中银绒业并购的财务绩效研究

发布时间：2018-10-20 19:15

【摘要】：随着市场经济的不断深化和经济一体化的进一步加剧,国内外多数成功案例表明多元化、规模化的经营,是企业持续发展的根源,而并购作为一种经济资源再分配方式,是实现这一经营模式的有效途径之一,也是企业实现股东利益最大化、取得较高利润回报的主要方式。本文以宁夏重点优势产业代表中银羊绒有限公司为研究对象,以邓肯纱厂为并购目标企业,以国内外相关并购研究成果为理论基础,在分析中银绒业、邓肯纱厂并购双方的企业状况、并购背景与动机以及并购方式的基础上,运用财务指标法,通过对并购前后企业股权结构、资产状况、纳税水平、偿债能力、盈利和营运能力、现金获取能力以及发展能力等八个方面的财务指标比较分析,对中银绒业的并购绩效给出客观评价：本文认为以目前的数据分析,中银绒业的并购是成功的,通过并购邓肯纱厂,中银绒业的各项财务指标除了偿债能力有小幅下降之外,其他指标都向着好的方向发展。首先并购后中银绒业的资产结构和股权结构更加优化,盈利能力,营运能力,获现能力和发展能力都有不同程度的提高,只有企业偿债能力出现的小幅下降并不并不影响整体的并购绩效。其次,通过分析,中银绒业在并购邓肯纱厂后,企业的发展势头更加强劲,在发展过程中充分利用了并购的邓肯纱厂的各种资源,为企业的进一步发展提供了良好的契机。
[Abstract]:With the deepening of market economy and the further aggravation of economic integration, most successful cases at home and abroad show that diversified and large-scale management is the root of the sustainable development of enterprises, and M & A is a way of redistribution of economic resources. It is one of the effective ways to realize this mode of operation, and it is also the main way for enterprises to realize the maximization of shareholders' interests and obtain higher profit returns. In this paper, the representative of key industries in Ningxia Bank of China Cashmere Co., Ltd. as the research object, Duncan gauze factory as the M & A target enterprise, based on the domestic and foreign M & A research results as the theoretical basis, in the analysis of the silver cashmere industry, On the basis of the situation, background and motive of M & A and the mode of M & A, the paper applies the financial index method to analyze the ownership structure, asset status, tax level, solvency, profitability and operating ability of the enterprises before and after the merger. By comparing and analyzing the financial indexes in eight aspects, such as cash acquisition ability and development ability, the paper gives an objective evaluation of the M & A performance of Bank of China cashmere industry: this paper holds that the merger and acquisition of Bank of China cashmere industry is successful with the current data analysis. Through the acquisition of Duncan yarn factory, the financial indicators of Bank of China cashmere industry except for a small decline in solvency, the other indicators are in a good direction. First of all, after the merger and acquisition, the asset structure and equity structure of the bank of China cashmere industry are more optimized, profitability, operating ability, earning capacity and development ability are improved to varying degrees. Only a small decline in corporate solvency does not affect overall M & A performance. Secondly, through analysis, after the acquisition of Duncan yarn factory, the development momentum of the enterprise is stronger. In the process of development, it makes full use of all kinds of resources of the acquired Duncan yarn factory, and provides a good opportunity for the further development of the enterprise.
【学位授予单位】：长春理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.81

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