本文關(guān)鍵詞： 海外并購(gòu) 動(dòng)因 績(jī)效分析 財(cái)務(wù)指標(biāo)　出處：《遼寧大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：在全球跨國(guó)并購(gòu)浪潮的影響下，中國(guó)企業(yè)于20世紀(jì)80年代就開始海外并購(gòu)的摸索，比較有代表性的企業(yè)如中信、中化、首鋼、華潤(rùn)等，，現(xiàn)都已發(fā)展為集多行業(yè)經(jīng)營(yíng)于一體、投資許多國(guó)家的大型跨國(guó)企業(yè)。隨著中國(guó)對(duì)外開放程度的深入和中國(guó)企業(yè)自身實(shí)力的不斷增強(qiáng)，越來(lái)越多的國(guó)內(nèi)企業(yè)開始放眼全球、進(jìn)軍海外市場(chǎng)，通過跨國(guó)經(jīng)營(yíng)和海外直接投資等多種方式，尋找新的戰(zhàn)略發(fā)展空間，加快國(guó)際化步伐。 然而，中海油高價(jià)競(jìng)購(gòu)尤尼科的失敗，可以看出國(guó)內(nèi)企業(yè)海外并購(gòu)并非想象的一帆風(fēng)順，在看似前景一片光明的情況下，海外并購(gòu)的步伐開始受到了種種阻礙。在此背景下，本文選用吉利并購(gòu)沃爾沃這個(gè)案例，對(duì)中國(guó)企業(yè)海外并購(gòu)的動(dòng)因與績(jī)效進(jìn)行分析。分析我國(guó)企業(yè)海外并購(gòu)的原因，評(píng)估企業(yè)并購(gòu)過程中的風(fēng)險(xiǎn)，評(píng)價(jià)企業(yè)海外并購(gòu)的績(jī)效，指出并購(gòu)出現(xiàn)的問題，為中國(guó)企業(yè)的海外并購(gòu)提供借鑒。 本文在對(duì)案例進(jìn)行績(jī)效分析時(shí)，分別運(yùn)用了杜邦分析、單項(xiàng)指標(biāo)分析、以及其他宏觀因素分析。通過構(gòu)建財(cái)務(wù)指標(biāo)體系來(lái)彌補(bǔ)單一指標(biāo)無(wú)法全面反映并購(gòu)后企業(yè)綜合績(jī)效的缺陷，綜合多個(gè)財(cái)務(wù)指標(biāo)來(lái)評(píng)價(jià)上市公司績(jī)效。同時(shí)，重點(diǎn)分析企業(yè)的償債能力、營(yíng)運(yùn)能力、盈利能力。在整體中突出重點(diǎn)，提高分析結(jié)論的科學(xué)性和全面性。 本文共分五部分完成，第一部分，闡述論文的研究背景及意義、綜述并購(gòu)績(jī)效的國(guó)內(nèi)外理論、以及論文的寫作內(nèi)容、結(jié)構(gòu)。第二部分，回顧吉利并購(gòu)沃爾沃案例，主要包括吉利與沃爾沃兩公司的背景、并購(gòu)過程、并購(gòu)動(dòng)因分析。第三部分，吉利并購(gòu)沃爾沃財(cái)務(wù)指標(biāo)分析與評(píng)價(jià)，分為單項(xiàng)財(cái)務(wù)指標(biāo)和綜合財(cái)務(wù)指標(biāo)。單向財(cái)務(wù)指標(biāo)是通過盈利能力、償債能力、營(yíng)運(yùn)能力、成長(zhǎng)能力分析評(píng)價(jià)。綜合財(cái)務(wù)指標(biāo)是通過構(gòu)建杜邦分析體系評(píng)價(jià)。第四部分，吉利并購(gòu)沃爾沃非財(cái)務(wù)指標(biāo)分析與評(píng)價(jià)。主要選取了三個(gè)非財(cái)務(wù)指標(biāo)，分別是未來(lái)發(fā)展能力、技術(shù)創(chuàng)新能力、市場(chǎng)份額。第五部分，結(jié)論及建議。結(jié)論是，吉利的此次并購(gòu)為企業(yè)帶來(lái)了價(jià)值，企業(yè)的經(jīng)營(yíng)績(jī)效不斷提高，但同時(shí)也要注意企業(yè)的負(fù)債壓力。吉利公司通過海外并購(gòu)獲得了核心技術(shù),提高了公司在行業(yè)中的地位,在一定程度上提高了公司的競(jìng)爭(zhēng)力。
[Abstract]:Under the influence of global cross-border M & A wave, Chinese enterprises began to explore overseas M & A in 1980s, more representative enterprises such as CITIC, Sinochem, Shougang, China Resources and so on. Now all of them have developed into a large multinational enterprise with multi-industry management and investment in many countries. With the deepening of China's opening to the outside world and the increasing strength of Chinese enterprises themselves. More and more domestic enterprises begin to look at the whole world and enter the overseas market. Through multinational operation and overseas direct investment, more and more domestic enterprises begin to seek new strategic development space and quicken the pace of internationalization. However, the failure of CNOOC to bid for Unocal at a high price shows that overseas mergers and acquisitions by domestic companies are not as smooth as they might have imagined, with a seemingly bright future. The pace of overseas M & A has been hindered by various obstacles. In this context, this paper chooses Geely to buy Volvo this case. This paper analyzes the motivation and performance of overseas M & A of Chinese enterprises, analyzes the reasons of overseas M & A of Chinese enterprises, assesses the risks in the process of M & A, evaluates the performance of M & A, and points out the problems of M & A. To provide reference for overseas M & A of Chinese enterprises. In this paper, the performance of the case analysis, respectively using the DuPont analysis, single index analysis. And other macro factor analysis. Through the construction of financial index system to make up for the single index can not fully reflect the comprehensive performance of the enterprise after mergers and acquisitions, comprehensive financial indicators to evaluate the performance of listed companies. At the same time. Focus on the analysis of corporate solvency, operating capacity, profitability. In the overall stress on the key, improve the scientific and comprehensive conclusion of the analysis. This paper is divided into five parts, the first part, describes the research background and significance of the paper, summarizes the domestic and foreign theory of M & A performance, as well as the content and structure of the paper. The second part. Review Geely merger and acquisition of Volvo cases, including Geely and Volvo company background, M & A process, M & A motivation analysis. The third part, Geely M & A Volvo financial indicators analysis and evaluation. Single financial indicators and comprehensive financial indicators. One-way financial indicators are through profitability, solvency, operating capacity. Comprehensive financial index is through the construction of DuPont analysis system evaluation. 4th part, Geely M & A Volvo non-financial indicators analysis and evaluation. Mainly selected three non-financial indicators. Respectively is the future development ability, the technological innovation ability, the market share. 5th part, the conclusion and the suggestion. The conclusion is that the Geely M & A brings the value to the enterprise, the enterprise's management performance unceasingly improves. But at the same time, we should pay attention to the debt pressure of enterprises. Geely acquired the core technology through overseas mergers and acquisitions, improved the position of the company in the industry, and improved the competitiveness of the company to a certain extent.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F271;F275;F426.471

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