南方水泥有限公司并购的效应研究

发布时间：2018-04-09 08:06

本文选题：水泥行业　切入点：南方水泥　出处：《湖南大学》2014年硕士论文

【摘要】：目前，我国水泥行业普遍存在产能过剩、落后产能淘汰难度大以及中小企业多而散的局面，大量水泥企业为了改善产业结构，提高行业利润，相继开展并购重组行动。虽然在这并购潮中，大部分中小企业不顾自身实力，盲目并购扩张，致使最终破产，但也不缺乏成功案例，南方水泥有限公司就是其中之一。研究南方水泥的并购行为，对其他水泥企业实施并购行为具有指导意义，能够提供借鉴经验，指明前进方向。在研究国内外文献、总结并购的基本理论和方法的基础上，通过采用案例分析法，以南方水泥2007年以来实行的大规模跨区域并购行为为研究对象，在回顾南方水泥并购背景、并购动因以及一系列横向及纵向并购过程的基础上，从企业经济效益提升以及行业地位提升的角度对其大规模实施兼并重组取得的效应进行分析，并重点对其在规模经济、价格改善、税收优惠、市场份额、产业集中度以及产能比重上取得的效应进行探讨，可以找出南方水泥在短时间内能够取得巨大成功、产生正面效应的关键因素所在，，以及降低企业并购负面效应的改进方法，并能借此来预测整个水泥行业未来的发展趋势。在水泥行业混乱的并购局面下，有必要通过对龙头企业南方水泥有限公司并购效应的研究，为其他正在实施并购或者未来有并购计划的水泥行业提供参考，使其能借鉴南方水泥的并购经验，参考南方水泥并购成功的因素，以避免在水泥行业并购潮中迷失方向。
[Abstract]:At present, there is overcapacity in cement industry in our country, it is difficult to eliminate backward production capacity, and there are many small and medium-sized enterprises. In order to improve the industrial structure and increase the industry profit, a large number of cement enterprises have launched merger and acquisition and reorganization actions one after another.Although in this merger tide, most small and medium-sized enterprises ignore their own strength, blindly M & A expansion, resulting in final bankruptcy, but there is no lack of successful cases, Southern cement Co., Ltd. is one of them.The study of M & A behavior of Southern cement has guiding significance for other cement enterprises to implement M & A. It can provide reference experience and point out the way forward.On the basis of studying domestic and foreign literature, summarizing the basic theories and methods of M & A, and taking the large-scale cross-regional M & A behavior implemented since 2007 as the research object, this paper reviews the background of M & A in Southern China.On the basis of M & A motivation and a series of horizontal and vertical M & A processes, this paper analyzes the effects of large-scale merger and reorganization from the angle of improving the economic benefits of enterprises and upgrading their status in the industry, and focuses on the economies of scale.By discussing the effects of price improvement, tax incentives, market share, industrial concentration, and the proportion of production capacity, we can find out the key factors for the great success and positive effect of Southern cement in a short period of time.The improvement method of reducing the negative effect of M & A can be used to predict the future development trend of the whole cement industry.Under the chaotic situation of M & A in cement industry, it is necessary to study the M & A effect of Nanfang cement Co., Ltd., a leading enterprise, in order to provide reference for other cement industries that are carrying out mergers and acquisitions or have plans for M & A in the future.So that it can learn from the experiences of M & A of Southern cement and the factors of success of M & A in Southern China so as to avoid losing its direction in the tide of M & A in cement industry.
【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】：F426.721;F271

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