大资产管理视角下的中国平安并购绩效研究

发布时间：2018-01-24 01:56

本文关键词： 大资产管理股权并购绩效　出处：《宁夏大学》2017年硕士论文　论文类型：学位论文

【摘要】：2011年以来,随着我国相关政策法规的改变,政府对资产管理行业的监管逐步放宽,再加上居民以及企业财富的快速积累,我国资产管理行业进入“大资管”时代,而作为行业的供应端,各大金融性集团把投资发展增值类业务和参与经营高增速行业作为主要战略。由于经济的增速放缓,国家调整金融政策,使得协议存款、债券、债权投资计划等固定收益产品的收益水平不断下降,在这样的经济形势下,股权并购作为企业实现发展和扩张的一种方法变的愈发受人追捧,近年来频发的保险资金二级市场举牌事件就是例子。但这种方式究竟能否在新时代下为企业实现价值增长,是一个值得思考的问题。本文结合“大资管”时代的特点,选取大资产管理视角,对中国平安保险公司近年对上海家化、碧桂园、汽车之家这三家企业进行的大规模股权并购案例进行研究,对并购案参与方的财务报表,公司公告以及其他相关信息进行收集整理,结合并购参与各方的动机和并购后的整合措施,基于大资产管理视角来分析并购为中国平安带来了哪些绩效和影响。并对其他从事资产管理业务的公司在股权并购对象的选择,股权并购的时机选择以及股权并购后的整合措施等方面提出建议。
[Abstract]:Since 2011, with the change of relevant policies and regulations in China, the government has gradually relaxed the supervision of the asset management industry, coupled with the rapid accumulation of wealth of residents and enterprises. China's asset management industry has entered the era of "large capital management", and as the supply end of the industry. The major financial groups take investment to develop value-added business and participate in the operation of high-growth industries as the main strategy. Due to the slowdown in economic growth, the state has adjusted its financial policy to make agreement deposits and bonds. The income level of fixed-income products such as creditor's rights investment plan is declining, in such economic situation, equity mergers and acquisitions as a way to achieve the development and expansion of enterprises has become increasingly popular. In recent years, the frequent occurrence of insurance funds in the secondary market is a case in point. However, whether this approach can achieve value growth for enterprises in the new era. This paper combines the characteristics of the era of "big capital management", selects the angle of view of large assets management, and makes a research on the Chinese Ping an Insurance Company in recent years to Shanghai Jiahua, country Garden. Auto House these three enterprises to carry out large-scale equity mergers and acquisitions case study, the merger participants financial statements, company announcements and other relevant information collection and collation. Combined with the motivation of the parties involved in M & A and the integration measures after the merger. Based on the large asset management perspective to analyze the M & A for China Ping an what performance and impact, and other companies engaged in asset management in equity M & A options. The timing of equity M & A and the integration measures after M & A are proposed.
【学位授予单位】：宁夏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F271

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