东方航空并购上海航空的财务绩效分析

发布时间：2018-05-17 20:10

本文选题：并购 + 事件分析法　；参考：《深圳大学》2017年硕士论文

【摘要】：并购战略是航空公司发展和实现横向扩张纵向推广战略的重要途径和手段。根据国际经验,世界大型航空公司实现横向扩张的增长过程,基本上都离不开并购的进行。本文主要对东航通过换股吸收合并方式并购上航这一案例进行了理论分析和案例分析。文章首先介绍选题背景和意义,然后介绍并购的相关概念和文献。在案例分析部分,本文以东航换股吸收合并上海航空的案例为例。首先,阐述东航的并购协议,对其并购的动因进行分析,然后对东航并购上航所带来的财务绩效展开具体的分析。分别采用以下几种方法:采用事件分析法分析并购带来的短期效益;采用会计指标法分析东方航空的财务指标;采用杜邦分析法东方航空分析财务状况和几个财务比率之间的关系;采用Z指数分析法分析并购前后财务危机的变化情况。最后还从规模效应、协同效应这两方面来分析并购是如何影响东航的财务绩效的。最后,本文通过分析东航并购上航过程中可能存在的风险,结合目前民航企业的并购现状,提出对于民航企业的结论和启示。
[Abstract]:M & A strategy is an important way and means for airlines to develop and realize horizontal expansion and vertical promotion strategy. According to international experience, the growth process of the world's large airlines to achieve horizontal expansion is basically inseparable from mergers and acquisitions. This paper makes a theoretical analysis and case study on the case of China Eastern Airlines M & A by means of stock exchange and merger. This paper first introduces the background and significance of the topic, and then introduces the related concepts and literature of M & A. In the case analysis part, this paper takes the case of China Eastern Airlines' absorption and merger of Shanghai Airlines as an example. Firstly, this paper expounds China Eastern Airlines' merger and acquisition agreement, analyzes the reasons of its merger and acquisition, and then analyzes the financial performance brought by China Eastern Airlines' merger and acquisition of Shanghai Airlines. The following methods are adopted: the short-term benefits of M & A are analyzed by event analysis method, the financial index of China Eastern Airlines is analyzed by accounting index method, and the financial index of China Eastern Airlines is analyzed by the method of accounting index. DuPont analysis method is used to analyze the relationship between financial situation and several financial ratios, and Z index analysis method is used to analyze the changes of financial crisis before and after merger and acquisition. Finally, the paper analyzes how M & A affects the financial performance of China Eastern Airlines from the aspects of scale effect and synergy effect. Finally, by analyzing the possible risks in the process of China Eastern Airlines' merger and acquisition of Shanghai Airlines, combined with the current situation of civil aviation enterprises' merger and acquisition, this paper puts forward the conclusion and inspiration for civil aviation enterprises.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F562.6;F271;F560.5

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