上汽并购南汽的协同效应研究

发布时间：2018-01-08 14:32

本文关键词：上汽并购南汽的协同效应研究　出处：《湘潭大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着全球市场经济的日益发展，越来越多的企业利用兼并收购作为扩大业务规模的工具，集中生产和资本，实现企业规模和业绩的增长。虽然目前国内外的并购案例众多，但由于并购活动的复杂性导致其失败率很高，真正成功完成并购的案例只占少数，这其中的重要原因则是企业忽视并购前的事先评估与并购后的全面整合的重要性,导致并购后企业间缺乏协同或协同效应有限。而在我国的企业并购活动中也存在不考虑协同效应的现象，较普遍的表现为盲目追求多元化经营或热门行业、借壳上市、非实质性重组等。与此同时，我国企业的并购经济行为也在繁荣发展，市场上的并购交易量呈现出急剧增长的态势。近年来我国汽车行业对于国民经济增长的贡献越来越大，但由于汽车产业追求规模经济，为缩小我国与发达国家之间的差距，迅速扩大企业规模的途径是进行行业间的并购重组。产生协同效应对衡量企业的并购活动是否取得成功起至关重要的作用，，本文以上海汽车集团股份有限公司（以下简称上汽集团）并购南京汽车集团有限公司（以下简称南汽集团）为案例，深入分析此次并购是否实现了协同效应。本文首先对协同效应的相关理论进行概述，为后面的分析提供理论基础。之后对上汽并购南汽这一具体案例进行分析，对并购产生的协同效应进行识别，并从企业财务数据和经济增加值两个角度验证了上南合作产生了并购协同效应，且在经营、财务、管理三方面有不同表现。根据案例的整理和分析，对文章进行总结得出上南合作在短期内实现了并购协同效应的结论，并指出协同效应实现的关键在于并购前对目标企业的识别及并购后的有效整合。
[Abstract]:With the development of the global market economy, more and more enterprises use mergers and acquisitions as a tool to expand business scale and concentrate production and capital. Although there are many M & A cases at home and abroad, due to the complexity of M & A activities, the failure rate is very high. The important reason is that enterprises ignore the importance of pre-evaluation and comprehensive integration. As a result, there is a lack of synergy or limited synergistic effect among enterprises after M & A. and there is also a phenomenon of not considering synergy in the M & A activities of enterprises in China, which is generally manifested in the blind pursuit of diversification or hot industries. Backdoor listing, non-substantial restructuring and so on. At the same time, the M & A economic behavior of Chinese enterprises is booming, and the volume of M & A in the market is increasing rapidly. In recent years, the automobile industry of our country contributes more and more to the growth of national economy. But because the automobile industry pursues the scale economy, in order to narrow the gap between our country and the developed countries. The way to expand the scale of enterprises rapidly is to conduct mergers and acquisitions among industries, and to produce synergistic effects plays an important role in measuring the success of M & A activities. This paper takes Shanghai Automobile Group Co., Ltd (SAIC) as an example to analyze whether the merger has realized synergistic effect. Firstly, this paper summarizes the related theories of synergy effect, which provides a theoretical basis for the subsequent analysis. Then, this paper analyzes the specific case of SAIC M & A, and identifies the synergistic effect generated by the merger. And from the two angles of enterprise financial data and economic value added to verify that the cooperation between South and Shanghai produced merger and acquisition synergy effect, and there are different performance in three aspects of management, finance and management. According to the case of collation and analysis. The conclusion of the paper is that the synergy of M & A is realized in the short term, and the key to the realization of the synergy lies in the identification of the target enterprises before M & A and the effective integration after M & A.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.471

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