宝利来并购北京新联铁之并购绩效分析

发布时间：2018-01-05 10:03

本文关键词：宝利来并购北京新联铁之并购绩效分析　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：当今,经济问题是全球所共同关注的问题,它的好坏关系到一个国家的未来发展。在经济不理想的背景下,我国的企业也受其影响严重。比如企业营业收入减少,营业利润下降等等。在这种危险情况下,企业想要生存就必须提升企业的利润。于是越来越多的国内企业选择进行跨行业并购,以此来改变主营方向,从而在新的业务范围内加速企业成长。跨行业并购在扩大自己的经营范围,注入盈利能力较强的业务及资产,扭转了上市公司原本的经营差的状况,提高了上市公司经营资质和质量。由此来看,跨行业并购交易事件发生完成后的相关绩效分析就成为了评价一项并购事件是否成功的关键因素。宝利来并购北京新联铁是2015年发生的跨行业并购案例,从酒店服务业成功转行成轨道交通行业。并购重组后发展高铁行业也符合了国家“一带一路”发展战略,并购之后的神州高铁成长为中国轨道交通运营维护产业领军产业。本文结合宝利来并购北京新联铁事件,分析方法结合了理论方法研究与实际分析、定性研究与定量分析,对比宝利来在并购前(宝利来)和并购后(神州高铁)产生的绩效变化。所有的研究都要有理论依据的,本文主要依据我国和外国学者所做的相关研究理论,从以下三点:概念、方法、影响因素出发,最后总结归纳其概念和研究方法。本文研究的重点是宝利来并购北京新联铁的绩效分析,开始是对并购事件发生后上市公司的非财务指标分析,主要包括公司的科研创新、战略目标、员工满意度这三点。财务绩效分析的数据主要摘取神州高铁2014年度至2016年度的财务报表,首先从财务绩效的角度出发,这也是本文研究重点,通过数据对比,就这次并购事件对神州高铁盈利能力、偿债能力、营运能力以及成长能力的影响来研究,同时利用事件研究法对并购案发生的前后相关上市公司价值的变化,也就是市场绩效进行分析;其次,构创EVA绩效评价模型,分析神州高铁并购前后的数值变化;得出宝利来并购北京新联铁这一并购行为能够对上市公司产生良好的并购绩效这一结论。最后,合理建议了关于国内跨行业并购应该注意的事项。
[Abstract]:Today, the economy is a global concern, it relates to the future development of a country's economy is not ideal. In the background, China's enterprises are also affected by the serious. Such as business revenue, operating profit decline and so on. In this dangerous situation, the enterprise wants to survive must to enhance the profits of the enterprise. So more and more domestic enterprises choose to cross industry mergers and acquisitions, in order to change the main direction, so as to accelerate the growth of enterprises in the new business scope. In cross industry mergers and acquisitions to expand their business scope, business and assets into profitability strong, reversed the original bad business of listed companies status of the listed companies improve business qualification and quality. Thus, the related performance analysis after the completion of the occurrence of cross industry mergers and acquisitions events became an event success off Key factors. The acquisition of Beijing sheenline polaroid is a cross industry merger cases occurred in 2015, from the hotel service industry successful transition into the railway industry. After mergers and acquisitions are in line with the national "The Belt and Road" development strategy of the development of high-speed rail industry, after the merger of China high-speed rail transit operation China growth for the maintenance of industry leading industry in this paper, combined with the acquisition of Beijing. Polaroid sheenline event analysis method combined with the method of theoretical research and practical analysis, qualitative research and quantitative analysis, comparison of Polaroid before the merger and acquisitions (Polaroid) (China high-speed rail) performance changes produced. All of the research have theoretical basis, this paper mainly focuses on the related theory research Chinese and foreign scholars have done, from the following three points: concept, methods, influencing factors, finally summarizes the concepts and research methods. This paper focuses on the Baoli Beijing Xinliantie analysis of M & a performance is analysis of non-financial indicators of mergers and acquisitions of listed companies after the incident, including research and innovation, the company's strategic goal, employee satisfaction in these three points. The financial performance analysis data of the removal of the main China high iron 2014 to 2016 annual financial statements, first from the financial performance this point of view, is the focus of this paper, by comparing the data, the event of China High Speed Rail profitability, solvency, operating capacity and the growth ability of listed companies at the same time related changes before and after the merger of the use of event study value, which is also the market performance analysis; secondly, the evaluation of Gen EVA performance model, numerical analysis of changes before and after the Shenzhou high iron merger; merger that Polaroid Beijing Xinliantie the mergers and acquisitions of listed companies to produce There is a good conclusion on the performance of M & A. Finally, it makes a reasonable suggestion for the matters that should be paid attention to in the domestic cross industry merger and acquisition.

【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F719.2;F271

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