中联重科并购CIFA的财务效应研究

发布时间：2018-04-27 18:38

本文选题：并购 + 财务效应　；参考：《长沙理工大学》2014年硕士论文

【摘要】：随着我国经济的快速发展以及全球化布局的加速,国内企业对于快速扩张经营规模的意愿越来越强烈,对于扩张规模的途径与方式进行了持续的探索,于此过程中并购则成为国内企业愈加青睐的一种扩张模式。自我国加入WTO体系以来,并购热潮确实产生了一大批规模快速膨胀的企业,但规模的扩张并不代表企业的财务效应发生了有利的变化,而财务效应正是衡量一个企业价值大小的基础,因此研究上市公司并购与财务效应的关系是十分有必要的。本文选取了中联重科并购CIFA这一经典案例,从短期和长期两个角度来分析该项并购带给中联重科的财务效应的变化。从结构上,本文分为六个部分：第一部分主要介绍了选题背景和意义,并购行为财务效应的国内外研究现状,以及本文的研究内容、方法及技术路线；第二部分为理论基础,主要介绍了并购相关的理论体系及财务效应相关的理论体系；第三部分为案例研究,以中联重科并购CIFA作为案例,来具体分析并购与财务效应的关联性；第四部分为问题研究,讨论了中联重科并购CIFA长期财务效应不佳的原因；第五部分为解决策略,根据前文分析的原因,提出相应解决策略；第六部分为通过这次研究所得的结论。本文研究结论如下：并购仅来带短期财务效应,并未给中联重科带来显著的长期财务效应,且中联重科在股票增值效应、盈利能力、合理避税效应方面比一般上市公司的表现更差。后文分析了原因并提出了解决策略。
[Abstract]:With the rapid development of China's economy and the acceleration of globalization, domestic enterprises are more and more willing to expand their business scale rapidly, and have been continuously exploring the ways and means of expanding scale. In this process, M & A has become a more and more popular expansion mode of domestic enterprises. Since China's entry into the WTO system, the M & A boom has indeed produced a large number of rapidly expanding enterprises, but the expansion of scale does not mean that the financial effects of enterprises have undergone favorable changes. The financial effect is the basis to measure the value of an enterprise, so it is necessary to study the relationship between M & A and financial effect of listed companies. This paper selects the classic case of CIFA M & A, and analyzes the change of the financial effect of the merger from two aspects: short term and long term. In terms of structure, this paper is divided into six parts: the first part mainly introduces the background and significance of the topic, the domestic and foreign research status of the financial effect of M & A, as well as the research content, methods and technical route of this paper; the second part is the theoretical basis. It mainly introduces the theory system of M & A and the theory system of financial effect. The third part is case study, taking CIFA as a case to analyze the relationship between M & A and financial effect. This paper discusses the reasons for the poor long-term financial effect of the merger and acquisition of CIFA by Zoomlion. The fifth part is the solution strategy, according to the reasons analyzed above, the corresponding solution strategy is put forward; the sixth part is the conclusion obtained through this study. The conclusions of this paper are as follows: M & A only brings short-term financial effect, does not bring significant long-term financial effect to Zoomlion. The reasonable tax avoidance effect is worse than the average listed company's performance. The following article analyzes the reason and puts forward the solution strategy.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426.4

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