硕士论文-南方建材并购绩效评价及其整合管理研究

湖南大学硕士学位论文南方建材并购绩效评价及其整合管理研究姓名：李永恒申请学位级别：硕士专业：工商管理指导教师：马超群20040301I1984201992,,,,IIAbstractTheglobemergersphenomenafromthe20thcenturyarethedirectproductsofglobeeconomyandtherestructureofworldindustry.Thefastdevelopmentofmergeshasbecometheimportantpowerfortheeconomyglobalization.TheChinesecorporationmergersandpropertyrighttransferappearedin1984,itisabout20yearsago.Fromthehistoryofthisprocess,wecanfindthatChinesecorporationexperiencedanoriginalmoment,twoclimaxesandonedownturnperiod.Thesecondclimaxofcorporationmergersbeginsfrom1992andcontinues.Inthisperiod,Chinadefineditsdirectionofsocialisticmarketeconomy.Propertyrighttransferbecameaweightilypartofthecorporationreform.Securitymarketdevelopedquickly,andmergersincreasedsignificantly.Thesizeandtheformationofthesecorporationmergershaveanewapproachanddevelopment.Inaword,corporationmergersmadeagreatcontributioninthereallocationofdepositresourceandtheconversionandupgradeofindustrystructure.AlthoughChinesecapitalmarketisnotnormativeenoughatpresentanditpreventsthedevelopmentofChinesecorporationmergersmarket,thecorporationmergersinChinahasbecomeahotspotintheacademicresearchareaandwegotlotsofachievements.However,ifwecomparedtosomewesterndevelopedcountries,therearestillplentyofacademicandpracticalissuesforustoexplore.ThisarticlediscussesthehistoryofdomesticandinternationalmergingtheoryandcombineswiththeresearchofsomephenomenathatexistedintheSouthernbuildingmaterialsmergedthegovernmentbehaviorsandinvestmentBankinthecourseandthenanalyzestheinfluencewhichmergedtheperformance.Throughcomparingwiththefinancialratioandkeypromotionsofthecompetitiveness,anddolotsofresearchfromthemanagementrestructureofresource,strategy,andhumanresourcestotheSouthernBuildingMaterials,wemakeapropositionalsuggestioninallofthisarea.Theresearchingandanalyzingthemergecaseofsouthernbuildingmaterialsmakesmehaverelativelydeepunderstandingofmergestrategyofthedomesticlistedcompaniesandhelpsmealotinmyprofessionalcareer.AtthesametimewealsomakesomevaluablesuggestiontotheparticipantinthemergecaseofSouthernBuildingMaterials.KeyWords:SouthernMaterialCo.LTDmergersmergedperformancemanagementrestructureIII1.114IV1.119942000133.1274.1344.2344.3354.4364.5364.6364.7374.8371______2()111.120029(Boston)570Thomas-Financials2002155119()199972002623750665020022002220029589057762.760.247842002-53420.850.641.2.3.1.3.3.4.5.6.1.2.3.4.31.21.2.11.2.1.112431.2.1.21.2.1.351.2.21.2.2.1412361987AmericanMotorsChrysler51.2.2.271.2.2.38620801.2.391.2.3.1,,,,,,,,(),,,1w,2w,,nw1x,2x,,nx,∑=niiixw1()nxxxfQ,,,21=,,:Min∑=niiixw1ts.()Qxxxfn≥,,,21,()QC,()QQC()QC',*p,,()QCQp−*,,Hart,,,,Hart,,,,,,,71.2.3.21976,MichaelJensenWilliamMeckling,,,,,:;,;,10,,,,:(1)FamaJensen,,,Fama,(2),,,Manne,,,Manne,,,,,,,,,,,,Muller,8,Roll.R1.2.3.32070Coase(1937)Williamson(1979)CoaseCoaseWilliamson,,,,:,,,11,;,,,,,,,,,,Williamson,,,,,,91.2.451.2.4.11——189819031898190226536310044012101.2.3.4.219191930201919193012000261591105191.2.3.3196019706019671969108583.342.61.2.3.4.41980198980198510197980198361984171985371.2.3.4.1351993199219931994346610701995866019961.141995518019966588199769201996181.2.3.4.5.6.1.2.4.2199311200011019991/3328.41.11994200019941995199619971998199920006193371671102000141.31.11522.12.1.1[1998]99()(1998)359833113782.62(1998)55,65.301900019992810035004601999521999770009061250035002002123123750665011.935.644.561.433.870.380.54260.60686.88200213.5255442524470.1036.32162.1.2()19951996199719961997199745140130142.1262632323152SE528810010001995255242.1.3199717--61.25001.5,2005199723620020024914836199736001998817519991.68,20003.2,200125.25420026.4200211114.9,1999-2001100200255030182.22.2.12.2.1.11+12121231.2.193.2.2.1.2:122.2.1.312122032.2.1.42.2.1.51232.2.22002523900020002000724200110921900017100810020024242.2.3503050302233.130131234512345612345678239101234567123.21220011220026617,1008,74036.81.5813,8008,36035.22002662002102420026142002116200291290%48424514.332002863.32001200120026253.3.1143.3.226153.43.4.1273.111223344112233445566778899112233456283.4.216293044.1ABAVaBVbVabABPVab-Va+VbP0P0BAVBVb+VbVb1+VVBBAVbBV174.24.2.1123abcde4.2.24.2.2.13110002000500025004.2.2.2*4.2.3+4.2.4SP12181.322.3.4.334.32002200320043272002200320021.581.560.021.66VB1.6620035080020020.02VB1.68VBVb+VbVb1+V4.3.14.14.24.3344.1200212-31200112-31200012-31199912-3120036-3020026-300.10.150.290.240.030.0250.01.632.932.892.621.661.566.40.231.321.321.320.230.224.50.30.450.440.260.320.2623.10.020.520.070.470.02-0.220.530.340.420.190.270.03800.04.2200212-31200112-31200012-31199912-3120036-3020026-30()5,608,60564,469,3778,138,69658,479,5204,414,510-53,422,334()126,498,53242,117,08352,945,22223,571,24564,748,3257,836,652726.2()1,537,822,773967,647,630940,217,534864,957,381941,558,793615,375,39253.0(%)22.92338.4822.74196.2771.29-1,224.37(%)113.7114.44115.71120.29119.7115.573.6354.32002-12-312001-12-312000-12-311999-12-312003-6-302002-6-301,352,554,154845,567,983812,587,700719,071,429786,619,558532,462,26547.71,199,436,831759,887,324723,370,239657,641,149709,323,187486,305,63445.988.6889.8789.