赫美集团并购每克拉美的动因及绩效研究

发布时间：2018-03-27 08:10

本文选题：并购　切入点：并购绩效　出处：《深圳大学》2017年硕士论文

【摘要】：中国经济目前已经进入以“中高速、优结构”为特征的新常态,经济增长进入了“换挡期”。在复杂多变的经济形势和市场环境下,购买力和需求下降、劳动力成本上升等因素给各行各业的经营带来了一定的压力。这几年来,面对日益激烈的竞争,越来越多的企业选择并购,来需求多元化发展。早在上个世纪60年代末期,很多企业选择并购来扩大规模。本文选取的赫美集团并购每克拉美是跨行业并购的案例。近几年来,赫美集团所处的仪器仪表制造业进入国内需求平稳,产品同质化严重的阶段。整个行业面临着生产能力过剩的压力。为适应新的市场动态,赫美集团有限公司于2014年完成了对每克拉美有限公司的并购,这是一个由传统电表行业向多元化经营转型的并购案例。本文在并购相关理论研究结果的基础上,结合案例分析法、文献研究法等,对赫美集团并购每克拉美动因与绩效进行分析,最后的得出相关结论。主要内容如下:第一部分是绪论,介绍了本文的选题背景、研究方法,最后引进国内外文献综述的内容,为下文做铺垫。第二部分是并购的相关概念介绍,包括并购动因理论,并购绩效评价方法和并购的整合措施。第三部分引入案例,介绍赫美集团和每克拉美的基本情况,并购过程并分析其并购动因。第四部分是并购的绩效研究,主要包括并购的市场反应,财务绩效分析和EVA绩效分析,从定量的角度来分析这次并购的成败。第五部分是案例的总结和不足,针对此次并购案例得到相应的结论,为企业并购的多元化发展提供一些有益的思路和借鉴。通过上述分析,本文得出以下结论:(一)赫美集团结合到自身行业发展需求,较为谨慎地进行并购,增大了此次并购的成功率。这次并购优化了赫美集团的产业结构,实现了多元化的发展战略。(二)运用事件分析法,通过对赫美集团的超额收益率分析,可以看出此次并购为利好,使得赫美集团股东财富值增加。(三)通过财务绩效分析,此次并购提升了赫美集团的经营效率。(四)经济增加值的分析表明收购每克拉美之后使得赫美集团的股东财富值增加,有持续的正效应趋势。
[Abstract]:At present, China's economy has entered a new normal characterized by "medium high speed, excellent structure," and economic growth has entered a "shift period." under the complex and changeable economic situation and market environment, purchasing power and demand have declined. Factors such as rising labor costs have brought certain pressure to the operation of various industries. In the face of increasingly fierce competition in the past few years, more and more enterprises have chosen mergers and acquisitions to diversify their demand for development. As early as the late 1960s, Many enterprises choose mergers and acquisitions to expand their scale. The Hermel Group M & A per gram of Latin America selected in this paper is a case of cross-industry mergers and acquisitions. In recent years, the instrument and instrument manufacturing industry of Hermel Group has experienced steady domestic demand. The whole industry is under pressure from overcapacity. In order to adapt to the new market dynamics, Herme Group Ltd. completed its merger and acquisition of every gram Latin America Ltd in 2014. This is a case of merger and acquisition from traditional electric meter industry to diversified management. Based on the research results of M & A related theories, this paper combines case analysis method, literature research method, etc. The main contents are as follows: the first part is introduction, introduces the background of this paper, the research methods, and finally introduces the content of literature review at home and abroad. The second part is the introduction of the related concepts of M & A., including the theory of M & A motivation, the evaluation methods of M & A performance and the integration measures of M & A. the third part introduces the case to introduce the basic situation of Hermel Group and every gram of Latin America. The fourth part is the research of M & A performance, including market reaction, financial performance analysis and EVA performance analysis. This paper analyzes the success or failure of this merger from a quantitative point of view. The fifth part is the summary and deficiency of the case. Through the above analysis, this paper draws the following conclusion: (1) Herme Group combines with the needs of its own industry development, and carries out M & A more carefully. Increased the success rate of this merger. This merger and acquisition has optimized the industrial structure of Hermel Group, realized a diversified development strategy. (2) by using event analysis, through the analysis of the excess return rate of Hermel Group, We can see that the merger and acquisition is favorable, which makes the wealth value of the shareholders of Hermel Group increase. (3) through the analysis of financial performance, An analysis of the economic added value of Hermel Group, which has improved its operating efficiency, shows that the acquisition of every gram of Latin America has led to an increase in the value of shareholders' wealth, with a continuing positive trend.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.46;F271

【参考文献】