山东钢铁集团并购重组绩效研究

发布时间：2018-01-21 16:21

本文关键词： 并购重组企业绩效超额收益率　出处：《青岛理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国钢铁行业经过十几年的快速发展，2012年粗钢产量达到716万吨，，比2000年增加了586万吨，与此同时，产品质量也取得了飞速的发展。然而，今天，钢铁行业正面临着一个发展的瓶颈，一方面是行业利润率大幅下滑，另一方面是产能的无序扩张。随着国内钢铁产量剧增，出现了明显的产能过剩，钢铁企业陷入经营困境，利润高增长的时代已经过去，钢铁行业正在进入一个漫长的调整期。业内习以为常的用语在过去的2012年里渐渐变为了钢铁企业亏损、贸易商破产与转型等等。伴随着经营环境的恶化，钢铁企业要冲出重围、实现持续发展，走并购重组之路是必然、也是时代的潮流。钢铁企业规模扩张带来了规模经济，同时增加了企业在行业中的市场份额，这是资源的有效配置，从而使企业在激烈的市场竞争中立于不败之地。由于我国市场经济中特殊的市场环境与经济环境，在钢铁企业在对并购重组趋之若鹜的同时，动用了大量的市场资源，影响范围非常广泛。本文通过对山东钢铁集团有限公司并购重组这一典型案例进行分析，深入探讨并购重组对山东钢铁集团企业绩效的影响。通过对并购重组前后股价及股东财富的变化和各年度财务指标的变化进行分析，并结合对公司长期绩效的分析，从而考察并购重组对绩效的影响程度。在充分利用2008-2012年山东钢铁公布的年报、季报、月报及相关公告和证券市场股票价格走势的基础上，对山东钢铁集团企业绩效进行评价。短期实证研究结果表明，山东钢铁集团上市公司并购重组后整体绩效并没有明显改善，甚至出现恶化的情况，与短期内行业绩效差密不可分。通过中期并购重组绩效的分析研究可知，企业绩效没有一个统一的正值或负值，不能从整体上说此次并购重组带给企业的绩效变化是好还是坏，无论是济南钢铁还是莱钢股份在各方面表现都不一致，并购重组绩效都是有正、有负、有无影响，从数据上看没有一个统一的规律，这主要是由于行业环境的影响。从长期并购重组绩效角度看，山东钢铁在并购之后总资产和股本大幅增加，提高了企业的实力；市场地位和行业排名较之前升高很多，加大了企业在整个行业中的影响力；协同效应明显，降低了企业的生产成本，提高了企业的管理效率；宏观环境促进发展，行业低迷带来发展空间，自身竞争优势名显。总之，中短期并购重组绩效不明显，并购没有产生持续的向好推动力；但从战略层面上，并购必能带来长期绩效的显现。然后，本文根据实证研究结果，并结合案例的分析，提出了几点能够改善钢铁企业并购重组绩效的建议。最后，本文总结了实证的结论，并展望了山东钢铁可预见的向好未来。
[Abstract]:After more than ten years of rapid development, the output of crude steel reached 7.16 million tons in 2012, an increase of 5.86 million tons over 2000, at the same time. The quality of products has also made rapid development. However, today, the steel industry is facing a bottleneck of development, on the one hand, the industry profit margin has fallen sharply. On the other hand, the disorderly expansion of production capacity. With the sharp increase in domestic steel production, there is a clear overcapacity, steel enterprises into a difficult business, the era of high profit growth has passed. The steel industry is entering a long period of adjustment. In the past 2012, the usual language has gradually become the loss of steel enterprises, the bankruptcy and transformation of traders, etc. With the deterioration of the business environment. It is inevitable and also the trend of the times for iron and steel enterprises to break out of the tight encirclement and achieve sustainable development. The scale expansion of iron and steel enterprises has brought about economies of scale and increased the market share of enterprises in the industry at the same time. This is the effective allocation of resources, so that enterprises in the fierce market competition in an invincible position, because of our market economy in the special market environment and economic environment. While the iron and steel enterprises are flocking to M & A, they use a lot of market resources and have a wide range of influence. This paper analyzes the typical case of merger and reorganization of Shandong Iron and Steel Group Co., Ltd. This paper probes into the influence of M & A on the enterprise performance of Shandong Iron and Steel Group, and analyzes the changes of stock price and shareholder's wealth before and after M & A and the change of financial index in each year. Combined with the analysis of the long-term performance of the company, so as to investigate the impact of mergers and acquisitions on performance. In the full use of the 2008-2012 annual report published by Shandong Iron and Steel, quarterly report. On the basis of monthly report and related announcements and stock price trend of stock market, this paper evaluates the enterprise performance of Shandong Iron and Steel Group. The short-term empirical research results show that. The overall performance of listed companies of Shandong Iron and Steel Group after M & A has not improved significantly, or even deteriorated, which is closely related to the short term performance of the industry. There is not a unified positive or negative corporate performance, can not be said from the overall M & A performance changes to enterprises is good or bad, whether Jinan Iron and Steel or Laigang shares in all aspects of the performance is not consistent. M & A performance is positive, negative, have no impact, from the data point of view there is no uniform rule, which is mainly due to the impact of industry environment. From the perspective of long-term M & A performance. Shandong Iron and Steel in the merger and acquisition of the total assets and equity increased significantly, improving the strength of the enterprise; Market status and industry ranking is much higher than before, increasing the influence of enterprises in the whole industry; The synergetic effect is obvious, which reduces the production cost of the enterprise and improves the management efficiency of the enterprise. The macro environment promotes the development, the industry downturn brings the development space, its own competitive advantage is obvious. In short, the short and medium term M & A performance is not obvious, the M & A does not produce the sustained good impetus; But from the strategic level, M & A will bring about long-term performance. Then, according to the empirical research results and combined with the case analysis, this paper puts forward several suggestions to improve the performance of iron and steel enterprises mergers and acquisitions. Finally, this paper summarizes the empirical conclusions. And looked forward to Shandong Iron and Steel foreseeable to a good future.
【学位授予单位】：青岛理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F426.31

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