企业并购动因及财务绩效分析-以海尔公司为例(论文15000字)
内 容 摘 要
并购是一个企业为了用最快的速度得到发展，而采取将其他企业兼并或收购的一种过程。这种情况一直是市场上不可避免的现象。尤其是随着近几年我国经济的不断提高，市场上各企业的竞争也越来越激烈，为了能进一管理自己企业的资本，完善企业的运营，并购已经被许多企业提上了日程。虽然并购会给企业带来很多好处，但是根据现实的情况可以看出，很多情况下并购会给企业带来很大的风险和困难。尤其是企业的财务绩效，是能体现企业并购效果的关键指标，也是影响企业内部控制和管理的基础。因此，为了尽量保证良好企业目标的达成，有必要对企业并购动因及财务绩效进行全面分析。只有通过分析公司的财务绩效情况，来对企业并购的效果进行评估，才能让企业并购行为得到保障的有效措施。
在本文中，将海尔公司作为主要的研究对象，对其并购动因及财务绩效进行了详细分析。首先，确认了本文的研究背景、研究意义和国内外研究现状；其次，对相关理论进行了概述，主要包括并购及绩效评价概念、交易费用理论、效率理论和价值低估理论；再次，对企业并购的动因进行了分析，发现企业并购主要是基于获取战略性自然资源、市场动因、技术动因和获取品牌效应四个方面的动因；随后，详细的对海尔并购案例总的财务情况进行分析，主要包括盈利能力、营运能力、偿债能力和发展能力四个方面，从中得出了相应的结论。希望本文的研究能对其他类似的企业的并购行为提供一定的参考和帮助。
关键词：并购 海尔公司 并购动因 并购绩效
Analysis of Enterprise Merger Motivation and Financial Performance -- A Case Study of Haier
Abstract
For enterprises, M & A is not only a good way to realize their own rapid development, but also a good way of capital operation. In recent years, more and more enterprises through M & A to achieve their own expansion, theoretically, M & A can really enable enterprises to optimize the allocation of resources, reduce costs and risks. But from the reality point of view, M & A has two sides to the enterprise. The level of financial performance not only shows the good or bad financial situation of the enterprise, but also reflects the development prospect of the company in the next few years. Through the analysis of the financial performance of the company, it can also be found that the financial performance of the company in the future. The irrationality of operation and management is beneficial to improve the condition of the company, improve the performance level, and promote the long-term development of the company in a healthy and long-term way. The research on corporate financial performance has always been an important issue that scholars and entrepreneurs pay close attention to. The quality of financial performance can reflect the current value and development trend of the enterprise. It is the key to influence the decision-making of external investors and the basis of measuring the performance of internal operation. Through the research on the financial performance of enterprises, we can not only reflect the financial situation of enterprises, but also find out the problems existing in the management of enterprises. Financial performance is the basis for improving enterprise management and formulating business strategy.
This paper studies the case of haier company and mainly studies the motivation and performance of its m&a. Firstly, this paper introduces the basic situation of the m&a case, and expounds the background and process of m&a. Secondly, this paper analyzes the m&a motivation of this case. Then, the performance of m & a is deeply studied by using financial index analysis. Finally, the conclusion of case analysis is summarized, and the countermeasures and Suggestions to improve the performance of m&a are put forward. The m&a performance analysis method adopted in this paper and the countermeasures and Suggestions to improve m&a performance can be used for reference by relevant enterprises in m&a practice.
Key words: M&a, Haier, M&a motivation, M&a performance
目 录
一、绪论 1
（一）研究背景 1
（二）研究目的及意义 1
（三）文献综述 2
二、并购及绩效评价相关理论 5
（一）并购及绩效评价概念 5
（二）交易费用理论 7
（三）效率理论 7
（四）价值低估理论 7
三、 企业并购的动因分析 8
（一）获取战略性自然资源 8
（二）市场动因 8
（三）技术动因 9
（四）获取品牌效应 9
四、 海尔并购案例分析 9
（一）并购方与被并购方 9
（二）并购背景 10
（三）并购动因分析 10
五、海尔公司并购绩效分析 12
（一）盈利能力分析 12
（二）营运能力分析 12
（三）偿债能力分析 13
（四）发展能力分析 13
结 论 15
参考文献 16
致 谢 18 |
