【作者】 王颖；

【导师】 李荣梅；

【作者基本信息】 辽宁大学 ， 会计（专业学位）， 2017， 硕士

【摘要】 在全球经济一体化的驱动下,并购成为每个行业中不可分割的组成部分。随着中国正式加入世贸组织,中国经济和世界经济实现全面接轨,中国企业也将身不由己的置身于全球并购浪潮中。2014年,中国企业参与的并购交易金额创下最高纪录达到3962亿美元。2015年,中国企业的并购交易总额继续上升,金额达到5688亿美元。2016年,企业并购重组的金额持续上升,达到了 2. 1万亿元。由此可以看出,近三年我国企业的并购金额不断增加,呈现较大的上升趋势。对于企业并购而言,并购后的绩效是一个关键指标。因为并购合同的签订不是并购过程的结束,而是一个新的开始。在判断一次并购是否成功的标准中,一个重要的标准就是是否产生了协同效应。并购协同效应理论在并购绩效发挥着重要作用,是衡量并购绩效的重要标准。2014年1月29日,联想集团宣布并购摩托罗拉移动,并购价款为29. 1亿美元。2014年10月30日,联想集团正式宣布完成对摩托罗拉移动的并购。本文对此次并购行为进行分析,共分为六部分。第一部分为绪论,主要阐述了论文的研究背景和意义、研究方法和主要内容。第二部分主要阐述了与并购绩效及其评价方法有关的相关概念和理论基础。第三部分对并购过程进行了具体阐述,主要介绍了联想集团和摩托罗拉移动的公司情况、并购的过程以及并购的结果。第四部分是对并购后绩效进行具体分析,采用长期绩效法对联想并购后的绩效进行分析。第五部分对联想集团并购后绩效下滑的原因进行具体分析。第六部分提出建议与启示。通过对联想集团并购摩托罗拉移动案例的研究,实现并购绩效理论与实践相结合,不仅促进已有理论的发展与完善,而且为企业并购绩效的提升提供借鉴意见。更多还原

【Abstract】 Economic globalization is the inevitable trend of the economic development, is an important feature of the world economy. Merger and acquisition also develops with the economic globalization, and it becomes an integral part of every industry. China officially joined the WTO, which opened the prelude that the connect between China and world economy. Chinese enterprises also involve in the wave of mergers and acquisitions.In 2014, the amount of mergers and acquisitions which Chinese enterprises involved in is$396 billion 200 million. In 2015. the total number of transaction rose to ＄568 billion 800 million. In 2016, the total amount of Chinese enterprise mergers and acquisitions is up to 2 trillion and 100 billion yuan. It can be seen that in recent years, the amount of mergers and acquisitions of Chinese enterprises is increasing.The contract is not the end of merger process, but a new beginning. The performance of mergers and acquisitions is an important problem in enterprise merger.Synergy theory plays an important role in the performance of mergers and acquisitions,and it is an important standard to measure the performance of mergers and acquisitions.Whether a merger is successful or not, it depends on synergistic effect. Synergistic effect mainly showed in operation, financial and management.In the United States in January 29. 2014 Lenovo announced that it would acquire Motorola’s smart phone business at a price of ＄2 billion 900 million .In the evening of October 30th in 2014,Lenovo officially announced that it had completed the acquisition of Motorola’s mobile. This paper analyzes on the mergers and acquisitions,and it is divided into six parts. The first part is the introduction, and it mainly expounds the research background and the significance, research methods and main content. The second part mainly expounds the related concepts and the theoretical basis of mergers and acquisitions . The third part expatiates on the merger and acquisition process, it mainly introduced the Lenovo and Motorola company, the process and the results of mergers and acquisitions. The fourth part is the specific evaluation on the merger performance, using the event method and financial analysis method to analyze Lenovo merging performance. The fifth part is the analysis of reasons that the decline of Lenovo after the acquisition of the performance. The sixth part puts forward suggestions and the enlightenment.Through the study of the case that Lenovo acquired Motorola, people can throw the combination of theory into the practice of M&A performance. It not only can promote the development and improvement of the existing theories, and also can provide guidance for mergers and acquisitions of enterprises. It could promote the development of both theory and practice.更多还原