【作者】 陈燕；

【导师】 王生年；

【作者基本信息】 石河子大学 ， 会计硕士（专业学位）， 2016， 硕士

【摘要】 我国的证券市场从九十年代初开始,距今也只有短短的几十年,但发展非常迅速。快速发展的过程中也暴露了很多问题。一方面,证券公司陷入发展的困境,国内的金融行业混业经营趋势日益突出,券商传统的业务领域正在被银行、保险业等蚕食,而对于新业务的开拓存在举步维艰的局面。另一方面,证券行业同业竞争逐步加剧,方兴未艾的价格战使证券公司利润每况愈下,几乎威胁到整个行业的生存。而大型证券公司不仅具备更强的综合实力而且更易于获得业务机会。这一境况迫使证券公司主动通过并购改变自身的存在方式,以提高综合素质和竞争力。并购已经成为了证券公司的发展趋势,通过并购,有利于证券公司获得业务优势,发挥协同效应。而对于证券行业的并购是否实现了协同效应,如何评价并购的协同效应,是一个值得研究的问题。鉴于此,本文以申银万国并购宏源证券为例,对本次并购的协同效应进行了深入研究。首先,对本文的选题背景和选题意义进行阐述,对国内及国外对于并购协同效应的研究现状进行描述,并描述研究内容和研究框架同时提出本文的研究特色;其次,是对并购以及协同效应的相关理论和概念进行介绍,然后对协同效应的实现路径进行分析;再次,是对申银万国并购宏源证券的案例的简单介绍;然后是本文的核心部分对于申银万国并购宏源证券的协同效应分析。开始是通过是根据并购事件前后市场股价的变动视角、事件研究法视角、现金流量法视角和会计研究法视角对申银万国并购宏源证券的协同效应进行全方位多角度的评价,即定量分析。然后对并购协同效应的实现路径进行分析,也就是定性分析,从财务方面、管理方面、经营方面进行综合分析。通过分析得到了本文的结论:(1)利用股价变动法、事件研究法、现金流量法及会计研究法视角分析得到市场股价上升明显、事件研究法也得到正的公告效应、经营性现金流量增长明显和并购后的的会计指标都呈现大幅增长,这充分说明从多个视角看来本次并购都达到了应有的效果,具有较强的协同效应;(2)对并购的实现路径分析得到本次并购不论是经营方面、管理方面和财务方面的都实现了并购的协同效应,证明本次并购是一个好的并购。另外对于证券行业对于如何在并购中实现协同效应提出以下几点建议:(1)证券业并购应寻求优势互补,从而实现更快更好发展;(2)证券业并购应注意风险控制问题,做好并购后的整合;(3)政府要注重在证券行业并购中的监管作用。更多还原

【Abstract】 China’s securities market from the beginning of the ninety’s,it is only a short few decades, but is developing very quickly. The rapid development of the process also exposed a lot of problems.On the one hand, securities companies,fall into the predicament of the development of domestic financial industry mixed management trend has become increasingly prominent,the traditional brokerage business is eroded by Banks,insurance industry,etc,to develop new business is struggling.On the other hand,the securities industry,industry competition gradually intensif ied price war emerging securities companies profit from bad to worse,almost threats to the survival of the industry.While large securities firms not only have a stronger overall strength but also have more readily available business opportunities.This situation forced the securities companies through mergers and acquisitionsto change the existing way of their own initiative,to improve the overall quality and competitiveness.M&A has become the development trend of securities companies,through M&A,securities companies in favor of business advantage,to achieve synergy.For the securities industry M&A is to achieve the synergy effect,how to evaluate the synergy effect of mergers and acquisitions,is a problem worthy of study.In view of this, the paper based on the SW merger Hongyuan securities as an example,on the acquisition of the synergistic effect were studied.First, elaborates on the background and signif icance of the topic,for synergy effect of the research status of domestic and abroad is described and describe the research content and the research framework and puts forward the characteristics of this study;Next,it is related to mergers and acquisitions and synergistic effect theory and introduces the concept,and then analyzes the realization of the synergistic effect of path;Once again,is to the hongyuan securities, SW M& A cases of simple introduction;Then is the core part of this article for hongyuan securities, shenyin wanguo m&a synergy effect analysis.It starts by is according to the M&A events before and after the stock market from the perspective of changes,event study methodology perspective,cash flow perspective and accounting method to study the perspective of SW&Hong Yuan Securities synergistic effect of all-round and multi angle evaluation,quantitative analysis.Then it analyzes the realization path of the synergy effect of M&A,that is,qualitative analysis,from the aspect of finance, management and operation.Through the analysis,we get the conclusion of this paper:(1)using the method of share price movements,event study method, the perspective of cash flow method and accounting method to get the market share price rise obviously,event study method also get obvious positive announcement effect, operating cash flow growth and merger accounting indicators are present,which fully shows the perspective from multiple the acquisition has reached the due effect, has strong synergistic effect.(2)on the implementation of the path analysis to get the acquis ition from aspects of business,management and implement of the financial aspects of the synergistic effect of m&a and prove that the acquisition is a good acquisition.In addition to the securities industry on how to achieve synergy in mergers and acquisitions put forward the following Suggestions:(1) the securities industry mergers and acquisitions should seek complementary advantages,so as to achieve better and faster development.(2)the risk control problems should be paid attention to the securities industry mergers and acquisitions,completes the integration after m&a.(3)the regulatory role of the government should pay attention to in the securities industry mergers and acquisitions.Finally put forward in this paper,we study the shortcomings.更多还原