本文選題：企業(yè)并購 + 績效評價�。� 參考：《吉林財經大學》2017年碩士論文

【摘要】：最近幾年,企業(yè)間競爭隨著全球經濟一體化的推進而愈演愈烈,所以資本擴張就成為了在競爭中取得勝利的重要手段,其中最為快速的方式就是通過并購達到資本快速擴張?“強強聯(lián)合”的并購模式從全球第五次并購浪潮至今,是最為常見的,“強強聯(lián)合”的方法是通過并購來獲取彼此的優(yōu)良資源,協(xié)同發(fā)展達到共贏的目標?我國也在近幾年經濟全球一體化的推動之下,走入了產業(yè)結構調整的階段,因此我國經濟與全球經濟已密不可分,使得并購的相關案例也不斷增多?同時,很多的研究案例都證明了并購可以為企業(yè)帶來確實的效益,不過也有一些研究發(fā)現(xiàn),并購也存在著不成功案例的?所以,考察并購行為是否能夠真正為企業(yè)帶來績效提升,就成為了很重要的值得進一步研究的課題?本文將對東方航空并購上海航空案例進行研究?此案例中兩家企業(yè)屬于“弱弱聯(lián)合”,不同于以往很多“強強聯(lián)合”的并購案例?兩家公司希望通過采取并購,找到有效的解決方法,來提高雙方的財務水平,改善即將退市的風險,提升核心競爭力?本文在相關理論依據(jù)的基礎之上,了解并購的過程及動機,分析比較并購前后財務與非財務績效,總結這次并購的成功經驗,希望能夠給未來我國并購企業(yè)提供借鑒?本文分為五個章節(jié):第一章主要論述研究背景?意義?方法及國內外關于并購的研究綜述;第二章主要對并購動因理論?并購績效理論以及并購績效評價方法相關理論進行論述;第三章分別對東方航空和上海航空的情況進行介紹,對并購案例的動機?過程進行說明;第四章透過財務指標和非財務指標進行分析,對企業(yè)并購績效進行評價?并對東方航空此次并購的績效進行總結,說明并購的成功與不足之處;第五章以前文的論證分析為基礎,提出優(yōu)化并購績效的具體措施,旨在對并購企業(yè)的后續(xù)操作提供借鑒?
[Abstract]:In recent years, with the development of global economic integration, inter-firm competition has become increasingly fierce, so capital expansion has become an important means to win the competition, and the fastest way is to achieve rapid capital expansion through mergers and acquisitions. From the fifth wave of M & A in the world, the M & A mode of "strong and powerful combination" is the most common so far. The method of "strong and powerful combination" is to acquire each other's excellent resources through merger and acquisition, and to achieve the goal of win-win through coordinated development. China has also entered the stage of industrial structure adjustment under the impetus of global economic integration in recent years. Therefore, China's economy and the global economy have been inseparable, making mergers and acquisitions related to the increasing number of cases? At the same time, many research cases have proved that mergers and acquisitions can bring real benefits to enterprises, but there are also some studies found that mergers and acquisitions also exist unsuccessful cases? Therefore, to investigate whether M & A can really bring performance improvement for enterprises has become a very important subject worthy of further study. This paper will study the case of China Eastern Airlines merger and acquisition of Shanghai Airlines? In this case, the two enterprises belong to the "weak and weak alliance", different from many previous "strong and strong combination" M & A cases? The two companies hope to adopt mergers and acquisitions, find an effective solution to improve the financial level of both sides, improve the risk of delisting, enhance core competitiveness? Based on the relevant theoretical basis, this paper understands the process and motivation of M & A, analyzes and compares the financial and non-financial performance before and after M & A, summarizes the successful experiences of M & A, and hopes to provide reference for future M & A enterprises in China. This paper is divided into five chapters: the first chapter mainly discusses the research background? Meaning? The second chapter is about the motivation theory of M & A. M & A performance theory and M & A performance evaluation methods related theories are discussed; the third chapter introduces the situation of China Eastern Airlines and Shanghai Airlines, the motivation of M & A cases? The fourth chapter analyzes the performance of M & A through the analysis of financial indicators and non-financial indicators. This paper summarizes the performance of China Eastern Airlines M & A, explains the success and shortcomings of M & A; Chapter 5, based on the argumentation and analysis of previous papers, puts forward specific measures to optimize the performance of M & A, in order to provide a reference for the subsequent operation of M & A enterprises.
【學位授予單位】：吉林財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F560.68;F562.6

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