联想集团并购摩托罗拉的绩效研究

发布时间：2018-01-31 07:56

本文关键词： 联想集团摩托罗拉并购　出处：《黑龙江八一农垦大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国市场经济的日趋成熟,企业间的竞争也愈演愈烈,并购成为了企业增强自身实力的一种重要途径,以求其能够在同行业间占有一席之地。在并购的事件中跨国并购的企业数量占并购事件数量的比重之大,且该类型的企业发展会带动很多相关行业的兴起和进步,对经济发展的影响也有深远的影响。然而跨国并购的企业并购后的绩效参差不齐,有的会产生规模效应,加速发展;有的因为盲目并购,后期整合不力,导致绩效一落千丈,影响企业可持续发展。因此,全面深入研究跨国企业的并购案例具有颇为重大的意义,能够为后续企业实施跨国并购起到借鉴作用。本文以联想集团并购摩托罗拉为例,依据规模经济理论、多元化经营等相关并购动因理论,从短期股票市场情况和长期财务指标入手,运用事件研究法和因子分子法,研究联想集团并购摩托罗拉后的绩效,发现联想集团并购摩托罗拉后在短期内市场效应并不理想,产生较大的负超额收益率;但以财务指标反映长期的并购绩效时,却符合长期财务绩效的周期变化规律。由此我们可以从联想集团并购摩托罗拉的案例中为国内的跨国并购活动提出建设性意见:从企业自身的角度出发,要了解被并购方所在地区的法律法规和被并购方的行业性质、经营状况,考虑自身现金流和未来发展方向、经营战略,并注重并购后的整合工作;从宏观环境的角度出发,国家应大力支持企业海外并购,完善相关法律法规,为企业拓展融资渠道,保证其持续经营,并加快第三方中介机构的发展,为并购活动保驾护航。
[Abstract]:With the maturation of market economy in our country, the competition among enterprises is becoming more and more serious. M & A has become an important way for enterprises to enhance their own strength. In order to be able to occupy a place in the same industry. In the M & A events, the number of cross-border M & A enterprises account for the proportion of M & A events. And the development of this type of enterprises will lead to the rise and progress of many related industries, and also have a far-reaching impact on economic development. However, the performance of cross-border M & A enterprises after M & A is not uniform. Some will produce scale effect, accelerate development; Some because of blind mergers and acquisitions, the late integration is weak, resulting in a decline in performance, affecting the sustainable development of enterprises. Therefore, a comprehensive in-depth study of M & A cases of multinational enterprises has a rather significant significance. This paper takes Lenovo Group M & A as an example, according to the theory of economies of scale, diversification and other related M & A motivation theory. From the short-term stock market situation and long-term financial indicators, using the event study method and factor molecular method, the performance of Lenovo Group after the acquisition of Motorola is studied. It is found that the market effect is not ideal in the short term after the acquisition of Motorola by Lenovo Group, resulting in a large negative excess return. But when the financial indicators reflect the long-term M & A performance. Therefore, we can give constructive suggestions for domestic cross-border M & A activities from the case of Motorola merger and acquisition of Lenovo Group: from the perspective of the enterprise itself. It is necessary to understand the laws and regulations of the area where the acquired party is located, the nature of the acquired party's industry, the operating situation, consider its own cash flow and future development direction, the management strategy, and pay attention to the integration work after the merger and acquisition; From the perspective of macro environment, the state should vigorously support overseas mergers and acquisitions of enterprises, improve relevant laws and regulations, expand financing channels for enterprises, ensure their continuous operation, and accelerate the development of third-party intermediaries. Escort for M & A activities.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.6

【参考文献】