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  本文選題：協(xié)同效應(yīng)　切入點(diǎn)：持續(xù)并購　出處：《湘潭大學(xué)》2017年碩士論文

【摘要】：公司并購是其快速發(fā)展的重要手段,基于協(xié)同效應(yīng)的同業(yè)并購將會使其效益獲得快速提高。但也有許多企業(yè)在并購活動中并沒有實(shí)現(xiàn)原有的協(xié)同效應(yīng),如何評價企業(yè)的并購績效成為了學(xué)術(shù)界關(guān)注的熱點(diǎn)。文章以公共關(guān)系行業(yè)的知名企業(yè)L公司為案例,研究2011年到2016年間L公司持續(xù)并購的績效問題。全文可以分為六部分內(nèi)容,第一部分為緒論,主要介紹了論文的研究背景意義、研究內(nèi)容和方法,并就國內(nèi)外并購績效的相關(guān)研究進(jìn)行綜述。第二部分為概念和理論基礎(chǔ),主要介紹企業(yè)并購的相關(guān)概念,并就企業(yè)并購中涉及的理論方法進(jìn)行簡述。第三部分在對比不同的企業(yè)績效評價方法后,最終選擇使用因子分析法建立企業(yè)并購績效評價模型,因子分析法建立的企業(yè)并購績效指標(biāo)體系將財務(wù)指標(biāo)和非財務(wù)指標(biāo)進(jìn)行融合,涵蓋了企業(yè)的盈利能力、償債能力、營運(yùn)能力、成長能力和管理能力5個方面,能夠從整體的角度對L公司的并購績效充分評價,有助于企業(yè)定量的認(rèn)識其持續(xù)并購績效情況,為后文對L公司并購績效的評價奠定基礎(chǔ)。第四部分為L公司持續(xù)并購的案例介紹,詳細(xì)描述了L公司的基本狀況及主要的并購活動,并使用波特五力模型對L公司并購活動的動因展開分析,認(rèn)為L公司的持續(xù)并購包含管理層主觀動機(jī)、公司提升競爭優(yōu)勢需要以及上市成長壓力驅(qū)使三個層面的動因。第五部分為L公司并購績效的評價,主要使用企業(yè)并購績效評價指標(biāo)體系和部分財務(wù)指標(biāo),以2010年至2016年L公司年報數(shù)據(jù)以及同行業(yè)相關(guān)數(shù)據(jù)為基礎(chǔ),從盈利能力、償債能力、營運(yùn)能力、成長能力和管理能力5個方面進(jìn)行分析,以此來判斷L公司并購的績效表現(xiàn)。L公司并購績效整體處于持續(xù)下降趨勢,沒有發(fā)揮很好的協(xié)同效應(yīng),除了成長能力之外,其他方面的能力大多有不同程度的下降,尤其是營運(yùn)情況壓力較大。文章認(rèn)為L公司持續(xù)并購活動只是帶動了量的增加,而還沒有推動質(zhì)的改善。這些主要與L公司過于激進(jìn)的并購策略、并購協(xié)議缺陷和管理協(xié)同能力不足有關(guān)。最后為結(jié)論和相關(guān)的建議,并對論文的局限性作出說明。針對L公司持續(xù)并購中企業(yè)績效下降的問題,論文提出L公司并購標(biāo)的選擇要順應(yīng)行業(yè)發(fā)展趨勢,此外還要注重并購后的整合和對相關(guān)風(fēng)險的控制,科學(xué)設(shè)置對賭協(xié)議,提升并購管理能力。希望能夠?qū)砉靖纳破洳①徔冃в幸欢ǖ闹笇?dǎo)意義。
[Abstract]:M & A is an important means for the rapid development of the synergistic effect of industry mergers and acquisitions will make its profits increased rapidly. But there are also many enterprises based in mergers and acquisitions activities did not realize the synergistic effect of the original, how to evaluate the performance of mergers and acquisitions has become a hot topic in academic circles. This paper takes L company public relations industry well-known enterprises as a case study in 2011 to continue acquisitions performance problems 2016 years L company. The paper can be divided into six parts, the first part is the introduction, mainly introduces the research background significance, research contents and methods, summarizes the related research and the performance of mergers and acquisitions at home and abroad. The second part is the concept and theoretical basis and this chapter introduces the concept of mergers and acquisitions, and the theories and methods involved in mergers and acquisitions. In the third part of the enterprise performance evaluation method after comparing with different, most The final choice analysis to establish the enterprise mergers and acquisitions performance evaluation model using factor, factor analysis method to establish the enterprise merger performance index system to integrate financial and non-financial indicators, including profitability, solvency, operating capacity, the 5 aspects of growth ability and management ability, can fully evaluate performance of mergers and acquisitions of L company from the perspective of overall understanding, help enterprises to quantitative continuous acquisition performance, which lays the foundation for later evaluation of L company merger performance. The fourth part is the continuous acquisition of L's case, a detailed description of the basic situation of L company and major mergers and acquisitions and the use of Potter's five forces model on merger motivation activities of L company to analyze that the continued acquisition of L company includes management of subjective motives, enhance the competitive advantage of company and listed the three levels of pressure driven growth The fifth part is the evaluation of motivation. L, the performance of mergers and acquisitions, mergers and acquisitions mainly use the performance evaluation index system and financial indicators, with annual data from 2010 to 2016, L company and the same industry related data, from the profitability, solvency, operating capacity, the 5 aspects of growth and management ability are analyzed, in order to to determine the performance of.L company L company mergers in the overall performance continued to decline, did not play a good synergistic effect, in addition to the ability to grow, most other areas have different degrees of decline, especially the operation pressure. The L company continued mergers and acquisitions just led to the increase in the amount of the also did not promote the qualitative improvement. These mainly with L too aggressive acquisition strategy, merger agreement defects and management coordination ability insufficiency. The last part is the conclusion and phase The proposal, and the limitation of the thesis explained. At L, continued to decline in mergers and acquisitions performance problems, proposed L company mergers and acquisitions subject choice to conform to the development trend of the industry, but also pay attention to the post merger integration in addition and the related risk control, set up scientific agreement on gambling, enhance the acquisition management ability. Hope to have certain guiding significance for the future to improve its performance of mergers and acquisitions.

【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F713.8;F271

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