本文選題：民爆行業(yè) + 并購�。� 參考：《長沙理工大學(xué)》2015年碩士論文

【摘要】：并購是企業(yè)擴(kuò)大規(guī)模,提高財(cái)務(wù)績效和綜合實(shí)力的重要手段。在我國民爆企業(yè)規(guī)模小、布局分散、技術(shù)水平低的背景下,國家大力支持民爆企業(yè)并購,以提升產(chǎn)業(yè)集中度和競爭力。民爆企業(yè)N公司積極響應(yīng)國家要求,于2012年9月收購了民爆企業(yè)S公司。但此次并購活動是否提高了N公司的財(cái)務(wù)績效尚無定論。因此,研究N公司并購S公司的財(cái)務(wù)績效是非常有意義的。計(jì)算N公司并購S公司前后的財(cái)務(wù)績效,評價N公司并購財(cái)務(wù)績效的優(yōu)劣,剖析并購財(cái)務(wù)績效優(yōu)劣成因,總結(jié)N公司并購案例的啟示,是本文主要的研究內(nèi)容。首先,本文介紹了研究背景、目的和意義,整理了國內(nèi)外研究現(xiàn)狀并進(jìn)行了文獻(xiàn)評述,闡述了研究的主要內(nèi)容和方法,說明了本次研究的應(yīng)用價值。其次,本文對企業(yè)并購財(cái)務(wù)績效的含義進(jìn)行了界定,介紹了支撐本文研究的委托代理理論和協(xié)同效應(yīng)理論。再次,本文介紹了并購案例概況,采用國務(wù)院國資委頒發(fā)的的財(cái)務(wù)績效評價方法計(jì)算并評價了并購案例企業(yè)的并購財(cái)務(wù)績效,評價結(jié)果是N公司的并購財(cái)務(wù)績效未達(dá)預(yù)期。接著,本文分析了并購案例企業(yè)財(cái)務(wù)績效未達(dá)預(yù)期的成因。最后,本文總結(jié)了N公司并購案例的啟示并作出結(jié)論。本文得出以下結(jié)論：N公司的盈利能力、資產(chǎn)質(zhì)量、償債能力和經(jīng)營增長能力均在并購后有所下降；整體來看,N公司并購后的財(cái)務(wù)績效低于并購前,并購財(cái)務(wù)績效未達(dá)預(yù)期；N公司并購財(cái)務(wù)績效未達(dá)預(yù)期的主要原因是宏觀經(jīng)濟(jì)環(huán)境低迷、民爆行業(yè)產(chǎn)能過剩、N公司產(chǎn)業(yè)鏈延伸滯后和N公司并購后的整合存在問題。針對案例企業(yè)并購財(cái)務(wù)績效下降的成因,本文得出以下啟示：經(jīng)濟(jì)低迷的情況下審慎制定并購決策、民爆行業(yè)并購須警惕行業(yè)風(fēng)險(xiǎn)、加快N公司產(chǎn)業(yè)鏈的延伸以及注重并購后的整合。本文的研究不僅對案例企業(yè)并購后的整合、發(fā)展具有重大的指導(dǎo)意義,而且能為未來進(jìn)行類似并購活動的企業(yè)提供經(jīng)驗(yàn)教訓(xùn)。
[Abstract]:M & A is an important means for enterprises to expand scale, improve financial performance and comprehensive strength. Under the background of small scale, scattered layout and low technology level, the state vigorously supports the merger and acquisition of civil explosive enterprises in order to enhance the industrial concentration and competitiveness. Civil explosion Enterprise N Company actively responded to the state request, in September 2012 to acquire civil explosive enterprise S Company. However, whether the M & A activity has improved the financial performance of N company is not conclusive. Therefore, it is very meaningful to study the financial performance of M & A S Company. It is the main research content of this paper to calculate the financial performance before and after M & A of company N, to evaluate the financial performance of M & A of company N, to analyze the causes of the financial performance of M & A, and to summarize the inspiration of M & A cases of company N. First of all, this paper introduces the research background, purpose and significance, collates the domestic and foreign research status and carries on the literature review, elaborated the research main content and the method, explained this research application value. Secondly, this paper defines the meaning of financial performance of M & A, and introduces the principal-agent theory and synergetic effect theory which support the research of this paper. Thirdly, this paper introduces the general situation of M & A cases, calculates and evaluates the M & A financial performance of M & A cases by using the financial performance evaluation method issued by SASAC of the State Council. The evaluation result is that the M & A financial performance of N Company is not up to expectations. Then, this paper analyzes the causes of the financial performance of M & A cases not up to expectations. Finally, this paper summarizes the inspiration of M & A cases and draws a conclusion. This paper draws the following conclusions: the profitability, asset quality, solvency and operating growth ability of% N Company are all decreased after M & A; the financial performance of M & A is lower than that of M & A company on the whole. The main reasons why the financial performance of M & A is not up to expectations are that the macroeconomic environment is low, the overcapacity of civil explosion industry is lagging behind the extension of the industrial chain of N Company and the problems of integration after M & A of N Company exist. In view of the causes of financial performance decline of enterprise merger and acquisition, this paper draws the following enlightenment: under the condition of economic downturn, we should make merger and acquisition decision carefully, and civil explosion industry M & A should be on the alert for industry risk. Accelerate the extension of N company industrial chain and pay attention to the integration after M & A. The research in this paper is not only of great significance to the integration and development of case enterprises after M & A, but also can provide experience and lessons for enterprises engaged in similar M & A activities in the future.
【學(xué)位授予單位】：長沙理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F271;F426.7;F406.7

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