【作者】 张红；

【导师】 孙爱琳；

【作者基本信息】 江西财经大学 ， 金融， 2021， 硕士

【摘要】 军民融合一直是我国长期坚持的发展方向,推动军民融合向深发展是实现我国强军富国两大目标的关键之策。而军民融合企业是推进军民融合向深发展不可忽视的强大力量。随着并购重组成为有效促进军民融合向深发展的重要举措,我国军民融合企业充分利用并购重组实现多元化发展,积极探索符合自身发展的军民融合之路。在这一背景下,研究军民融合企业为何并购、如何选择并购标的、并购绩效如何以及并购可能带来哪些风险,对我国军民融合企业的发展具有重要意义。基于此背景,本文选择了军民融合企业航天发展公司一次性并购壹进制、航天开元、锐安科技三家标的公司这一并购案例为研究对象。在对国内外相关文献进行梳理和对军民融合并购现状、存在的问题以及特有的动因和风险进行了研究总结的基础上,本文对具体的航天发展公司并购案例进行了研究。首先,本文从国家政策、行业发展以及企业自身战略三个层面深入剖析了并购动因。其次,本文采用事件研究法研究了并购带来的短期市场反应,采用非财务指标分析法、EVA价值创造力分析法等研究了并购的中期绩效。最后,总结了并购重组可能带来的风险。研究发现,航天发展并购的动因来自于政府政策的支持、网络信息安全行业前景良好以及航天发展公司谋划新的战略布局三个方面;并购带来的短期市场反应和中期绩效表现良好;并购加剧了航天发展公司的收入季节性波动风险,带来商誉减值以及业绩不可实现等风险。军民融合的并购重组存在门槛过高、军民融合交流机制不畅、缺乏多元化人才等问题;最后,本文从航天发展公司、军民融合企业以及军民融合并购重组三个角度提出了可行性建议,为提高军民融合的并购积极性和效果提出了对策。更多还原

【Abstract】 Military-civilian integration has been a long-standing development direction in China.Promoting the integration of the military and the people is a key strategy to realize the two goals of strengthening the army and rich countries in our country.The military-civilian integration enterprise is a powerful force to promote civil-military integration that can not be ignored.As M & A reorganization becomes an important measure to effectively promote the integration of military and civilian,China’s military and civilian integration enterprises make full use of M & A strategy to realize the transformation and upgrading of the industry,promote their own diversified development,and actively explore the road of military and civilian integration in line with their own development.Under this background,it is of great significance to study why military-civilian integration enterprises choose M & A,how to choose M & A targets,how is M & A performance and what risks M & A may bring.It is of great significance to the development of military-civilian integration enterprises in China.Based on this background,this paper selects the case of Aerospace Industry Development Co.,Ltd as the research object.Based on the basis of the research and summary of the status situation,problems and unique factors and risks,this article has carried on the research to the case.First of all,analyzing the motivation of this case in three ways,which are the national policy,industry development and the enterprise’s own strategy.Secondly,analyzing the short-term market reaction by Event Research.Then,using Non-financial indicator analysis,financial index analysis method and EVA value creativity analysis method to study the medium term performance.Finally,summarizing the possible risks.Research conclusion:Firstly,The motivation of this case comes from many aspects,such as government policy support,good prospect of network information security industry and strategic layout of Aerospace Industry Development Co.,Ltd.Secondly,This case has good short-term market response and medium performance.Finally,the risks of this case include seasonal fluctuation of income risk,impairment of goodwill risk and performance commitment risk.Military and civil integration mergers and acquisitions have some problems such as over-threshold of merger and reorganization of military-civilian integration,poor communication mechanism and lack of diversified talents.The Last one,this paper gives feasible suggestions from three angles:Aerospace Industry Development Co.,Ltd.,military-civilian integration enterprise and military and civil M&A.This paper put forward countermeasures to improve M &A enthusiasm and effectiveness of military-civilian integration.更多还原