| （摘要内容经过系统自动伪原创处理以避免复制，下载原文正常，内容请直接查看目录。） 在全球化过程赓续推动的二十一世纪，跨国并购作为公司追求扩大、完成疾速成长的主要手腕，越发遭到公司家们的喜爱。三十余年的改造开放与稳固成长使中国公司具有了必定的国际竞争力，开辟国际市场的志愿赓续进步，与此同时全球规模的家当链整合海潮也向中国公司的转型提出了新挑衅。在后经济危机时期，全球规模内的金融危机给实体经济带来的冲击还没有完整清除，列国经济提振缓慢，以欧美市场为首，德语论文范文，浩瀚跨国著名公司涌现了严重的资产缩水景象，成为我国公司热中寻求的并购目的。本文以金风科技在2017年完成的对德国VENSYS动力企业的横向并购为案例，重点研究我国上市企业在经济危机配景下从事海内并购的阶段性特点及其并购现状，并运用企业年度固定效应模子与经修改的并购历久绩效综合评分模子从经济效益、社会效益两方面临案例公司在海内并购昔时及并购后四年的并购绩效停止比较研究。实证成果注解，案例公司在海内并购后涌现了短时间的经济效益晋升，但这类晋升没有表示出优越的可连续性；除大批增长失业外，并购方企业对员工的均匀付出与交纳的税收都在削减，案例公司表示出的海内并购的社会效益较差。最初在总结研究结论的同时，本文提出对金风科技VENSYS并购案的反思及在经济危机配景下，该并购案对我国有志于经由过程海内并购完成进一步成长的公司及行业、政策制订部分的自创意义。与传统的并购范畴相干研究比拟，本文重要从研究思绪与研究办法两方面停止了立异，既包管了研究成果的适用性，也丰硕了我国在跨国并购绩效研究范畴的思绪与办法。 Abstract: In the process of globalization to promote continuously in twenty-first Century, transnational mergers and acquisitions as the pursuit of business expansion, mainly to complete the rapid growth of the wrist, was more and more entrepreneurs love. More than thirty years of reform and opening up and stable growth of the China enterprises with international competitiveness will, to open up the international market will rise ceaselessly, at the same time the industrial chain integration tide global scale to China transformation of enterprises has put forward new challenge. In the post crisis era, the global scope of the financial crisis to the real economy impact is not completely removed, and boost the economy slow, led to European and American markets, the vast international famous enterprises have emerged serious assets shrink scene, become China's enterprises for the purpose of merger and acquisition boom. Horizontal merger of the German VENSYS Power Corporation based Goldwind completed in 2017 as a case, focusing on China's listing Corporation in the context of the economic crisis in the stage characteristics and the acquisition of the status quo overseas mergers and acquisitions, and App Co annual fixed effects model and modified the comprehensive score of M & a performance model from the long-term economic and social benefits two aspects of comparative study in case enterprise merger and acquisition performance of four years in the domestic merger and post merger. The empirical results of notes, the case of the enterprise in domestic mergers and acquisitions emerged after a short time of the promotion of economic efficiency, but this type of promotion does not show superior continuity; in addition to a large number of unemployment growth, mergers and acquisitions of company employees to pay taxes and pay even in social benefit cuts, poor case enterprises expressed at home M & A. In the initial summary of research conclusions and Reflection on the proposed Goldwind VENSYS merger and the economic crisis in the background, the merger of our country through the process of mergers and acquisitions in domestic enterprises and industry policy, the further growth of part of the reference formulation. With the acquisition of the category of traditional coherent research comparison, this article from the two aspects of research ideas and research methods to stop innovation, both to ensure the applicability of research results, also fruitful our thoughts and methods in the research field of transnational mergers and acquisitions performance. 目录: 摘要 4-5 Abstract 5 1 绪论 8-21 1.1 选题背景与意义 8-11 1.1.1 选题背景 8-9 1.1.2 探讨意义 9-11 1.2 国内外对于公司并购探讨的文献综述 11-16 1.2.1 国外的并购相关探讨 11-14 1.2.2 国内的并购相关探讨 14-16 1.3 我国公司并购的阶段性特征与近况略论 16-18 1.4 论文主要内容与创新 18-21 1.4.1 论文结构 18-19 1.4.2 创新点与不足 19-21 2 跨国并购绩效评价的理论基础 21-28 2.1 单财务指标法 21-23 2.1.1 财务指标的选取 21-23 2.1.2 评价期间的选取 23 2.2 综合效益评价法 23-26 2.2.1 经济效益与社会效益的评价措施 24-25 2.2.2 综合绩效值的计算 25-26 2.3 本文有关长期绩效的限定性说明 26-27 2.3.1 长期绩效的内涵 26 2.3.2 行业对照样本的选取标准 26-27 2.4 本章小结 27-28 3 金风科技海外并购的长期绩效略论：财务视角 28-33 3.1 盈利能力略论 28-29 3.2 偿债能力略论 29 3.3 营运能力略论 29-30 3.4 成长能力略论 30-31 3.5 本章小结 31-33 4 金风科技海外并购的长期绩效略论：经济效益与社会效益视角 33-46 4.1 海外并购的经济效益与社会效益略论 33-40 4.1.1 企业年度固定效应模型的建立 33-36 4.1.2 实证结果 36 4.1.3 海外并购的经济效益 36-39 4.1.4 海外并购的社会效益 39-40 4.2 海外并购的综合绩效值略论 40-44 4.2.1 基于主成分略论的综合绩效评分模型 40-41 4.2.2 实证过程与结果 41-43 4.2.3 海外并购的综合绩效值 43-44 4.3 本章小结 44-46 5 探讨结论与借鉴意义 46-50 5.1 探讨结论 46-47 5.2 金风科技 VENSYS 并购案的借鉴意义 47-50 参考文献 50-52 附录A 论文相关图表 52-57 在学探讨成果 57-58 致谢 58 |
