許繼集團并入國家電網(wǎng)的績效評價
發(fā)布時間：2019-04-10 14:30
【摘要】：企業(yè)并購是企業(yè)資產(chǎn)重組的一種重要形式，也是企業(yè)特殊的一種投資活動，企業(yè)并購是一把雙刃劍，企業(yè)并購成功可以產(chǎn)生協(xié)同效應，有利于企業(yè)資源的合理配置和充分利用，從而給企業(yè)帶來巨大的利潤；企業(yè)并購失敗，則給企業(yè)背上了一個大的包袱，甚至導致企業(yè)的破產(chǎn)。企業(yè)并購績效的評價是檢驗企業(yè)并購決策甚至并購成功與否的一個重要工具，也是在企業(yè)并購中管理的一個重要環(huán)節(jié)。 隨著社會的發(fā)展，市場競爭愈演愈烈，并購和被并購已成為大多數(shù)公司的必然選擇。我國企業(yè)的并購活動正變得日益活躍，新時期產(chǎn)業(yè)結構的調(diào)整和市場的進一步發(fā)展，加速了各種并購活動的進行，并購不僅可以迅速擴大企業(yè)的生產(chǎn)規(guī)模，提高企業(yè)的核心競爭力，增加企業(yè)對市場的占有率，同時也可以降低產(chǎn)品的生產(chǎn)成本和合并企業(yè)內(nèi)部的產(chǎn)品交易成本，在財務和管理以及經(jīng)營上產(chǎn)生協(xié)同效應，有利于資源的整合和充分利用。但值得注意的是，并購活動是否如期所愿的增加了股東的收益，是否對企業(yè)的業(yè)績有提高的作用，是否有利于企業(yè)創(chuàng)造更多的社會價值？這些都是并購者和并購者所關注的。 大量的企業(yè)并購實踐表明，并購活動對企業(yè)的績效有著直接和重要的影響，已是國內(nèi)外學者們關注的重點。然而我國的并購活動開始的較晚，僅有近30年的歷史，很多理論和實踐仍然需要不斷的摸索和創(chuàng)新，我國企業(yè)并購的特點依舊是起步晚、規(guī)模小，且處于早起積累的階段，加強并購的理論研究，豐富并購的實踐經(jīng)驗，對于指導我國企業(yè)的并購活動十分迫切與重要。 本文對國家電網(wǎng)并購許繼集團的案例進行分析，從被并購方的角度來分析并購的績效，通過分析相關財務指標和EVA的變動，同時輔助一些非財務指標，來評價此次并購的績效，總結經(jīng)驗和教訓，以期為我國企業(yè)并購計劃和戰(zhàn)略的制定提供指導。本文先介紹了研究背景和研究意義，以及并購的動機理論，為本文研究奠定理論基礎，然后對國家電網(wǎng)并購許繼集團的案例進行介紹，并對并購的績效進行評價和分析，同時也對并購所帶來相關業(yè)務和所有者權益的變動進行分析。本文主要選取了一些財務指標和非財務指標以及EVA指標，對并購前三年和并購后一年的的數(shù)據(jù)進行評價和分析，最后總結結論，，并提出建議和啟示。 本文主要運用了規(guī)范研究和案例研究相結合的研究方法，在對國內(nèi)外已有的相關研究成果進行歸納、分析以及總結，運用財務管理學、會計學、戰(zhàn)略管理等多科知識，對我國企業(yè)并購活動中的績效評估問題進行推理和研究。在對案例的研究方面選取了并購前三年和并購后一年的一些數(shù)據(jù)進行對比和分析，在指標選擇上，仍然選用了傳統(tǒng)的財務指標，同時加入EVA的評價，輔助一些非財務指標進行研究分析，也引入了杜邦分析體系進行分析，對案例的并購績效進行評價。
[Abstract]:M & A is not only an important form of assets reorganization of enterprises, but also a special investment activity of enterprises. M & A is a double-edged sword. The success of M & A can produce synergistic effect, which is beneficial to the rational allocation and full utilization of enterprise resources. Thus bring the huge profit to the enterprise; The failure of M & A puts a big burden on the enterprise and even leads to the bankruptcy of the enterprise. The performance evaluation of M & A is an important tool to test the decision-making and even the success of M & A, and it is also an important link in the management of M & A. With the development of society, market competition becomes more and more intense, M & A and M & A have become the inevitable choice of most companies. M & A activities of Chinese enterprises are becoming more and more active. The adjustment of industrial structure and the further development of the market in the new period have accelerated the development of various M & A activities. M & A can not only rapidly expand the production scale of enterprises, but also accelerate the development of M & A activities. Improve the core competitiveness of the enterprise, increase the market share of the enterprise, at the same time can reduce the production cost of the product and the transaction cost of the product inside the merger enterprise, and produce the synergistic effect in the finance, management and management as well as the operation. It is conducive to the integration and full utilization of resources. However, it is worth noting whether M & A activities have increased the profit of shareholders as scheduled, whether it will improve the performance of enterprises, and whether M & A activities will help enterprises to create more social value. These are the concerns of mergers and acquisitions. A large number of M & A practices show that M & A activities have a direct and important impact on the performance of enterprises, and have become the focus of scholars at home and abroad. However, China's M & A activities started relatively late, only nearly 30 years of history, many theories and practices still need to continue to explore and innovate, the characteristics of M & A in China are still late start, small scale, and in the early accumulation stage, It is very urgent and important to strengthen the theoretical research of M & A and enrich the practical experience of M & A in order to guide the M & A activities of Chinese enterprises. This paper analyzes the case of State Grid M & A Xu Ji Group, analyzes the performance of M & A from the perspective of the merger party, and evaluates the performance of the M & A by analyzing the changes of relevant financial indicators and EVA, and at the same time assisting some non-financial indicators to evaluate the performance of the M & A. Summarize the experience and lessons in order to provide guidance for the formulation of M & A plan and strategy in China. This paper first introduces the research background and significance, as well as the motivation theory of M & A, which lays a theoretical foundation for this research, then introduces the case of State Grid M & A Xu Ji Group, and evaluates and analyzes the performance of M A. At the same time, it also analyzes the changes of related business and owner's equity brought by M & A. This paper mainly selects some financial index, non-financial index and EVA index to evaluate and analyze the data of the first three years and one year after the merger and acquisition. Finally, it summarizes the conclusion, and puts forward some suggestions and enlightenments. This paper mainly uses the combination of normative research and case study to sum up, analyze and summarize the related research results at home and abroad, and apply the multi-subject knowledge such as financial management, accounting, strategic management, and so on, to sum up, analyze and summarize the existing research results at home and abroad. This paper makes a reasoning and research on the performance evaluation of M & A activities in China. In the case study, some data from the first three years of M & A and one year after M & A are selected for comparison and analysis. In terms of index selection, the traditional financial indicators are still selected, and at the same time, the evaluation of EVA is added. Assist some non-financial index to carry on the research analysis, also introduced DuPont analysis system to carry on the analysis, carry on the appraisal to the merger and acquisition performance of the case.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.61;F406.7
