TL公司并购A公司的市场及财务绩效案例研究

发布时间：2018-04-19 09:53

本文选题：企业并购 + 市场绩效　；参考：《华南理工大学》2014年硕士论文

【摘要】：在金融危机影响的大环境下，市场竞争的激烈程度有增无减，，再伴随着我国经济体制的进一步深化改革，企业之间通过并购实现产业结构调整与升级的行为变得更加频繁。正是在这样的形势下，TL公司为了适应环境和寻求进一步发展，开始调整发展战略，试图通过企业并购的方式向上游产业链进行拓展。2012年2月7日，TL公司收购了以松香为主业的A公司100%的股权。然而并购后，TL公司的股价表现及财务绩效似乎都不尽人意，那么并购对其有无影响，是正影响还是负影响，以及影响程度如何，尚无定论。因此，对TL公司并购A公司的市场及财务绩效进行分析与评价，并根据分析结果提出对策和建议，是本文的主要研究内容。首先，本文阐述了研究背景和研究意义，然后对相关概念进行了界定，并归纳和评价了并购市场及财务绩效的评价方法，接着梳理和综述了国内外并购市场及财务绩效的研究现状，最后介绍了本文的研究内容、论文框架和研究方法。其次，本文对TL公司并购A公司的案例背景进行了详细介绍，重点分析了并购双方在并购前的经营及财务状况。再次，本文分别分析了TL公司并购A公司的市场绩效和财务绩效。运用事件研究法分析了并购市场绩效，分析结果表明：并购降低了TL公司的股东财富，对A公司实施完全控股并更换经营团队是降低股东财富的主要原因。运用会计研究法分析了并购财务绩效，分析结果表明：并购降低了TL公司的财务绩效，并购后A公司经营不佳是降低财务绩效的主要原因。最后，根据以上分析结果及原因，总结了本案例的启示，并分别从日后的并购活动和A公司的经营管理两个方面，对TL公司提出了若干建议。
[Abstract]:Under the influence of the financial crisis, the fierce degree of market competition is increasing, and with the further deepening of the reform of our economic system, the behavior of enterprises to realize the adjustment and upgrading of industrial structure through mergers and acquisitions becomes more frequent.It was under such circumstances that the company began to adjust its development strategy in order to adapt to the environment and seek further development.In an attempt to expand into the upstream industry chain through mergers and acquisitions, on February 7, 2012, TTL acquired a 100 percent stake in company A, which focuses on rosin.However, the stock price performance and financial performance of TL after M & A seem to be unsatisfactory, so whether M & A has a positive or negative impact on it, as well as the extent of the impact, has not yet been decided.Therefore, it is the main research content of this paper to analyze and evaluate the market and financial performance of TL Company M & A Company A, and put forward the countermeasures and suggestions according to the analysis results.First of all, this paper describes the research background and significance, then defines the relevant concepts, and summarizes and evaluates the M & A market and financial performance evaluation methods.Then, the research status of M & A market and financial performance at home and abroad is summarized. Finally, the research content, framework and research methods are introduced.Secondly, the case background of TL M & A is introduced in detail, and the management and financial status of both parties before M & A are analyzed.Thirdly, this paper analyzes the market performance and financial performance of TL M & A.This paper analyzes the market performance of M & A by the method of event research. The results show that M & A reduces the shareholders' wealth of TL Company, and the main reason of decreasing shareholders' wealth is to take full control of Company A and change the management team.The financial performance of M & A is analyzed by using accounting research method. The results show that M & A reduces the financial performance of TL company, and the poor management of company A after M & A is the main reason for the decrease of financial performance.Finally, according to the above analysis results and reasons, this paper summarizes the enlightenment of this case, and puts forward some suggestions to TL company from two aspects of M & A activities and A company's management in the future.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F275;F832.51

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