三诺生物跨国连续并购的财务绩效问题研究
发布时间：2020-10-31 12:33
在经济全球化不断加强的背景下,我国企业跨国并购的交易额和交易数量都在持续快速的增长,中小型上市公司实施跨国并购的热情也不断高涨,跨国连续并购的案例时有发生,但是根据相关报告,我国很多企业跨国并购的绩效并不理想,因此,本论文将如何分析及提升企业跨国并购的财务绩效作为研究问题进行研究对企业实施跨国并购具有重要的参考价值。本文以三诺生物跨国连续并购的案例作为研究的对象,以跨国并购财务绩效的分析作为研究的主线,目的是解决三诺生物如何提升跨国连续并购财务绩效的问题。本文利用PEST模型对三诺生物跨国连续并购的宏观环境进行了分析,并分析了三诺生物跨国连续并购的动因和模式,同时利用事件研究法分析了并购对股东财富的影响,利用会计指标法分析了并购对企业财务绩效的影响,分析结果显示:三诺生物跨国连续并购的动因是实施国际化战略、寻求品牌和技术、寻求扩大市场份额和寻求经营协同;宏观环境中,政治法律因素、经济环境因素和技术环境因素对三诺生物的跨国连续并购的绩效存在积极的作用,而社会文化因素可能会妨碍并购企业的整合,存在不利因素;三诺生物的现金购买式并购、横向并购和杠杆并购均对并购绩效存在有利影响;事件研究法分析显示三诺生物跨国连续并购在短期内减损了股东财富;会计指标法分析显示诺生物跨国连续并购在中期内降低了企业的盈利能力,偿债能力、经营能力和发展能力未出现明显提高。结合上述的分析结果,本文针对如何提升三诺生物跨国连续并购财务绩效的问题提出了以下建议:明确并购整合策略;打通全球销售网络、实现经营协同;增强研发能力、分摊研发费用;控制并购标的生产成本;建立融合式的财务管理体系、优化资本结构;寻求税收筹划。
【学位单位】：广东外语外贸大学
【学位级别】：硕士
【学位年份】：2018
【中图分类】：F426.72;F271;F406.7
【文章目录】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
LIST OF ABBREVIATIONS
Chapter Ⅰ Introduction
1.1 Research Background, Objective and Significance
1.1.1 Research Background
1.1.2 Research Objective and Significance
1.2 Research Contents, Ideas and Methods
1.2.1 Research Contents
1.2.2 Research Ideas
1.2.3 Research Methods
1.3 Innovation of Research
Chapter Ⅱ Literature Review
2.1 Definitions of Related Concepts
2.2 Influencing Factors of Cross-border M&A Performance
2.2.1 Macro-level Influencing Factors
2.2.2 Medium-level Influencing Factors
2.2.3 Micro-level Influencing Factors
2.2.4 Summary of Influencing Factors of Cross-Border M&A Performance
2.3 Corporate Cross-border M&A Integration Strategy
2.4 Comments on literature
Chapter Ⅲ Case Description
3.1 Introduction of the M & A Company and Target Companies
3.1.1 The Acquirer: Sinocare Inc
3.1.2 Target Companies: NIPRO and TPS
3.2 M&A Processes
3.3 The Result of M&A
3.4 Research Issue
Chapter Ⅳ Case Analysis
4.1 Macro Environment Analysis of Sinocare’s Cross-Border Continuous M&A
4.1.1 Analysis of Political and Legal Environment
4.1.2 Analysis of Economic Environment
4.1.3 Analysis of Social and Cultural Factors
4.1.4 Analysis of Technological Factors
4.1.5 Summary of Macro Environment Analysis
4.2 Analysis of Motivations and Patterns of Sinocare’s Cross-Border M&A
4.2.1 Motivations of Sinocare’s Cross-Border M&A
4.2.2 Patterns of Sinocare’s Cross-Border M&A
4.3 Performance Analysis of Event- study Method
4.3.1 Processes of Event- study Analysis
4.3.2 Summary of Performance Analysis of Event- study Method
4.4 Performance Analysis of Accounting-study method
4.4.1 Steps of Financial Indicators Analysis
4.4.2 Analysis of Operating Capacity
4.4.3 Analysis of Solvency
4.4.4 Profitability Analysis
4.4.5 Development Capacity Analysis
4.4.6 Summary of Financial Indicators Analysis
4.5 Analysis of Non-financial Index
Chapter Ⅴ Conclusions and Policy Suggestions
5.1 Major Conclusions and Findings
5.2 Policy Suggestions for Sinocare to Improving Cross-Border M&A FinancialPerformance
5.2.1 Clarify the Strategy for M&A Integration
5.2.2 Open Up a Global Sales Network to Achieve Business Synergy
5.2.3 Strengthen R&D Capacity and Apportion R&D Costs
5.2.4 Strengthen the Control over Production Costs of Target Companies
5.2.5 Establish an Integrated Financial Management System to Optimize theCapital Structure
