企业并购协同效应的评价方法：一个文献综述

作者	牟庆雯
姓名汉语拼音	Mou Qingwen
学号	2018000002062
培养单位	兰州财经大学
电话	15198266700
电子邮件	1152898447@qq.com
入学年份	2018-9
学位类别	专业硕士
培养级别	硕士研究生
一级学科名称	国际商务
学科代码	0254
第一导师姓名	安占然
第一导师姓名汉语拼音	An Zhanran
第一导师单位	兰州财经大学
第一导师职称	教授
题名	企业并购协同效应的评价方法：一个文献综述
英文题名	Synergy Effect Research on Tianqi Lithium Corporation Merger with Talison Lithium Proprietary Company
关键词	跨国并购协同效应评价方法
外文关键词	Synergy Effect;Financial Synergy Effect;Business Synergy Effect;Management Synergy Effect;Technology Synergy Effect
摘要	随着经济的飞速发展，中国开始大力扶持新能源汽车产业，而锂作为其中不可替代的原材料之一，自身的稀缺性导致了世界各国锂制品生产商的激烈竞争。为了确保锂矿石的稳定供应，2013 年天齐锂业发起对锂矿石供应商泰利森的跨国并购，协同效应是否实现是衡量天齐锂业并购泰利森成功与否的关键因素。本文在对天齐锂业并购泰利森的案例介绍基础上，运用了平衡计分卡法和模糊层次综合评价法分析天齐锂业并购泰利森的协同效应。首先，基于平衡计分卡法构建了天齐锂业并购泰利森协同效应指标体系，从财务维度、客户维度、内部流程维度及学习与成长维度四方面，对天齐锂业2010年至2018年的财务与非财务数据进行比较，分析了天齐锂业并购后的财务、经营、管理和技术协同效应；其次，通过模糊层次综合评价法计算出了综合评分值对天齐锂业的整体并购协同效应进行了最终评价。通过研究发现，天齐锂业的财务协同效应部分显著，总资产大幅增加，资产净利率也逐年上升，但流动资产的流动性较差；经营协同效应显著，并购增加了客户关注度，国内外市场份额也大幅提升；内部管理流程得以优化，有效地提高了各环节资产的投入产出率，实现了较好的管理协同效应；研发员工和专利数逐年递增，但研发费用增速缓慢，技术创新难度较大，因此技术协同效应实现不太显著。综合评价结果为75.36分，处于一般和较好的区间内，说明天齐锂业此次并购泰利森给其自身带来了一定的正向影响。针对天齐锂业并购泰利森的协同效应结果，从财务、经营、管理和技术四个层面对天齐锂业提升并购协同效应提出优化建议，如注意防控货币汇兑风险、增加主营业务的多样性、优化管理体系和注重技术发展等；最后，对其他资源型企业予以注重战略和战术的平衡、充分利用产品和资本市场及增强风控意识等相关启示。
英文摘要	With the rapid development of economy, China has begun to vigorously support the new energy vehicle industry. As one of the irreplaceable raw materials, lithium's scarcity has led to fierce competition among lithium product manufacturers all over the world. In order to ensure a stable supply of lithium ore, Tianqi Lithium Corporation initiated a cross-border merger and acquisition of Lithium ore supplier Talison Lithium Proprietary Company in 2013. Whether the synergy is realized is a key factor to measure the success of Tianqi Lithium Corporation's acquisition of Talison. Based on the introduction of the case of Tianqi Lithium Corporation’s merger and acquisition of Talison Lithium Proprietary Companies, the Balanced Score Card method and Fuzzy Analytic Hierarchy Process method are used to analyze the synergistic effect of Tianqi Lithium Corporation 's merger and acquisition of Talison Lithium Proprietary Companies. First, based on the Balanced Score Card method, a synergy indicator system for Tianqi Lithium Corporation’s merger and acquisition of Talison was constructed. From the four aspects of financial dimension, customer dimension, internal process dimension and learning and growth dimension, Tianqi Lithium’s finance data from 2010 to 2018 was compared with non-financial data, it analyzes the financial, operation, management and technical synergy effects of Tianqi Lithium Corporation after the merger. Then, the comprehensive score value was calculated by Fuzzy Analytic Hierarchy Process method to make a final evaluation on the overall synergy effect of Tianqi Lithium Corporation. Through research, it is found that Tianqi Lithium Corporation has significant synergy. Its total assets and the net interest rate on assets are increasing significantly year by year, but it has the poor liquidity of current assets. Operating synergy is significant, mergers and acquisitions have increased customer attention, and domestic and foreign market shares have also increased significantly. The internal management process was optimized, which effectively increased the input-output rate of assets in each link, and achieved better management synergy. The number of R&D employees and patents is increasing year by year, but the growth rate of R&D expenses is slow and technological innovation is difficult, so the realization of technological synergy is not significant. The final result is 75.36 points, which falls within the general and good range, indicating that Tianqi Lithium Corporation’s acquisition of Talison has brought a certain positive impact on itself. In response to the synergy result of Tianqi Lithium Corporation's merger and acquisition of Talison, it provides optimization suggestions for Tianqi Lithium Corporation to improve the synergy of mergers and acquisitions from the four aspects of finance, operation, management and technology, such as paying attention to the prevention and control risk, increasing the diversity of the main business, optimizing management system and paying attention to technology development and so on. And it also gives other resource-based companies relevant enlightenment such as focusing on the balance of strategy and tactics, making full use of products and capital markets, and enhancing awareness of risk control.
学位类型	硕士
答辩日期	2020
学位授予地点	甘肃省兰州市
页数	0143-0143
URL	查看原文
语种	中文
论文总页数	91
参考文献总数	77
保密级别	公开
中图分类号	C
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/24120
专题	国际经济与贸易学院
推荐引用方式 GB/T 7714	牟庆雯. 企业并购协同效应的评价方法：一个文献综述[D]. 甘肃省兰州市. 兰州财经大学,2020.

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