冀中能源两起并购绩效比较分析

发布时间：2018-05-29 18:39

本文选题：国有企业 + 并购动因　；参考：《河北大学》2017年硕士论文

【摘要】：并购作为企业扩张的快速方式,在企业决策中一直占据着重要地位。随着我国股权分置改革的完成,并购的数量与涉及的资产规模均有了大幅度提升。在我国,学术界与理论界一直非常关注国有企业的并购,除了因为国有企业并购涉及规模巨大之外,更是因为国有企业受到政府影响较大。除了企业自身出于自身发展需求,进行并购之外,地方政府也会出于自身目的,使下属国有企业并购指定的企业,俗称“拉郎配”。那么在这样的过程中,并购动因是什么?政府在企业并购决策中是否达到了自身目的?这样的多元化并购的绩效如何?影响这些绩效的因素又是什么?本文通过冀中能源并购东北航空与华北制药作为分析对象,对其并购前后的绩效进行比较,力图为并购是否提升企业绩效提供一定解释,同时为其他企业的并购提供一定借鉴。本文分析了冀中能源的两起并购案例前后的绩效表现,发现相对于连续亏损并最后卖出的东北航空,华北制药的并购绩效相对较好并达到了地方政府的并购目的。究其原因,两起并购的并购支付方式、整合程度、政府干预等因素导致了两起并购案例的不同并购绩效。相对于现金支付方式,国有企业特有的资产无偿划转不仅手续简单,而且为企业节省了大量资金;同时较高程度的人力资源、组织与企业文化整合能够有效提高并购绩效;行业进入壁垒的存在对于多元化并购绩效有着负面影响;最后目标公司同并购企业较近的地理距离与政府的大力扶持也对并购绩效有着正面影响。最后根据研究结果,对公司并购提出一些对策建议,一是不能仅局限于现金支付方式,要灵活使用多种支付方式;二是加强并购后的整合工作,包括文化整合、人力资源整合和组织整合;三是选择并购目标时要充分考虑政策与地域因素,有效降低沟通成本并提高并购绩效。
[Abstract]:M & A, as a rapid way of enterprise expansion, has always occupied an important position in enterprise decision-making. With the completion of split share structure reform in China, the number of mergers and acquisitions and the scale of assets involved have been greatly increased. In China, the academic and theoretical circles have been very concerned about mergers and acquisitions of state-owned enterprises, in addition to state-owned enterprises involved in large scale, but also because state-owned enterprises are greatly affected by the government. In addition to the enterprise's own development needs, M & A, the local government will also for its own purposes, so that the subordinate state-owned enterprise M & A designated enterprises, commonly known as "rallying match". So in such a process, what is the motivation of M & A? Does the government achieve its goal in the M & A decision? What is the performance of such diversified mergers and acquisitions? What are the factors that affect these performance? This paper compares the performance before and after the acquisition of Northeast Airlines and North China Pharmaceutical by Jizhong Energy, trying to provide a certain explanation for whether the merger and acquisition can improve the performance of enterprises, and at the same time, provide some reference for other enterprises. This paper analyzes the performance of Jizhong Energy before and after two M & A cases, and finds that the performance of Huabei Pharmaceutical is relatively better than that of Northeast Airlines, which is continuously losing and finally sold, and achieves the goal of local government M & A. The reason is that the two M & A payment methods, the degree of integration, government intervention and other factors led to the two M & A cases of different M & A performance. Compared with cash payment, the transfer of assets free of charge in state-owned enterprises is not only simple, but also saves a lot of funds for enterprises, at the same time, the integration of human resources, organization and enterprise culture can effectively improve the performance of mergers and acquisitions. The existence of barriers to entry has a negative impact on the performance of diversified mergers and acquisitions. Finally, the geographical distance between the target companies and the M & A enterprises and the strong support of the government also have a positive impact on the performance of mergers and acquisitions. Finally, according to the results of the research, some countermeasures and suggestions are put forward to the merger and acquisition of the company. The first is not limited to the cash payment mode, but also the flexible use of various payment methods, and the other is to strengthen the integration work, including cultural integration, after the merger and acquisition. The third is to fully consider the policy and regional factors when choosing the target of M & A to effectively reduce the communication cost and improve the M & A performance.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.2

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