financial income is higher, but the capital structure is poor. On the basis of this conclusion, the author puts forward the following suggestions to the continuous M & A behavior of H Company: first, to develop the main business and enhance the profit quality; second, to strengthen the synergistic benefit and seek the long-term development; third, Facing up to the financial risk and rationalizing the capital structure in order to realize the long-term and healthy development of the enterprise. At the same time, I hope the conclusion of this paper can provide reference for similar M & A of other related enterprises in the same industry.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

【相似文献】