并购重组是现代市场经济活动中十分活跃的经济行为，企业间的 并购重组是实现社会资源有效配置的有效途径，企业并购在提高企业 资源配置效率和降低单位成本方面发挥着极为重要的作用。 在我国，近年来随着经济发展、技术进步，企业之间的竞争日趋 激烈，并购正成为企业寻求发展壮大、提高企业核心竞争力的重要战略， 企业并购行为较为活跃。然而，企业并购存在着巨大的风险，在许多企 业并购案中，由于对并购风险的估计不足，缺乏对并购绩效的深入研 究，或者企业并购后的战略整合不完善等原因，导致不少企业并购案 并没有达到很好的效果，获得预期的收益，一些企业甚至因并购失败 而陷入困境。因此，为化解企业并购风险，提高企业并购的成功率， 需要加强对企业并购绩效的研究。 论文选择中国平安并购上海家化的具体案例，深入研究企业并购 的绩效评价问题。首先，论文对企业并购绩效评价体系进行研究，构建 了以财务指标和非财务指标为主要评价指标，以事件研究法和财务绩效 法为主要评价方法的并购绩效评价体系。其次，论文在深入了解中国 平安并购上海家化的有关情况基础上，运用事件研究法分析了并购前 后被并购企业——上海家化的短期绩效变化情况；并重点基于对并购 前后上海家化 2010-2017 年间的财务数据的计算整理，运用财务绩效 评价方法，从一般财务指标和综合财务指标的角度进行纵向分析, 并与 行业内其他企业进行横向对比分析，全面考察了上海家化的短期II 绩效和长期绩效及其变动情况。同时，从战略目标、产品与渠道、科 技创新、员工队伍等层面进行了非财务指标的绩效评价。最后，论文 在绩效评价基础上，分析了影响企业并购绩效的主要问题，并针对这 些问题，提出了提高并购绩效的对策建议：一是并购前双方应进行全方 位的评估，而不仅仅只是财务方面的评估；二是并购后要采取积极有 效的措施进行整合；三是并购双方应推动目标企业控制权的平稳转移。 关键词：企业并购；绩效评价；企业整合；中国平安；上海家化III ABSTRACT Mergers and acquisitions(M&A) have made a very important contribution in improving resource allocation efficiency and reducing unit cost. With the development of economy and technology, the competition between enterprises is becoming more and more fierce. In the process of enterprise management, M&A also plays an increasingly important role. Therefore, it is very important to study the M&A activities of enterprises under the new situation. This paper analyzes the performance of merger and acquisition through the concrete case of Shanghai Jia-hua and the specific index value. It provides further reference and suggestions for the implementation and integration of M&A strategy. This paper calculates and collates the financial data of Shanghai Jia- hua before and after the merger. Through the change of financial indicators, the financial performance before and after the merger of Shanghai Jia-hua is compared and analyzed to reach a conclusion. This paper first describes the background of M&A, the implementation of M&A, the integration after M&A and the specific M&A performance analysis of the case. The implementation of the merger and acquisition mainly introduces the specific operation process of the merger and acquisition event. At the same time, based on the event study method, the short-term performance changes before and after the merger of the targetIV companies were analyzed. Based on the financial data of the target companies for the period 2010-2017, the main analysis was based on the general financial indicators and the comprehensive financial indicators. And from the strategic objectives, products and channels, scientific research innovation, employees and other aspects of the performance evaluation of non-financial indicators. At the same time, in view of the problems existing in this merger and acquisition, this paper puts forward relevant suggestions, including that both parties should make a comprehensive assessment before the merger, not just a financial assessment; After M&A, we should take positive measures to integrate, and both parties should promote the smooth transfer of control power of target enterprises. Keywords: M&A; Performance; Integration; PA; Jahwa;V 目 录 摘要 .............................................................. I ABSTRACT.................................................................................................................III 第 1 章 绪论........................................................1 1.1 研究背景及意义 ................................................1 1.1.1 研究背景 ...................................................1 1.1.2 研究意义 ...................................................2 1.2 国内外研究现状 ................................................2 1.2.1 国外研究现状 ...............................................2 1.2.2 国内研究现状 ...............................................4 1.2.3 国内外研究述评 .............................................6 1.3 研究内容与方法 ................................................6 1.3.1 研究内容 ...................................................6 1.3.2 研究方法 ...................................................7 第 2 章 相关理论基础................................................8 2.1 并购的概念及类型...............................................8 2.1.1 并购的概念..................................................8 2.1.2 并购的类型..................................................8 2.2 并购动因理论...................................................8 2.2.1 协同效应理论................................................8 2.2.2 市场势力理论................................................9 2.2.3 交易费用理论...............................................10 2.3 并购绩效的评估方法............................................10 2.3.1 事件研究法.................................................10 2.3.2 财务绩效法.................................................11VI 第 3 章 中国平安并购上海家化的基本情况.............................12 3.1 并购双方主体简介 .............................................12 3.1.1 并购方中国平安 ............................................12 3.1.2 目标企业上海家化 ..........................................12 3.2 上海家化被并购的动因分析 .....................................12 3.2.1 行业竞争日益加剧 ..........................................12 3.2.2 谋求体制的创新 ............................................13 3.2.3 企业高管的支持 ............................................13 3.3 并购过程 .....................................................14 3.4 上海家化被并购后整合情况 .....................................15 3.4.1 推行股权激励政策 ..........................................15 3.4.2 进行产业转型 ..............................................15 3.4.3 拓展经营范围 ..............................................16 第 4 章 中国平安并购上海家化的绩效分析.............................17 4.1 基于事件研究法的短期绩效分析 .................................17 4.2 基于财务指标法的长期绩效分析 .................................18 4.2.1 主要会计数据及变动情况 ....................................18 4.2.2 营运能力分析 ..............................................21 4.2.3 盈利能力分析 ..............................................23 4.2.4 偿债能力分析 ..............................................25 4.2.5 发展能力分析 ..............................................27 4.2.6 杜邦分析法 ................................................30 4.3 非财务指标分析 ...............................................32 4.3.1 战略目标达成情况 ..........................................32 4.3.2 产品与渠道情况 ............................................32 4.3.3 科技创新情况 ..............................................33 4.3.4 员工队伍情况...............................................34 第 5 章 中国平安并购上海家化的启示及其建议.........................36 5.1 并购对双方的正面影响 .........................................36VII 5.2 并购对上海家化带来的负面影响 .................................36 5.2.1 小金库事件 ................................................36 5.2.2 控制权争夺 ................................................37 5.2.3 过于专注短期利益 ..........................................38 5.3 平安并购上海家化的启示与建议..................................39 5.3.1 并购前双方都进行全方位的评估...............................39 5.3.2 并购后采取积极的措施整合...................................40 5.3.3 并购双方应推动目标企业控制权的平稳转移.....................40 第 6 章 结论与研究展望.............................................42 6.1 研究结论 .....................................................42 6.2 研究展望 .....................................................43