许继集团并入国家电网的绩效评价

发布时间：2019-04-10 14:30

【摘要】：企业并购是企业资产重组的一种重要形式，也是企业特殊的一种投资活动，企业并购是一把双刃剑，企业并购成功可以产生协同效应，有利于企业资源的合理配置和充分利用，从而给企业带来巨大的利润；企业并购失败，则给企业背上了一个大的包袱，甚至导致企业的破产。企业并购绩效的评价是检验企业并购决策甚至并购成功与否的一个重要工具，也是在企业并购中管理的一个重要环节。随着社会的发展，市场竞争愈演愈烈，并购和被并购已成为大多数公司的必然选择。我国企业的并购活动正变得日益活跃，新时期产业结构的调整和市场的进一步发展，加速了各种并购活动的进行，并购不仅可以迅速扩大企业的生产规模，提高企业的核心竞争力，增加企业对市场的占有率，同时也可以降低产品的生产成本和合并企业内部的产品交易成本，在财务和管理以及经营上产生协同效应，有利于资源的整合和充分利用。但值得注意的是，并购活动是否如期所愿的增加了股东的收益，是否对企业的业绩有提高的作用，是否有利于企业创造更多的社会价值？这些都是并购者和并购者所关注的。大量的企业并购实践表明，并购活动对企业的绩效有着直接和重要的影响，已是国内外学者们关注的重点。然而我国的并购活动开始的较晚，仅有近30年的历史，很多理论和实践仍然需要不断的摸索和创新，我国企业并购的特点依旧是起步晚、规模小，且处于早起积累的阶段，加强并购的理论研究，丰富并购的实践经验，对于指导我国企业的并购活动十分迫切与重要。本文对国家电网并购许继集团的案例进行分析，从被并购方的角度来分析并购的绩效，通过分析相关财务指标和EVA的变动，同时辅助一些非财务指标，来评价此次并购的绩效，总结经验和教训，以期为我国企业并购计划和战略的制定提供指导。本文先介绍了研究背景和研究意义，以及并购的动机理论，为本文研究奠定理论基础，然后对国家电网并购许继集团的案例进行介绍，并对并购的绩效进行评价和分析，同时也对并购所带来相关业务和所有者权益的变动进行分析。本文主要选取了一些财务指标和非财务指标以及EVA指标，对并购前三年和并购后一年的的数据进行评价和分析，最后总结结论，，并提出建议和启示。本文主要运用了规范研究和案例研究相结合的研究方法，在对国内外已有的相关研究成果进行归纳、分析以及总结，运用财务管理学、会计学、战略管理等多科知识，对我国企业并购活动中的绩效评估问题进行推理和研究。在对案例的研究方面选取了并购前三年和并购后一年的一些数据进行对比和分析，在指标选择上，仍然选用了传统的财务指标，同时加入EVA的评价，辅助一些非财务指标进行研究分析，也引入了杜邦分析体系进行分析，对案例的并购绩效进行评价。
[Abstract]:M & A is not only an important form of assets reorganization of enterprises, but also a special investment activity of enterprises. M & A is a double-edged sword. The success of M & A can produce synergistic effect, which is beneficial to the rational allocation and full utilization of enterprise resources. Thus bring the huge profit to the enterprise; The failure of M & A puts a big burden on the enterprise and even leads to the bankruptcy of the enterprise. The performance evaluation of M & A is an important tool to test the decision-making and even the success of M & A, and it is also an important link in the management of M & A. With the development of society, market competition becomes more and more intense, M & A and M & A have become the inevitable choice of most companies. M & A activities of Chinese enterprises are becoming more and more active. The adjustment of industrial structure and the further development of the market in the new period have accelerated the development of various M & A activities. M & A can not only rapidly expand the production scale of enterprises, but also accelerate the development of M & A activities. Improve the core competitiveness of the enterprise, increase the market share of the enterprise, at the same time can reduce the production cost of the product and the transaction cost of the product inside the merger enterprise, and produce the synergistic effect in the finance, management and management as well as the operation. It is conducive to the integration and full utilization of resources. However, it is worth noting whether M & A activities have increased the profit of shareholders as scheduled, whether it will improve the performance of enterprises, and whether M & A activities will help enterprises to create more social value. These are the concerns of mergers and acquisitions. A large number of M & A practices show that M & A activities have a direct and important impact on the performance of enterprises, and have become the focus of scholars at home and abroad. However, China's M & A activities started relatively late, only nearly 30 years of history, many theories and practices still need to continue to explore and innovate, the characteristics of M & A in China are still late start, small scale, and in the early accumulation stage, It is very urgent and important to strengthen the theoretical research of M & A and enrich the practical experience of M & A in order to guide the M & A activities of Chinese enterprises. This paper analyzes the case of State Grid M & A Xu Ji Group, analyzes the performance of M & A from the perspective of the merger party, and evaluates the performance of the M & A by analyzing the changes of relevant financial indicators and EVA, and at the same time assisting some non-financial indicators to evaluate the performance of the M & A. Summarize the experience and lessons in order to provide guidance for the formulation of M & A plan and strategy in China. This paper first introduces the research background and significance, as well as the motivation theory of M & A, which lays a theoretical foundation for this research, then introduces the case of State Grid M & A Xu Ji Group, and evaluates and analyzes the performance of M A. At the same time, it also analyzes the changes of related business and owner's equity brought by M & A. This paper mainly selects some financial index, non-financial index and EVA index to evaluate and analyze the data of the first three years and one year after the merger and acquisition. Finally, it summarizes the conclusion, and puts forward some suggestions and enlightenments. This paper mainly uses the combination of normative research and case study to sum up, analyze and summarize the related research results at home and abroad, and apply the multi-subject knowledge such as financial management, accounting, strategic management, and so on, to sum up, analyze and summarize the existing research results at home and abroad. This paper makes a reasoning and research on the performance evaluation of M & A activities in China. In the case study, some data from the first three years of M & A and one year after M & A are selected for comparison and analysis. In terms of index selection, the traditional financial indicators are still selected, and at the same time, the evaluation of EVA is added. Assist some non-financial index to carry on the research analysis, also introduced DuPont analysis system to carry on the analysis, carry on the appraisal to the merger and acquisition performance of the case.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F406.7

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