微软并购诺基亚设备与服务部门的战略绩效分析

发布时间：2018-04-19 09:07

本文选题：平衡计分卡 + 微软　；参考：《上海师范大学》2017年硕士论文

【摘要】：微软公司和诺基亚公司于2013年9月3日宣布,两家公司的董事会决定进行一项交易,即微软将大量购买诺基亚的所有设备与服务业务,获得使用诺基亚专利的许可,并使用诺基亚的地图服务。根据协议条款,微软将支付37.9亿欧元购买诺基亚设备与服务部门的大部分业务,以及支付16.5亿欧元收购诺基亚的专利,总交易价格为54.4亿欧元。微软将利用其海外现金资源为交易提供资金。该交易预计将在2014年第一季度完成,需经诺基亚股东批准,监管批准和其他融资完成条件实现。基于与诺基亚在2011年2月宣布的合作伙伴关系和诺基亚的Lumia智能手机越来越成功,微软旨在通过更快的创新,增强协同效应,统一的品牌和营销,加快其在移动设备的份额和利润的增长。对于诺基亚,该交易预计将大幅增加收益,加强其财务状况,为未来投资其持续业务提供坚实的基础。微软于2014年4月25日完成了对诺基亚设备与服务部门的并购,获取了诺基亚的数项专利,实现了软件和硬件的统一控制。本文以微软并购诺基亚事件作为研究对象,首先通过平衡记分卡构建并购战略绩效评价指标体系,从财务、客户、内部流程、学习和成长这四个方面分别选取指标评价微软并购诺基亚设备与服务部门的并购绩效,通过横向比较和纵向比较各项指标分析了微软并购前后的表现。在财务维度下,本文参照传统的财务分析方法,从盈利能力、经营能力、偿债能力、发展能力四个方面,分别选取了11个财务指标进行分析;内部流程维度下,选取财务费用增长率、财务费用占营业收入的比率、行政费用增长率、行政费用占营业收入的比率反映企业内部运营效率;客户维度下,选取市场份额、税收增长率以及税收占营业收入的比率,从市场和社会两个方向评价并购绩效;在学习和成长维度下,从衡量并购对企业长期价值的影响出发选取研发费用增长率和研发费用占营业收入比率反映并购绩效。接下来进行综合评价分析,运用因子分析法衡量各项指标权重,得到具有经济解释意义的因子和因子综合得分,最后通过比较并购前后因子综合得分的变化和排名,对此次并购的战略绩效进行评价,试图为我国企业跨国并购提供借鉴与启示。研究表明,战略绩效分析优于单纯财务绩效分析,能够全面评价企业并购战略的实施效果;就现在微软的各项指标表现和因子分析法的得到的综合得分结合来看,此次并购失败,并未达到其预期绩效,没有实现其战略目标。
[Abstract]:Microsoft and Nokia announced on September 3, 2013 that the boards of directors of the two companies had decided to enter into a deal in which Microsoft would buy up all of Nokia's equipment and services businesses in bulk to obtain permission to use Nokia patents,And use Nokia's map service.Under the terms of the deal, Microsoft will pay 3.79 billion euros for most of Nokia's equipment and services business and 1.65 billion euros for Nokia patents for a total transaction price of 5.44 billion euros.Microsoft will use its overseas cash resources to fund the deal.The deal is expected to close in the first quarter of 2014, subject to approval by Nokia shareholders, regulatory approval and other financing completion conditions.Based on the partnership announced with Nokia in February 2011 and the growing success of Nokia's Lumia smartphones, Microsoft aims to integrate branding and marketing through faster innovation, enhanced synergies, and unified branding.Accelerate its share and profit growth in mobile devices.For Nokia, the deal is expected to significantly increase earnings, strengthen its financial position and provide a solid basis for future investments in its continuing business.Microsoft completed the acquisition of Nokia's equipment and services division on April 25, 2014, obtained several patents from Nokia, and realized unified control of software and hardware.In this paper, Microsoft M & A Nokia event as the research object, first through the balanced Scorecard to build the M & A strategic performance evaluation index system, from the financial, customer, internal process,Four aspects of learning and growth are selected to evaluate the performance of Microsoft M & A of Nokia equipment and Services, and the performance of Microsoft before and after M & A is analyzed through horizontal comparison and vertical comparison.According to the traditional financial analysis method, this paper selects 11 financial indexes to analyze from four aspects: profitability, business ability, solvency and development ability.Selecting the growth rate of financial expenses, the ratio of financial expenses to operating income, the growth rate of administrative expenses and the ratio of administrative expenses to operating income reflect the internal operation efficiency of enterprises;The tax growth rate and the ratio of tax revenue to operating income evaluate M & A performance from both market and society.Based on the measurement of the impact of M & A on the long-term value of enterprises, the growth rate of R & D expenses and the ratio of R & D expenses to operating income reflect the M & A performance.Then the comprehensive evaluation analysis, using factor analysis method to measure the weight of each index, get the economic interpretation of the significance of factors and factor synthesis score, finally through comparison before and after M & A factor comprehensive score changes and ranking,This paper evaluates the strategic performance of the M & A in order to provide reference and inspiration for the transnational M & A of Chinese enterprises.The research shows that strategic performance analysis is superior to pure financial performance analysis and can comprehensively evaluate the implementation effect of M & A strategy.The merger failed, did not achieve its expected performance, did not achieve its strategic objectives.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F416.6;F271

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