本文關(guān)鍵詞： 煤炭企業(yè) 并購(gòu)效應(yīng) 財(cái)務(wù)指標(biāo) 產(chǎn)業(yè)集中度　出處：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：山西的煤炭資源是我國(guó)強(qiáng)大的能源動(dòng)力，是經(jīng)濟(jì)社會(huì)發(fā)展的重要保障，但是，山西的煤炭資源在推動(dòng)社會(huì)經(jīng)濟(jì)發(fā)展的同時(shí)，怎樣實(shí)現(xiàn)其可持續(xù)發(fā)展一直以來是被關(guān)注的重點(diǎn)。新世紀(jì)以來，山西認(rèn)真審視了煤炭業(yè)存在的問題，先后采用了不同的應(yīng)對(duì)措施，但是，山西煤炭業(yè)“多、小、散、亂”、資源嚴(yán)重浪費(fèi)、環(huán)境污染嚴(yán)重、安全事故頻發(fā)等現(xiàn)象仍不能從根本上解決問題。十一五期間，山西抓住了“國(guó)家資源型經(jīng)濟(jì)轉(zhuǎn)型綜合配套改革試驗(yàn)區(qū)”的契機(jī)，大力推進(jìn)煤炭企業(yè)的并購(gòu)重組工作，是為了以改變山西煤炭產(chǎn)業(yè)的格局，提高產(chǎn)業(yè)集中度，實(shí)現(xiàn)產(chǎn)業(yè)化升級(jí)為目的，也為實(shí)現(xiàn)山西煤炭企業(yè)長(zhǎng)期健康可持續(xù)發(fā)展作保障。 對(duì)山西煤炭企業(yè)并購(gòu)的效應(yīng)進(jìn)行研究，從理論意義上來說能夠更加完善原有的并購(gòu)理論體系；從現(xiàn)實(shí)意義上來說有助于政府準(zhǔn)確把握并購(gòu)的實(shí)際效果，從而及時(shí)調(diào)整政策，從而也為其他資源型省份的并購(gòu)做了示范效應(yīng)。 本文沿著“理論-實(shí)證-結(jié)論-對(duì)策”的整體思路，詳細(xì)閱讀并總結(jié)相關(guān)文獻(xiàn)資料的基礎(chǔ)上，結(jié)合山西煤炭企業(yè)的實(shí)際情況，剖析其并購(gòu)的動(dòng)因及必要性等，最后分別用財(cái)務(wù)指標(biāo)分析法（主要用到的財(cái)務(wù)指標(biāo)有企業(yè)規(guī)模效應(yīng)、盈利能力、償債能力、營(yíng)運(yùn)能力及發(fā)展能力等指標(biāo)）和計(jì)量經(jīng)濟(jì)學(xué)模型（基于產(chǎn)業(yè)集中度的研究）對(duì)山西煤炭企業(yè)的并購(gòu)效果進(jìn)行測(cè)度，，研究結(jié)果表明并購(gòu)的整體效果較好，比如資源的回收利用率、行業(yè)利潤(rùn)率以及安全績(jī)效等都有顯著提高。但是，也發(fā)現(xiàn)了并購(gòu)中存在的一些問題，文章最后根據(jù)相應(yīng)的問題提出了政策建議。 文中采用的主要研究方法是針對(duì)山西的煤炭企業(yè)并購(gòu)行為，分別用財(cái)務(wù)分析法和計(jì)量經(jīng)濟(jì)模型對(duì)并購(gòu)效果進(jìn)行雙重驗(yàn)證，使得結(jié)論更加嚴(yán)謹(jǐn)可靠。
[Abstract]:Shanxi's coal resources are a powerful energy source in China and an important guarantee for economic and social development. However, Shanxi's coal resources promote social and economic development at the same time. How to realize its sustainable development has always been the focus of attention. Since the new century, Shanxi has carefully examined the problems existing in the coal industry and adopted different countermeasures successively. However, Shanxi's coal industry "has more, smaller and scattered," "chaos", serious waste of resources, serious environmental pollution, frequent accidents, and other phenomena still cannot fundamentally solve the problem. During the 11th Five-Year Plan period, Shanxi seized the opportunity of "the comprehensive reform pilot area for the transformation of the national resource-based economy". The purpose of vigorously promoting the merger and reorganization of coal enterprises is to change the pattern of Shanxi's coal industry, improve the degree of industrial concentration, and realize the industrial upgrading, as well as to ensure the long-term healthy and sustainable development of Shanxi coal enterprises. The study on the effect of merger and acquisition of Shanxi coal enterprises can improve the theoretical system of merger and acquisition in theory, help the government to grasp the actual effect of merger and acquisition accurately in reality, and adjust the policy in time. Thus also for other resource-based provinces to do a demonstration of M & A effect. On the basis of detailed reading and summing up the relevant literature, this paper analyzes the motivation and necessity of merger and acquisition of coal enterprises in Shanxi, based on the overall thinking of "theory-positivist-conclusion-countermeasure", and combining with the actual situation of Shanxi coal enterprises, etc. Finally, we use the financial index analysis method (the main financial indicators are enterprise scale effect, profitability, solvency, ) and econometrics model (based on the study of industrial concentration) to measure the M & A effect of Shanxi coal enterprises. The results show that the overall effect of M & A is better, such as the recovery and utilization of resources. However, some problems in M & A are also found. Finally, the paper puts forward some policy suggestions according to the corresponding problems. The main research method used in this paper is to verify the effect of M & A by means of financial analysis and econometric model, which makes the conclusion more precise and reliable.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.21;F271

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