本文選題：并購　切入點(diǎn)：并購績效　出處：《深圳大學(xué)》2017年碩士論文

【摘要】：中國經(jīng)濟(jì)目前已經(jīng)進(jìn)入以“中高速、優(yōu)結(jié)構(gòu)”為特征的新常態(tài),經(jīng)濟(jì)增長進(jìn)入了“換擋期”。在復(fù)雜多變的經(jīng)濟(jì)形勢和市場環(huán)境下,購買力和需求下降、勞動力成本上升等因素給各行各業(yè)的經(jīng)營帶來了一定的壓力。這幾年來,面對日益激烈的競爭,越來越多的企業(yè)選擇并購,來需求多元化發(fā)展。早在上個世紀(jì)60年代末期,很多企業(yè)選擇并購來擴(kuò)大規(guī)模。本文選取的赫美集團(tuán)并購每克拉美是跨行業(yè)并購的案例。近幾年來,赫美集團(tuán)所處的儀器儀表制造業(yè)進(jìn)入國內(nèi)需求平穩(wěn),產(chǎn)品同質(zhì)化嚴(yán)重的階段。整個行業(yè)面臨著生產(chǎn)能力過剩的壓力。為適應(yīng)新的市場動態(tài),赫美集團(tuán)有限公司于2014年完成了對每克拉美有限公司的并購,這是一個由傳統(tǒng)電表行業(yè)向多元化經(jīng)營轉(zhuǎn)型的并購案例。本文在并購相關(guān)理論研究結(jié)果的基礎(chǔ)上,結(jié)合案例分析法、文獻(xiàn)研究法等,對赫美集團(tuán)并購每克拉美動因與績效進(jìn)行分析,最后的得出相關(guān)結(jié)論。主要內(nèi)容如下:第一部分是緒論,介紹了本文的選題背景、研究方法,最后引進(jìn)國內(nèi)外文獻(xiàn)綜述的內(nèi)容,為下文做鋪墊。第二部分是并購的相關(guān)概念介紹,包括并購動因理論,并購績效評價方法和并購的整合措施。第三部分引入案例,介紹赫美集團(tuán)和每克拉美的基本情況,并購過程并分析其并購動因。第四部分是并購的績效研究,主要包括并購的市場反應(yīng),財(cái)務(wù)績效分析和EVA績效分析,從定量的角度來分析這次并購的成敗。第五部分是案例的總結(jié)和不足,針對此次并購案例得到相應(yīng)的結(jié)論,為企業(yè)并購的多元化發(fā)展提供一些有益的思路和借鑒。通過上述分析,本文得出以下結(jié)論:(一)赫美集團(tuán)結(jié)合到自身行業(yè)發(fā)展需求,較為謹(jǐn)慎地進(jìn)行并購,增大了此次并購的成功率。這次并購優(yōu)化了赫美集團(tuán)的產(chǎn)業(yè)結(jié)構(gòu),實(shí)現(xiàn)了多元化的發(fā)展戰(zhàn)略。(二)運(yùn)用事件分析法,通過對赫美集團(tuán)的超額收益率分析,可以看出此次并購為利好,使得赫美集團(tuán)股東財(cái)富值增加。(三)通過財(cái)務(wù)績效分析,此次并購提升了赫美集團(tuán)的經(jīng)營效率。(四)經(jīng)濟(jì)增加值的分析表明收購每克拉美之后使得赫美集團(tuán)的股東財(cái)富值增加,有持續(xù)的正效應(yīng)趨勢。
[Abstract]:At present, China's economy has entered a new normal characterized by "medium high speed, excellent structure," and economic growth has entered a "shift period." under the complex and changeable economic situation and market environment, purchasing power and demand have declined. Factors such as rising labor costs have brought certain pressure to the operation of various industries. In the face of increasingly fierce competition in the past few years, more and more enterprises have chosen mergers and acquisitions to diversify their demand for development. As early as the late 1960s, Many enterprises choose mergers and acquisitions to expand their scale. The Hermel Group M & A per gram of Latin America selected in this paper is a case of cross-industry mergers and acquisitions. In recent years, the instrument and instrument manufacturing industry of Hermel Group has experienced steady domestic demand. The whole industry is under pressure from overcapacity. In order to adapt to the new market dynamics, Herme Group Ltd. completed its merger and acquisition of every gram Latin America Ltd in 2014. This is a case of merger and acquisition from traditional electric meter industry to diversified management. Based on the research results of M & A related theories, this paper combines case analysis method, literature research method, etc. The main contents are as follows: the first part is introduction, introduces the background of this paper, the research methods, and finally introduces the content of literature review at home and abroad. The second part is the introduction of the related concepts of M & A., including the theory of M & A motivation, the evaluation methods of M & A performance and the integration measures of M & A. the third part introduces the case to introduce the basic situation of Hermel Group and every gram of Latin America. The fourth part is the research of M & A performance, including market reaction, financial performance analysis and EVA performance analysis. This paper analyzes the success or failure of this merger from a quantitative point of view. The fifth part is the summary and deficiency of the case. Through the above analysis, this paper draws the following conclusion: (1) Herme Group combines with the needs of its own industry development, and carries out M & A more carefully. Increased the success rate of this merger. This merger and acquisition has optimized the industrial structure of Hermel Group, realized a diversified development strategy. (2) by using event analysis, through the analysis of the excess return rate of Hermel Group, We can see that the merger and acquisition is favorable, which makes the wealth value of the shareholders of Hermel Group increase. (3) through the analysis of financial performance, An analysis of the economic added value of Hermel Group, which has improved its operating efficiency, shows that the acquisition of every gram of Latin America has led to an increase in the value of shareholders' wealth, with a continuing positive trend.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.46;F271

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