N公司并购S公司的财务绩效研究

发布时间：2018-04-19 19:14

本文选题：民爆行业 + 并购　；参考：《长沙理工大学》2015年硕士论文

【摘要】：并购是企业扩大规模,提高财务绩效和综合实力的重要手段。在我国民爆企业规模小、布局分散、技术水平低的背景下,国家大力支持民爆企业并购,以提升产业集中度和竞争力。民爆企业N公司积极响应国家要求,于2012年9月收购了民爆企业S公司。但此次并购活动是否提高了N公司的财务绩效尚无定论。因此,研究N公司并购S公司的财务绩效是非常有意义的。计算N公司并购S公司前后的财务绩效,评价N公司并购财务绩效的优劣,剖析并购财务绩效优劣成因,总结N公司并购案例的启示,是本文主要的研究内容。首先,本文介绍了研究背景、目的和意义,整理了国内外研究现状并进行了文献评述,阐述了研究的主要内容和方法,说明了本次研究的应用价值。其次,本文对企业并购财务绩效的含义进行了界定,介绍了支撑本文研究的委托代理理论和协同效应理论。再次,本文介绍了并购案例概况,采用国务院国资委颁发的的财务绩效评价方法计算并评价了并购案例企业的并购财务绩效,评价结果是N公司的并购财务绩效未达预期。接着,本文分析了并购案例企业财务绩效未达预期的成因。最后,本文总结了N公司并购案例的启示并作出结论。本文得出以下结论：N公司的盈利能力、资产质量、偿债能力和经营增长能力均在并购后有所下降；整体来看,N公司并购后的财务绩效低于并购前,并购财务绩效未达预期；N公司并购财务绩效未达预期的主要原因是宏观经济环境低迷、民爆行业产能过剩、N公司产业链延伸滞后和N公司并购后的整合存在问题。针对案例企业并购财务绩效下降的成因,本文得出以下启示：经济低迷的情况下审慎制定并购决策、民爆行业并购须警惕行业风险、加快N公司产业链的延伸以及注重并购后的整合。本文的研究不仅对案例企业并购后的整合、发展具有重大的指导意义,而且能为未来进行类似并购活动的企业提供经验教训。
[Abstract]:M & A is an important means for enterprises to expand scale, improve financial performance and comprehensive strength. Under the background of small scale, scattered layout and low technology level, the state vigorously supports the merger and acquisition of civil explosive enterprises in order to enhance the industrial concentration and competitiveness. Civil explosion Enterprise N Company actively responded to the state request, in September 2012 to acquire civil explosive enterprise S Company. However, whether the M & A activity has improved the financial performance of N company is not conclusive. Therefore, it is very meaningful to study the financial performance of M & A S Company. It is the main research content of this paper to calculate the financial performance before and after M & A of company N, to evaluate the financial performance of M & A of company N, to analyze the causes of the financial performance of M & A, and to summarize the inspiration of M & A cases of company N. First of all, this paper introduces the research background, purpose and significance, collates the domestic and foreign research status and carries on the literature review, elaborated the research main content and the method, explained this research application value. Secondly, this paper defines the meaning of financial performance of M & A, and introduces the principal-agent theory and synergetic effect theory which support the research of this paper. Thirdly, this paper introduces the general situation of M & A cases, calculates and evaluates the M & A financial performance of M & A cases by using the financial performance evaluation method issued by SASAC of the State Council. The evaluation result is that the M & A financial performance of N Company is not up to expectations. Then, this paper analyzes the causes of the financial performance of M & A cases not up to expectations. Finally, this paper summarizes the inspiration of M & A cases and draws a conclusion. This paper draws the following conclusions: the profitability, asset quality, solvency and operating growth ability of% N Company are all decreased after M & A; the financial performance of M & A is lower than that of M & A company on the whole. The main reasons why the financial performance of M & A is not up to expectations are that the macroeconomic environment is low, the overcapacity of civil explosion industry is lagging behind the extension of the industrial chain of N Company and the problems of integration after M & A of N Company exist. In view of the causes of financial performance decline of enterprise merger and acquisition, this paper draws the following enlightenment: under the condition of economic downturn, we should make merger and acquisition decision carefully, and civil explosion industry M & A should be on the alert for industry risk. Accelerate the extension of N company industrial chain and pay attention to the integration after M & A. The research in this paper is not only of great significance to the integration and development of case enterprises after M & A, but also can provide experience and lessons for enterprises engaged in similar M & A activities in the future.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.7;F406.7

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