长荣股份并购力群股份的财务影响研究
发布时间：2018-07-18 09:11
【摘要】：在世界经济一体化趋势影响下,我国企业为了迎接更为剧烈的国际竞争,迫切需要迅速壮大自己。并购作为企业外延式快速发展的有效手段,已经成为我国企业扩张、提高竞争力的重要方式之一。我国资本市场并购活动历史始于上个世纪末,并购案件逐年增加,近些年更掀起了一阵并购热潮,所涉及的金额也不断上升。进入互联网时代后,大数据、云计算的迅猛发展对印刷机械行业产生了空前的的冲击,印刷机械行业面临着巨大挑战,印刷机械行业企业迅速扩大规模、提高竞争力,也纷纷选择了并购发展模式。由此,印刷机械企业并购协同效应如何,能否有效提升公司经营业绩等问题,成为当前财务理论界研究的热点之一。本文以长荣股份并购力群股份案例为研究对象,深入研究并购所带来的财务影响,以期为上述问题的解决有所裨益。本文通过运用事件研究法、主成分分析法等研究方法,以长荣股份并购力群股份案例为研究对象,深入分析了长荣股份并购力群股份的协同效应、对经营绩效影响及并购事件的市场反应等问题。本文主要分为五个部分:第一部分绪论。主要介绍研究目的、意义等内容;第二部分并购基本理论与文献综述。主要阐述并购的相关基础理论及国内外研究现状;第三部分案例简介和SWOT分析。主要介绍本次并购案例及运用SWOT分析了长荣股份并购的必要性及条件;第四部分长荣股份并购案例财务效应分析。主要运用杜邦分析、主成分分析法及EVA模型等研究方法,对长荣股份并购力群股份事件所取得的协同效应及其对公司综合绩效的影响进行深入分析,并运用事件法分析了并购所带来的市场反应;第五部分研究结论与建议。通过上述研究,本文得出如下结论:(一)长荣股份并购力群股份取得良好的协同效应;(二)并购对经营绩效改善存在显著的正向影响;(三)并购取得了良好的市场反应,资本市场投资者对本次并购持正面积极态度。
[Abstract]:Under the influence of the trend of world economic integration, Chinese enterprises urgently need to strengthen themselves in order to meet the more fierce international competition. M & A, as an effective means for the rapid development of enterprises, has become one of the important ways for enterprises to expand and improve their competitiveness. The history of M & A in China's capital market began at the end of the last century, and the cases of M & A increased year by year. In recent years, there has been a wave of M & A upsurge, and the amount of money involved has also been rising. After entering the Internet era, the rapid development of big data and cloud computing has had an unprecedented impact on the printing machinery industry. The printing machinery industry is facing enormous challenges. Printing machinery industry enterprises rapidly expand their scale and improve their competitiveness. Also has chosen the merger and acquisition development pattern one after another. As a result, how to coordinate the merger and acquisition of printing machinery enterprises and whether they can effectively improve the company's business performance have become one of the hot issues in the field of financial theory. This paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply studies the financial impact of M & A in order to help solve the above problems. By using the method of event research and principal component analysis, this paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply analyzes the synergistic effect of EVA stock merger and acquisition of Li Qun shares. Impact on business performance and market reaction to M & A events. This paper is divided into five parts: the first part is introduction. The second part introduces the basic theory of M & A and literature review. This paper mainly expounds the basic theory of M & A and the current research situation at home and abroad. The third part introduces the case and SWOT analysis. This paper mainly introduces this case of merger and acquisition and analyzes the necessity and condition of Evergreen stock merger by using SWOT. The fourth part analyzes the financial effect of the case of Evergreen stock merger and acquisition. By using the methods of DuPont analysis, principal component analysis and EVA model, this paper makes a deep analysis of the synergistic effect and its influence on the comprehensive performance of Li Qun. The market reaction brought by M & A is analyzed by event method. Through the above research, this paper draws the following conclusions: (1) Evergreen shares acquisition of Li Qun shares achieved good synergy; (2) M & A has significant positive impact on the improvement of business performance; (3) M & A has achieved a good market response, Capital market investors on the M & A positive attitude.
【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】：F426.4;F406.72;F271
本文编号：2131441
[Abstract]:Under the influence of the trend of world economic integration, Chinese enterprises urgently need to strengthen themselves in order to meet the more fierce international competition. M & A, as an effective means for the rapid development of enterprises, has become one of the important ways for enterprises to expand and improve their competitiveness. The history of M & A in China's capital market began at the end of the last century, and the cases of M & A increased year by year. In recent years, there has been a wave of M & A upsurge, and the amount of money involved has also been rising. After entering the Internet era, the rapid development of big data and cloud computing has had an unprecedented impact on the printing machinery industry. The printing machinery industry is facing enormous challenges. Printing machinery industry enterprises rapidly expand their scale and improve their competitiveness. Also has chosen the merger and acquisition development pattern one after another. As a result, how to coordinate the merger and acquisition of printing machinery enterprises and whether they can effectively improve the company's business performance have become one of the hot issues in the field of financial theory. This paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply studies the financial impact of M & A in order to help solve the above problems. By using the method of event research and principal component analysis, this paper takes the case of Li Qun stock acquisition by Evergreen shares as the research object, and deeply analyzes the synergistic effect of EVA stock merger and acquisition of Li Qun shares. Impact on business performance and market reaction to M & A events. This paper is divided into five parts: the first part is introduction. The second part introduces the basic theory of M & A and literature review. This paper mainly expounds the basic theory of M & A and the current research situation at home and abroad. The third part introduces the case and SWOT analysis. This paper mainly introduces this case of merger and acquisition and analyzes the necessity and condition of Evergreen stock merger by using SWOT. The fourth part analyzes the financial effect of the case of Evergreen stock merger and acquisition. By using the methods of DuPont analysis, principal component analysis and EVA model, this paper makes a deep analysis of the synergistic effect and its influence on the comprehensive performance of Li Qun. The market reaction brought by M & A is analyzed by event method. Through the above research, this paper draws the following conclusions: (1) Evergreen shares acquisition of Li Qun shares achieved good synergy; (2) M & A has significant positive impact on the improvement of business performance; (3) M & A has achieved a good market response, Capital market investors on the M & A positive attitude.
【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】：F426.4;F406.72;F271
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