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论文编号：	7059
作者编号：	2220130109
上传时间：	2014/12/11 10:07:59
中文题目：	ZY公司收购案的并购价格对财务绩效的影响研究
英文题目：	Research on ZY company acquisition merger price effect on financial performance.
指导老师：	王全喜
中文关键字：	企业并购；并购价格；财务绩效；ZY公司
英文关键字：	The enterprise merger and acquisition；The price of M & A；Financial performance；ZY company
中文摘要：	ZY公司系X金属采选、冶炼及深加工为一体的综合企业，对资源的依赖程度极高，在全力推进战略执行的过程中，对可能面临的风险进行了识别，X金属原料价格波动和资源储量平衡影响着公司的长期稳定发展；由于公司近年来的加速发展和资源耗用使得自有资源储量呈下降趋势，同时为应对经济周期波动对公司带来的冲击及影响，加快资源布局、实现资源增储及控制原料成本成为了发展战略的重心；公司在实施资源增储方面，除采取了自有矿山扩大范围找探矿实现资源接替及增储外，对外的矿权并购整合更能够较好的满足公司快速扩大规模、获取资源，保障产业上游原料供应、降低经营风险，增大行业影响力及行业地位等要求；为此ZY公司为实现战略目的，与某地政府达成了X金属资源区域性整合意向，对区域内拥有X金属资源的矿山企业实施战略并购。 AB公司系从事X金属原料及有价伴生金属采选的民营企业，其良好的组织管理、稳健的经营理念，低成本的竞争优势，使公司长期保持着优秀的盈利水平及股东权益价值的增长。作为ZY公司与当地政府达成的区域性整合意向的首位对象，ZY公司对AB公司的成功并购为持续推进区域性整合奠定了扎实的基础。 在企业并购中，并购价格是一个非常重要的因素，而并购价格的高低势必影响并购企业并购后的财务绩效。为判断ZY公司并购价格对财务绩效的影响，本文运用以半强式检验的会计研究法为基础研究的财务分析法，使用财务预测、合并报表、财务分析、敏感性分析、必要报酬率测试等方法，通过考察ZY公司预期并购前后的财务绩效变化，推导出ZY公司并购价格区间和并购投资必要报酬率区间，进而论述了ZY公司收购案的并购价格对财务绩效的影响。 本文通过研究发现：由于ZY公司并购价格实质包含了享有AB公司账面净资产及评估增减值份额，在ZY公司合并其进行公允价值计量及持续计算下，造成了ZY公司预期并购前后财务绩效指标的变动，ZY公司并购价格的幅度变动可以消除因并购行为产生的财务绩效指标变动的影响，ZY公司财务绩效指标的渐变是由并购价格变动驱动的，ZY公司并购价格是财务绩效指标变动的驱动因素。 本文对ZY公司并购案研究提出的财务分析法，为实现支持面向未来的决策分析，采用的具体方法是基于一定假设条件的，该方法可运用于并购双方生产经营稳定、内控健全有效执行、预算管理基础扎实，并购评估采用收益法等的企业并购个案研究；相反地若上述条件未能满足，运用财务分析法进行研究将受到影响或限制，完善研究方法及扩展适用范围将作为日后继续探讨及研究的方向。
英文摘要：	Comprehensive enterprise ZY company X metal mining, smelting and deep processing into one, dependency on resources is extremely high, in efforts to promote the process of implementing the strategy, the possible risks are identified, X metal raw material price fluctuations and resource reserve balance affect the long-term stable development of the company; Because of the company in recent years to accelerate the development and consumption of resources, make its reserves decreased, at the same time to deal with the economic cycle fluctuations on the company's impact and influence, to speed up resource layout, realize resource reserves and control the cost of raw materials has become the focus of the development strategy; Companies in the implementation of resource and increasing reserves, in addition to the private mines to expand the scope of exploration to realize the resource replacement and find increasing reserves, mining right integration of merger and acquisition of foreign more is better able to meet the rapid expansion of the scale of the company, access to resources, security industry upstream raw material supply, reduce business risk, required to increase the industry influence and status of the industry etc.; For ZY company to achieve the strategic goal, and a government reached an area of metal resources integrated X intention, the implementation of the strategy of M & A of mining enterprises within the region with X metal resources. AB company engaged in X metal materials and price associated metal mining of private enterprises, the good organization management, sound business philosophy, low-cost competitive advantage, the company maintained a long-term good profitability and shareholder value growth. As a ZY company with the local government to regional integration the intention of the first object, the successful acquisition of ZY company on the AB of the company has laid a solid foundation for continuing to promote regional integration. In enterprise merger and acquisition, merger and acquisition price is a very important factor, while the merger of high and low prices is bound to affect the enterprise M & a post merger financial performance. For judging the effect of merger & acquisition price of company ZY on financial performance, this paper uses the research method of accounting to the semi strong form of testing for the foundation of the research on the financial analysis, financial projections, the use of consolidated financial statements, financial analysis, sensitivity analysis, the rate of return necessary testing methods, through the study of ZY company, the expected change in financial performance before and after merger, ZY company merger and acquisition investment price interval required rate of return interval is derived, and then discusses the influence of ZY company acquisition merger price on financial performance. In this paper, through the study found: because ZY company merger price essence contains enjoy the book net assets and assessment to increase or decrease the AB value in the ZY share company, the company merged its fair value measurement and continuous computation, created by ZY company expected before and after M & a financial performance index change, ZY company merger and acquisition price variation can eliminate the effect of changes in index due to the merger and acquisition behavior of financial performance, financial performance indicators of ZY company merger and acquisition price changes by gradient is driven, merger and acquisition price of company ZY is the driving factors of changes in financial performance indicators. In this paper ZY company merger proposed financial analysis, to support future oriented decision-making analysis, the specific method used is based on certain assumptions, this method can be applied to the acquisition of both production and operation stability, sound and effective implementation of internal control, budget management of solid foundation, M & A evaluation of M & A case study of using the income method enterprise; on the contrary if these conditions are not met, the use of financial analysis will be affected or restricted, research methods and scope for future expansion will continue to explore and research direction.
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