新日恒力并购博雅干细胞的案例分析

发布时间：2018-05-28 03:43

本文选题：并购重组 + 行业选择　；参考：《深圳大学》2017年硕士论文

【摘要】：在资本市场中,合理的并购活动能够给企业带来一定的增强效益,通过企业之间的并购重组,可以使得并购方的企业规模得到提升,从而提高经济绩效,并占据更大的市场份额。在国企改革、促进企业兼并重组的政策刺激作用下,2015年的企业并购活跃程度及交易规模在2014年以后再创新高。但是在火爆的企业并购重组态势下,并非所有的企业并购都是成功的,企业并购作为一把双刃剑,其带来效益的提升并没有在学术界达成一致的意见,因此关于企业并购前后业绩变化的争论从来没有停止过。新日恒力是一家主营金属制品的上市公司,公司主导产品是钢丝绳、预应力钢绞线、钢丝。近几年,受煤炭、钢铁行业不景气及金属制品行业竞争加剧的影响,公司的业绩不断下滑,2014年全年、2015年前三个季度都为亏损状态。为了避免连续亏损而导致公司被交易所给予风险警示,新日恒力开始筹划重大资产重组。2015年新日恒力跨界收购博雅干细胞之后,实现从传统产业进军新兴产业,但是新日恒力的跨界并购出现了诸多问题,例如行业的选择问题、两个不同产业之间的资源整合问题、并购以后的经营风险问题以及标的资产减值的问题。本文希望通过该案例为以后的企业进行跨界并购提供一定的借鉴经验。本文的篇章脉络如下:首先,本文以新日恒力并购博雅干细胞为案例,理论与实践相结合的方式去研究本次跨界并购对并购方新日恒力的业绩影响,重点突出并购之中出现的问题。其次,本文以新日恒力并购博雅干细胞为切入点,对本次跨界并购行为做出系统的分析,主要以财务绩效作为分析指标,其中包括营运能力、偿债水平、盈利水平以及企业的发展能力;营运能力的分析通过存货周转率、应收账款周转、流动资产周转率、固定资产周转率;偿债能力则分别分析短期偿债能力和长期偿债能力;盈利能力的分析通过销售净利率、成本费用利润率和总资产净利率;发展能力的分析通过总资产增长率和营业收入增长率。最后,文章根据前文分析所存在的问题及其原因,提出相对应的建议。
[Abstract]:In the capital market, reasonable M & A activities can bring some enhanced benefits to the enterprises. Through the M & A among the enterprises, the scale of the M & A enterprises can be improved, and the economic performance can be improved. And occupy a larger market share. Under the stimulus of the reform of state-owned enterprises and the promotion of mergers and acquisitions, the activity of M & A and the scale of transactions in 2015 have reached a new high after 2014. However, in the hot situation of M & A, not all M & A is successful. As a double-edged sword, corporate M & A has not reached a consensus opinion in academic circles. Therefore, the debate on the changes in performance before and after mergers and acquisitions has never stopped. Xinri Hengli is a main metal products listed company, the main products are wire rope, prestressed steel strand, steel wire. In recent years, the company's results have fallen amid a slump in the coal and steel sectors and increased competition in the metal industry, with losses for the whole of 2014 and the first three quarters of 2015. In order to avoid successive losses and the company being warned by the exchange of risks, Xinri Hengli began planning a major asset restructuring. After the cross-border acquisition of Boya stem cells in 2015, Xinri Hengli made its way into new industries from traditional industries. However, there are many problems in the cross-border merger and acquisition of Xinri Hengli, such as the choice of industry, the integration of resources between two different industries, the management risk after merger and acquisition, and the impairment of underlying assets. This paper hopes to provide some reference experience for the future cross-border mergers and acquisitions through this case. The main contents of this paper are as follows: firstly, this paper takes Xinri Hengli's merger and acquisition of Boya Stem cells as a case to study the effect of this cross-border merger and acquisition on the performance of Fang Xinri Hengli in a combination of theory and practice. Focus on issues arising in mergers and acquisitions. Secondly, this paper takes Xinri Hengli's merger and acquisition of Boya stem cells as the breakthrough point, and makes a systematic analysis of this cross-border merger behavior, mainly taking financial performance as the analysis index, including operating ability, debt service level. The analysis of operating ability is based on inventory turnover, turnover of accounts receivable, turnover of current assets, turnover of fixed assets, ability to pay debts, short-term solvency and long-term solvency, respectively. Profitability is analyzed through net interest rates on sales, cost-cost margins, and net interest rates on total assets; capacity development is analyzed through total asset growth rates and revenue growth rates. Finally, according to the analysis of the existing problems and their causes, the corresponding suggestions are put forward.
【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】：F426.32;F271

【参考文献】