宝钢并购绩效及动因研究

发布时间：2018-05-03 11:34

本文选题：钢铁企业 + 并购　；参考：《华东理工大学》2014年硕士论文

【摘要】：世界钢铁企业并购大潮风起云涌之际。对于中国国民经济支柱行业的大型钢铁企业来说,并购成为企业迅速扩张和占领市场的捷径。即使在市场剧烈波动的东南亚金融危机和席卷全球的次贷危机的影响下,行业普遍处于微利甚至于微亏的大背景下,中国大型钢企并购的戏码一直在持续上演之中。宝山钢铁公司作为中国钢铁企业行列中长期的排头兵,自然也不甘人后。近些年先后并购八一钢铁,广东钢铁,韶山钢铁,宁波钢铁,并始终觊觎包头钢铁。本文研究的方向是首先引入财务分析和DEA包络分析的方法,综合、全面地对被宝钢并购的八一钢铁和韶钢松山两个上市企业在并购前后绩效进行评价。然后通过评估所得到的结果,分析宝钢并购目标选择的真实动因。最后结合传统并购理论在对于宝钢并购的成功与否做出判断的基础上对于传统经济并购理论中的分类提出一种新型并购模式。
[Abstract]:World iron and steel enterprises merger and acquisition tide surging. M & A has become a shortcut to the rapid expansion and market occupation of large iron and steel enterprises in the pillar industries of China's national economy. Even under the influence of the financial crisis in Southeast Asia and the subprime mortgage crisis sweeping the whole world, the industry is generally in the background of small profits and even small losses. Baoshan Iron & Steel Company as a long-term leader of Chinese iron and steel enterprises, naturally do not want people after. In recent years has M & A 81, Guangdong Iron and Steel, Shaoshan Steel, Ningbo Iron and Steel, and always coveted Baotou Steel. The research direction of this paper is to introduce the methods of financial analysis and DEA envelopment analysis to comprehensively evaluate the performance of the two listed enterprises acquired by Baosteel before and after the merger. Then through the evaluation of the results, analysis of Baosteel M & A target selection of the real motivation. Finally, based on the traditional M & A theory to judge the success of Baogang M & A, a new M & A model is proposed for the classification of the traditional economic M A theory.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F426.31

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