我国煤炭行业并购重组对企业可持续增长的影响研究

发布时间：2018-01-20 21:59

本文关键词： 并购重组可持续增长　出处：《天津商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：自2006年国家出台《中央企业布局和结构调整的指导意见》以来，我国掀起一轮轮并购高潮，尤其以资源型企业为主，国家号召我国资源型企业通过并购来实现资源型企业的持续健康发展。本文从煤炭行业出发，以2007年—2010年发生并购重组的煤炭行业上市公司为研究对象，研究并购重组对企业可持续增长能力的影响,对我国煤炭行业上市公司并购重组后企业成长性进行了粗浅的研究。本文的研究方法：本文采用了实证研究与财务分析相结合，理论结合应用以及比较分析等办法，从现有的研究现状入手，分析并购重组对企业可持续增长的影响。本文通过收集我国煤炭行业上市公司的并购信息，采用实证研究的方法对这些数据进行分析，首先研究这些上市公司并购后，企业的可持续增长能力是否增强，并购是否有利于增强煤炭企业的发展潜力。其次，对于并购后的企业的发展状况进行实证研究，研究并购完成后，企业的发展是否适宜，是否存在发展过快或者过慢等问题。最后，本文运用财务分析方法对影响企业可持续增长率的各个因素进行分析，通过逐一的分析比较研究，获取并购完成后企业发展中应重点关注的问题。本文共分为五个章节，研究内容如下：第一章前言。本部分主要阐述文章的研究背景及意义、研究内容及方法以及本文的创新点。第二章文献综述。通过总结并购对企业影响的研究现状、可持续增长研究现状以及并购对可持续增长影响的研究现状，使本文的研究能够更加科学、严谨。第三章企业并购重组及可持续增长理论。本部分分别阐述了并购重组的含义、战略意义、可持续增长对企业的影响、评价一个企业是否可持续增长的财务模型以及并购对企业可持续增长的影响。第四章我国煤炭行业并购重组企业可持续增长的实证研究。由于本文的研究是基于我国煤炭行业的角度，因此本部分先陈述了我国煤炭上市企业并购重组概况，然后进行了并购重组企业的可持续增长能力实证研究。实证研究包括研究设计、指标的选取及定义、样本选取以及并购重组企业的成长性实证分析，主要考察2007—2010年企业并购前后可持续增长的状况、并购后企业是否实现了可持续增长情况。最后，对于主要是对并购重组企业可持续增长影响因素分析。通过运用财务分析方法，对构成企业可持续增长的四个主要因素进行分析，以发现我国煤炭上市公司在并购完成后存在的问题。第五章我国并购重组煤炭企业发展建议。首先针对第四章的实证研究，总结本文的研究结论。其次，根据结论，提出煤炭企业未来的发展建议。主要包括对于并购后企业增长不足或者增长过度的问题提出管理办法，针对并购完成后煤炭企业存在的发展问题，，提出日后的发展建议。通过对我国煤炭企业的发展提出建议，也为全国范围内其他行业并购重组提供参考。最后，总结本文研究中的不足以及今后的研究方向。本文的研究结论：通过选取上市公司的财务数据进行实证研究后，本文发现，并购重组后，企业可持续增长能力有显著提高，但是并购重组对于促进企业实现可持续增长的作用并不显著。针对我国煤炭企业增长不足或者增长过度，本文提出了企业的管理建议。当企业增长过度时，企业可以通过增加权益资本、扩大举债规模、非核心业务剥离、寻求外购、兼并来弥补增长过快带来的资金需求，投入企业运营，谋求可持续发展。当企业增长不足时，企业可以通过管理政策的调整以及激励措施促进企业的发展。通过财务分析法，分析可持续增长的四个影响因素，发现我国煤炭行业在并购结束之后存在的问题，并针对这些问题,提出了七点煤炭企业在日后发展的建议，供并购之后企业在管理方面进行参考。企业在日后的运营中，应该更加积极并适宜地推行并购重组、剥离企业的非核心业务、调整企业的财务政策、提高企业的资产周转率、加强企业的成本控制、创新财务管理方法以及制定完善的人才战略。本文的创新之处：本文主要从可持续增长角度研究并购前后企业的差异，以往的研究中，大部分是从绩效、资源整合等角度出发，本文选取了可持续增长能力为角度，研究并购重组对企业可持续增长能力影响研究，角度具有一定的创新性。另外，煤炭行业的洗牌对我国具有重大意义，本文以煤炭行业并购重组的相关国家政策为背景，将煤炭行业作为研究基点，以此为角度进行研究，对国家政策的进一步落实实施具有较大的现实意义。
[Abstract]:Since the introduction of the guidance of the central enterprise layout and structural adjustment in the country in 2006 , China has launched a round of M & A high tide , especially in resource - based enterprises , and the state calls on China ' s resource - based enterprises to realize the continuous healthy development of resource - based enterprises through M & A . In this paper , the influence of M & A restructuring on the enterprises ' sustainable growth ability is studied from the coal industry as the research object in 2007 - 2010 . This paper adopts the methods of combining empirical research and financial analysis , combining theory with application and comparative analysis , and analyzes the impact of M & A restructuring on the sustainable growth of enterprises . This paper is divided into five chapters , the contents of which are as follows : In the first chapter , this part mainly expounds the background and significance of the research , the contents and methods of the study and the innovation points of this paper . The second chapter provides a review of the current situation of the research on the influence of M & A on the enterprises , the present situation of sustainable growth research and the research status of M & A on the sustainable growth of the M & A , so that the research in this paper can be more scientific and rigorous . The third chapter expounds the meaning , strategic significance and sustainable growth of M & A restructuring , and evaluates whether an enterprise can sustain the sustained growth of the financial model and the effect of M & A on the sustainable growth of the enterprise . Chapter four is an empirical study on the sustainable growth of M & A in China ' s coal industry . As the research of this paper is based on the angle of coal industry in China , this part firstly sets forth the general situation of M & A restructuring in China ' s coal listed companies , and then makes an empirical study on the sustainable growth of M & A restructuring enterprises . In chapter 5 , the suggestions for the development of China ' s acquisition and restructuring of China ' s coal enterprises are summarized . First , according to the empirical research of Chapter IV , the conclusions of this paper are summarized . Secondly , according to the conclusion , the paper puts forward some suggestions on the future development of coal enterprises . The research conclusion : After the empirical research on the financial data of listed companies , this paper finds that after the M & A restructuring , the enterprise sustainable growth ability has improved significantly . In view of the insufficient growth or excessive growth of the enterprise , this paper puts forward the management suggestion of the enterprise . When the enterprise grows excessively , the enterprise can make up for the capital requirement caused by the growth too quickly , invest in the operation of the enterprise and seek the sustainable development . When the enterprise grows insufficient , the enterprise can promote the development of the enterprise through the adjustment of the management policy and the incentive measures . Through the financial analysis method , the four influencing factors of sustainable growth are analyzed , the problems existing in the coal industry in China after the end of the merger and acquisition are analyzed , and the suggestions for future development of the coal enterprises are put forward . In the future operation , the enterprises should actively and appropriately carry out the merger and reorganization , the non - core business of the enterprises , the enterprise financial policy , the enterprise ' s asset turnover rate , the enterprise ' s cost control , the innovative financial management method and the development of the perfect talent strategy . In this paper , we study the differences between the enterprises before and after the M & A from the angle of sustainable growth . In the past research , most of the research is from the angle of performance , resource integration and so on . In addition , the research on the impact of M & A restructuring on the ability of sustainable growth of enterprises is of great significance . In addition , the coal industry has a great significance to the country policy . In addition , the coal industry is regarded as the basis for research , which is of great practical significance to the further implementation of the national policy .

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.21;F271

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