南风股份并购中兴装备绩效研究

发布时间：2018-06-14 22:35

本文选题：并购 + 绩效评价　；参考：《深圳大学》2017年硕士论文

【摘要】：随着全球经济一体化进程的加速,跨国制造业公司加快了进入我国市场的脚步,这意味着我国制造业面临了前所未有的机遇和挑战。并购作为一种资源配置和外部治理的重要手段,在提高市场份额、降低成本费用、分散投资风险、实施多元化战略等方面的作用,得到了广泛的认同与关注。在关于并购的绩效研究中,评价并购行为对公司价值的增长起到了积极还是消极作用,是否带来了利润最大化等,一直是许多专家、学者及业界人士的关注焦点。机械制造业是国家重要的支柱产业,为整个国民经济提供了技术装备,其发展水平是国家工业化程度的主要标志之一。制造业上市公司的并购,在我国的并购案例中占据着很大的比重。因此研究机械制造业上市公司的并购是非常有意义的。本文选取了一家机械制造业的上市公司的并购案例——南风股份并购中兴装备进行详细的绩效分析,以研究并购是否有利于提高公司绩效,主要采用了三种分析方法。首先,采用事件分析法来分析股市对此次并购的反映以及并购是否对股价变动带来了影响。同时探讨此次事件的发生是否给企业带来了收益,衡量并购事件对公司价值的影响。其次,采用财务指标法,运用企业的财务和会计数据来进行比较分析,通过比较并购前后上市公司的盈利能力、营运能力、偿债能力以及成长能力来衡量企业内在价值的变动。最后,采用经济增加值评价法,通过调整公司的税后净营业利润和资本总额,计算出加权平均资本成本,然后得出经济增加值,用以评价企业经营者有效使用资本和为股东创造价值的能力,体现了企业的最终经营目标。
[Abstract]:With the acceleration of the process of global economic integration, multinational manufacturing companies have quickened the pace of entering our country's market, which means that our manufacturing industry is facing unprecedented opportunities and challenges. As an important means of resource allocation and external governance, M & A has been widely recognized and concerned in increasing market share, reducing cost, dispersing investment risk and implementing diversification strategy. In the performance research of M & A, whether the evaluation of M & A has played a positive or negative role on the growth of corporate value and whether it has brought profit maximization has always been the focus of attention of many experts, scholars and people in the industry. The mechanical manufacturing industry is an important pillar industry of the country, which provides the technical equipment for the whole national economy. Its development level is one of the main symbols of the national industrialization degree. The M & A of listed manufacturing companies occupies a large proportion in Chinese M & A cases. Therefore, it is very meaningful to study the M & A of listed companies in machinery manufacturing industry. In this paper, a case of M & A of listed companies in machinery manufacturing industry, Nanfeng share merger and acquisition of ZTE equipment, is selected for detailed performance analysis, in order to study whether M & A is beneficial to the improvement of corporate performance, mainly using three analysis methods. First, the event analysis was used to analyze the stock market reaction to the merger and whether it had an impact on the stock price. At the same time, this paper discusses whether the event brings the enterprise income and measures the impact of M & A on the value of the company. Secondly, the financial index method is used to compare and analyze the financial and accounting data of enterprises, and the internal value changes of the listed companies are measured by comparing the profitability, operating ability, solvency and growth ability of listed companies before and after merger and acquisition. Finally, by adjusting the net operating profit and total capital of the company after tax, the weighted average capital cost is calculated by using the method of economic added value evaluation, and then the economic added value is obtained. It is used to evaluate the ability of managers to use capital effectively and create value for shareholders.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.4

【参考文献】