全流通时代我国A股市场钢铁企业并购行为研究
发布时间：2018-12-19 15:54
【摘要】：企业的并购重组是企业资本运营中一项复杂的活动。面对着当前经济全球化不可逆转的趋势,以及不断加快的步伐,并购重组的浪潮越发激荡。在这样的环境下,全球并购的触角已经蔓延到每一个行业,而钢铁行业早已习惯了并购浪潮的汹涌波涛。 钢铁产业作为我国的基础产业,对我国的国计民生和经济运行提供了基础保障。但是我国的钢铁产业也存在着诸多的问题,从而制约了我国钢铁企业的发展。行业集中度过低,导致我国钢铁企业分布散落,产能滞后,不能形成规模效应。为了生存和发展,国内的众多钢铁企业也意识到并购重组的重要性,积极通过并购重组来整合地方和企业资源,促进产品竞争力的提升,淘汰落后产能。但是,由于我国钢铁行业的特殊性,并购的过程往往带有浓厚的政府色彩。使得我们在考虑我国钢铁企业并购过程的时候又多了一种因素。 本文的主要内容如下： 第1章是绪论部分,给出了文章选题的来源,研究的目的和意义,并且在本章中给出了有关“并购”的定义。第2章是文献综述部分,是对在完成本篇论文期间所阅读的相关文献的一个概况和总结,通过对国内外的文献进行归纳,我们能够看出随着实践的发展,并购的理论研究也不断发展,以及国内外研究重点的差异。第3章回顾了并购的发展历程,概括了世界范围内的五次大规模的并购浪潮,还有国内的三次并购浪潮,由此可以看出并购在这100年间的发展轨迹；同时在本章中,也总结了企业的多种并购动因。第4章是对目前我国A股市场中钢铁行业的企业并购战略进行了分析,在介绍了全流通的大背景之后,简要地分析了我国钢铁企业的产业环境以及钢铁企业的并购现状,指出了当下我国钢铁企业并购过程和并购之后出现的诸多问题。第5章是文章的实证分析部分,在描述了三个不同模式的并购案例之后,通过选取一定样本的数据,以EVA为企业并购效率的衡量,回归验证我们所提出的三个假设。文章的最后一章,在描述研究结论之后,本文给出了若干政策和建议,通过文章最后的对策建议,我们也能总结一些我国钢铁企业并购整合中的有效途径,从而为我国的众多钢铁企业的并购提供些许启示。
[Abstract]:M & A is a complex activity in the capital operation of enterprises. Facing the current irreversible trend of economic globalization and accelerating pace, the wave of M & A and reorganization is becoming more and more intense. In such an environment, the global M & A tentacles have spread to every industry, and the steel industry has been used to the surge of M & A waves. As the basic industry of our country, the iron and steel industry provides the basic guarantee for the national economy and the people's livelihood and the economic operation of our country. However, there are many problems in China's iron and steel industry, which restricts the development of China's iron and steel enterprises. The industry concentration is too low, which leads to the distribution of iron and steel enterprises in our country, the production capacity lags behind, and the scale effect cannot be formed. In order to survive and develop, many domestic iron and steel enterprises also realize the importance of M & A, actively integrate local and enterprise resources through M & A, promote the promotion of product competitiveness and eliminate backward production capacity. However, due to the particularity of China's iron and steel industry, M & A process often has a strong government color. Make us consider the process of M & A of iron and steel enterprises in China when there is another factor. The main contents of this paper are as follows: chapter 1 is the introduction part, which gives the source, purpose and significance of the topic, and gives the definition of "M & A" in this chapter. The second chapter is the literature review part, which is a summary and summary of the relevant documents read during the completion of this paper. By summarizing the literature at home and abroad, we can see that with the development of practice, The theoretical research of M & A is also developing, as well as the difference of research emphasis at home and abroad. Chapter 3 reviews the development course of M & A, summarizes five large-scale M & A waves in the world, and three M & A waves in China, which shows the development track of M & A in the past 100 years. At the same time, in this chapter, we also summarized a variety of M & A drivers. Chapter 4 analyzes the M & A strategy of iron and steel enterprises in China's A-share market. After introducing the background of total circulation, the paper briefly analyzes the industrial environment of Chinese iron and steel enterprises and the present situation of M & A of iron and steel enterprises. It points out the process of M & A and many problems after M & A. Chapter 5 is the empirical analysis part of this paper. After describing three different M & A cases, we choose certain sample data, take EVA as the measure of M & A efficiency, and regression verify the three hypotheses we put forward. In the last chapter of the article, after describing the conclusion of the research, this paper gives some policies and suggestions, through the final countermeasures and suggestions, we can also sum up some effective ways in the merger and acquisition integration of iron and steel enterprises in China. In order to provide some enlightenment for the M & A of many iron and steel enterprises in our country.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.31;F832.51;F271;F224
本文编号：2387137
[Abstract]:M & A is a complex activity in the capital operation of enterprises. Facing the current irreversible trend of economic globalization and accelerating pace, the wave of M & A and reorganization is becoming more and more intense. In such an environment, the global M & A tentacles have spread to every industry, and the steel industry has been used to the surge of M & A waves. As the basic industry of our country, the iron and steel industry provides the basic guarantee for the national economy and the people's livelihood and the economic operation of our country. However, there are many problems in China's iron and steel industry, which restricts the development of China's iron and steel enterprises. The industry concentration is too low, which leads to the distribution of iron and steel enterprises in our country, the production capacity lags behind, and the scale effect cannot be formed. In order to survive and develop, many domestic iron and steel enterprises also realize the importance of M & A, actively integrate local and enterprise resources through M & A, promote the promotion of product competitiveness and eliminate backward production capacity. However, due to the particularity of China's iron and steel industry, M & A process often has a strong government color. Make us consider the process of M & A of iron and steel enterprises in China when there is another factor. The main contents of this paper are as follows: chapter 1 is the introduction part, which gives the source, purpose and significance of the topic, and gives the definition of "M & A" in this chapter. The second chapter is the literature review part, which is a summary and summary of the relevant documents read during the completion of this paper. By summarizing the literature at home and abroad, we can see that with the development of practice, The theoretical research of M & A is also developing, as well as the difference of research emphasis at home and abroad. Chapter 3 reviews the development course of M & A, summarizes five large-scale M & A waves in the world, and three M & A waves in China, which shows the development track of M & A in the past 100 years. At the same time, in this chapter, we also summarized a variety of M & A drivers. Chapter 4 analyzes the M & A strategy of iron and steel enterprises in China's A-share market. After introducing the background of total circulation, the paper briefly analyzes the industrial environment of Chinese iron and steel enterprises and the present situation of M & A of iron and steel enterprises. It points out the process of M & A and many problems after M & A. Chapter 5 is the empirical analysis part of this paper. After describing three different M & A cases, we choose certain sample data, take EVA as the measure of M & A efficiency, and regression verify the three hypotheses we put forward. In the last chapter of the article, after describing the conclusion of the research, this paper gives some policies and suggestions, through the final countermeasures and suggestions, we can also sum up some effective ways in the merger and acquisition integration of iron and steel enterprises in China. In order to provide some enlightenment for the M & A of many iron and steel enterprises in our country.
【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.31;F832.51;F271;F224
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