我国石油企业海外并购绩效研究

发布时间：2018-05-28 05:08

本文选题：石油企业 + 海外并购　；参考：《陕西科技大学》2014年硕士论文

【摘要】：每次全球爆发金融危机都会伴随着大型的并购活动，而石油行业更是首当其冲。我国石油企业自2005年以来，扭转了其在海外并购中的不利地位，逐步实现公司的海外征途。随着我国海外并购中出现大量失败的案例，学者们对我国石油企业的大规模海外并购的成果也提出了质疑。并购绩效是衡量海外并购成功与否的关键因素，对并购绩效的研究已有100多年的历史，我国在此方面的研究起步较晚，目前还没有形成统一的绩效评价方法，多数是结合我国国情来借鉴国外的相关理论。目前我国对于企业海外并购的绩效评价研究多数停留在理论阶段，且相关研究中多以短期绩效分析为主，而考虑中长期绩效的研究较少；实证研究以个案研究法为主，而涉及整个行业的普遍适用的指标模型却很难找到；对EVA的应用鲜少考虑其在反应未来增长方面的缺陷。基于此，本文尝试利用可获取的资料，对标准的EVA模型进行修正，加入未来增长因素，并结合我国石油企业特点，构建石油企业适用的海外并购绩效评价模型，并进行实证检验。本文首先回顾我国石油企业海外并购的发展历程，从中寻求石油企业的特征，并结合并购绩效相关理论的分析，选择出适合于我国石油企业海外并购绩效研究的评价模型。在此基础上归集整理了14家主要上市石油企业2007年至2012年间的主要绩效评价指标数据，运用理论和实证相结合的方法建立起石油企业的海外并购前后绩效评价模型，并得出相关因子的各年得分。之后通过具体的海外并购案例对模型进行实证检验，发现海外并购提高了企业的偿债能力，完善企业的资本结构，增加了企业的未来成长价值，，然而对企业经济增加值方面并没有明显的影响，结合绩效评价的正效应理论综合分析企业本次海外并购的正效应来源。最后针对上述实证结论，对我国石油企业未来海外并购的发展做出估计，并针对我国石油企业在海外并购中存在的前期准备不足、目标定价过高、资源整合困难几方面的问题提出三点建议，即进行有选择的渐进式并购、转变支付及融资方式和强化内部管理，为我国石油企业的海外并购绩效的提升提供参考。
[Abstract]:Every global financial crisis is accompanied by large mergers and acquisitions, and the oil industry is the first to bear the brunt. Since 2005, China's petroleum enterprises have reversed their unfavorable position in overseas mergers and acquisitions and gradually realized their overseas journey. With the emergence of a large number of failed cases in overseas mergers and acquisitions in China, scholars have also questioned the achievements of large-scale overseas mergers and acquisitions of Chinese oil enterprises. M & A performance is the key factor to measure the success of overseas M & A. The research on M & A performance has been studied for more than 100 years. Most are combined with our national conditions to learn from the relevant foreign theory. At present, the research on the performance evaluation of overseas M & A in our country is mostly in the theoretical stage, and most of the related studies are based on short-term performance analysis, but there are few studies considering the medium- and long-term performance; the empirical research is mainly based on case study. However, it is difficult to find a universally applicable index model involving the whole industry; the application of EVA seldom considers its shortcomings in reflecting future growth. Based on this, this paper attempts to modify the standard EVA model by using the available data, add the future growth factors, and combine the characteristics of Chinese oil enterprises, and construct a suitable overseas M & A performance evaluation model for oil enterprises. And carries on the empirical test. Firstly, this paper reviews the development of overseas M & A of Chinese petroleum enterprises, seeks the characteristics of petroleum enterprises from the perspective of the characteristics of petroleum enterprises, and selects an evaluation model suitable for the study of the performance of overseas M & A of Chinese petroleum enterprises by analyzing the relevant theories of M & A performance. On this basis, the main performance evaluation index data of 14 main listed oil enterprises from 2007 to 2012 are collected and collated, and the performance evaluation model of oil enterprises before and after overseas M & A is established by using the method of combining theory and demonstration. And obtains the correlation factor each year score. After the empirical test of the model through specific cases of overseas M & A, it is found that overseas M & A improves the solvency of the enterprise, improves the capital structure of the enterprise, and increases the future growth value of the enterprise. However, there is no obvious impact on the economic added value of enterprises. Combined with the positive effect theory of performance evaluation, this paper comprehensively analyzes the positive effect sources of the overseas mergers and acquisitions. Finally, in view of the above empirical conclusions, this paper makes an estimate of the future development of overseas mergers and acquisitions of Chinese petroleum enterprises, and aims at the lack of early preparation and high target pricing in overseas mergers and acquisitions of Chinese oil enterprises. This paper puts forward three suggestions on the difficulty of resource integration, that is, to carry out selective gradual mergers and acquisitions, to change payment and financing methods and to strengthen internal management, and to provide a reference for the improvement of overseas M & A performance of Chinese petroleum enterprises.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.22;F271

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