金新农并购绩效案例研究

发布时间：2018-05-24 15:34

  本文选题：并购绩效 + 事件研究法　； 参考：《沈阳农业大学》2017年硕士论文

【摘要】：并购能够实现企业规模的扩张,增强竞争能力,从市场角度来看,并购体现出了市场优胜劣汰、适者生存的规则,是有效配置社会资源的重要途径之一。同时,也不是所有的并购都能成功,并购如果成功就会给企业带来充足资源、扩大规模、提升竞争力的好处,不成功的并购就是对资源的一种浪费。评价企业的并购后绩效,是考察一个企业的并购活动是否获得成功的一个重要方式,无论是国内还是国外,许多专家都对并购绩效进行过深入研究。由于各种影响因素的存在,对并购绩效的分析结果和影响因素的研究始终没有达成共识。实际上每个行业都有着和其他行业不同的特殊性,所以并购对绩效的影响是不一致的。在当前饲料企业并购活动活跃的情况下,本文主要采用事件研究法、财务分析法通过对金新农一系列符合本文研究的并购事件的绩效进行分析,主要考察两个方面,并购对股东财富的影响方面:由于并购需要一段时间来反映效果,所以在股东财富方面仅对短期绩效进行分析,通过构建市场模型对窗口期累计超额收益率进行计算分析。并购对财务绩效的影响方面:通过横向对比和纵向对比相结合的方式对盈利能力、发展能力、偿债能力、营运能力这四个能力进行分析,并且用杜邦分析来对金新农并购财务绩效进行综合分析。研究结果表明,从股东财富角度来看,经过建立市场模型对六次并购事件窗口期的累计超额收益率进行计算,可以得出金新农的六次并购平均获得了 19.05%的累计超额收益,整体呈现获得正的市场绩效的趋势。从财务绩效角度来看,绩效状况为在考察期内先减后增的变化趋势,这是由于这些并购都需要一段时间去整合,效果也需要一段时间来反映,四个能力指标都有所上升,因此金新农的并购对绩效的影响是正面的。对影响并购绩效的因素进行分析,得出主要包括行业整体状况、政策法规、多元化发展等方面。在本文的最后总结了此次金新农并购给我们带来了一些启示和借鉴,包括谨慎选择并购目标、选择最佳并购时机、做好前期调查、强化风险意识、明确并购动机以及顺应行业发展。
[Abstract]:Mergers and acquisitions can achieve the expansion of the scale of the enterprise and enhance the competitiveness. From the market point of view, M & A embodies the survival of the fittest and the survival of the fittest. It is one of the important ways to effectively configure the social resources. At the same time, not all mergers and acquisitions can be successful. If M & A is successful, it will bring enough resources to the enterprise and expand the scale. To improve the advantages of competitiveness, the unsuccessful merger and acquisition is a waste of resources. Evaluation of the performance after merger and acquisition is an important way to investigate the success of an enterprise's merger and acquisition, both domestic and foreign, many experts have studied the performance of M & A in depth. In fact, there is no consensus on the results of M & a performance and the influencing factors. In fact, each industry has the particularity different from other industries. So the impact of M & A on performance is inconsistent. The performance of a series of merger and acquisition events in accordance with this study is analyzed in a series of two aspects: the effect of merger and acquisition on the wealth of shareholders: because the merger requires a period of time to reflect the effect, the short-term performance is analyzed only in the shareholders' wealth, and the accumulative excess return rate in the window period is carried out through the construction of the market model. The impact of M & A on financial performance: through the combination of horizontal and vertical contrast, the four abilities of profitability, development ability, solvency and operation ability are analyzed, and DuPont analysis is used to analyze the financial performance of merger and acquisition of gold and new farmers. The results show that from the point of view of shareholder wealth Look, through the establishment of a market model to calculate the cumulative excess rate of return on the window period of the six merger and acquisition, it can be concluded that Jin Xinnong's six mergers and acquisitions have gained an average of 19.05% cumulative excess returns and the overall trend of obtaining positive market performance. From the perspective of financial performance, the performance situation is the first decrease in the period of the investigation period. The trend is due to the need to integrate these mergers and acquisitions for some time. The effect also needs to be reflected for some time. The four capabilities are all rising, so the impact of Jin Xinnong's M & A on performance is positive. The factors that affect the performance of M & A are analyzed, and the main factors include the overall situation of the industry, the policies and regulations, the diversification of development. At the end of this paper, we conclude that the Jin Xinnong M & A has brought us some inspiration and reference, including careful selection of M & a target, choosing the best time for M & A, doing a good preliminary investigation, strengthening the awareness of risk, making clear the motivation of M & A and complying with the development of the industry.
【学位授予单位】：沈阳农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324.6;F271
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本文编号：1929567