中联重科并购意大利CIFA的绩效分析

发布时间：2018-03-23 17:09

本文选题：中联重科　切入点：意大利CIFA　出处：《湖南大学》2014年硕士论文

【摘要】：工程机械行业是我国的重要产业之一，代表我国的工业技术水平，是涉及到国家大规模现代化建设的战略性装备产业，一直以来都是我国大力支持和扶植的产业。经过多年的发展，工程机械行业已经成为我国的支柱产业。但是工程机械行业同时也面临着挑战，在国际化的背景下，工程机械巨头们纷纷走上了跨国并购的道路，我国的企业面临着激烈的国际竞争。中联重科股份有限公司是湖南省乃至工程机械行业的典型企业，2008年并购了意大利CIFA。本文以中联重科并购意大利CIFA这一事件作为研究对象，通过分析此次并购的绩效，提出科学合理的政策建议，对我国工程机械企业的发展具有重要意义。本文开始阐述了研究背景、研究意义，对国内外的研究现状进行了综述并指出本文的研究方法和创新点。然后从企业跨国并购的理论出发，阐述了效率理论、市场势力理论和交易费用理论，并对并购活动不同阶段影响并购绩效的因素进行了总结，合理的解释了中联重科并购CIFA的行为。接下来对中联重科并购CIFA面临的环境、并购动因和并购过程进行了分析。本文的重点部分是中联重科并购CIFA的绩效分析，这一部分中，采用了财务分析法、Z值分析法和EVA分析法进行了探讨并总结了影响中联重科并购绩效的有利和不利因素。最后，本文通过对中联重科并购意大利CIFA这个个案的研究，对我国工程机械企业的跨国并购提出了一些普遍性意见。主要包括：政府方面，通过制定相关政策法规，，积极引导工程机械企业跨国并购的发展。企业方面，第一，客观分析内外现状，制定科学的跨国并购策略；第二，加强并购过程中的风险防控；第三，建立健全会计核算体系；第四，加强并购后的整合；第五，坚持技术创新，扩大产品市场占有率。
[Abstract]:The construction machinery industry is one of the important industries in our country. It represents the level of industrial technology in our country and is a strategic equipment industry involving the large-scale modernization of the country. After years of development, the construction machinery industry has become the pillar industry of our country. However, the construction machinery industry is also facing challenges, in the context of internationalization, Construction machinery giants have embarked on the path of cross-border mergers and acquisitions, China's enterprises are facing fierce international competition. Zhonglian heavy Technology Co., Ltd. is a typical enterprise in Hunan Province and even the construction machinery industry. In 2008, it acquired CIFA of Italy. It is of great significance for the development of construction machinery enterprises in China to put forward scientific and reasonable policy suggestions through analyzing the performance of this merger and acquisition. This paper begins with the background and significance of the research, summarizes the current research situation at home and abroad, and points out the research methods and innovation points of this paper. Then, from the theory of transnational M & A, the paper expounds the efficiency theory. Market power theory and transaction cost theory, and the factors that affect the performance of M & A in different stages of M & A activities are summarized, and the behavior of CIFA M & A by Zoomlion is explained reasonably. The main part of this paper is the performance analysis of CIFA merger and acquisition by Zoomlion. This paper uses the financial analysis method Z value analysis and EVA analysis to discuss and summarize the favorable and unfavorable factors that affect the performance of the merger and acquisition of Zoomlion. Finally, this paper studies the case of the merger and acquisition of Italian CIFA by CSR. This paper puts forward some general opinions on transnational M & A of construction machinery enterprises in China. It mainly includes: the government, through the formulation of relevant policies and regulations, actively guides the development of transnational mergers and acquisitions of construction machinery enterprises. Objective analysis of the current situation inside and outside, formulate scientific cross-border M & A strategy; second, strengthen the risk prevention and control in the M & A process; third, establish a sound accounting system; fourth, strengthen the integration after M & A; fifth, adhere to technological innovation, Expand the market share of products.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.4;F271

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