本文選題：財(cái)務(wù)指標(biāo)法　切入點(diǎn)：并購(gòu)績(jī)效　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著我國(guó)市場(chǎng)經(jīng)濟(jì)的日益發(fā)展以及市場(chǎng)競(jìng)爭(zhēng)的加劇,大量的公司選擇通過并購(gòu)的方式來(lái)提升自身的實(shí)力和經(jīng)濟(jì)效益。企業(yè)并購(gòu)行為產(chǎn)生的一個(gè)根本原因是企業(yè)的發(fā)展,然而并購(gòu)活動(dòng)的開展究竟能否為企業(yè)帶競(jìng)爭(zhēng)力的提升,和企業(yè)價(jià)值的變化呢?隨著并購(gòu)活動(dòng)發(fā)展,人們也逐漸認(rèn)識(shí)到并購(gòu)乃是一把雙刃劍,既包含了無(wú)限的機(jī)遇也潛藏著不盡的風(fēng)險(xiǎn)。為了衡量并購(gòu)活動(dòng)的成功與否,并購(gòu)績(jī)效應(yīng)運(yùn)而生。研究企業(yè)的并購(gòu)活動(dòng)和通過并購(gòu)取得的績(jī)效,對(duì)于企業(yè)構(gòu)建并購(gòu)績(jī)效的評(píng)價(jià)體系,以及企業(yè)未來(lái)并購(gòu)活動(dòng)的開展具有重要的引導(dǎo)意義。生物醫(yī)藥行業(yè)作為我國(guó)戰(zhàn)略新興產(chǎn)業(yè)的重要組成部分,一直以來(lái)都是國(guó)家重點(diǎn)扶持和關(guān)注的對(duì)象。并購(gòu)已經(jīng)成為了我國(guó)生物醫(yī)藥行業(yè)進(jìn)行產(chǎn)業(yè)整合和成長(zhǎng)的重要手段之一。在此背景下,本文選取了安徽生物醫(yī)藥行業(yè)的領(lǐng)頭羊AK公司作為研究對(duì)象。采取財(cái)務(wù)指標(biāo)法與事件研究法結(jié)合,概括的分析了 AK公司并購(gòu)ZP公司前后的績(jī)效變動(dòng)。對(duì)于AK公司今后的并購(gòu)活動(dòng)開展,具有一定的借鑒和指導(dǎo)意義。全文共分為六個(gè)部分,第一部分主要闡述了論文寫作的研究背景和研究意義,對(duì)并購(gòu)原理和并購(gòu)績(jī)效的文獻(xiàn)進(jìn)行了梳理,闡述了本文的研究?jī)?nèi)容與研究思路、文章的創(chuàng)新點(diǎn);第二部分是概念概述部分,主要闡述了并購(gòu)的概念、并購(gòu)動(dòng)因及企業(yè)并購(gòu)績(jī)效的評(píng)價(jià)方法;第三部分是首先對(duì)并購(gòu)的雙方進(jìn)行了簡(jiǎn)單的介紹,其后介紹了AK公司并購(gòu)ZP公司的具體流程;第四部分主要是從并購(gòu)對(duì)企業(yè)效率的影響和并購(gòu)對(duì)企業(yè)股東效益以及并購(gòu)的社會(huì)績(jī)效三方面對(duì)AK公司并購(gòu)ZP公司后的績(jī)效變化做出了分析;第五部分闡述了 AK公司并購(gòu)ZP公司的成功經(jīng)驗(yàn)和不足之處并提出了一些建議;第六部分總結(jié)了 AK公司并購(gòu)ZP公司的績(jī)效變化和研究的展望與不足。研究選取的AK公司,作為安徽本±的民營(yíng)生物醫(yī)藥企業(yè),在行業(yè)中十分具有代表性。生物醫(yī)藥業(yè)作為我國(guó)戰(zhàn)略發(fā)展的重點(diǎn)行業(yè),前景光明。本文以財(cái)務(wù)指標(biāo)法和事件研究法對(duì)其并購(gòu)績(jī)效進(jìn)行的全面剖析,能夠?yàn)樯镝t(yī)藥行業(yè)的發(fā)展提供一定的借鑒意義;本文采取了單案例研究方法,相對(duì)于學(xué)術(shù)界大量的對(duì)于行業(yè)整體的實(shí)證性研究,本文對(duì)AK公司并購(gòu)ZP公司的單案例研究,更具有針對(duì)性。對(duì)于AK公司此后的并購(gòu)活動(dòng)來(lái)說有更明確的指導(dǎo)意義。
[Abstract]:With the development of the market economy and the aggravation of the market competition in our country, a large number of companies choose to improve their strength and economic efficiency by means of M & A. one of the fundamental reasons for the M & A behavior is the development of the enterprise. However, whether M & A activities can improve the competitiveness of enterprises and change the value of enterprises? With the development of M & A activities, people have come to realize that M & A is a double-edged sword with unlimited opportunities and hidden risks. M & A performance arises as the times require. To study the M & A activities and the performance achieved through M & A, to construct the evaluation system of M & A performance, As well as the future M & A activities of enterprises to carry out an important guiding significance. Biomedical industry as an important part of China's strategic emerging industry, M & A has become one of the most important means for the integration and growth of biomedical industry in China. In this paper, AK Company, the leader of Anhui Biopharmaceutical Industry, is chosen as the research object. The financial index method is combined with the event research method. The performance changes before and after the acquisition of ZP Company by AK Company are summarized and analyzed. It has certain reference and guiding significance for the future M & A activities of AK Company. The full text is divided into six parts. The first part mainly elaborates the research background and significance of the thesis writing, combs the literature on the principle of M & A and the performance of M & A, expounds the research contents and research ideas of this paper, and points out the innovation of the article. The second part is an overview of the concept, mainly describes the concept of M & A, M & A motivation and corporate M A performance evaluation methods; the third part is the first simple introduction of both sides of M & A. Then it introduces the specific process of merger and acquisition of ZP company by AK company. The fourth part mainly analyzes the performance changes of AK Company after the merger and acquisition of ZP Company from three aspects: the impact of M & A on the efficiency of the enterprise, the benefit of M & A to the shareholders and the social performance of M & A; The fifth part expounds the successful experiences and shortcomings of the merger and acquisition of ZP Company by AK Company and puts forward some suggestions. The sixth part summarizes the performance changes and the prospects and shortcomings of the research on the merger and acquisition of ZP Company by AK Company. As a private biopharmaceutical enterprise in Anhui Province, it is very representative in the industry. Biomedical industry is the key industry in the strategic development of our country. The overall analysis of M & A performance by financial index method and event research method can provide some reference for the development of biomedical industry. Compared with a large number of empirical studies on the industry as a whole, this paper is more targeted to the single case study on the merger and acquisition of ZP company by AK Company, and has more definite guiding significance for the M & A activities of AK Company since then.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F426.72

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