【作者】 张旭；

【导师】 姚海鑫；

【作者基本信息】 辽宁大学 ， 会计（专业学位）， 2013， 硕士

【摘要】 在全球跨国并购浪潮的影响下，中国企业于20世纪80年代就开始海外并购的摸索，比较有代表性的企业如中信、中化、首钢、华润等，现都已发展为集多行业经营于一体、投资许多国家的大型跨国企业。随着中国对外开放程度的深入和中国企业自身实力的不断增强，越来越多的国内企业开始放眼全球、进军海外市场，通过跨国经营和海外直接投资等多种方式，寻找新的战略发展空间，加快国际化步伐。然而，中海油高价竞购尤尼科的失败，可以看出国内企业海外并购并非想象的一帆风顺，在看似前景一片光明的情况下，海外并购的步伐开始受到了种种阻碍。在此背景下，本文选用吉利并购沃尔沃这个案例，对中国企业海外并购的动因与绩效进行分析。分析我国企业海外并购的原因，评估企业并购过程中的风险，评价企业海外并购的绩效，指出并购出现的问题，为中国企业的海外并购提供借鉴。本文在对案例进行绩效分析时，分别运用了杜邦分析、单项指标分析、以及其他宏观因素分析。通过构建财务指标体系来弥补单一指标无法全面反映并购后企业综合绩效的缺陷，综合多个财务指标来评价上市公司绩效。同时，重点分析企业的偿债能力、营运能力、盈利能力。在整体中突出重点，提高分析结论的科学性和全面性。本文共分五部分完成，第一部分，阐述论文的研究背景及意义、综述并购绩效的国内外理论、以及论文的写作内容、结构。第二部分，回顾吉利并购沃尔沃案例，主要包括吉利与沃尔沃两公司的背景、并购过程、并购动因分析。第三部分，吉利并购沃尔沃财务指标分析与评价，分为单项财务指标和综合财务指标。单向财务指标是通过盈利能力、偿债能力、营运能力、成长能力分析评价。综合财务指标是通过构建杜邦分析体系评价。第四部分，吉利并购沃尔沃非财务指标分析与评价。主要选取了三个非财务指标，分别是未来发展能力、技术创新能力、市场份额。第五部分，结论及建议。结论是，吉利的此次并购为企业带来了价值，企业的经营绩效不断提高，但同时也要注意企业的负债压力。吉利公司通过海外并购获得了核心技术,提高了公司在行业中的地位,在一定程度上提高了公司的竞争力。更多还原

【Abstract】 Following the trend of transnational merger around the world, Chinese corporationshave been undertaking the exploration of overseas merger since1980s. Among themsome representative companies like CITIC Group, Sino hem Group, Shougang Groupand China Resources have developed into large-sized transnational corporations coveringbusinesses of diverse industries and countries. With the enhancement of China’s openingdegree to the outside world and Chinese corporations’ developmental strength, more andmore domestic corporations set out to take an global view and march forward intoforeign market. Thus they speed up their pace of internationalization and exploit newstrategic developmental space through various ways such as transnational business anddirect overseas investment.However, China National Offshore Oil Corporation (CNOOC)’s abortion to mergeUnocal Corporation at a high price reveals the predicament that domestic corporationshave to face under the appearing brilliant forecast. In this context, this thesis attempts toselect Geely as example of case and analyzes its motivation and performance so as tohave an analytic understanding of Chinese corporations’ agent, risk and performance inmerger overseas. In the end, some problems existing in the process are pointed out forother corporations to draw some lessons from.This thesis adopts methods like du pont analysis, monomial indicator analysis andother macro factors to analyze the performance of the example of case. To make up thedefect of monomial indicator, this thesis attempts to build a fiscal indicator system to geta comprehensive acquaintance of corporation’s performance after merger and evaluatethe listed company with a couple of fiscal indicators. In order to assure the scientific andcomprehensiveness of this thesis, the focus is laid upon the corporation’s solvency,operation ability and profitability.The paper is divided into five parts, the first part of the research background andsignificance overview of domestic and international M&A Performance theory, thesiswriting content, structure. The second part of the review Geely acquisition of Volvocase, including Geely and Volvo background, M&A, M&Motivation. The third part,Geely acquisition of Volvo Financial Indicators Analysis and Evaluation, divided intoindividual financial indicators and financial indicators. The one-way financial indicators analysis and evaluation of profitability, solvency, operation ability, the ability to grow.The consolidated financial indicators by constructing DuPont analysis system evaluation.The fourth part of the acquisition of Volvo Geely Analysis and Evaluation ofnon-financial indicators. Selected three main non-financial indicators, namely, the futuredevelopment, technological innovation, market share. The fifth part, conclusions andrecommendations. Concluded that the acquisition of Geely value for enterprises tocontinuously improve business performance, but also pay attention to the corporate debtpressure. Overseas mergers and acquisitions, Geely core technology, to improve thecompany’s position in the industry, to some extent, improve the competitiveness of thecompany.更多还原