中国企业跨国并购财务绩效分析
关键词：三一重工； 跨国并购； 财务绩效
Abstract
As the trend of economic globalization deepening, cross-border M&A has become an important way that enterprises to speed up the internationalization process. At present, the development of China's machinery manufacturing industry hit a bottleneck, enterprise reform is imperative, and the transformation and upgrading by M&A is the fastest shortcut. Sany is the leading enterprise of China's construction machinery industry, the case it merged Putzmeister in 2012 has more research value. This thesis analysis that case in a comprehensive way, especially by using accounting index method of accounting indexes to analysis profit ability, debt paying ability, operating ability and cash flow situation of Sany before and after the M&A, and evaluate the financial performance of Sany after the merger. At the same time, this thesis also pays attention to explore the influencing factors of M&A financial performance, and found that industry characteristics, mode of payment, integration way and financial standing have bigger influence on the M&A financial performance. Hope this case can be as a typical form of Chinese enterprise cross-border M&A research, contribute to cross-border M&A theory; on the other hand, it can also help the Chinese enterprises to M&A and provide valuable decision-making reference to the government for making relevant policy. In summary, that research is meaningful.
Key words: Sany； Cross-border M&A； Financial performance； Influencing factors
目 录
摘 要 I
Abstract II
一、绪论 1
二、理论基础 2
（一）财务绩效理论 2
（二）会计指标法 2
三、案例分析 3
（一）企业背景 3
（二）行业背景 3
（三）并购动因 4
（四）并购实施过程 5
（五）整合方式 5
四、并购财务绩效分析 6
（一）会计指标的选取 6
（二）并购前后财务绩效对比分析 7
（三）并购后整体财务绩效评价 12
五、并购的财务绩效影响因素分析 12
（一）行业特点 12
（二）支付方式 13
（三）整合方式 13
（四）被并购方的财务状况 13
吹冰、研究结果与讨论 14
（一）研究结论 14
上一篇：上市公司内部控制指标体系的构建