本文選題：企業(yè)轉(zhuǎn)型 + 并購　； 參考：《上海國家會計(jì)學(xué)院》2017年碩士論文

【摘要】：改革開放之后我國經(jīng)濟(jì)經(jīng)歷了近30年的高速增長,但是2008年金融危機(jī)以來,經(jīng)濟(jì)增速逐漸放緩進(jìn)入了新常態(tài),與此伴隨的是產(chǎn)能過剩、勞動力成本上升,傳統(tǒng)制造企業(yè)經(jīng)營和發(fā)展都受到了巨大的挑戰(zhàn),有的企業(yè)甚至出現(xiàn)了營收和利潤率雙降的情況。在這樣的背景下,企業(yè)有動機(jī)對原有業(yè)務(wù)進(jìn)行轉(zhuǎn)型,尋找新的收入和利潤增長點(diǎn)。內(nèi)部研發(fā)和外部并購都可以使企業(yè)進(jìn)入一個(gè)新的行業(yè)、經(jīng)營一項(xiàng)新的業(yè)務(wù),實(shí)現(xiàn)業(yè)務(wù)轉(zhuǎn)型的目的。但是,依靠企業(yè)內(nèi)部研發(fā)需要較長的時(shí)間,此外,由于技術(shù)壁壘的存在,即使花費(fèi)了較多的時(shí)間進(jìn)行研發(fā)也不一定能獲得成功,而這些都可能使企業(yè)錯(cuò)失進(jìn)入新行業(yè)、經(jīng)營新業(yè)務(wù)的良好時(shí)機(jī)。與此相反,并購目標(biāo)行業(yè)較為成熟的公司,可以使企業(yè)快速進(jìn)入該行業(yè),達(dá)到業(yè)務(wù)轉(zhuǎn)型的目的。因此,并購轉(zhuǎn)型成為了許多面臨經(jīng)營困境的企業(yè)的選擇。2011年至2016年上市公司重大資產(chǎn)重組中業(yè)務(wù)轉(zhuǎn)型性并購的數(shù)量和金額都呈現(xiàn)出了顯著的上升趨勢。本文分析了方正電機(jī)轉(zhuǎn)型性并購這一典型案例的動因,梳理了其并購過程和支付方式,并用事件研究法分析了其短期績效、用管理用財(cái)務(wù)報(bào)表分析法分析了其中期績效、用品牌價(jià)值和研發(fā)能力分析了其長期績效,得到的結(jié)果都是正面效應(yīng)。在此基礎(chǔ)之上總結(jié)了方正電機(jī)轉(zhuǎn)型性并購成功的原因,并建議企業(yè)如果想通過并購實(shí)現(xiàn)轉(zhuǎn)型,必須選擇合適的時(shí)機(jī)和目標(biāo)公司,同時(shí)還要根據(jù)自己的現(xiàn)金流狀態(tài)選擇合適的支付方式。鑒于管理用財(cái)務(wù)報(bào)表具有更強(qiáng)的可靠性等優(yōu)點(diǎn),本文最后還建議大家在實(shí)踐中使用管理用財(cái)務(wù)報(bào)表研究分析企業(yè)。
[Abstract]:After the reform and opening up, China's economy has experienced rapid growth for nearly 30 years, but since the financial crisis of 2008, the economic growth rate has gradually slowed down into the new normal, which is accompanied by overcapacity and rising labor costs. The management and development of traditional manufacturing enterprises have been greatly challenged, and some enterprises have even suffered a decline in revenue and profit margins. Under such background, the enterprise has the motive to carry on the transformation to the original business, seeks the new revenue and the profit growth point. Internal R & D and external M & A can enable enterprises to enter a new industry, manage a new business, and achieve the purpose of business transformation. However, relying on internal R & D takes a long time, and because of the existence of technical barriers, even if more time spent on R & D may not be successful, and these may cause enterprises to miss out on entering new industries. A good opportunity for new business. On the contrary, M & A companies with mature target industries can quickly enter the industry and achieve the purpose of business transformation. Therefore, M & A transformation has become the choice of many enterprises facing management difficulties. From 2011 to 2016, the number and amount of transformational mergers and acquisitions of listed companies in major asset restructuring have shown a significant upward trend. This paper analyzes the motivation of the typical case of the transformational M & A of Fang Zheng Motor, combs the process of M & A and the way of payment, analyzes its short-term performance with the method of event study, and analyzes its medium-term performance with the method of financial statement analysis. Using brand value and R & D ability to analyze its long-term performance, the results are all positive effects. On this basis, this paper summarizes the reasons for the success of the transformative M & A of Fang Zheng Motor, and suggests that if enterprises want to achieve the transformation through M & A, they must choose the right time and target company. At the same time also according to their cash flow status to choose the appropriate way of payment. In view of the advantages of more reliable financial statements for management, this paper also suggests that we should use financial statements for management to study and analyze enterprises in practice.
【學(xué)位授予單位】：上海國家會計(jì)學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.61;F271

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