随着21世纪经济全球化进程的加快,世界各国间的经济联系日益密切,由此导致 国际市场上的竞争也愈加剧烈,各国企业争相谋求扩张之径。并购作为扩大企业规模、 调整产业结构、集中资本和优势资源的有效方式,被大企业广泛采用,从19世纪末开 始激起了数次并购浪潮。企业并购行为无论从规模上还是方式上,越来越呈现出多元 化的特点,但最主要的是“强强联合’’的趋势,该趋势也正是资本市场发展的主流趋势。 且随着并购浪潮的不断推进,并购支付方式也发生了很大的转变,换股合并基于其有 效缓解企业现金支出压力、享受税收优惠、丰富合并支付手段、降低企业负债率和增 强企业抗风险能力等优势,近些年,越来越受到我国企业的青睐。再加上中国经济体 制改革的推动、国家供给侧改革的实施和“一带一路’’、“走出去”等国家战略的执行,产 业整合升级成为必由之路。在此背景下,研宄国家主导下的大型央企换股合并绩效问 题,具有重大的现实意义。 本文采用案例研究的方法,选取近年发生的典型换股合并事件——ZGNC股份有 限公司(以下简称ZGNC)换股合并ZGBC股份有限公司(以下简称ZGBC)作为研 宄对象,梳理了该换股合并行为的合并动因及相关问题,着重从市场绩效、财务绩效 和整合绩效三个层面来评判该合并行为取得的效果是否达到预期,并以此为基础为其 他企业的换股合并实施提供一定的经验借鉴。本文一共分为五章,第一章绪论,阐述 论文的研究背景及意义、国内外文献综述、研究思路及方法等。第二章概念界定和相 关理论基础,主要对换股合并、合并绩效等概念进行界定,对合并动因理论、合并绩 效理论和绩效分析方法进行阐述。第三章ZGNC换股合并案例介绍,主要介绍了合并 双方简况、行业现状、合并动因及换股合并方案概况等。第四章ZGNC换股合并绩效 分析,主要通过数据和分析手段对ZGNC换股合并ZGBC的市场绩效、财务绩效和整 合绩效进行分析,评价换股合并取得的成效。第五章结论与展望,对ZGNC换股合并 的绩效进行结论性总结,提出针对性建议,并总结研宄不足和未来展望。研究发现: 本次换股合并行为取得了较好的市场反应,合并后的整合效果也较为显著,但是财务 I绩效尚未实现预期,有待后续的持续关注。本文的主要贡献在于:基于市场绩效、财 务绩效和整合绩效来评价ZGNC换股合并ZGBC行为是否取得预期效果,对此次合并 行为的深入分析能够为我国其他大型企业的换股合并提供丰富的经验借鉴。 关键词:换股合并;合并动因;合并绩效 论文类型:案例分析 IITitle:ResearchOnThePerformanceOfConvertibleMergerOfZGNCCorporation Limited ProfessionalFields:MasterofProfessionalAccounting Applicant:YingtaoFang Supervisor:ProfessorXiaolinLi ABSTRACT Withtheaccelerationoftheprocessofeconomicglobalizationinthe21stcentury,the economiclinksbetweencountriesaroundtheworldarebecomingcloserandcloser,which leadstomoreandmorefiercecompetitionintheinternationalmarket,andenterprisesof variouscountriesarecompetingforwaystoexpand.Mergersandacquisitions,asan effectivewaytoexpandthescaleofenterprises,adjusttheindustrialstructure,centralize capitalandsuperiorresources,havebeenwidelyadoptedbylargeenterprises,andhave arousedseveralwavesofmergersandacquisitionssincetheendofthe19thcentury.Mergers andacquisitionsarebecomingmoreandmorediversifiedintermsofscaleandmode,butthe mostimportantisthetrendofstrong-strongalliance,whichisalsothemainstreamtrendof capitalmarketdevelopment.Withthedevelopmentofmergersandacquisitions,thepayment modeofmergersandacquisitions,haschangedgreatly.Convertiblemergerismoreand morepopularamongChineseenterprisesinrecentyearsbecauseofitsadvantagessuchas effectivelyrelievingthepressureofcashexpenditure,enjoyingtaxpreferences,enrichingthe meansofmergerpayment,reducingthedebtrateofenterprisesandenhancingtheanti-risk abilityofenterprises.CoupledwiththepromotionofChina'seconomicsystemreform,the implementationofthestatesupplysidereformandtheimplementationofthenational strategyofonebeltandoneroadandgoingout,industrialintegrationandupgrading becometheonlyway.Inthiscontext,itisofgreatpracticalsignificancetostudythe performanceofthestate-ledlarge-scalestate-ownedenterprises'convertiblemerger. Inthispaper,casestudiesareusedtoselectthetypicalconvertiblemergereventsin recentyears,ZGNCcorporationlimited(hereinafterreferredtoasZGNC)andZGBC corporationlimited(hereinafterreferredtoasZGBC)astheresearchobject,combingthe mergermotivationandrelatedissuesoftheconvertiblemergerbehavior,focusingonthe IIImarketperformance,financialperformanceandintegrationperformancetoevaluatethethree levels.Whethertheeffectofmergerhasreachedtheexpectationornot,andonthisbasis,it canprovidesomeexperienceforotherenterprisestoimplementconvertiblemerger.This paperisdividedintofivechapters.Thefirstchapterisanintroduction,whichelaboratesthe researchbackgroundandsignificance,literaturereviewathomeandabroad,researchideas andmethods,etc.Thesecondchapteristhedefinitionoftheconceptandrelatedtheoretical basis.Itmainlydefinestheconceptsofconvertiblemergerandmergerperformance,and elaboratesthemergermotivationtheory,mergerperformancetheoryandanalysismethod. ChapterthreeistheintroductionofZGNCconvertiblemergercase,mainlyintroducingthe statusquoofthemergerparties,industry,mergermotivationandthegeneralsituationofthe convertiblemergerscheme.ChapterfouristheperformanceanalysisofZGNC＊sconvertible merger.Itmainlyanalysesthemarketperformance,financialperformanceandintegration performanceofZGNCfsconvertiblemergerthroughdataandanalysismethods,and evaluatestheresultsofthemerger.Thefifthchapteristheconclusionandoutlook.It elaboratestheconclusionofZGNC'sconvertiblemerger,putsforwardpertinentsuggestions, andsummarizestheresearchdeficienciesandfutureprospects.Thestudyfindsthatthe convertiblemergerhasachievedagoodmarketresponse,andtheeffectofthemergeris moresignificant,butthefinancialperformancehasnotyetachievedtheexpected,which needstobefollowedupbysustainedattention.Themaincontributionofthispaperis:based onmarketperformance,financialperformanceandintegratedperformanceevaluation, whethertheZGNCrsconvertiblemergerhasachievedthedesiredresults,thein-depth analysisofthismergercanproviderichexperienceforotherlargeenterprisesinChina. KEYWORDS:ConvertibleMerger;Themotivationofmerger;Theperformanceof merger TYPEOFTHESIS:CaseAnalysis IV日求 第一章绪论1 1 二、国内外文献综述 3 h> 8 四、研宄特色及创新 10 第二章概念界定及相关理论基础 11 一 、概念界定11 二、相关理论基础 14 第三章ZGNC股份有限公司换股合并案例介绍 18 — \ 18 -> 20 三、ZGNC换股合并方案概述 27 第四章ZGNC股份有限公司换股合并绩效分析 32 — 、市场绩效分析 32 二、财务绩效分析 36 三、合并整合绩效分析 42 第五章结论及展望 47 47 二不足及展望48