5.2.6 Tax Planning Possibilities
5.3 Implications of the Study
5.3.1 Issues and Risks of Enterprises’ Cross-border M&A
5.3.2 Performance evaluation method of Cross-border M&A
5.3.3 Methods for Improving Financial Performance of Cross-border M&A
5.3.4 The Further Research Issue and Limitation
REFERENCE
APPENDIX
【参考文献】
本文编号：2863956
【学位单位】：广东外语外贸大学
【学位级别】：硕士
【学位年份】：2018
【中图分类】：F426.72;F271;F406.7
【文章目录】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
LIST OF ABBREVIATIONS
Chapter Ⅰ Introduction
1.1 Research Background, Objective and Significance
1.1.1 Research Background
1.1.2 Research Objective and Significance
1.2 Research Contents, Ideas and Methods
1.2.1 Research Contents
1.2.2 Research Ideas
1.2.3 Research Methods
1.3 Innovation of Research
Chapter Ⅱ Literature Review
2.1 Definitions of Related Concepts
2.2 Influencing Factors of Cross-border M&A Performance
2.2.1 Macro-level Influencing Factors
2.2.2 Medium-level Influencing Factors
2.2.3 Micro-level Influencing Factors
2.2.4 Summary of Influencing Factors of Cross-Border M&A Performance
2.3 Corporate Cross-border M&A Integration Strategy
2.4 Comments on literature
Chapter Ⅲ Case Description
3.1 Introduction of the M & A Company and Target Companies
3.1.1 The Acquirer: Sinocare Inc
3.1.2 Target Companies: NIPRO and TPS
3.2 M&A Processes
3.3 The Result of M&A
3.4 Research Issue
Chapter Ⅳ Case Analysis
4.1 Macro Environment Analysis of Sinocare’s Cross-Border Continuous M&A
4.1.1 Analysis of Political and Legal Environment
4.1.2 Analysis of Economic Environment
4.1.3 Analysis of Social and Cultural Factors
4.1.4 Analysis of Technological Factors
4.1.5 Summary of Macro Environment Analysis
4.2 Analysis of Motivations and Patterns of Sinocare’s Cross-Border M&A
4.2.1 Motivations of Sinocare’s Cross-Border M&A
4.2.2 Patterns of Sinocare’s Cross-Border M&A
4.3 Performance Analysis of Event- study Method
4.3.1 Processes of Event- study Analysis
4.3.2 Summary of Performance Analysis of Event- study Method
4.4 Performance Analysis of Accounting-study method
4.4.1 Steps of Financial Indicators Analysis
4.4.2 Analysis of Operating Capacity
4.4.3 Analysis of Solvency
4.4.4 Profitability Analysis
4.4.5 Development Capacity Analysis
4.4.6 Summary of Financial Indicators Analysis
4.5 Analysis of Non-financial Index
Chapter Ⅴ Conclusions and Policy Suggestions
5.1 Major Conclusions and Findings
5.2 Policy Suggestions for Sinocare to Improving Cross-Border M&A FinancialPerformance
5.2.1 Clarify the Strategy for M&A Integration
5.2.2 Open Up a Global Sales Network to Achieve Business Synergy
5.2.3 Strengthen R&D Capacity and Apportion R&D Costs
5.2.4 Strengthen the Control over Production Costs of Target Companies
5.2.5 Establish an Integrated Financial Management System to Optimize theCapital Structure
5.2.6 Tax Planning Possibilities
5.3 Implications of the Study
5.3.1 Issues and Risks of Enterprises’ Cross-border M&A
5.3.2 Performance evaluation method of Cross-border M&A
5.3.3 Methods for Improving Financial Performance of Cross-border M&A
5.3.4 The Further Research Issue and Limitation
REFERENCE
APPENDIX
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