【作者】 徐芳；

【导师】 祝素月；

【作者基本信息】 杭州电子科技大学 ， 会计， 2015， 硕士

【摘要】 随着我国经济的持续发展，各领域企业的竞争日渐激烈鉴于优胜劣汰适者生存的基本规律，企业往往选择通过并购实现生存发展目前，学者们常常采用事件研究法或财务指标法评价并购绩效由于评价方法不同，侧重点不同，往往会得到不同的结论并购绩效是什么，应该如何进行评价工欲善其事，必先利其器本文的研究目的是如何更加科学合理的衡量并购绩效以及为如何提高并购绩效提供建议本文基于平衡计分卡的视角，以东航并购上航为案例，研究并购绩效评价方法本文通过分析认为，东航并购上航的原因主要在于以下四方面：（1）获取财务协同效应：互补财务资源增加盈利能力；降低筹资成本，提高偿债能力；扩大采购量增加议价能力（2）获取管理协同效应：改善管理水平，提高管理效率（3）获取经营协同效应：扩大规模达到规模经济（4）获取市场优势：扩大客源，提高市场份额，减少竞争基于并购成败取决于并购目标的实现与否这个基本概念，以及东航并购上航的原因在于财务协同效应经营协同效应管理协同效应和市场优势的获得，本文将传统平衡计分卡从财务顾客内部流程学习和成长四方面评价企业绩效改为从财务协同管理协同经营协同和市场优势四个维度衡量东航并购上航的绩效本文从以上四个维度出发，构建具有全面，操作性强以及反映行业特点的评价体系具体而言：财务协同维度的评价指标主要包括盈利能力指标偿债能力指标和营运能力指标；用营业收入与管理费用的比值人均营业收入综合载运率评价管理协同效应；用营业成本与营业收入的比值飞行目的地城市数量和飞机数量评价经营协同效应；用品牌价值会员人数和安全性衡量并购后东航获得的市场优势本文通过将并购前两年2007年和2008年的数据和并购后2009年-2013年的数据进行对比发现：东航并购上航后基本实现了财务协同，管理协同，经营协同和市场优势，属于成功的并购更多还原

【Abstract】 With the continuous development of our economy, the competition of companies fromvarious fields becomes more and more fierce. Based on the basic regulation: Superior baddiscard, the survival of the fittes. Some companies chose M&A to survive and develope. So far,scholars evaluated the performance of M&A by event study method or financial index method.Because of the difference of these research methods, scholars make different conclusions.However, what the performance of M&A is, how to evaluate it is still uncertain. To do a good job,we must first sharpen his device. The purpose of this study is how to evaluate the performance ofM&A more scientific，and how to improve the performance of M&A.Based on the basic idea of balanced score card (BSC), this paper study the performance ofM&A by analyzing the case of acquisition of China shanghai airlines by China Eastern airlines.This paper think the cause of this M&A is as follows:(1)Acquiring financial synergy, justlike taking full advantage of financial resources to increase profitability, reducing the financingcost and improving the solvency, expanding the purchase quantity to increase bargaining power.(2)Acquiring administration synergy, just like improving the management level and improvingthe efficiency of management.(3)Acquiring business synergy, like achieving economies of scale.(4)realizing market advantage.Because the success or failure of M&A is decided by whether the goal of M&A is achieved,and BSC combine multi-aspects and indexes to evaluate the performance of M&A. So this paperevaluate the performance of this M&A from four different angles: weather achieving financialsynergy, business synergy, administration synergy, market advantage.From these four angles, this paper build comprehensive, strong operability and industrycharacteristics evaluation system. After comparing the data before M&A to the data after M&A,we draw conclusion: China eastern airlines mergers and acquisitions China shanghai airlinesachieve financial synergy, business synergy, administration synergy, market advantage, so it issuccessful.更多还原