东方航空并购上海航空的绩效研究

发布时间：2018-07-03 13:54

本文选题：企业并购 + 绩效评价　；参考：《吉林财经大学》2017年硕士论文

【摘要】：最近几年,企业间竞争随着全球经济一体化的推进而愈演愈烈,所以资本扩张就成为了在竞争中取得胜利的重要手段,其中最为快速的方式就是通过并购达到资本快速扩张?“强强联合”的并购模式从全球第五次并购浪潮至今,是最为常见的,“强强联合”的方法是通过并购来获取彼此的优良资源,协同发展达到共赢的目标?我国也在近几年经济全球一体化的推动之下,走入了产业结构调整的阶段,因此我国经济与全球经济已密不可分,使得并购的相关案例也不断增多?同时,很多的研究案例都证明了并购可以为企业带来确实的效益,不过也有一些研究发现,并购也存在着不成功案例的?所以,考察并购行为是否能够真正为企业带来绩效提升,就成为了很重要的值得进一步研究的课题?本文将对东方航空并购上海航空案例进行研究?此案例中两家企业属于“弱弱联合”,不同于以往很多“强强联合”的并购案例?两家公司希望通过采取并购,找到有效的解决方法,来提高双方的财务水平,改善即将退市的风险,提升核心竞争力?本文在相关理论依据的基础之上,了解并购的过程及动机,分析比较并购前后财务与非财务绩效,总结这次并购的成功经验,希望能够给未来我国并购企业提供借鉴?本文分为五个章节:第一章主要论述研究背景?意义?方法及国内外关于并购的研究综述;第二章主要对并购动因理论?并购绩效理论以及并购绩效评价方法相关理论进行论述;第三章分别对东方航空和上海航空的情况进行介绍,对并购案例的动机?过程进行说明;第四章透过财务指标和非财务指标进行分析,对企业并购绩效进行评价?并对东方航空此次并购的绩效进行总结,说明并购的成功与不足之处;第五章以前文的论证分析为基础,提出优化并购绩效的具体措施,旨在对并购企业的后续操作提供借鉴?
[Abstract]:In recent years, with the development of global economic integration, inter-firm competition has become increasingly fierce, so capital expansion has become an important means to win the competition, and the fastest way is to achieve rapid capital expansion through mergers and acquisitions. From the fifth wave of M & A in the world, the M & A mode of "strong and powerful combination" is the most common so far. The method of "strong and powerful combination" is to acquire each other's excellent resources through merger and acquisition, and to achieve the goal of win-win through coordinated development. China has also entered the stage of industrial structure adjustment under the impetus of global economic integration in recent years. Therefore, China's economy and the global economy have been inseparable, making mergers and acquisitions related to the increasing number of cases? At the same time, many research cases have proved that mergers and acquisitions can bring real benefits to enterprises, but there are also some studies found that mergers and acquisitions also exist unsuccessful cases? Therefore, to investigate whether M & A can really bring performance improvement for enterprises has become a very important subject worthy of further study. This paper will study the case of China Eastern Airlines merger and acquisition of Shanghai Airlines? In this case, the two enterprises belong to the "weak and weak alliance", different from many previous "strong and strong combination" M & A cases? The two companies hope to adopt mergers and acquisitions, find an effective solution to improve the financial level of both sides, improve the risk of delisting, enhance core competitiveness? Based on the relevant theoretical basis, this paper understands the process and motivation of M & A, analyzes and compares the financial and non-financial performance before and after M & A, summarizes the successful experiences of M & A, and hopes to provide reference for future M & A enterprises in China. This paper is divided into five chapters: the first chapter mainly discusses the research background? Meaning? The second chapter is about the motivation theory of M & A. M & A performance theory and M & A performance evaluation methods related theories are discussed; the third chapter introduces the situation of China Eastern Airlines and Shanghai Airlines, the motivation of M & A cases? The fourth chapter analyzes the performance of M & A through the analysis of financial indicators and non-financial indicators. This paper summarizes the performance of China Eastern Airlines M & A, explains the success and shortcomings of M & A; Chapter 5, based on the argumentation and analysis of previous papers, puts forward specific measures to optimize the performance of M & A, in order to provide a reference for the subsequent operation of M & A enterprises.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F560.68;F562.6

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