世纪华通连续并购动因及绩效研究

LZUFE-KMS > 会计学院

作者	闫海辛
姓名汉语拼音	YanHaixin
学号	2018000008318
培养单位	兰州财经大学
电话	18404968474
电子邮件	2874580137@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	会计
学科代码	1253
第一导师姓名	方文彬
第一导师姓名汉语拼音	FangWenbin
第一导师单位	兰州财经大学
第一导师职称	教授
第二导师姓名	宋国荣
第二导师姓名汉语拼音	SongGuorong
第二导师单位	新道科技股份有限公司
第二导师职称	高级研究员
题名	世纪华通连续并购动因及绩效研究
英文题名	The motivation and performance analysis of Century Huatong's continuous M&A
关键词	世纪华通连续并购并购动因并购绩效
外文关键词	Century Huatong; Continuous mergers and acquisitions; Motivation of merger and acquisition; Mergers and acquisitions performance
摘要	摘要进入21 世纪以来，人工智能、AR 等高新科技的出现，改变了我们的生活，也衍生出新的发展业态。李克强总理在政府工作报告中提出了“互联网+”的发展理念，要求企业开辟线上通道，利用互联网的优势，推动改革创新，寻求新的发展道路，这给陷入困境的传统企业指明了方向。一方面，随着我国经济的发展和产业的转型升级，传统行业依靠自然资源和劳动力的竞争优势逐步丧失，市场竞争力不断下跌；另一方面，由于国外经济增速放缓，市场需求降低，导致订单减少；传统企业的生存状况十分严峻。因此，根据自身发展现状和国家的政策号召，许多传统企业纷纷选择优质的互联网企业作为并购标的，利用其丰富的互联网资源进行整合、实现转型发展。作为传统企业的世纪华通把握住时代发展的机遇，从2014 年起通过连续并购，实现了制造业与游戏产业的融合，形成了汽车零部件与游戏产业双轨制的发展模式。本文通过对世纪华通整个并购过程的重现，给相关企业的后续发展提供相关意见。首先，本文介绍了选题的背景、研究的意义、关于连续并购的相关理论的归纳与总结、逻辑框架图和本文使用的研究方法；然后是关于连续并购的相关理论的叙述，作为全文的理论基础；接着是关于并购环节的介绍，主要包括汽车制造业和游戏行业的发展现状和前景预测、并购方与被并购方的公司简介、并购的过程的概述；继续讲述世纪华通连续并购的动因；随着从短期、长期和市场价值三个层面研究企业绩效并验证动因的实现程度；最后是本文的结论和启示。本文从企业自身的发展困境、并购的背景、并购的动因、并购之后的效果、企业的未来等角度出发对世纪华通的整个历程进行全方位的展示。本文通过研究得出：通过连续并购，实现企业的目标；通过连续并购，增加了企业的市场价值。但是，并非每一次并购都能取得理想的效果。同时，希望通过世纪华通并购的案例，为行业内其他企业的未来发展提供参考
英文摘要	Abstract Since the beginning of the 21st century,the emergence of high-tech technologies such as artificial intelligence and AR has changed our lives and has also spawned new development formats.Premier Li Keqiang put forward the "Internet +" development concept in the government work report,requiring companies to open up online channels,use the advantages of the Internet to promote reforms and innovations,and seek new development paths.This has pointed out the direction for traditional enterprises in trouble.On the one hand,with the development of my country’s economy and the transformation and upgrading of industries, traditional industries have gradually lost their competitive advantages relying on natural resources and labor,and market competitiveness has been declining; on the other hand,due to the slowdown of foreign economic growth, market demand has decreased.Leading to a reduction in orders;the living conditions of traditional enterprises are very severe. Therefore,according to their own development status and national policy calls,many traditional companies have chosen high-quality Internet companies as the targets of mergers and acquisitions,using their rich Internet resources to integrate and achieve transformational development. As a traditional company,Century Huatong has grasped the opportunities of the development of the times.Since 2014,through continuous mergers and acquisitions,it has realized the integration of themanufacturing industry and the game industry,forming a dual-track development model of auto parts and the game industry.This article reproduces the entire M&A process of Century Huatong,and provides relevant opinions on the follow-up development of related companies. First,this article introduces the background of the topic,the significance of the research,the induction and summary of the relevant theories about continuous mergers and acquisitions,the logical framework diagram and the research methods used in this article;then the narration of the relevant theories about continuous mergers and acquisitions,as the theory of the full text Basic;followed by an introduction to the M&A link,including the development status and prospects of the automobile manufacturing industry and the game industry,the company profile of the acquirer and the acquired party,and an overview of the acquisition process; continue to describe the motivations of Century Huatong’s continuous acquisitions; With the short-term,long-term and market value three levels to study corporate performance and verify the degree of realization of the motivation;finally the conclusion and enlightenment of this article. This article presents the entire history of Century Huatong from the perspectives of the company's own development dilemma,the background of the merger,the motivation of the merger,the effect after the merger,and the future of the company.Through research,this article concludes: through continuous mergers and acquisitions,the goal of the company is achieved;through continuous mergers and acquisitions,the market value of the company is increased.However,not every merger can achieve the desired results.At the same time,it is hoped that the case of Century Huatong’s merger and acquisition will provide a reference for the future development of other companies in the industry.
学位类型	硕士
答辩日期	2021-05
学位授予地点	甘肃省兰州市
语种	中文
论文总页数	60
参考文献总数	62
馆藏号	0003804
保密级别	公开
中图分类号	F23/680
文献类型	学位论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/29347
专题	会计学院
推荐引用方式 GB/T 7714	闫海辛. 世纪华通连续并购动因及绩效研究[D]. 甘肃省兰州市. 兰州财经大学,2021.

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