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摘要：对于检测一个企业的并购成效和判断并购决策的正确性，可通过并购绩效的评价来实现。随着欧美国家的五次并购浪潮席卷全球，并购已变成实现企业战略目标和增强竞争力的重要工具。在后金融危机的今天，我国上市企业的并购存在挑战但也不乏机遇。本文通过对我国上市公司并购情况的分析发现，在全球经济仍然低靡的大环境下，我国的并购交易依然表现强势。在此背景下，我们更应思考：企业的并购对于绩效有什么影响？并购质量怎么样，大规模企业并购是否应继续推行？运用什么样的评价方法可以更好地反映企业的并购绩效？38424
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本文是一篇案例研究，选取了我国钢铁行业龙头企业之一的宝钢集团于2007年并购八一钢铁的案例，并对此案例的并购绩效进行研究。（1）本文将传统的财务分析法（偿债能力、营运能力及盈利能力三指标）和EVA评价法结合起来，对该企业并购八一后的业绩进行分析，并购绩效评价更加精确全面。对于企业并购对绩效产生的影响，通过案例公司的EVA值的变化和并购过程中的财务指标来说明；（2）在研究过程中，通过对宝钢集团2006--2014年财务指标变化的分析和该公司并购前后九年与钢铁行业财务指标平均水平的对比分析，使得分析更加全面、完整。在此基础上得出相关结论与启示，对未来我国上市公司的并购决策具有一定的参考价值。
毕业论文关键词：并购绩效 传统财务分析法 EVA评价法
The performance evaluation of listed company merger and acguisition research
Abstract:For detection of an enterprise m&a and m&a decision is correct, through mergers and acquisitions performance evaluation. As the European and American countries of the fifth wave of mergers and acquisitions worldwide, m&a has become enterprise strategic target and enhance the competitiveness of the important tools. Today in the financial crisis, China's listed companies there are challenges but also opportunities of mergers and acquisitions. This article through the analysis of the situation of mergers and acquisitions of listed companies in China found that under the circumstances of the global economy is still low, mergers and acquisitions in China is still strong. In this context, we should think about: what is the effect of enterprise for the performance of mergers and acquisitions? Mergers and acquisitions quality how, should continue to promote large-scale mergers and acquisitions? Use what kind of evaluation method can better reflect the enterprise m&a performance?
This article is a case study, select one of the leading enterprises in the steel industry in China in 2007, baosteel m&a cases of bayi iron and steel, and in this case to study the performance of mergers and acquisitions. (1) in this paper, the traditional financial analysis (debt paying ability, operation ability and profitability indicators) combined with EVA evaluation method, to analyze the performance after m&a bayi, mergers and acquisitions performance evaluation more accurate. For merger and acquisition the influence on performance, through the case company's EVA value change and in the process of m&a financial indicators to illustrate; (2) during the study, based on baosteel group in 2006-2014 financial indicators in the analysis and the company nine years before and after mergers and acquisitions, and steel industry financial index average comparison and analysis, make the analysis more comprehensive and complete. On the basis of the relevant conclusions and enlightenment, the mergers and acquisitions of listed companies in China for the future decision has a certain reference value.
Key Words：Mergers and acquisitions performance The traditional financial analysis EVA evaluation method
目 录
一、引言 1