【作者】 陆菲；

【导师】 金桂荣；

【作者基本信息】 天津科技大学 ， 会计（专业学位）， 2019， 硕士

【摘要】 并购是企业发展壮大、优化市场资源配置的一种重要手段。近年来,我国企业并购已司空见惯,跨行业并购也蔚然成风,成为国内外研究的热点问题,许多经营传统业务的企业通过跨行业并购新兴业务进行战略转型。而并购是否能够提高企业绩效,是值得我们关注的问题。事件研究法、财务指标评价法和经济增加值评价法是企业并购绩效评价的常用方法。本文采用财务战略矩阵评价法,它以经济增加值理论和可持续增长理论为基础,从企业价值维度和现金状况维度衡量企业的财务状况,管理者通过财务战略矩阵图可以直观看到并购前后企业财务状况的变化。帝龙新材并购美生元是一起典型的跨行业并购案例,它由传统的建筑装饰材料行业向游戏行业并购,实现战略转型。本文首先回顾了国内外关于财务战略矩阵以及企业并购绩效评价方面的研究文献,介绍了并购、并购绩效的概念以及财务战略矩阵理论,对常见的并购绩效评价方法进行比较评析,分析了财务战略矩阵评价的优势。然后,本文以帝龙新材为研究对象,利用其2013年—2017年间的财务数据,构建出财务战略矩阵图,从而对并购前后的经营绩效进行财务评价。帝龙新材并购美生元后,其财务状况由并购前“减损型现金短缺”转为并购后“增值型现金短缺”,说明企业能够给股东带来利益,正在创造企业价值。同时企业实现高速增长,销售增长率超过可持续增长率导致现金短缺。最后,从企业价值维度和现金状况维度对帝龙新材并购前后绩效进行详细分析,针对其在财务战略矩阵中所处象限及其实际并购状况,提出以下几点建议:(1)利用财务杠杆,优化资本结构;(2)签订对赌协议,降低并购风险;(3)重视整合管理,提高研发能力。希望可以帮助帝龙新材提高财务和经营水平从而更好的实施战略转型,也希望可以为同类型企业跨行业并购提供参考和借鉴。更多还原

【Abstract】 M&A is an important means for enterprises to grow and optimize the allocation of market resources.In recent years,M&A of enterprises have become common in China,and cross-industry M&A have become a hot issue at home and abroad.Many companies operating traditional businesses have made strategic transformation through cross-industry M&A of emerging businesses.Whether M&A can improve the performance of enterprises is a question worthy of our attention.Event research method,financial index evaluation method and economic value added evaluation method are common methods for enterprise M&A performance evaluation.This paper adopts the financial strategy matrix evaluation method,which is based on the theory of economic value added and sustainable growth.It measures the financial status of enterprises from the dimension of enterprise value and cash status,Managers can visually see the changes of financial status of enterprises before and after M&A through the financial strategy matrix diagram.Dilong New Material acquisition of Meishengyuan is a typical cross-industry M&A case,which is a strategic transformation from the traditional building decoration materials industry to the game industry.Firstly,this paper reviews the research literature on financial strategy matrix and performance evaluation of M&A at home and abroad,and introduces the concepts of M&A,M&A performance and the theory,of financial strategy matrix,compares and evaluates common M&A performance,evaluation methods,and analyses the advantages of financial strategy matrix evaluation.Then,this paper takes Dilong New Material as the research object and uses its financial data from 2013 to 20 1 7 to construct a financial strategy matrix before and after M&A,so as to make financial evaluation of its operation performance before and after M&A.After the acquisition of Meishengyuan by Dilong New Material,its financial situation has changed from "deductive cash shortage" to "value-added cash shortage",which shows that the enterprise can bring benefits to shareholders and is creating enterprise value.At the same time,the company achieved rapid growth,and the sales growth rate exceeded the sustain able growth rate,resulting in cash shortage.Finally,the paper makes a detailed analysis of the performance of Dilong New Material before and after M&A from the dimensions of enterprise value and cash status.In view of its quadrant in the financial strategy matrix and its actual M&A situation,the following,suggestions are put forward:(1)Using financial leverage to optimize capital structure;(2)Sign a betting agreement to reduce the risk of mergers and acquisitions;(3)Attach importance to integrated management and improve R&D capability.It is hoped that it can help Dilong New Material improve its financial and operational level so as to better implement strategic transformation,and also provide reference for cross-industry M&A of the same type of enterprises.更多还原