發(fā)布時(shí)間：2018-05-28 05:08

  本文選題：石油企業(yè) + 海外并購(gòu)��； 參考：《陜西科技大學(xué)》2014年碩士論文

【摘要】：每次全球爆發(fā)金融危機(jī)都會(huì)伴隨著大型的并購(gòu)活動(dòng)，而石油行業(yè)更是首當(dāng)其沖。我國(guó)石油企業(yè)自2005年以來(lái)，扭轉(zhuǎn)了其在海外并購(gòu)中的不利地位，逐步實(shí)現(xiàn)公司的海外征途。隨著我國(guó)海外并購(gòu)中出現(xiàn)大量失敗的案例，學(xué)者們對(duì)我國(guó)石油企業(yè)的大規(guī)模海外并購(gòu)的成果也提出了質(zhì)疑。并購(gòu)績(jī)效是衡量海外并購(gòu)成功與否的關(guān)鍵因素，對(duì)并購(gòu)績(jī)效的研究已有100多年的歷史，我國(guó)在此方面的研究起步較晚，目前還沒(méi)有形成統(tǒng)一的績(jī)效評(píng)價(jià)方法，多數(shù)是結(jié)合我國(guó)國(guó)情來(lái)借鑒國(guó)外的相關(guān)理論。 目前我國(guó)對(duì)于企業(yè)海外并購(gòu)的績(jī)效評(píng)價(jià)研究多數(shù)停留在理論階段，且相關(guān)研究中多以短期績(jī)效分析為主，而考慮中長(zhǎng)期績(jī)效的研究較少；實(shí)證研究以個(gè)案研究法為主，而涉及整個(gè)行業(yè)的普遍適用的指標(biāo)模型卻很難找到；對(duì)EVA的應(yīng)用鮮少考慮其在反應(yīng)未來(lái)增長(zhǎng)方面的缺陷。基于此，本文嘗試?yán)每色@取的資料，對(duì)標(biāo)準(zhǔn)的EVA模型進(jìn)行修正，加入未來(lái)增長(zhǎng)因素，并結(jié)合我國(guó)石油企業(yè)特點(diǎn)，構(gòu)建石油企業(yè)適用的海外并購(gòu)績(jī)效評(píng)價(jià)模型，并進(jìn)行實(shí)證檢驗(yàn)。 本文首先回顧我國(guó)石油企業(yè)海外并購(gòu)的發(fā)展歷程，從中尋求石油企業(yè)的特征，并結(jié)合并購(gòu)績(jī)效相關(guān)理論的分析，選擇出適合于我國(guó)石油企業(yè)海外并購(gòu)績(jī)效研究的評(píng)價(jià)模型。在此基礎(chǔ)上歸集整理了14家主要上市石油企業(yè)2007年至2012年間的主要績(jī)效評(píng)價(jià)指標(biāo)數(shù)據(jù)，運(yùn)用理論和實(shí)證相結(jié)合的方法建立起石油企業(yè)的海外并購(gòu)前后績(jī)效評(píng)價(jià)模型，并得出相關(guān)因子的各年得分。之后通過(guò)具體的海外并購(gòu)案例對(duì)模型進(jìn)行實(shí)證檢驗(yàn)，發(fā)現(xiàn)海外并購(gòu)提高了企業(yè)的償債能力，完善企業(yè)的資本結(jié)構(gòu)，增加了企業(yè)的未來(lái)成長(zhǎng)價(jià)值，，然而對(duì)企業(yè)經(jīng)濟(jì)增加值方面并沒(méi)有明顯的影響，結(jié)合績(jī)效評(píng)價(jià)的正效應(yīng)理論綜合分析企業(yè)本次海外并購(gòu)的正效應(yīng)來(lái)源。最后針對(duì)上述實(shí)證結(jié)論，對(duì)我國(guó)石油企業(yè)未來(lái)海外并購(gòu)的發(fā)展做出估計(jì)，并針對(duì)我國(guó)石油企業(yè)在海外并購(gòu)中存在的前期準(zhǔn)備不足、目標(biāo)定價(jià)過(guò)高、資源整合困難幾方面的問(wèn)題提出三點(diǎn)建議，即進(jìn)行有選擇的漸進(jìn)式并購(gòu)、轉(zhuǎn)變支付及融資方式和強(qiáng)化內(nèi)部管理，為我國(guó)石油企業(yè)的海外并購(gòu)績(jī)效的提升提供參考。
[Abstract]:Every global financial crisis is accompanied by large mergers and acquisitions, and the oil industry is the first to bear the brunt. Since 2005, China's petroleum enterprises have reversed their unfavorable position in overseas mergers and acquisitions and gradually realized their overseas journey. With the emergence of a large number of failed cases in overseas mergers and acquisitions in China, scholars have also questioned the achievements of large-scale overseas mergers and acquisitions of Chinese oil enterprises. M & A performance is the key factor to measure the success of overseas M & A. The research on M & A performance has been studied for more than 100 years. Most are combined with our national conditions to learn from the relevant foreign theory. At present, the research on the performance evaluation of overseas M & A in our country is mostly in the theoretical stage, and most of the related studies are based on short-term performance analysis, but there are few studies considering the medium- and long-term performance; the empirical research is mainly based on case study. However, it is difficult to find a universally applicable index model involving the whole industry; the application of EVA seldom considers its shortcomings in reflecting future growth. Based on this, this paper attempts to modify the standard EVA model by using the available data, add the future growth factors, and combine the characteristics of Chinese oil enterprises, and construct a suitable overseas M & A performance evaluation model for oil enterprises. And carries on the empirical test. Firstly, this paper reviews the development of overseas M & A of Chinese petroleum enterprises, seeks the characteristics of petroleum enterprises from the perspective of the characteristics of petroleum enterprises, and selects an evaluation model suitable for the study of the performance of overseas M & A of Chinese petroleum enterprises by analyzing the relevant theories of M & A performance. On this basis, the main performance evaluation index data of 14 main listed oil enterprises from 2007 to 2012 are collected and collated, and the performance evaluation model of oil enterprises before and after overseas M & A is established by using the method of combining theory and demonstration. And obtains the correlation factor each year score. After the empirical test of the model through specific cases of overseas M & A, it is found that overseas M & A improves the solvency of the enterprise, improves the capital structure of the enterprise, and increases the future growth value of the enterprise. However, there is no obvious impact on the economic added value of enterprises. Combined with the positive effect theory of performance evaluation, this paper comprehensively analyzes the positive effect sources of the overseas mergers and acquisitions. Finally, in view of the above empirical conclusions, this paper makes an estimate of the future development of overseas mergers and acquisitions of Chinese petroleum enterprises, and aims at the lack of early preparation and high target pricing in overseas mergers and acquisitions of Chinese oil enterprises. This paper puts forward three suggestions on the difficulty of resource integration, that is, to carry out selective gradual mergers and acquisitions, to change payment and financing methods and to strengthen internal management, and to provide a reference for the improvement of overseas M & A performance of Chinese petroleum enterprises.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F426.22;F271

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本文編號(hào)：1945405