AVAYA公司并购北电网络的绩效评价研究

发布时间：2018-06-19 14:56

本文选题：跨国并购 + 绩效　；参考：《西北农林科技大学》2012年硕士论文

【摘要】：目前学术界对通信行业的并购绩效评价研究较为缺乏。在这样的背景下，对AVAYA公司并购绩效评价研究具有十分重要的理论价值和实践意义。通过对AVAYA的全球并购北电网络案例的分析和研究，为我国尚处于起步阶段的通信企业提高国际竞争力提供可借鉴的参考依据。论文借鉴国内外相关研究成果，以企业并购理论为指导，对AVAYA并购北电网络的概况进行阐述，，包括并购企业及所处行业的特点和现状分析，并分析了并购的动因、措施以及影响，并且运用SWOT的分析方法，对并购后的AVAYA公司的状况做了全面分析和评价。基于提高利润水平、产品整合、技术升级、扩大市场占有率以及多样化经营等动因，AVAYA对北电网络进行了并购。在并购过程中，经历了风险评估与控制，对管理、生产和市场进行整合，并采取配套保障措施，实现了顺利并购。在以上基础上构建基于财务指标的并购绩效评价指标体系，利用市政财务数据，对AVAYA公司并购前后多项财务指标的变动的进行分析，以此评价其并购绩效，并提出提高偿债能力的对策建议。通过财务指标体系对AVAYA并购北电网络绩效进行的评价分析，得出经过并购，以总资产周转率和流动资产周转率表征的AVAYA公司的营运能力明显改善；以资产负债率和流动比率表征的偿债能力下降，负债率达到较高水平，可能会影响公司的持续经营；以资产净利润率和每股收益表征的盈利能力基本保持并有提升潜力。从并购绩效评价中发现，AVAYA公司在并购后存在偿债能力下降的问题，这已经影响到企业的信用评级，并会进一步制约其持续发展，应采取合理控制资产负债率、调整债务结构、合理利用财务杠杆等综合配套措施提高偿债能力。
[Abstract]:At present, there is a lack of research on the performance evaluation of M & A in the communication industry. Under this background, it is of great theoretical and practical significance to study the performance evaluation of AVAYA company M & A. Through the analysis and research of the case of AVAYA's global M & a network, it will improve the state of our country at the initial stage. The international competitiveness provides reference for reference.
Using the relevant research results at home and abroad and taking the theory of enterprise merger and acquisition as the guidance, this paper expounds the general situation of AVAYA M & a network, including the characteristics and current situation analysis of M & A enterprises and its industry, and analyses the motivation, measures and influence of M & A, and makes use of the analysis method of SWOT to do the situation of AVAYA company after merger and acquisition. Comprehensive analysis and evaluation. Based on the motivation of raising profit level, product integration, technology upgrading, expanding market share and diversified operation, AVAYA has been M & A on the north electric network. During the process of merger and acquisition, it experienced risk assessment and control, integrated management, production and market integration, and adopted supporting measures to achieve successful merger and acquisition. On the basis of the above basis, we construct the performance evaluation index system of M & A based on financial indicators, and use the municipal financial data to analyze the changes of many financial indicators before and after the merger and acquisition of AVAYA company, in order to evaluate the performance of the merger and acquisition, and put forward the countermeasures and suggestions to improve the debt paying ability.
Through the evaluation and analysis of the performance of AVAYA M & A by the financial index system, it is concluded that the operation ability of AVAYA company, characterized by the total assets turnover rate and the turnover rate of the current assets, is obviously improved; the debt ratio and the liquidity ratio are reduced and the debt ratio reaches a high level, which may affect the public. According to the performance evaluation of M & A, AVAYA company has a decline in solvency after M & A, which has already affected the credit rating of the enterprise, and will further restrict its sustainable development, and should take reasonable control funds. Debt ratio, adjustment of debt structure, rational use of financial leverage and other comprehensive measures to improve solvency.
【学位授予单位】：西北农林科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F426.61;F626

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