G公司系列并购绩效研究

发布时间：2018-09-18 12:34

【摘要】：随着我国资本市场的不断完善,并购活动日益成为上市公司寻求快速发展的重要途径。有数据显示,2012年全球并购市场交易金额达2.8万亿美元,中国排名第二,增速居世界首位。而2013年中国并购市场交易金额3328.5亿美元,并购案例数多达4496起。中国并购市场的交易日趋活跃,进行系列并购的企业也在不断增加。虽然越来越多的公司将系列并购作为扩大规模、提升竞争力的快捷方式,但实施系列并购的企业出现低效益的情况也较为突出,值得深入研究。并购交易的完成并不意味着并购成功,并购活动最终能带来并购企业经营效益的提高及股东财富的增加才说明并购获得成功,而这一切,都有赖于并购后企业经营管理资源与战略的配合。如果并购交易完成后,缺乏经营管理活动各环节的配合,则企业的经营绩效无法得到提高,并购活动也无法取得成功。G公司是一家家电连锁零售企业,自2004年起通过系列并购活动快速成长为行业第一。但在公司营业收入和净利润大幅增加的同时,公司的经营效益却呈下降趋势,这和G公司系列并购扩张的策略不无关系。因此本文的研究目的在于探究G公司进行系列并购后效益逐步下降的原因。首先,本文运用股价与ROE两个指标对G公司开展系列并购活动后企业的综合绩效进行分析,发现其经营绩效逐步下滑的事实。进而,笔者运用杜邦分析法、连环替代法等方法对企业的综合绩效指标进行层层解析,并找出导致企业综合绩效不断下滑的主要原因——企业经营成本的增长速度大于收入的增长速度。这反映出G公司在实施系列并购实现规模迅速扩张的同时,其经营管理资源与经营管理能力的增长相对滞后,最终导致了总经营绩效的下降。然后,笔者对可得的反映G公司经营管理资源和经营管理能力的资料进行深入研究,并找到了其经营管理活动相对薄弱的环节——并购后采购系统整合不力、品牌整合策略失误、物流设施相对落后,人力资源管理环节出现失误等。最后,本文对G公司系列并购的案例研究进行总结,并对同行业的其他企业提出建议。
[Abstract]:With the continuous improvement of capital market in China, M & A has become an important way for listed companies to seek rapid development. Data show that in 2012, the global M & A market value of $2.8 trillion, China ranked second, the world's fastest growth rate. In 2013, Chinese M & A market transactions amounted to US $332.85 billion, with 4496 M & A cases. The M & A market in China is becoming more and more active, and the number of M & A companies is increasing. Although more and more companies take series mergers and acquisitions as a quick way to expand their scale and enhance their competitiveness, the situation of low efficiency of enterprises carrying out series mergers and acquisitions is also more prominent, which is worthy of further study. The completion of M & A does not mean the success of M & A. It depends on the cooperation of management resources and strategy after M & A. If, after the completion of the M & A transaction, the business performance of the enterprise cannot be improved without the cooperation of all aspects of the business and management activities, the M & A activity will not be able to succeed. G Company is a household appliance chain retail enterprise. Since 2004 through a series of mergers and acquisitions activities to rapidly grow into the industry first. However, while the operating income and net profit of the company increased significantly, the operating efficiency of the company showed a downward trend, which has something to do with the strategy of M & A expansion of company G series. Therefore, the purpose of this study is to explore the reasons for the gradual decline of G Company's profit after M & A. Firstly, this paper analyzes the comprehensive performance of G company after a series of M & A activities by using stock price and ROE, and finds out the fact that its business performance is declining step by step. Then, the author uses DuPont analysis method, serial substitution method and other methods to analyze the comprehensive performance indicators of enterprises layer by layer. And find out the main reason that causes the enterprise comprehensive performance to decline continuously-the growth speed of the enterprise operating cost is bigger than the growth speed of the income. This reflects that while implementing series M & A to achieve rapid expansion, the growth of its management resources and management ability lags behind, which ultimately leads to the decline of total operating performance. Then, the author makes a deep research on the available information which reflects the management resources and management ability of G Company, and finds out the weak link of its management activities, that is, the weak integration of purchasing system after M & A. Brand integration strategy mistakes, logistics facilities are relatively backward, human resources management link errors and so on. Finally, this paper summarizes the case study of M & A of company G, and puts forward some suggestions to other enterprises in the same industry.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F721

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