山西煤炭企业并购效应研究

发布时间：2018-03-01 05:15

本文关键词： 煤炭企业并购效应财务指标产业集中度　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：山西的煤炭资源是我国强大的能源动力，是经济社会发展的重要保障，但是，山西的煤炭资源在推动社会经济发展的同时，怎样实现其可持续发展一直以来是被关注的重点。新世纪以来，山西认真审视了煤炭业存在的问题，先后采用了不同的应对措施，但是，山西煤炭业“多、小、散、乱”、资源严重浪费、环境污染严重、安全事故频发等现象仍不能从根本上解决问题。十一五期间，山西抓住了“国家资源型经济转型综合配套改革试验区”的契机，大力推进煤炭企业的并购重组工作，是为了以改变山西煤炭产业的格局，提高产业集中度，实现产业化升级为目的，也为实现山西煤炭企业长期健康可持续发展作保障。对山西煤炭企业并购的效应进行研究，从理论意义上来说能够更加完善原有的并购理论体系；从现实意义上来说有助于政府准确把握并购的实际效果，从而及时调整政策，从而也为其他资源型省份的并购做了示范效应。本文沿着“理论-实证-结论-对策”的整体思路，详细阅读并总结相关文献资料的基础上，结合山西煤炭企业的实际情况，剖析其并购的动因及必要性等，最后分别用财务指标分析法（主要用到的财务指标有企业规模效应、盈利能力、偿债能力、营运能力及发展能力等指标）和计量经济学模型（基于产业集中度的研究）对山西煤炭企业的并购效果进行测度，，研究结果表明并购的整体效果较好，比如资源的回收利用率、行业利润率以及安全绩效等都有显著提高。但是，也发现了并购中存在的一些问题，文章最后根据相应的问题提出了政策建议。文中采用的主要研究方法是针对山西的煤炭企业并购行为，分别用财务分析法和计量经济模型对并购效果进行双重验证，使得结论更加严谨可靠。
[Abstract]:Shanxi's coal resources are a powerful energy source in China and an important guarantee for economic and social development. However, Shanxi's coal resources promote social and economic development at the same time. How to realize its sustainable development has always been the focus of attention. Since the new century, Shanxi has carefully examined the problems existing in the coal industry and adopted different countermeasures successively. However, Shanxi's coal industry "has more, smaller and scattered," "chaos", serious waste of resources, serious environmental pollution, frequent accidents, and other phenomena still cannot fundamentally solve the problem. During the 11th Five-Year Plan period, Shanxi seized the opportunity of "the comprehensive reform pilot area for the transformation of the national resource-based economy". The purpose of vigorously promoting the merger and reorganization of coal enterprises is to change the pattern of Shanxi's coal industry, improve the degree of industrial concentration, and realize the industrial upgrading, as well as to ensure the long-term healthy and sustainable development of Shanxi coal enterprises. The study on the effect of merger and acquisition of Shanxi coal enterprises can improve the theoretical system of merger and acquisition in theory, help the government to grasp the actual effect of merger and acquisition accurately in reality, and adjust the policy in time. Thus also for other resource-based provinces to do a demonstration of M & A effect. On the basis of detailed reading and summing up the relevant literature, this paper analyzes the motivation and necessity of merger and acquisition of coal enterprises in Shanxi, based on the overall thinking of "theory-positivist-conclusion-countermeasure", and combining with the actual situation of Shanxi coal enterprises, etc. Finally, we use the financial index analysis method (the main financial indicators are enterprise scale effect, profitability, solvency, ) and econometrics model (based on the study of industrial concentration) to measure the M & A effect of Shanxi coal enterprises. The results show that the overall effect of M & A is better, such as the recovery and utilization of resources. However, some problems in M & A are also found. Finally, the paper puts forward some policy suggestions according to the corresponding problems. The main research method used in this paper is to verify the effect of M & A by means of financial analysis and econometric model, which makes the conclusion more precise and reliable.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.21;F271

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