【作者】 陈秋萍；

【导师】 许敏；

【作者基本信息】 南京工业大学 ， 管理科学与工程， 2004， 硕士

【摘要】 企业并购自从19世纪70年代在西方发达国家出现以来,迄今已有一百多年的历史。我国真正意义上的企业并购历史较短,从1978年改革开放以来,我国企业并购活动开始同益频繁,越来越多的企业试图通过并购来扩大规模及提高绩效。企业并购引发的经济理论与实践问题十分复杂,需要研究的问题也很多,本文着重研究我国企业并购中的多角化问题。 在全球化竞争压力下,多角化是企业增强核心竞争力的重要战略,而在中国,多角化引发了包括盲目扩张等诸多问题。需要探讨和回答问题很多,如企业要不要通过并购实现多角化?中国企业如何由单一业务走向一定程度的多角化,实现风险分散化、范围经济等效应?中国企业如何真正实现大企业大集团战略,在结构重组中成长,在成长中增强企业的竞争力? 本论文从对国内外的关于多角化战略和并购的理论研究入手,对中国企业并购中多角化进行研究,重点从两者结合这个新的研究视点来探讨企业并购与多角化的关系。在对我国企业并购及多角化的现状及存在的问题进行分析和总结的基础上,以2001年我国实施多角化并购的上市公司为样本,通过数据的整理归纳及分析,得出上市公司通过并购实现多角化经营战略的实际绩效,研究和分析并购中多角化动机与效果存在差距的原因,最后提出了若干有针对性的建议。 本文在对上市公司多角化并购绩效的分析中,通过对现有绩效评价方法的比较分析,对测度方法及绩效评价指标体系进行了探讨,采用了财务指标体系研究法及兼顾衡量盈利能力和偿债能力的指标体系。更多还原

【Abstract】 It has been long hundred years since the M&A emerged in the West at 1 970s.Thehistory of the M&A in deed is short in China.After reform and open at 1 978,moreand more enterprises in China involved in the M&A,which is believed as an effectiveway to develop diversification quicklN enlarge scale and improve their performance.There are many complex problems need study,which are caused by this phenomenonin terms of economic theory and practice.We put emphasis on the problem of thediversification in M&A in China. Under the pressure of globalization,diversification operation is the imPortantstrategy for enterprises to reinforce their core competitive edge.HoweveL it hasbecomed a new problem in China,which caused by unlimited expansion ofenterprises in China.There are many problems,which are in need of being treated andanswered,such as whether enterprises should update to diversification from singleoperation?How to quicken the process,realize the effectiveness of decrease of riskand scale economy as well?How to adopt the fleet strategy for enterprises,develop inthe reform of organization,and reinforce the competitive edge? Based on the discussion mentioned above,this article researches thediversification in M&A and emphasizes on discovering the relationship betweendiversification strategy and M&A of enterprises from the perspective of association ofboth activities,by introducing the research theory of the both originated from westerndeveloped countries.The article comes to the practical performance which enterprisescarry out diversification in M&A in present circumstance,by analyzing andsummarizing the present situation and kinds of problems existing of the M&A anddiversification in our country,and by sorting our,summing up and analysis these datawhich are collected from the samples of the diversification M&A of the listedenterprises in 200 1.And discovers the reasons why there is gap between themotivation and effect,and lodge some suggestions accordingly. The article inquires into the methods of measurements of diversification as wellas the index system of performance evaluation in the practical performance analyzing<WP=5>of the diversification M&A of the listed enterprises by comparison and analysis theexisted methods of appraising the performance of M&A,and adopts the methods ofresearching finance index systern which can appraising the capacity to earn and debtservice.更多还原