本文關鍵詞： 并購績效評價體系 企業(yè)集團 改進的DEA-AHP模型　出處：《哈爾濱工業(yè)大學》2017年碩士論文　論文類型：學位論文

【摘要】：隨著經(jīng)濟全球化的不斷加深,資本流通速率的迅速加快,為了尋求生存與發(fā)展,企業(yè)除了通過業(yè)務進行資本積累之外,并購成為了企業(yè)重要的對外投資的形式之一。企業(yè)以此可以直接得到業(yè)務范圍及企業(yè)規(guī)模的擴大,實現(xiàn)由內(nèi)到外的全面化發(fā)展。隨著上市公司并購活動的不斷增多,判斷企業(yè)并購的結果與預期是否相符,判斷并購是否充分發(fā)揮了協(xié)同效應越來越重要。因此,企業(yè)建立并購績效評價體系的必要性是十分突出的,尤其是對于大中型企業(yè)集團中各戰(zhàn)略下屬單位的整體并購評價。為確保并購計劃的實施與前期的戰(zhàn)略性計劃相契合,可以達到集團整體利益最大化的目的,集團利用企業(yè)并購績效評價將并購戰(zhàn)略成果轉(zhuǎn)化為一系列可量化的數(shù)據(jù)顯示,通過對比內(nèi)部歷史數(shù)據(jù)、外部市場數(shù)據(jù),最終對其并購結果做出理性判斷。本文的研究思路是在回顧已有的國內(nèi)外并購績效研究的基礎上,結合目前蘇寧集團的并購績效評價現(xiàn)狀,選擇出適合集團的并購績效評價方法,在此基礎上建立并購績效評價體系。研究分析表明,蘇寧控股集團自2009年以來,先后完成了以努比亞并購案為代表的多起并購活動。雖然兩個企業(yè)的“交接更名”過程已經(jīng)進行完成,但是后期的并購融合以及績效評價是十分重要的。針對蘇寧集團的組織形式,本文所研究的并購績效評價體系主要包括兩個層次。首先是運用DEA-AHP模型針對集團內(nèi)部每一起單獨的并購案例進行的績效評價,這一層評價主要是針對并購行為的發(fā)生給每個下屬子公司所帶來的“積極影響”或“消極作用”作出判斷,判斷并購活動的“效率”與“效果”。第二個層次是基于企業(yè)集團角度的整體績效評價,將集團視為一個集合,其中發(fā)生的每起并購案例均為其子集。在上一層次的基礎上,運用模糊綜合指標評價法,判斷是否每個并購案的后期發(fā)展方向都符合企業(yè)集團發(fā)展的整體戰(zhàn)略、符合企業(yè)價值最大化的目標。本文旨在為企業(yè)集團的并購決策提供可借鑒的并購績效評價體系。
[Abstract]:With the deepening of economic globalization and the rapid acceleration of capital circulation rate, in order to seek for survival and development, enterprises not only accumulate capital through business, M & A has become one of the most important forms of foreign investment. Enterprises can get the expansion of business scope and enterprise scale directly, and realize the comprehensive development from inside to outside. With the increasing of M & A activities of listed companies, It is more and more important to judge whether the results of M & A and M & A are in accordance with expectations, and to judge whether M & A has brought into full play the synergistic effect. Therefore, the necessity of establishing M & A performance evaluation system is very prominent. In particular, the overall M & A evaluation of each strategic subordinate unit in large and medium-sized enterprise groups. In order to ensure that the implementation of the M & A plan coincides with the earlier strategic plan, the purpose of maximizing the group's overall interests can be achieved. Group use M & A performance evaluation to transform M & A strategic achievements into a series of quantifiable data display, by comparing internal historical data, external market data, Finally, it makes a rational judgment on the results of mergers and acquisitions. The research idea of this paper is to review the existing domestic and foreign M & A performance studies, combined with the current situation of performance evaluation of SUNING Group M & A. On the basis of choosing the appropriate M & A performance evaluation method for the group, the research and analysis show that SUNING holding Group has been holding the group since 2009, and established the M & A performance evaluation system. A number of mergers and acquisitions, represented by the Nubian merger case, have been completed successively. Although the "handover and renaming" process of the two enterprises has been completed, However, the merger and acquisition integration and performance evaluation in the later period are very important. In view of the organizational form of SUNING Group, The M & A performance evaluation system studied in this paper mainly includes two levels. Firstly, the performance evaluation of each individual M & A case within the group is carried out by using DEA-AHP model. This level of evaluation is mainly based on the "positive impact" or "negative effect" brought by the merger and acquisition behavior to each subsidiary. Judging the "efficiency" and "effect" of M & A activities. The second level is the overall performance evaluation based on the enterprise group perspective, which regards the group as a set, in which each case of M & A is a subset. The fuzzy comprehensive index evaluation method is used to determine whether the late development direction of each merger case is in line with the overall strategy of enterprise group development. The purpose of this paper is to provide an evaluation system of M & A performance for the M & A decision of enterprise groups.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F721

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