内蒙古远兴能源股份有限公司并购效应的案例研究

发布时间：2018-01-06 01:29

本文关键词：内蒙古远兴能源股份有限公司并购效应的案例研究　出处：《云南财经大学》2015年硕士论文　论文类型：学位论文

【摘要】：并购重组是企业经营管理中一项复杂的活动,并购重组影响重大,小则影响企业所在的行业,大则影响整个国民经济发展。最近这些年,越来越多的企业使用并购重组的方式来实现降低经营成本、获得规模效应、增强市场竞争力等目标。与此同时,企业并购重组是一个相当复杂的资本运作过程,并购重组伴随着巨大的财务风险、法律风险、道德风险、市场风险等等。煤炭作为一种重要的化工原料,广泛运用在电力、化工、钢铁等行业。近年来,特别是2012年来,由于国家倡导节能减排,以及受到国内外宏观经济环境不景气的影响,煤炭化工的下游行业进入结构调整的阵痛期,下游产业设备更新、产品进入升级换代阶段,发展速度放慢,对煤炭的需求明显不足,煤炭行业出现了产能过剩的严峻局面,煤炭价格继续走势偏软。2015年上半年煤炭企业亏损在更大范围内出现,且煤炭销售后应收账款的回款难度加大各种因素使得行业内企业经营营运能力减弱,偿债能力严重不足,煤炭化工企业信用风险进一步上升。并且国家能源局发布的《煤炭工业发展“十二五”规划》中,明确提出了鼓励化工行业与煤矿企业的整合,通过煤炭行业与化工行业的兼并重组,加快产品结构调整从而促进产业升级并从根本上提高该行业的市场竞争力。本文首先叙述了内蒙古远兴能源股份有限公司(以下简称:远兴能源)并购中源化学的研究背景与意义,较为全面的阐述了国内外有关并购方面的研究成果;接着,界定了并购重组和效应的概念,对并购效应的有关基础理论进行了概述,并且揭示了评价并购效应的主要方法以及本文选取财务指标法的依据;然后,分析了远兴能源并购重组活动的背景、过程,主要从偿债能力、盈利能力、发展能力、营运能力四个维度对远兴能源并购中源化学并购效应进行解释,并依据四个维度的数据指标指出了远兴能源并购后存在的问题,进而提出措施帮助远兴能源提高并购效应。
[Abstract]:M & A is a complex activity in enterprise management. M & A has a significant impact on the industry in which the enterprise is located and a large impact on the development of the whole national economy in recent years. More and more enterprises use the method of M & A to achieve the goals of reducing operating cost, obtaining scale effect and enhancing market competitiveness. At the same time, M & A is a complicated capital operation process. M & A has been accompanied by huge financial risks, legal risks, moral risks, market risks and so on. As an important chemical raw material, coal is widely used in electricity, chemical, steel and other industries in recent years. Especially since 2012, due to the national advocacy of energy conservation and emission reduction, as well as the impact of the macroeconomic environment at home and abroad, the downstream industry of coal chemical industry has entered a painful period of structural adjustment, and downstream industry equipment has been updated. The product enters the upgrading stage, the development speed slows down, the demand for coal is obviously insufficient, and the coal industry has a severe situation of overcapacity. Coal prices continue to soften. In the first half of 2015, losses of coal enterprises appeared in a wider range. And after the sale of coal accounts receivable increased the difficulty of various factors make the business operation capacity of the industry weakened, debt service capacity is seriously inadequate. The credit risk of coal chemical enterprises is rising further. And in the 12th Five-Year Plan for the Development of Coal Industry issued by the State Energy Bureau, it is clearly proposed to encourage the integration of chemical industry and coal mining enterprises. Through the merger and reorganization of coal industry and chemical industry. Speed up the adjustment of product structure to promote industrial upgrading and fundamentally improve the market competitiveness of the industry. This paper first describes the Inner Mongolia Yuanxing Energy Co., Ltd. (hereinafter referred to as Yuanxing Energy). Research background and significance of Source Chemistry in M & A. More comprehensive elaboration of domestic and foreign M & A research results; Then, it defines the concepts of M & A reorganization and effect, summarizes the basic theory of M & A effect, and reveals the main methods of evaluating M & A effect and the basis of selecting the financial index method in this paper. Then, this paper analyzes the background and process of Yuanxing energy M & A activities, mainly from four dimensions of solvency, profitability, development ability and operational ability to explain the source chemical M & A effect in Yuanxing Energy M & A. According to the data index of four dimensions, this paper points out the existing problems after Yuanxing Energy merger and acquisition, and then puts forward some measures to help Yuanxing Energy improve the M & A effect.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F426.21

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