潍柴动力并购亚星客车的协同效应评估

发布时间：2018-06-20 07:50

本文选题：并购 + 协同效应　；参考：《河南大学》2014年硕士论文

【摘要】：企业可以通过兼并收购活动取得发展，也可以通过兼并收购活动优化资源配置。随着经济全球化不断深入发展，我国市场经济日益活跃，越来越多的国有企业、集体企业与私营企业目前都面临着整合和重组资源以实现利润最大化目标的问题。要解决资源的整合和结构调整问题，实现资源的配置达到最优状态，一个高效的解决途径就是企业间的并购活动。取得并购的协同效应是企业参与并购的最终目的，这一观点被学术界和工业界广泛认可。现实中由于对并购的协同效应的评估存在偏差，也致使许多企业的并购活动未能成功。因此，一个公司要想通过并购活动的成功获得快速的成长就必须了解和评估并购活动所带来的协同效应。本文归结了境内外关于并购协同效应的相关学说，总结了协同效应的概念，从理论上探讨了协同效应产生的产生和发展过程，介绍了传统的企业价值评估方式净收益和净资产收益率在评估时存在的没有考虑资金的时间价值和未来风险的收益情况、只能在事后反映股东价值的变化等弊端，这些弊端可能导致企业无法做出最优化的决策判断、可能会使公司行为短期化并影响其长期的可持续发展战略。接着文章还对EVA这一日益受到推崇的协同效应评估方法进行了理论渊源的梳理，并介绍了EVA运用于实践的假设前提和概念，即经济增加值EVA被认为可以评判某一组织新增长的财富价值和组织价值，在数量上,EVA相当于把资本成本从税后净营业利润中扣去，是扣去全部成本后的差额，它反映出公司在经济意义上而不是会计意义上是否盈利，指出运用EVA进行评估的计算公式及在计算过程中应当对相应的如利息支出、研发费用调整项、非经常性收益调整项和在建工程等项目进行相应的调整、从生产的协同效应、管理的协同效应、财务的协同效应三个方面具体阐述了EVA反映企业并购协同效应的具体表现及相比于传统对企业并购协同效应评估方法的优势，这些优势具体体现为含义比传统的评估方法简单明了，理解起来更容易、能够真实的反映企业的价值增加、能够充分平衡协调相关利益人对企业的价值需求、能够持续推进企业科学长效的发展、能够预警财务恶化。本文认为EVA在评估企业并购协同效应方面比传统的并购协同效应评估方法有较显著的优势，，和传统的评估方法比较起来更有助于反映并购给企业带来的生产经营协同效应、管理协同效应及财务协同效应。本文根据我国企业间并购的实践活动，选取了潍柴动力并购亚星客车为样本案例，按照EVA计算方法分别计算了并购前后潍柴动力和亚星客车的经济增加值，通过分析双方经济增加值在并购前后的变化评估了此次并购是否给双方带来了期望达到的协同效应，并在此基础上探讨了政府参与、政府的经济政策、企业组织的整合、员工心理契约、并购规模等宏观和微观因素对并购活动协同效应实现的影响的具体体现。
[Abstract]:Enterprises can achieve development through merger and acquisition activities, and can optimize the allocation of resources through merger and acquisition activities. With the continuous development of economic globalization, China's market economy is increasingly active, more and more state-owned enterprises, collective and private enterprises are facing the integration and reorganization of resources to achieve the goal of maximizing profits. To solve the problem. To solve the problem of resource integration and structural adjustment, to achieve the optimal state of the allocation of resources, an efficient solution is the activity of mergers and acquisitions among enterprises. The synergy effect of acquisition is the ultimate goal of the enterprises' participation in mergers and acquisitions. This view is widely recognized by the academia and industry. In reality, the synergy of mergers and acquisitions is due to the reality. There is a deviation in the evaluation of the effects and the failure to succeed in the mergers and acquisitions of many enterprises. Therefore, a company must understand and evaluate the synergy of the M & A activities to achieve rapid growth through the success of M & A activities.
This paper sums up the related theories about the synergistic effect of mergers and acquisitions, summarizes the concept of synergy effect, discusses the production and development process of the synergistic effect in theory, and introduces the traditional value of enterprise value assessment and net asset returns without considering the time value and future wind of the fund. The benefits of risk can only reflect the changes of shareholders' value after the event, which may lead to the failure of the enterprise to make the optimal decision judgment, which may make the company's behavior short-term and affect its long-term sustainable development strategy.
Then the article also combed the theoretical origin of EVA, an increasingly respected synergistic evaluation method, and introduced the hypothesis and concept of the application of EVA to practice, that is, the economic value added EVA is considered to be able to judge the wealth value and organizational value of a new growth of an organization. In quantity, EVA is equivalent to the cost of capital from tax. The post net operating profit is deducted from the total cost deduction, which indicates that the company is not profitable in the economic sense but not in the accounting sense. It points out that the calculation formula for the use of EVA and the corresponding interest expenditure, R & D cost adjustment, non recurrent income adjustment and construction project should be used in the calculation process. The project carries on the corresponding adjustment, from three aspects of the synergy effect of production, the synergy effect of management, and the synergy effect of the finance, the concrete performance of EVA reflecting the synergy effect of the enterprise merger and acquisition and the advantages of the traditional evaluation method of the synergy effect of the enterprise merger and acquisition are compared. These advantages are concretely embodied as the simple meaning of the evaluation method to be compared with the traditional method of evaluation. It is easier to understand and truly reflect the increase in value of the enterprise. It can fully balance and coordinate the value demand of the related stakeholders to the enterprise. It can continue to advance the long-term development of the enterprise science, and can warn the financial deterioration.
This paper holds that EVA has a significant advantage over the traditional M & a synergy evaluation method in evaluating the synergy effect of M & A. Compared with the traditional evaluation method, it is more helpful to reflect the synergy effect of M & A to enterprises, management synergy and financial synergy. This paper is based on the M & A among enterprises in China. In practice, we selected the example case of Weichai Power M & a coach, calculated the economic value of Weichai Power and Yaxi bus before and after the merger and acquisition according to the EVA calculation method, and evaluated whether the merger and acquisition brought the synergy effect to both sides by analyzing the changes of the economic added value before and after the merger and acquisition. On this basis, the impact of government participation, government economic policy, enterprise organization integration, employee psychological contract, M & a scale and other macro and micro factors on the realization of the synergy effect of M & A activities are discussed.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.471;F271

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