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论文编号：	15266
作者编号：	2320224107
上传时间：	2025/3/7 22:15:48
中文题目：	S公司跨国并购动机与并购绩效研究-以并购E公司为例
英文题目：	Research on M&A Motivation and M&A Performance of S Company - Taking E Project as an Example
指导老师：	姚颐教授
中文关键字：	并购动机;并购绩效;并购整合
英文关键字：	Acquisition Motives;Merger & Acquisition Performance;Post-Merger Integration
中文摘要：	本篇论文聚焦于跨国并购动机和绩效领域的深入探讨，以S公司并购E公司并出售E公司的并购全周期为视角，系统性地用案例分析了S公司并购的动机、过程、绩效及其影响因素，并提出了针对性的改进措施。 论文首先概述了研究的背景、意义、内容、方法与创新点，明确了研究框架与路径。通过文献综述，界定了核心概念，回顾了并购动机理论、并购绩效评价体系及国内外研究现状，为后续分析奠定了坚实的理论基础。 论文主体部分详细解析了S公司与E公司的背景，特别是环保行业的发展趋势与并购的具体经过。笔者认为，对于企业并购绩效和并购过程中出现的问题应紧密结合企业并购动机来做评判，才能获得一致性的评价标准，做到“不忘初心”。基于此，研究深入剖析了并购的内外部动机，指出S公司旨在通过并购获取新市场、技术、管理经验及品牌提升。随后，论文转向并购动机的转变分析，揭示了因行业环境变化、现金流风险增加、国际局势波动及货币宽松政策等因素，促使S公司调整战略并最终出售海外资产。而并购动机的转变本身是在企业经营管理过程中实际发生的，其本身对于其他有跨国并购计划的公司有较好的参考意义。同时，并购动机也对后续的并购绩效和并购的问题分析产生指导意义。 并购绩效评估部分，论文从财务与非财务两个维度展开，展示了并购对企业盈利能力、资产负债状况、偿债能力等财务指标的影响，以及对股价波动、市场认可度等非财务绩效进行的考量。发现并购对企业财务绩效的正向推动作用较为显著，但对于非财务绩效中股价的提升作用较为有限，但在资产出售时，股价的提升作用却较为明显。 在此基础上，本文分析了S公司在并购过程中出现的S公司管理层对行业发展趋势判断出现失误，并购过程中的投资者关系管理工作存在不足，并购后S公司的整合工作力度不足导致协同效应未达预期，轻易放弃国外存在发展优势的业务彰显国际化视野不足，在资产出售过程中主动提升E公司估值的举措存在不足等问题，并针对性性地提出了多条改进建议与并购保障措施，强调并购决策应审慎考虑与主业融合的难度，并注重有计划的开展信息披露和投资者关系管理，更要在并购后要建立增进协同效应的工作系统，培育公司的国际化视野，避免盲目放弃已并购项目，着重于协同效应的挖掘与价值提升。同时也要注重运用多种方法，有针对性的在资产出售时提升资产估值，实现股东利益最大化。 结论部分综合论文研究发现，强调了跨国并购中策略适应性、风险评估及后并购整合的重要性，为同类企业的国际化并购战略提供了实践指导与理论启示。
英文摘要：	This paper delves into the motivations and performance of cross-border mergers and acquisitions (M&A), using the full cycle of S Company's acquisition and subsequent divestiture of E Company as a case study. It systematically analyzes the motivations, processes, performance, and influencing factors of S Company's M&A, and proposes targeted improvement measures. The paper begins by outlining the background, significance, content, methodology, and innovative points of the research, establishing the research framework and pathway. Through a literature review, it defines key concepts, reviews theories of M&A motivations, M&A performance evaluation systems, and the current state of domestic and international research, laying a solid theoretical foundation for subsequent analysis. The main body of the paper provides a detailed analysis of the backgrounds of S Company and E Company, particularly the development trends in the environmental protection industry and the specific process of the M&A. The author argues that the evaluation of M&A performance and issues arising during the M&A process should be closely tied to the M&A motivations to achieve consistent evaluation standards and stay true to the original intent. Based on this, the study deeply examines the internal and external motivations for the M&A, indicating that S Company aimed to acquire new markets, technologies, management experience, and brand enhancement through the M&A. Subsequently, the paper analyzes the shift in M&A motivations, revealing that changes in the industry environment, increased cash flow risks, fluctuations in the international situation, and loose monetary policies led S Company to adjust its strategy and ultimately divest its overseas assets. The transformation of M&A motivations, which occurred in the actual business management process, provides valuable reference for other companies planning cross-border M&A. Additionally, the M&A motivations have guiding implications for subsequent M&A performance and issue analysis. In the section on M&A performance evaluation, the paper examines both financial and non-financial dimensions, demonstrating the impact of the M&A on the company's profitability, asset-liability status, and debt repayment capacity, as well as considerations of stock price volatility and market recognition. The findings show that the M&A had a significant positive effect on the company's financial performance but a limited impact on non-financial performance, particularly in terms of stock price. However, the stock price saw a more noticeable increase during the asset divestiture. Based on these findings, the paper analyzes several issues that arose during S Company's M&A process, such as overconfidence of managers leading to misjudgment of industry trends, inadequate investor relations management during the M&A process, insufficient integration efforts post-M&A resulting in unmet synergy expectations, and the premature abandonment of advantageous foreign operations, reflecting a lack of international vision. Additionally, the paper highlights the inadequacies in proactively enhancing E Company's valuation during the asset sale. In response, the paper offers multiple targeted recommendations and M&A safeguard measures, emphasizing the need for cautious consideration of the difficulty of integrating with core businesses, planned information disclosure and investor relations management, and the establishment of a system to enhance synergies and foster an international perspective. It also stresses the importance of avoiding the blind abandonment of acquired projects and focusing on synergy exploitation and value enhancement. Furthermore, it recommends employing various methods to enhance asset valuation during the divestiture to maximize shareholder benefits. The conclusion synthesizes the research findings, emphasizing the importance of strategic adaptability, risk assessment, and post-M&A integration in cross-border M&A. It provides practical guidance and theoretical insights for similar companies' international M&A strategies.
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