本文關(guān)鍵詞： 橫向并購 國企 動因 制度背景 協(xié)同效應(yīng)　出處：《廣東財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：為順應(yīng)全球市場經(jīng)濟(jì)的迅猛發(fā)展的趨勢,實現(xiàn)企業(yè)規(guī)模擴(kuò)張和財務(wù)績效的增長,兼并收購等方式被越來越多的企業(yè)用于生產(chǎn)要素和資本的集中。而我國的國企也有基于這樣的動因?qū)嵭胁①?而且國家政策正助推國企改革,掀起國企的并購浪潮,“一帶一路”戰(zhàn)略的實施,國企抱團(tuán)取暖走出國門并購案例也不在少數(shù)�；谡咝缘膽�(zhàn)略并購,對于國企而言究竟是正面影響還是負(fù)面效應(yīng)還取決于并購的動因以及并購后并購方與目標(biāo)企業(yè)能否發(fā)揮協(xié)同效應(yīng)。因此,本文以中國南車股份有限公司(簡稱中國南車)和中國北車股份有限公司(簡稱中國北車)的并購活動為案例,深入剖析本案例并購的動因以及協(xié)同效應(yīng)的實現(xiàn)情況。本文首先對并購動因和協(xié)同效應(yīng)國內(nèi)外的研究現(xiàn)狀及相關(guān)理論進(jìn)行歸納梳理,為后面的案例分析提供理論依據(jù)。案例部分先對中國南北車并購的內(nèi)外部動因進(jìn)行闡述,利用會計指標(biāo)法并結(jié)合前文分析的動因中找出與本案例各協(xié)同效應(yīng)匹配的角度分析中國南北車并購在經(jīng)營、財務(wù)、管理三方面的協(xié)同效應(yīng)。根據(jù)對案例的深入剖析,本文總結(jié)得出中國南北車并購在短期內(nèi)實現(xiàn)了一定程度的協(xié)同效應(yīng)的結(jié)論,對國企橫向并購協(xié)同效應(yīng)實現(xiàn)的啟示在于并購需遵從市場化的并購選擇,重視目標(biāo)企業(yè)選擇的相關(guān)性,支付方式具備的合理性,并購?fù)瓿傻挠行зY源整合以及構(gòu)建長期協(xié)同效應(yīng)的評價體系并觸發(fā)激勵作用。
[Abstract]:In order to comply with the rapid development of the global market economy, to achieve the expansion of enterprise size and financial performance growth. Mergers and acquisitions have been used by more and more enterprises to concentrate factors of production and capital, and China's state-owned enterprises are also based on such motives to implement mergers and acquisitions, and national policies are promoting the reform of state-owned enterprises. Set off the wave of mergers and acquisitions of state-owned enterprises, the implementation of the "Belt and Road" strategy, state-owned enterprises to warm up abroad M & A cases are not few. Based on the policy of strategic mergers and acquisitions. For state-owned enterprises, whether the positive or negative effects also depends on the motivation of M & A and whether the M & A and target enterprises can play a synergistic effect. This paper takes the M & A activities of China Southern car Co., Ltd. and China North car Co., Ltd. (CNR) as a case study. Deeply analyze the motivation of M & A in this case and the realization of synergy effect. Firstly, this paper summarizes the current research situation and related theories of M & A motivation and synergy at home and abroad. For the case analysis of the following theoretical basis. The case of the first part of the north-south car merger and acquisition of China's internal and external motivation to elaborate. Using the accounting index method and combined with the previous analysis of the motivation to find out the case with the synergy of the point of view of M & A in China North-South M & A in business, finance. According to the in-depth analysis of the case, this paper summarizes the conclusion that the north-south car merger and acquisition of China achieved a certain degree of synergy in the short term. The enlightenment to the realization of horizontal merger and acquisition synergy effect of state-owned enterprises is that M & A should comply with the market choice of M & A, attach importance to the relevance of the choice of target enterprises, and pay attention to the reasonableness of payment methods. The effective resource integration of M & A and the evaluation system of long-term synergistic effect are constructed and the incentive effect is triggered.
【學(xué)位授予單位】：廣東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F426.472;F406.7

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本文編號：1463154