發(fā)布時(shí)間：2018-06-03 17:48

  本文選題：智慧松德 + 并購(gòu)動(dòng)因　； 參考：《深圳大學(xué)》2017年碩士論文

【摘要】：近年來,在經(jīng)濟(jì)下行的壓力大,印刷設(shè)備制造業(yè)面對(duì)新興媒體的沖擊再加上其行業(yè)自身重復(fù)建設(shè)嚴(yán)重,整個(gè)行業(yè)步入了調(diào)整期,呈現(xiàn)衰落的趨勢(shì),使得行業(yè)內(nèi)競(jìng)爭(zhēng)越發(fā)加劇,多家公司處境艱難,營(yíng)業(yè)利潤(rùn)呈現(xiàn)負(fù)增長(zhǎng),面臨著轉(zhuǎn)型的重大壓力。智慧松德作為印刷設(shè)備制造業(yè)中的一員,面臨著整個(gè)行業(yè)低迷的困境,再加上自身因素,業(yè)績(jī)逐年走低。在2013年甚至出現(xiàn)了利潤(rùn)虧損。為了扭轉(zhuǎn)盈虧,智慧松德部署了外延性擴(kuò)張之路,在2014年成功并購(gòu)了大宇精雕100%股權(quán),但是這次并購(gòu)是否給智慧松德帶來了良好的經(jīng)濟(jì)效益,并且扭轉(zhuǎn)智慧松德走下坡路的局面,還尚無定論。智慧松德并購(gòu)大宇精雕不僅完成了多方面的整合,還避免了人事的大幅變動(dòng)。因此本文的主要研究重點(diǎn)就是分析此次并購(gòu)事件的動(dòng)因及績(jī)效,然后根據(jù)并購(gòu)的結(jié)果提出建議和對(duì)策。首先,本文介紹了論文研究問題的提出以及論文研究的意義和主要內(nèi)容,然后簡(jiǎn)要的介紹了并購(gòu)的相關(guān)理論和國(guó)內(nèi)外文獻(xiàn)綜述,最后介紹了論文的研究方法。為下文奠定了基礎(chǔ)。其次,本文介紹了智慧松德并購(gòu)大宇精雕整個(gè)事件的概述以及并購(gòu)發(fā)生的動(dòng)因,接著還闡述了并購(gòu)的主體、過程等,重點(diǎn)分析了并購(gòu)雙方在并購(gòu)前的財(cái)務(wù)狀況。再次,本文采用了傳統(tǒng)的財(cái)務(wù)指標(biāo)法對(duì)并購(gòu)產(chǎn)生的財(cái)務(wù)績(jī)效進(jìn)行了研究分析,并且對(duì)績(jī)效產(chǎn)生的原因進(jìn)行了闡述。然后,本文采用了事件研究法來分析智慧松德此次并購(gòu)事件給其帶來的市場(chǎng)績(jī)效,分析此次并購(gòu)對(duì)股東財(cái)富帶來的影響。接著,本文采用了經(jīng)濟(jì)增加值法對(duì)并購(gòu)產(chǎn)生了績(jī)效進(jìn)行了研究,彌補(bǔ)了財(cái)務(wù)指標(biāo)法的一些不足,可以更真實(shí)了反映企業(yè)的業(yè)績(jī)情況。最后,分析總結(jié)了并購(gòu)中存在的問題和成功之處,并且分析了問題產(chǎn)生原因,給出了相應(yīng)的建議,對(duì)于存在的成功之處,也歸納出原因所在,以求給之后的并購(gòu)提供一些參考。
[Abstract]:In recent years, under the pressure of the economic downturn, the printing equipment manufacturing industry is facing the impact of the new media and its own repeated construction is serious. The whole industry has stepped into a period of adjustment, showing a trend of decline, which makes the competition in the industry more and more intense. A number of companies are in a difficult situation, operating profits show negative growth, facing a major pressure of transformation. As a member of the printing equipment manufacturing industry, Wisdom Songde is facing the plight of the whole industry downturn, coupled with its own factors, the performance is declining year by year. There was even a profit loss in 2013. In order to reverse profits and losses, Wisdom Songde deployed the path of external expansion and successfully acquired 100% of Daewoo's fine carving shares in 2014. However, does this merger bring good economic benefits to Wisdom Songde? And to reverse the decline of wisdom Songde, there is no final conclusion. Wisdom Songde acquisition Daewoo sculpture not only completed the integration of many aspects, but also to avoid a large change in personnel. Therefore, the main research focus of this paper is to analyze the causes and performance of the M & A event, and then put forward suggestions and countermeasures according to the results of M & A. First of all, this paper introduces the research issues, the significance and main content of the paper, then briefly introduces the M & A theory and literature review at home and abroad, and finally introduces the research methods of the paper. Laid the foundation for the following. Secondly, this paper introduces the summation of the whole event and the causes of the merger and acquisition, and then expounds the subject and process of the merger and acquisition, and analyzes the financial situation of the two sides before the merger and acquisition. Thirdly, this paper uses the traditional financial index method to study and analyze the financial performance of M & A, and explains the reasons of the performance. Then, this paper uses the event research method to analyze the market performance and the impact of the merger and acquisition on shareholders' wealth. Then, this paper uses the method of economic added value to study the performance of M & A, which makes up for some shortcomings of the financial index method, and can reflect the performance of the enterprise more truthfully. Finally, this paper analyzes and summarizes the problems and successes in M & A, and analyzes the causes of the problems, and gives the corresponding suggestions, and concludes the reasons for the success of M & A in order to provide some references for the M & A after.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.6;F406.7;F271

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