本文編號：2455877
[Abstract]:M & A is not only an important form of assets reorganization of enterprises, but also a special investment activity of enterprises. M & A is a double-edged sword. The success of M & A can produce synergistic effect, which is beneficial to the rational allocation and full utilization of enterprise resources. Thus bring the huge profit to the enterprise; The failure of M & A puts a big burden on the enterprise and even leads to the bankruptcy of the enterprise. The performance evaluation of M & A is an important tool to test the decision-making and even the success of M & A, and it is also an important link in the management of M & A. With the development of society, market competition becomes more and more intense, M & A and M & A have become the inevitable choice of most companies. M & A activities of Chinese enterprises are becoming more and more active. The adjustment of industrial structure and the further development of the market in the new period have accelerated the development of various M & A activities. M & A can not only rapidly expand the production scale of enterprises, but also accelerate the development of M & A activities. Improve the core competitiveness of the enterprise, increase the market share of the enterprise, at the same time can reduce the production cost of the product and the transaction cost of the product inside the merger enterprise, and produce the synergistic effect in the finance, management and management as well as the operation. It is conducive to the integration and full utilization of resources. However, it is worth noting whether M & A activities have increased the profit of shareholders as scheduled, whether it will improve the performance of enterprises, and whether M & A activities will help enterprises to create more social value. These are the concerns of mergers and acquisitions. A large number of M & A practices show that M & A activities have a direct and important impact on the performance of enterprises, and have become the focus of scholars at home and abroad. However, China's M & A activities started relatively late, only nearly 30 years of history, many theories and practices still need to continue to explore and innovate, the characteristics of M & A in China are still late start, small scale, and in the early accumulation stage, It is very urgent and important to strengthen the theoretical research of M & A and enrich the practical experience of M & A in order to guide the M & A activities of Chinese enterprises. This paper analyzes the case of State Grid M & A Xu Ji Group, analyzes the performance of M & A from the perspective of the merger party, and evaluates the performance of the M & A by analyzing the changes of relevant financial indicators and EVA, and at the same time assisting some non-financial indicators to evaluate the performance of the M & A. Summarize the experience and lessons in order to provide guidance for the formulation of M & A plan and strategy in China. This paper first introduces the research background and significance, as well as the motivation theory of M & A, which lays a theoretical foundation for this research, then introduces the case of State Grid M & A Xu Ji Group, and evaluates and analyzes the performance of M A. At the same time, it also analyzes the changes of related business and owner's equity brought by M & A. This paper mainly selects some financial index, non-financial index and EVA index to evaluate and analyze the data of the first three years and one year after the merger and acquisition. Finally, it summarizes the conclusion, and puts forward some suggestions and enlightenments. This paper mainly uses the combination of normative research and case study to sum up, analyze and summarize the related research results at home and abroad, and apply the multi-subject knowledge such as financial management, accounting, strategic management, and so on, to sum up, analyze and summarize the existing research results at home and abroad. This paper makes a reasoning and research on the performance evaluation of M & A activities in China. In the case study, some data from the first three years of M & A and one year after M & A are selected for comparison and analysis. In terms of index selection, the traditional financial indicators are still selected, and at the same time, the evaluation of EVA is added. Assist some non-financial index to carry on the research analysis, also introduced DuPont analysis system to carry on the analysis, carry on the appraisal to the merger and acquisition performance of the case.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.61;F406.7
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