【作者】 宋宇；

【导师】 梁杰；

【作者基本信息】 沈阳工业大学 ， 会计硕士（专业学位）， 2021， 硕士

【摘要】 近年来我国经济持续迅速增长,资本市场也得到了前所未有的发展。并购作为一种快速扩张的手段受到众多企业的重视,国内并购市场空前火爆,并购交易的金额和次数也连年增长,越来越多的企业在观望过后也加入到并购浪潮中来。在这种市场环境下,越来越多公司的并购行为开始出现一些新的特征,连续并购就是其中之一,即部分公司频繁的进行并购活动并且具有一定的连续性,融创中国就是这类公司中的一个典型。用目前的并购理论难以很好的解释连续并购这种新的特征,所以文章使用案例研究作为研究形式,对其连续并购的动因、绩效和风险开展研究,希望可以给其他有连续并购意向的企业一定的参考和借鉴。文章采用的研究方法有案例研究法和文献研究法。对融创中国连续并购的绩效和风险进行了研究分析,论文首先介绍了文章的研究背景、意义,从连续并购、并购动因、并购绩效、并购风险等方面介绍了国内外的研究成果,并写明了文章的研究方法和研究思路。其次,通过对融创中国连续并购案例的概述,结合相关的理论基础对其开展连续并购的动因进行了分析。再次,运用事件研究法、经济增加值法、非财务指标法对融创中国连续并购的绩效进行分析,发现融创中国的连续并购长短期绩效表现良好,为企业股东创造了价值。并结合融创中国的财务数据对连续并购带来的风险进行了分类总结,提出了融创中国面临的主要并购风险。最后,提出了融创中国连续并购案例对行业内其他企业的启示和借鉴。融创中国通过连续并购获得了大量的土地储备,提高了公司在全国房地产行业的市场占有率,实现了企业的多元化发展,短期与长期绩效均表现良好。希望文章的研究对我国的其他房地产企业具有一定的参考价值。更多还原

【Abstract】 With China’s economy increasingly developing,recently,capital markets have been in an unprecedented development stage.Mergers and acquisitions is highly viewed among many enterprises as a means of rapid expansion during a period of great prosperity.Amount and quantity of transactions repeatedly hit new highs,making more and more domestic companies join it after their watching.In this market environment,more and more companies begin to show some new characteristics in their mergers and acquisitions activities.One of these features is the continuous mergers and acquisitions,some companies carry out mergers and acquisitions activities frequently and continuously,and Sunac China is a typical case of such type of companies.Since it is difficult to explain the new characteristic of continuous mergers and acquisitions by current mergers and acquisitions theory,this thesis analyses the motivation,performance and risk of continuous mergers and acquisitions of Sunac China based on the case study,hoping it will be able to provide reference to other enterprises with an intention of using continuous mergers and acquisitions.This thesis adopts the method of literature research and case study method to carry out research and analysis,analyzing the performance and risk of mergers and acquisitions.In the first,this thesis elaborates the research background and significance of this thesis,introduces the foreign and domestic research results from the aspects of continuous mergers and acquisitions,mergers and acquisitions motivation,mergers and acquisitions performance,mergers and acquisitions risk,and describes clearly the methods and ideas of this thesis.Then,through the summary of the cases of Sunac China’s continuous mergers and acquisitions,this thesis analyses the motivation of continuous mergers and acquisitions combined with the relevant theoretical basis.Next,this thesis analyses the performance of continuous mergers and acquisitions,and finds the great performance of the long term and short term of continuous mergers and acquisitions in Sunac China through the ways of event study,economic value added and non-financial index method,which create huge value for shareholders.What’s more,combined with the financial data of Sunac China,this thesis classifies and summarizes the risk of continuous mergers and acquisitions,and put forward the main risks of continuous mergers and acquisitions in Sunac China.In the end,this thesis draws the enlightenment and use for reference of the case of Sunac China’s continuous mergers and acquisitions to other enterprises in the field of real estate.Sunac China has obtained a large amount of land reserves through continuous mergers and acquisitions,improved the company’s market share of in the national real estate industry,realized the enterprise’s diversified development and performed well in short term performance and long term performance.It is hoped that the research of this thesis has a certain reference value to other real estate enterprises in China.更多还原