本文選題：并購重組 + 行業(yè)選擇��； 參考：《深圳大學》2017年碩士論文

【摘要】：在資本市場中,合理的并購活動能夠給企業(yè)帶來一定的增強效益,通過企業(yè)之間的并購重組,可以使得并購方的企業(yè)規(guī)模得到提升,從而提高經濟績效,并占據更大的市場份額。在國企改革、促進企業(yè)兼并重組的政策刺激作用下,2015年的企業(yè)并購活躍程度及交易規(guī)模在2014年以后再創(chuàng)新高。但是在火爆的企業(yè)并購重組態(tài)勢下,并非所有的企業(yè)并購都是成功的,企業(yè)并購作為一把雙刃劍,其帶來效益的提升并沒有在學術界達成一致的意見,因此關于企業(yè)并購前后業(yè)績變化的爭論從來沒有停止過。新日恒力是一家主營金屬制品的上市公司,公司主導產品是鋼絲繩、預應力鋼絞線、鋼絲。近幾年,受煤炭、鋼鐵行業(yè)不景氣及金屬制品行業(yè)競爭加劇的影響,公司的業(yè)績不斷下滑,2014年全年、2015年前三個季度都為虧損狀態(tài)。為了避免連續(xù)虧損而導致公司被交易所給予風險警示,新日恒力開始籌劃重大資產重組。2015年新日恒力跨界收購博雅干細胞之后,實現從傳統(tǒng)產業(yè)進軍新興產業(yè),但是新日恒力的跨界并購出現了諸多問題,例如行業(yè)的選擇問題、兩個不同產業(yè)之間的資源整合問題、并購以后的經營風險問題以及標的資產減值的問題。本文希望通過該案例為以后的企業(yè)進行跨界并購提供一定的借鑒經驗。本文的篇章脈絡如下:首先,本文以新日恒力并購博雅干細胞為案例,理論與實踐相結合的方式去研究本次跨界并購對并購方新日恒力的業(yè)績影響,重點突出并購之中出現的問題。其次,本文以新日恒力并購博雅干細胞為切入點,對本次跨界并購行為做出系統(tǒng)的分析,主要以財務績效作為分析指標,其中包括營運能力、償債水平、盈利水平以及企業(yè)的發(fā)展能力;營運能力的分析通過存貨周轉率、應收賬款周轉、流動資產周轉率、固定資產周轉率;償債能力則分別分析短期償債能力和長期償債能力;盈利能力的分析通過銷售凈利率、成本費用利潤率和總資產凈利率;發(fā)展能力的分析通過總資產增長率和營業(yè)收入增長率。最后,文章根據前文分析所存在的問題及其原因,提出相對應的建議。
[Abstract]:In the capital market, reasonable M & A activities can bring some enhanced benefits to the enterprises. Through the M & A among the enterprises, the scale of the M & A enterprises can be improved, and the economic performance can be improved. And occupy a larger market share. Under the stimulus of the reform of state-owned enterprises and the promotion of mergers and acquisitions, the activity of M & A and the scale of transactions in 2015 have reached a new high after 2014. However, in the hot situation of M & A, not all M & A is successful. As a double-edged sword, corporate M & A has not reached a consensus opinion in academic circles. Therefore, the debate on the changes in performance before and after mergers and acquisitions has never stopped. Xinri Hengli is a main metal products listed company, the main products are wire rope, prestressed steel strand, steel wire. In recent years, the company's results have fallen amid a slump in the coal and steel sectors and increased competition in the metal industry, with losses for the whole of 2014 and the first three quarters of 2015. In order to avoid successive losses and the company being warned by the exchange of risks, Xinri Hengli began planning a major asset restructuring. After the cross-border acquisition of Boya stem cells in 2015, Xinri Hengli made its way into new industries from traditional industries. However, there are many problems in the cross-border merger and acquisition of Xinri Hengli, such as the choice of industry, the integration of resources between two different industries, the management risk after merger and acquisition, and the impairment of underlying assets. This paper hopes to provide some reference experience for the future cross-border mergers and acquisitions through this case. The main contents of this paper are as follows: firstly, this paper takes Xinri Hengli's merger and acquisition of Boya Stem cells as a case to study the effect of this cross-border merger and acquisition on the performance of Fang Xinri Hengli in a combination of theory and practice. Focus on issues arising in mergers and acquisitions. Secondly, this paper takes Xinri Hengli's merger and acquisition of Boya stem cells as the breakthrough point, and makes a systematic analysis of this cross-border merger behavior, mainly taking financial performance as the analysis index, including operating ability, debt service level. The analysis of operating ability is based on inventory turnover, turnover of accounts receivable, turnover of current assets, turnover of fixed assets, ability to pay debts, short-term solvency and long-term solvency, respectively. Profitability is analyzed through net interest rates on sales, cost-cost margins, and net interest rates on total assets; capacity development is analyzed through total asset growth rates and revenue growth rates. Finally, according to the analysis of the existing problems and their causes, the corresponding suggestions are put forward.
【學位授予單位】：深圳大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.32;F271

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本文編號：1945146