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MBA毕业论文_广核核技术并购浙江俊尔财务整合研究PDF

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因全球贸易保护主义抬头,国内生产要素价格进一步攀升,中国经济从高 速度增长不断转向高质量发展态势,许多企业都在转型升级以提升企业的竞争 力,使得国内收购兼并活动时常发生。研究表明,并购后的财务整合与并购活 动成功密切相关。财务整合的目的是为了获得财务协同效应,提升企业的竞争 力,最终实现企业价值最大化。因此,企业应重视并购后的财务整合工作。2015 年中广核核技术并购了浙江俊尔,随后对财务管理目标、财务管理制度体系、 现金流转的内部控制、存量资产和负债的四个领域进行了整合就是希望能获得 财务协同效应。 本文通过对中广核核技术并购浙江俊尔公司案例的背景介绍,重点研究分 析了中广核核技术为并购整合采取的一系列的措施,重点分析了中广核核技术 为并购整合所开展的相关工作,包含前期收购协议的设计、整合前的准备工作、 风险评估以及为并购整合采取的具体方式和措施。同时,根据中广核核技术 2015-2018年的财务数据以及同行业可比公司的相关财务数据,从盈利能力、资 产使用效率、偿债能力等方面利用相关财务指标进行对比分析、评价其财务整 合的有效性。 结果表明,现阶段中广核核技术采取的财务整合措施是有效的,实施财务 整合后财务协同效应初显。此外,本文还提出公司在财务整合中需要重点关注 的事项,以及本文研究的局限性,并试图提出一些建议,为其他企业、特别是 高分子材料行业企业的财务整合工作提供借鉴。 关键词:企业并购;财务整合;财务协同效应 MBA学位论文作者:肖海波中广核核技术并购浙江俊尔财务整合研究 IV RESEARCHONFINANCIALINTEGRATIONOFCGN NUCLEARTECHNOLOGYMERGERAND ACQUISITIONOFZHEJIANGJUNER Abstract Duetotheriseofglobaltradeprotectionism,thepricesofdomesticproduction factorshavefurtherincreased,andChina'seconomyhasbeenshiftingfrom high-speedgrowthtohigh-qualitydevelopment.Manyenterprisesaretransforming andupgradingtoenhancetheircompetitiveness,makingdomesticmergersand acquisitionshappenfrequently.Somestudieshaveshownthatfinancialintegration iscloselyrelatedtothesuccessofM&Aactivities.Thepurposeoffinancial integrationistoobtainfinancialsynergies,enhancethecompetitivenessof enterprises,andultimatelymaximizecorporatevalue.Therefore,companiesshould payattentiontothefinancialintegrationworkafterthemerger.In2015,China GuangdongNuclearPowerTechnologyApplicationCo.,Ltd.acquiredZhejiang JunerNewMaterialsCo.,Ltd.,andsubsequentlyconsolidatedthefinancial managementobjectives,financialmanagementsystem,internalcontrolofcashflow, stockassetsandliabilities,andhopedtoobtainfinancialSynergisticeffect. Providereferenceforthefinancialintegrationofothercompanies,especiallyinthe polymermaterialsindustry. ThroughthebackgroundofthecaseofCGNNuclearTechnologyM&A ZhejiangJunerCompany,thispaperfocusesonaseriesofmeasurestakenbyCGN NuclearTechnologyforM&Aintegration,andfocusesontherelatedworkcarried outbyCGNNuclearTechnologyforM&Aintegration,includingthedesignof pre-acquisitionagreement,pre-integrationpreparation,riskassessmentandspecific waysandmeasurestakenforM&Aintegration.Atthesametime,accordingtothe financialdataofCGNNuclearTechnology2015-2018andtherelatedfinancialdata ofcomparablecompaniesinthesameindustry,therelevantfinancialindicatorsare usedtocompareandscorefromtheaspectsofprofitability,assetuseefficiency, solvencyandsoon,Analyzeandevaluatetheeffectivenessofitsfinancial integration. MBA学位论文作者:肖海波中广核核技术并购浙江俊尔财务整合研究 V TheresultsshowthatthefinancialintegrationmeasuresadoptedbyCGN technologyareeffectiveatthepresentstage,andthefinancialsynergyeffectafter financialintegrationisshown.Inaddition,thispaperalsoputsforwardthematters thatthecompanyneedstofocusoninthefinancialintegration,aswellasthe limitationsofthisstudy,andtriestoputforwardsomesuggestionstoprovide referenceforthefinancialintegrationworkofotherenterprises,especiallythe enterprisesinthepolymermaterialindustry. Keywords:Corporationmerger;Financialintegration;Financialsynergy MBA学位论文作者:肖海波中广核核技术并购浙江俊尔财务整合研究 目录 中文摘要................................................................................................................Ι Abstract.................................................................................................Ⅱ 第一章绪论.............................................................................................1 1.1研究背景与研究意义.................................................................................1 1.1.1研究背景.............................................................................................1 1.1.2研究意义.............................................................................................2 1.2研究内容与研究问题.................................................................................3 1.2.1研究内容.............................................................................................3 1.2.2研究问题.............................................................................................4 1.3研究方法和论文结构.................................................................................4 1.3.1研究方法.............................................................................................4 1.3.2论文结构.............................................................................................5 第二章企业并购的概念及财务整合的理论概述................................7 2.1企业并购及财务整合的相关概念.............................................................7 2.1.1企业并购.............................................................................................7 2.1.2财务整合.............................................................................................8 2.2财务整合的理论研究...............................................................................10 2.2.1系统论...............................................................................................10 2.2.2核心能力论.......................................................................................10 2.2.3协同论...............................................................................................11 2.3财务整合国内外研究的情况...................................................................11 2.3.1国内研究情况...................................................................................11 2.3.2国外研究情况...................................................................................12 2.3.3国内外研究情况评述.......................................................................12 2.4企业并购后财务整合的实施内容及效果评价方法...............................13 2.4.1财务管理目标的整合及效果评价方法...........................................13 2.4.2财务管理制度体系的整合及效果评价方法...................................14 2.4.3企业现金内部流转控制的整合及效果评价...................................16 2.4.4资产和负债的整合及效果评价方法...............................................16 MBA学位论文作者:肖海波中广核核技术并购浙江俊尔财务整合研究 第三章案例介绍...................................................................................19 3.1案例背景介绍...........................................................................................19 3.1.1改性高分子材料行业介绍...............................................................19 3.1.2并购双方的基本情况.......................................................................20 3.1.3并购双方发展现状及面临主要问题...............................................21 3.2财务整合前期准备工作...........................................................................22 3.2.1调整公司架构...................................................................................22 3.2.2统一财务核算系统...........................................................................23 3.2.3资金集中统一管理...........................................................................23 3.3案例财务整合过程简介.........................................................................24 3.3.1财务整合前的风险评估...................................................................24 3.3.2制定财务整合计划...........................................................................25 3.3.3财务整合后的监督...........................................................................26 第四章案例财务整合的方式与效果