【作者】 程鹏；

【导师】 张韶华；

【作者基本信息】 河南工业大学 ， 会计专业硕士（专业学位）， 2017， 硕士

【摘要】 自从1898年世界上诞生首例企业并购事件以来,迄今为止,一百多年的时间里世界上掀起了多次并购的浪潮,每一次并购浪潮都对全球经济影响深远。因此,国内外关于上市公司并购事件的研究文献非常丰富。目前国际上主要流行的是主板市场与创业板市场,但因为创业板市场晚于主板市场的成立,特别是我国创业板市场成立的时间更是在2009年10月,所以我国学者关于创业板公司的并购事件的研究非常少。而在近几年以来,创业板公司由于自身高成长性与高科技性的特点,结合自身发展时间与规模上的局限性,更是频繁采用并购手段壮大公司的发展,对我国经济的发展产生了巨大的影响。因此对于创业板公司并购行为的研究很有必要。通过研究创业板公司并购事件,能够给市场上的创业板公司提供一定的借鉴意义。考虑到国内外关于公司并购事件的研究文献多是运用实证分析的方法,对于具体的并购案例的研究很少见,所以本文主要采用案例分析的方法,结合三聚环保的具体案例来研究并购能否提升创业板公司业绩的问题。在仔细阅读了大量的参考文献后,结合并购方面的协同效应理论、市场势力理论与信号传递理论提出了“三辅一主”(即通过三个辅助命题从侧面验证本文研究问题,最后再通过主命题全面反向验证本文研究的问题,进而加强最终结论的有效性)四个假设命题,分别是企业通过并购能产生协同效应,有利于提升公司业绩;企业通过并购提高市场占有率,进而促进公司业绩提升;在信息不对称下,企业并购活动会使投资者看好公司的发展,增加买入公司股票,从而提升公司的短期业绩;并购能够提升创业板公司业绩。然后运用非财务指标、财务指标、EVA指标及证券市场的股票相关指标的分析方法,同定性定量分析相结合来验证四个假设命题。通过验证发现,三聚环保在并购后很好的吸收了目标公司的技术资质、工程设计经验以及人才,完成了自身与目标公司的协同。并且由于目标公司也是做石油化工方面的业务,在直接上就为三聚环保提供了一定的市场资源;而在间接上,三聚环保依托目标公司完成了工程包技术的开发,扩大了能源净化综合服务领域的市场范围。而三聚环保并购的短期效应则是因为受到非公开发行股票的影响,并没有取得预期的短期经济效益。再通过对公司业绩的分析最终发现并购能够提升创业板公司三聚环保的业绩,借此证明并购本文提出的问题。同时在文章结尾联合自身专业提出了几点会计启示。更多还原

【Abstract】 Since 1898,was born in the world since the first m&a event,so far,more than one hundred years in the world caused a wave of mergers and acquisitions for many times,each time the wave of mergers and acquisitions have far-reaching influence on the global economy.Therefore,the research literature about listed company merger and acquisition events at home and abroad are very abundant.Mainly popular in the international is currently the main board market and the growth enterprise market,but because of the growth enterprise market later than the establishment of the main board market,especially in the growth enterprise market set up time is in October 2009,so scholars to study on the gem companies m&a events are very low.And since in recent years,the gem companies due to its high growth and high technological characteristics,combined with the limitations of its own development time and scale,but also frequently use mergers and acquisitions means to expand the development of the company,and the huge influence on the economic development of China.So for the gem companies m&a research is necessary.By studying the gem companies mergers and acquisitions,will be able to give the gem on the market company provide certain reference significance.Considering the domestic and foreign research literature about the company’s merger and acquisition event is applied the method of empirical analysis for the specific case of mergers and acquisitions research is rare,so this paper mainly adopts the method of case analysis,combines the specific case of melamine environmental protection to study m&a can improve the gem company performance problems.After carefully reading a large number of references,combined with synergistic effect of m&a theory,theory of market power and signal transmission theory puts forward four propositions that are companies through mergers and acquisitions can produce synergies,to improve the company’s performance;Companies through mergers and acquisitions to improve market share,and thus promote the company’s performance;Under the asymmetric information,the development of the enterprise merger and acquisition activity will make investors optimistic about the company,increase to buy shares in companies,so as to promote the company’s short-term results;M&a can improve the gem company performance.Then use non-financial indicators,financial indicators,EVA index and shares of the securities market related to the analysis of index,combining qualitative with quantitative analysis to verify the four hypothesis proposition.Through the verification,found that 3 get together the environmental protection in good absorbing the technology of the target company after the merger qualification,engineering design experience and talent,completed itself and the coordination of the target company.And because the target company is also the business of petroleum and chemical,for melamine on the direct environmental protection provides a certain market resources;And,on the indirect 3 get together the environmental protection target company completed the work package technology development,expand the energy to purify the market scope in the field of integrated services.While the short-term effects of melamine environmental m&a because under the influence of non-public stock,have not got any good short-term economic benefits.Then through the analysis of the company’s performance finally found that m&a can improve the gem companies 3 get together the performance of environmental protection,to prove that mergers and acquisitions problems proposed in this paper.At the same time at the end of the article puts forward several professional accounting enlightenment joint itself.更多还原