發(fā)布時(shí)間：2020-10-31 12:33

　　 在經(jīng)濟(jì)全球化不斷加強(qiáng)的背景下,我國(guó)企業(yè)跨國(guó)并購(gòu)的交易額和交易數(shù)量都在持續(xù)快速的增長(zhǎng),中小型上市公司實(shí)施跨國(guó)并購(gòu)的熱情也不斷高漲,跨國(guó)連續(xù)并購(gòu)的案例時(shí)有發(fā)生,但是根據(jù)相關(guān)報(bào)告,我國(guó)很多企業(yè)跨國(guó)并購(gòu)的績(jī)效并不理想,因此,本論文將如何分析及提升企業(yè)跨國(guó)并購(gòu)的財(cái)務(wù)績(jī)效作為研究問(wèn)題進(jìn)行研究對(duì)企業(yè)實(shí)施跨國(guó)并購(gòu)具有重要的參考價(jià)值。本文以三諾生物跨國(guó)連續(xù)并購(gòu)的案例作為研究的對(duì)象,以跨國(guó)并購(gòu)財(cái)務(wù)績(jī)效的分析作為研究的主線,目的是解決三諾生物如何提升跨國(guó)連續(xù)并購(gòu)財(cái)務(wù)績(jī)效的問(wèn)題。本文利用PEST模型對(duì)三諾生物跨國(guó)連續(xù)并購(gòu)的宏觀環(huán)境進(jìn)行了分析,并分析了三諾生物跨國(guó)連續(xù)并購(gòu)的動(dòng)因和模式,同時(shí)利用事件研究法分析了并購(gòu)對(duì)股東財(cái)富的影響,利用會(huì)計(jì)指標(biāo)法分析了并購(gòu)對(duì)企業(yè)財(cái)務(wù)績(jī)效的影響,分析結(jié)果顯示:三諾生物跨國(guó)連續(xù)并購(gòu)的動(dòng)因是實(shí)施國(guó)際化戰(zhàn)略、尋求品牌和技術(shù)、尋求擴(kuò)大市場(chǎng)份額和尋求經(jīng)營(yíng)協(xié)同;宏觀環(huán)境中,政治法律因素、經(jīng)濟(jì)環(huán)境因素和技術(shù)環(huán)境因素對(duì)三諾生物的跨國(guó)連續(xù)并購(gòu)的績(jī)效存在積極的作用,而社會(huì)文化因素可能會(huì)妨礙并購(gòu)企業(yè)的整合,存在不利因素;三諾生物的現(xiàn)金購(gòu)買式并購(gòu)、橫向并購(gòu)和杠桿并購(gòu)均對(duì)并購(gòu)績(jī)效存在有利影響;事件研究法分析顯示三諾生物跨國(guó)連續(xù)并購(gòu)在短期內(nèi)減損了股東財(cái)富;會(huì)計(jì)指標(biāo)法分析顯示諾生物跨國(guó)連續(xù)并購(gòu)在中期內(nèi)降低了企業(yè)的盈利能力,償債能力、經(jīng)營(yíng)能力和發(fā)展能力未出現(xiàn)明顯提高。結(jié)合上述的分析結(jié)果,本文針對(duì)如何提升三諾生物跨國(guó)連續(xù)并購(gòu)財(cái)務(wù)績(jī)效的問(wèn)題提出了以下建議:明確并購(gòu)整合策略;打通全球銷售網(wǎng)絡(luò)、實(shí)現(xiàn)經(jīng)營(yíng)協(xié)同;增強(qiáng)研發(fā)能力、分?jǐn)傃邪l(fā)費(fèi)用;控制并購(gòu)標(biāo)的生產(chǎn)成本;建立融合式的財(cái)務(wù)管理體系、優(yōu)化資本結(jié)構(gòu);尋求稅收籌劃。
【學(xué)位單位】：廣東外語(yǔ)外貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位年份】：2018
【中圖分類】：F426.72;F271;F406.7
【文章目錄】：
ACKNOWLEDGEMENTS
ABSTRACT
摘要
LIST OF ABBREVIATIONS
Chapter Ⅰ Introduction
    1.1 Research Background, Objective and Significance
        1.1.1 Research Background
        1.1.2 Research Objective and Significance
    1.2 Research Contents, Ideas and Methods
        1.2.1 Research Contents
        1.2.2 Research Ideas
        1.2.3 Research Methods
    1.3 Innovation of Research
Chapter Ⅱ Literature Review
    2.1 Definitions of Related Concepts
    2.2 Influencing Factors of Cross-border M&A Performance
        2.2.1 Macro-level Influencing Factors
        2.2.2 Medium-level Influencing Factors
        2.2.3 Micro-level Influencing Factors
        2.2.4 Summary of Influencing Factors of Cross-Border M&A Performance
    2.3 Corporate Cross-border M&A Integration Strategy
    2.4 Comments on literature
Chapter Ⅲ Case Description
    3.1 Introduction of the M & A Company and Target Companies
        3.1.1 The Acquirer: Sinocare Inc
        3.1.2 Target Companies: NIPRO and TPS
    3.2 M&A Processes
    3.3 The Result of M&A
    3.4 Research Issue
Chapter Ⅳ Case Analysis
    4.1 Macro Environment Analysis of Sinocare’s Cross-Border Continuous M&A
        4.1.1 Analysis of Political and Legal Environment
        4.1.2 Analysis of Economic Environment
        4.1.3 Analysis of Social and Cultural Factors
        4.1.4 Analysis of Technological Factors
        4.1.5 Summary of Macro Environment Analysis
    4.2 Analysis of Motivations and Patterns of Sinocare’s Cross-Border M&A
        4.2.1 Motivations of Sinocare’s Cross-Border M&A
        4.2.2 Patterns of Sinocare’s Cross-Border M&A
    4.3 Performance Analysis of Event- study Method
        4.3.1 Processes of Event- study Analysis
        4.3.2 Summary of Performance Analysis of Event- study Method
    4.4 Performance Analysis of Accounting-study method
        4.4.1 Steps of Financial Indicators Analysis
        4.4.2 Analysis of Operating Capacity
        4.4.3 Analysis of Solvency
        4.4.4 Profitability Analysis
        4.4.5 Development Capacity Analysis
        4.4.6 Summary of Financial Indicators Analysis
    4.5 Analysis of Non-financial Index
Chapter Ⅴ Conclusions and Policy Suggestions
    5.1 Major Conclusions and Findings
    5.2 Policy Suggestions for Sinocare to Improving Cross-Border M&A FinancialPerformance
        5.2.1 Clarify the Strategy for M&A Integration
        5.2.2 Open Up a Global Sales Network to Achieve Business Synergy
        5.2.3 Strengthen R&D Capacity and Apportion R&D Costs
        5.2.4 Strengthen the Control over Production Costs of Target Companies
        5.2.5 Establish an Integrated Financial Management System to Optimize theCapital Structure
        5.2.6 Tax Planning Possibilities
    5.3 Implications of the Study
        5.3.1 Issues and Risks of Enterprises’ Cross-border M&A
        5.3.2 Performance evaluation method of Cross-border M&A
        5.3.3 Methods for Improving Financial Performance of Cross-border M&A
        5.3.4 The Further Research Issue and Limitation
REFERENCE
APPENDIX

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