企业并购绩效评价体系研究

【作者】 刘向伟；

【导师】 颉茂华；

【作者基本信息】 内蒙古大学 ， 企业管理， 2005， 硕士

【摘要】 并购作为企业资源配置的一种手段,在企业的成长过程中发挥着重要作用,正如诺贝尔经济学奖获得者、美国著名经济学家斯蒂格勒说过:“纵观美国著名各大企业,几乎没有一家不是以某种方式,在某种程度上应用了兼并收购而发展起来的。企业并购既然如此广泛地使用,那么它必然存在着内在的优越性”。正是因为并购的内在优越性,由此激发了企业一轮又一轮的并购热潮。近些年来,世界范围内的并购浪潮风起云涌、此起彼伏。但是并购后企业是否达到了并购效应,如何用绩效评价来衡量,怎样的绩效评价方法才是真正有效的,这对处于并购热潮中的企业而言,是非常重要的。本文主要从并购效应角度出发探讨企业并购绩效评价体系的构建以有效地评价企业并购的绩效问题。 首先是关于并购效应的研究,笔者在查阅大量文献资料的基础上,对企业并购的效应进行了归纳,综述出企业进行并购主要是追求规模经济效应、市场份额效应、降低交易费用效应、多角化经营效应、管理协同效应、财务协同效应、核心能力提升效应。在企业并购绩效评价体系构建时,将以此为理论平台。 其次是并购绩效评价方法的研究,着重分析了目前企业并购绩效评价方法中的股价变动法、超常收益法或异常收益法、因子分析法、经营业绩评价法、财务指标体系法、非财务指标评估法、成本收益分析法、贴现现金流量法的具体运用及其优缺点,作为企业并购绩效评价体系构建的技术支持。 最后,在综合与分析了并购效应理论和并购绩效评价方法的基础上,探讨了如何从并购规模经济效应、市场份额效应、降低交易费用效应、多角化经营效应、管理协同效应、财务协同效应、核心能力提升效应角度构建一个企业并购绩效评价体系。旨在能提供一个合理、恰当的评价并购成败的方法,从而能为企业并购战略制定与执行提供指导,也为对企业并购进行相关实证研究作充分的理论准备。更多还原

【Abstract】 Merge & Acquisition (M&A), as a means of resource redistribution, is playing an important part in the growth of an enterprise. It just the same as that said by the Nobel prize owner, famous American economics George J Stegerler:" Watching famous American giant enterprise, almost everyone adopt merger and acquisition to grow up by a way or to extend. Since Merger and Acquisition being used so largely, there must have inherent superiority." The inherent superiority of the M&A stimulates a great upsurge in enterprise’s M&A. In the last few years, the merger tide in the range of the world has surged forward, rise one after another. But if M&A have brought the good performance result to enterprise, remain to be discussed. M&A of listed company is becoming a hot issue in the economic field. How to evaluate these changes with performance appraisal? What kind of evaluation is really effective? We should spend more time on this way to come up with the tide. The article concentrates on the construction of M&A performance appraisal system from the angle of M&A efficiency so that effectively appraise the issue of the enterprise’s M&A performance.Firstly, study the effect of the M&A, summed up the effect of M&A. summarized the major objective of the enterprise’s M&A is seek the effect of scale, market share effect, reducing trade cost effect, many-sided management effect, administration in coordination, financial in coordination effect, promoting core competition strength effect, based on looking up a great quantity documents and reference material. I will take these theories as a platform when building up the enterprise’s M&A performance evaluation system.Secondly, study the evaluation methods of the M&A’s performance. Emphatically analysis some current evaluation methods’ concrete apply and its merits and demerits about the enterprise M&A performance, such as method of stock price change, abnormal returns method, evaluation method of the business, financial index system, non-financial index system, cost-income analysis method, discount cash flow method. And take this as technical sustain for constructing the evaluation system about enterprise M&A performance appraisal.Lastly, approach a subject that is hoe to construct a performance evaluation system from the angles of the scale effect, market share effect, reducing trade cost effect, many-sided management effect, manage in coordination effect, financial coordination effect,promoting core competition strength effect, based on the summarized and analyzed of the theory about the theory of M&A effect and its performance evaluation methods. The study aims at putting forward relevant counter measures. Whereas by approaching the evaluation method of M&A efficiency, the study endeavors to bring forth the guide for the decision and examination of M&A strategy and preparation for the theory of practical study.更多还原