上市公司合众思壮并购绩效分析

发布时间：2018-04-26 18:44

本文选题：合众思壮 + 并购绩效　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：随着国防技术水平和军队现代化程度的提高,以及军民融合不断深入,国家的大力支持,越来越多的民间资本进入军工等一些国家垄断领域,企业通过兼并重组,不断进行资源的内部和外部整合,特别是构建完整产业链,针对企业的薄弱环节进行有效的改进,不断完善产业布局,从而能够拥有更高的市场份额,我国北斗卫星导航企业将进入一个快速发展的时期,并购重组将成为时代的主旋律。卫星导航行业作为国防科技的重要行业之一,近年来并购活动频繁,但作为一个新兴行业,没有可参考的成熟模式,并购重组存在较大风险,缺乏合理的绩效评价体系,而并购又是企业做大做强,加快资源整合的重要途径。随着国内的资本市场改革速度加快,上市公司在信息披露等公司治理方面有了很大进步,资本市场对实体经济显得更加重要。这需要在企业并购绩效评价方法上进行创新,本文在总结国内外研究现状的基础上,结合我国资本市场的特点,在相关理论的支撑下,提出了综合评价北斗导航企业并购绩效的评价方法。此方法兼顾了财务分析和非财务分析,又考虑了并购对股东财富的影响。以合众思壮并购长春天成科技发展有限公司和北京招通致晟科技有限公司为例进行了研究,分析指标的选择以及扩展平衡计分卡进行模型构建。通过模型对案例进行评价,判断此次并购是否成功,并根据这一有代表性的案例,为以后行业内的并购活动提供借鉴,为我国北斗卫星导航企业并购所涉及的绩效评价体系构建提供理论和实践支撑。
[Abstract]:With the improvement of the level of defense technology and the modernization of the armed forces, as well as the deepening integration between the military and the people, and the strong support of the state, more and more private capital has entered the monopoly fields of some countries, such as military industry, and enterprises have been merged and reorganized. The internal and external integration of resources, especially the construction of a complete industrial chain, the effective improvement of the weak links of enterprises, the continuous improvement of the industrial layout, so as to be able to have a higher market share. China's Beidou satellite navigation enterprises will enter a period of rapid development, mergers and acquisitions will become the main theme of the times. Satellite navigation industry is one of the important industries of national defense science and technology. In recent years, M & A activities are frequent. However, as a new industry, there is no mature model for reference, there is a greater risk in M & A reorganization, and there is a lack of a reasonable performance evaluation system. M & A is also an important way for enterprises to become bigger and stronger and to speed up the integration of resources. With the acceleration of the reform of the domestic capital market, listed companies have made great progress in corporate governance, such as information disclosure, and the capital market has become more important to the real economy. This paper summarizes the current situation of domestic and foreign research, combined with the characteristics of China's capital market, under the support of relevant theories. A comprehensive evaluation method for M & A performance of Beidou navigation enterprises is put forward. This method considers both financial analysis and non-financial analysis, and the impact of M & A on shareholder wealth. Taking the merger and acquisition of Changchun Tiancheng Science and Technology Development Co., Ltd and Beijing Zhaotong Zhisheng Science and Technology Co., Ltd. Through the model to evaluate the case, judge whether the M & A is successful or not, and according to this representative case, for the future M & A activities in the industry to provide reference, It provides theoretical and practical support for the construction of the performance evaluation system involved in the M & A of Beidou Satellite Navigation Enterprises in China.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F49;F271

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