雷科防务并购奇维科技绩效评价研究

发布时间：2019-05-13 19:57

【摘要】：2014年以来,并购被当做企业升级转型的一种“捷径”,呈爆发式增长。那么并购是否都能给企业带来正向并购绩效呢?本文选取具有代表性的雷科并购案进行研究。雷科防务原为制造业,是2015年发生并购活动最多的行业,雷科防务本年基于期望通过并购进行企业转型的目的并购了奇维科技,本文利用建立绩效评价体系对它的并购绩效进行研究。目前国内在评价企业并购绩效时,多从股票的市场价格波动或财务指标角度进行研究,本文选择不同的研究视角——以雷科防务并购后企业绩效为研究对象,用EVA和财务指标分析的方法,沿着研究雷科防务总体股东价值和具体各项并购动因完成度的思路,探讨通过并购进行转型的企业是否能提升企业并购绩效并剖析其中的原因。具体从以下几个方面展开:首先,通过学习国内外研究文献,阐述并购、并购绩效、EVA、并购动因等相关理论;其次,介绍了雷科防务和目标公司的基本情况、并购过程,分析并购动因;然后,建立以EVA和财务指标分析为基础的并购绩效评价体系,使用2014-2016年雷科防务财务报表数据及企业公告信息,进行并购绩效评价分析。分析得出结论:基于EVA对雷科防务各季度经济增加值的变化情况分析,并购未给企业股东创造预期价值,即整体绩效不升反降;基于财务指标分析并购动因完成情况来看,公司的发展能力虽然提高,但综合盈利能力等其他多种指标来看,没有达到并购目标。本研究认为,至少从目前来看并购并没有给雷科防务带来正向并购绩效。最后,根据雷科防务实际情况,对反应出来的问题提出企业视角和市场视角的对策建议。
[Abstract]:Since 2014, mergers and acquisitions have been seen as a "shortcut" to corporate upgrading and transformation, showing explosive growth. So can mergers and acquisitions bring positive M & A performance to enterprises? In this paper, the representative mine merger and acquisition case is selected to study. Reco Defense, originally a manufacturing industry, was the industry with the most M & A activities in 2015. Reke Defense this year acquired Qiwei Technology for the purpose of enterprise transformation through mergers and acquisitions. This paper uses the establishment of performance evaluation system to study its M & A performance. At present, when evaluating the performance of M & A in China, most of them are studied from the perspective of stock market price fluctuation or financial index. this paper chooses different research perspectives-taking the enterprise performance after Reke Defense M & A as the research object. With the method of EVA and financial index analysis, along with the train of thought of studying the overall shareholder value and the completion degree of the specific M & A motivation, this paper discusses whether the enterprises transformed through M & A can improve the performance of M & A and analyze the reasons. Specific from the following aspects: first of all, through the study of domestic and foreign research literature, elaborated M & A, M & A performance, EVA, M & A motivation and other related theories; Secondly, it introduces the basic situation of Reke defense and target company, the process of merger and acquisition, and analyzes the motivation of merger and acquisition. Then, a M & A performance evaluation system based on EVA and financial index analysis is established, and the M & A performance evaluation and analysis are carried out by using the financial statement data and enterprise announcement information of Reke Defense from 2014 to 2016. The conclusion is drawn as follows: based on the analysis of the changes of economic added value of Reke Defense in each quarter of EVA, M & A does not create the expected value for the shareholders of the enterprise, that is, the overall performance does not rise but decline; Based on the financial index analysis of M & A motivation, although the development ability of the company has been improved, but the comprehensive profitability and other indicators have not achieved the M & A goal. This study believes that, at least from the current point of view, M & A does not bring positive M & A performance to Reke Defense. Finally, according to the actual situation of Reke defense, this paper puts forward some countermeasures and suggestions from the perspective of enterprise and market.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.6;F271

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