【作者】 刘智勇；

【导师】 巢剑雄；

【作者基本信息】 湖南大学 ， 工商管理， 2005， 硕士

【摘要】 湘潭电机公司并购长泵厂前的净资产收益率不断下降,主要是由于材料价格的大幅度上涨;而长泵厂在并购前由于内部管理薄弱,公司产品竞争地位明显下滑,净资产为负8200多万元。 并购后的湘潭电机公司盈利能力没有明显的增强,而营运能力有所提高,具体体现在:净资产收益率虽然扭转了近几年一直下降的局面,出现了上升的趋势,但是与卧龙科技、东方电机以及湘电股份的平均值相比,并购前后的差距没有明显的变化;并购后的湘电公司也没有遏制住总资产收益率下滑的趋势,这说明并购长泵厂对湘电公司的盈利能力没有产生明显的效果;而并购后的湘电公司总资产周转率有所加快,说明湘电公司资产营运能力有所提高。 湘电公司并购长沙水泵厂的动因如下:政府推动:延伸产业链,拓宽利润来源;为机电产品建立大型铸件加工基地以及实现湘电公司合理布局。 湘电公司与长泵厂的并购是否有协同效应?是否存在财务风险?对并购后的湘电公司进行财务分析,是本文的研究重点。 本文的研究方法是:比较两个公司并购前的状况;对并购后湘电公司财务状况进行深入的分析以及与行业财务指标进行对比;研究双方是否能有效利用并购前的闲置资产等。 研究结果表明:湘电公司对长泵厂的并购产生的协同效应不是很明显,与行业相比较净资产收益率、每股收益、总资产报酬率变化的幅度不大;同时也带来了一定的财务风险,其中流动比率、速动比率都有一定的下降,资产负债率明显上升;债务结构出现了一定的问题;并购后的费用明显上升以及成本明显增加等。 就并购后湘电公司存在的一些问题,本文认为应从人力资源、管理制度与企业文化、财务以及营销网络的角度来整合长沙水泵厂,从而充分发挥并购协同效应;从降低资产负债率以及改善债务结构等角度来降低并购后湘电公司的财务风险;从物流成本、销售成本、人力资源成本以及交易成本等角度进行成本控制。更多还原

【Abstract】 Before merging with Changsha Pump Factory, the return on equity of the Xiangtan Electric Company was dropping continuously, due to the fact that the product price rise cannot match the material price rise. The internal management of Changsha Pump Factory is weak;the company’s product competition status obviously glides down, net assets amounts to negative 82 million Yuan.The profitability and operational vitality of Xiangtan Electric Company after merge was not enhanced remarkably. Evidence shows: Return on equity did not reverse the trend of continuous drops in recent years;the return on total assets ceased declining trend, basically maintained its level in year 2003;the turnover has not been faster than before. All these phenomena show that the profitability has not been improving.Are there any synergetic gain from the merge of Xiangtan Electric and Changsha Pump Factory? Are there any financial risks after merge? This is the focus of this paper. The research methods include comparing the two company’s conditions before merge, comparing Xiangtan Electric’s financial conditions with that of similar industry in the aftermath of merge, studying whether both parties can effectively use the properties that were idle before merge.The research result indicated that there is no significant synergetic effect of merge between Xiangtan Electric Company and Changsha Pump Factory. Compared to the same industry, return on equity, earning per share and return on assets of the merged company had no significant increase. Meanwhile, merge also brought financial risk;the current ratio and quick ratio decreased after merge. This article delivered some suggestions to solve the existing problems.更多还原