丽鹏股份跨界并购绩效研究

发布时间：2018-02-01 02:43

本文关键词： 丽鹏股份跨界并购并购绩效股东效应　出处：《兰州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着互联网和新技术的不断革新,传统行业利润不断的下降已是不争的事实,一方面传统行业上市公司不得不调整自己的发展战略,寻找新的盈利增长点,另一方面,新兴行业上市公司为了保持住自己的优势,也有非常强的扩张欲望。围绕着业务转型、多元化战略、买壳上市、战略合作、财务投资进行跨界并购已成为资本市场上一幕靓丽的风景,2016年就有211家上市公司进行跨界并购,涉及的交易金额也将近9600亿元,达到了历史之最,这也彰显出了企业寻找新的优势或做大自己优势的迫切需求。本文以我国上市公司跨界并购浪潮为背景,对上市公司的并购动与并购绩效展开研究,本文共分了五个章节:第一章为绪论。主要包括论文研究背景及意义、文献综述、研究的内容和思路、本论文的创新点。第二章是跨界并购理论基础,依次概述了企业并购效应理论、跨界并购的基本概念,并从不同的角度分析了我国跨界并购的发展现状和趋势。第三章是丽鹏股份跨界并购案例概述。依次介绍了并购双方在活动发生前的基本情况,并购交易的详细过程和安排。第四章是丽鹏股份跨界并购效应分析,主要采取了市场法、事件研究法和财务指标法对跨界并购前后进行了多角度的对比分析。第五章是案例得出的启示和建议,并补充了本文的不足之处和展望部分。通过研究,本文得出了跨界并购使得公司的财务绩效得到改善,股东效应得到了大幅提高,实现了公司发展战略意图。通过总结跨界并购经验和不足,提出了一些有益建议,包括进行合理的战略定位,采用合适的并购方式,防范并购整合风险,积极探索新的支付方式,打击利益输送和内幕交易等等。
[Abstract]:With the continuous innovation of the Internet and new technologies, it is an indisputable fact that the profits of traditional industries are declining. On the one hand, listed companies in traditional industries have to adjust their development strategies to find new profit growth points. On the other hand, in order to maintain their own advantages, emerging industry listed companies also have a very strong desire to expand around business transformation, diversification strategy, shell listing, strategic cooperation. Financial investment in cross-border mergers and acquisitions has become a beautiful scene on the capital market, in 2016, there are 211 listed companies to cross-border mergers and acquisitions, involving nearly 960 billion yuan of transactions. This paper takes the wave of cross-border mergers and acquisitions of listed companies in our country as the background. This paper is divided into five chapters: the first chapter is the introduction. It mainly includes the research background and significance, literature review, research content and ideas. The second chapter is the theoretical basis of cross-border mergers and acquisitions, which in turn outlines the theory of M & A effect and the basic concepts of cross-border M & A. The third chapter is an overview of Lipeng stock cross-border mergers and acquisitions cases. In turn, it introduces the basic situation of both sides before the activities. The detailed process and arrangement of M & A transaction. Chapter 4th is the analysis of the cross-border M & A effect of Lipeng shares, which mainly adopts the market method. Event research method and financial index method of cross-border mergers and acquisitions before and after the comparative analysis. Chapter 5th is a case of inspiration and recommendations, and complement the deficiencies and prospects of this article. Through the study. This paper concludes that cross-border mergers and acquisitions improve the financial performance of the company, shareholder effect has been greatly improved, achieve the strategic intent of the development of the company. Through the summary of cross-border M & A experience and shortcomings. Some useful suggestions are put forward, including reasonable strategic positioning, appropriate merger and acquisition methods, prevention of merger and acquisition integration risks, active exploration of new payment methods, crackdown on profit transmission and insider trading, and so on.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.32;F271;F406.7

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