吉利并购沃尔沃绩效分析

发布时间：2018-01-28 04:43

本文关键词： 海外并购动因绩效分析财务指标　出处：《辽宁大学》2013年硕士论文　论文类型：学位论文

【摘要】：在全球跨国并购浪潮的影响下，中国企业于20世纪80年代就开始海外并购的摸索，比较有代表性的企业如中信、中化、首钢、华润等，，现都已发展为集多行业经营于一体、投资许多国家的大型跨国企业。随着中国对外开放程度的深入和中国企业自身实力的不断增强，越来越多的国内企业开始放眼全球、进军海外市场，通过跨国经营和海外直接投资等多种方式，寻找新的战略发展空间，加快国际化步伐。然而，中海油高价竞购尤尼科的失败，可以看出国内企业海外并购并非想象的一帆风顺，在看似前景一片光明的情况下，海外并购的步伐开始受到了种种阻碍。在此背景下，本文选用吉利并购沃尔沃这个案例，对中国企业海外并购的动因与绩效进行分析。分析我国企业海外并购的原因，评估企业并购过程中的风险，评价企业海外并购的绩效，指出并购出现的问题，为中国企业的海外并购提供借鉴。本文在对案例进行绩效分析时，分别运用了杜邦分析、单项指标分析、以及其他宏观因素分析。通过构建财务指标体系来弥补单一指标无法全面反映并购后企业综合绩效的缺陷，综合多个财务指标来评价上市公司绩效。同时，重点分析企业的偿债能力、营运能力、盈利能力。在整体中突出重点，提高分析结论的科学性和全面性。本文共分五部分完成，第一部分，阐述论文的研究背景及意义、综述并购绩效的国内外理论、以及论文的写作内容、结构。第二部分，回顾吉利并购沃尔沃案例，主要包括吉利与沃尔沃两公司的背景、并购过程、并购动因分析。第三部分，吉利并购沃尔沃财务指标分析与评价，分为单项财务指标和综合财务指标。单向财务指标是通过盈利能力、偿债能力、营运能力、成长能力分析评价。综合财务指标是通过构建杜邦分析体系评价。第四部分，吉利并购沃尔沃非财务指标分析与评价。主要选取了三个非财务指标，分别是未来发展能力、技术创新能力、市场份额。第五部分，结论及建议。结论是，吉利的此次并购为企业带来了价值，企业的经营绩效不断提高，但同时也要注意企业的负债压力。吉利公司通过海外并购获得了核心技术,提高了公司在行业中的地位,在一定程度上提高了公司的竞争力。
[Abstract]:Under the influence of global cross-border M & A wave, Chinese enterprises began to explore overseas M & A in 1980s, more representative enterprises such as CITIC, Sinochem, Shougang, China Resources and so on. Now all of them have developed into a large multinational enterprise with multi-industry management and investment in many countries. With the deepening of China's opening to the outside world and the increasing strength of Chinese enterprises themselves. More and more domestic enterprises begin to look at the whole world and enter the overseas market. Through multinational operation and overseas direct investment, more and more domestic enterprises begin to seek new strategic development space and quicken the pace of internationalization. However, the failure of CNOOC to bid for Unocal at a high price shows that overseas mergers and acquisitions by domestic companies are not as smooth as they might have imagined, with a seemingly bright future. The pace of overseas M & A has been hindered by various obstacles. In this context, this paper chooses Geely to buy Volvo this case. This paper analyzes the motivation and performance of overseas M & A of Chinese enterprises, analyzes the reasons of overseas M & A of Chinese enterprises, assesses the risks in the process of M & A, evaluates the performance of M & A, and points out the problems of M & A. To provide reference for overseas M & A of Chinese enterprises. In this paper, the performance of the case analysis, respectively using the DuPont analysis, single index analysis. And other macro factor analysis. Through the construction of financial index system to make up for the single index can not fully reflect the comprehensive performance of the enterprise after mergers and acquisitions, comprehensive financial indicators to evaluate the performance of listed companies. At the same time. Focus on the analysis of corporate solvency, operating capacity, profitability. In the overall stress on the key, improve the scientific and comprehensive conclusion of the analysis. This paper is divided into five parts, the first part, describes the research background and significance of the paper, summarizes the domestic and foreign theory of M & A performance, as well as the content and structure of the paper. The second part. Review Geely merger and acquisition of Volvo cases, including Geely and Volvo company background, M & A process, M & A motivation analysis. The third part, Geely M & A Volvo financial indicators analysis and evaluation. Single financial indicators and comprehensive financial indicators. One-way financial indicators are through profitability, solvency, operating capacity. Comprehensive financial index is through the construction of DuPont analysis system evaluation. 4th part, Geely M & A Volvo non-financial indicators analysis and evaluation. Mainly selected three non-financial indicators. Respectively is the future development ability, the technological innovation ability, the market share. 5th part, the conclusion and the suggestion. The conclusion is that the Geely M & A brings the value to the enterprise, the enterprise's management performance unceasingly improves. But at the same time, we should pay attention to the debt pressure of enterprises. Geely acquired the core technology through overseas mergers and acquisitions, improved the position of the company in the industry, and improved the competitiveness of the company to a certain extent.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F275;F426.471

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