上市公司吸收合并绩效分析-以东方航空吸收合并上海航空为例

上市公司吸收合并绩效分析-以东方航空吸收合并上海航空为例(论文11200字)
摘要
我国现今正处于经济转型与产业结构调整的重要历史时期。近些年来，我国的经济转型与产业结构调整步伐进一步加快，促进了我国并购重组市场的发展。上市公司希望通过实施并购重组，达到加快发展速度、扩大生产经营规模、优化资源配置、提升资源利用效率、实现协同效应的目标。国内很多学者对上公司并购重组后业绩的变动进行了实证研究和案例分析。
本文通过对东方航空公司吸收合并上海航空公司后业绩的变动进行分析，来研究并购重组对上市公司业绩的影响。文中采用事件研究法对东方航空公司完成吸收合并后的短期业绩进行了分析，发现资本市场对公司在完成吸收合并后的短期业绩持有肯定的态度，股东财富有所增加。但是通过对公司接下来三年的财务状况质量进行分析，发现公司在运营过程中还存在很多亟待解决的问题，例如成本管理水平较低、资本结构不合理、对政府补助依赖过大等，公司并没有很好地实现协同效应，长期业绩表现并不理想。
鉴于东方航空公司吸收合并上海航空公司后的表现，上市公司在完成吸合并后，管理层应及时有效地对并购方与被并购方进行全方位的整合，把被并购公司纳入到今后的发展战略规划中去，确保协同效应的实现。
关键词：并购重组，上市公司，业绩

Abstract
Today our country is at an important historical period of economic transformation and industrial restructuring. In recent years, China's economic transformation and to further accelerate the pace of industrial restructuring, promote the development of China's M & A market. Listed company hopes to implement mergers and acquisitions, to accelerate the pace of development, expand production scale, optimize the allocation of resources, enhance the efficiency of resource use to achieve the goals synergies. Many domestic scholars to change the company's mergers and acquisitions after the performance of the empirical research and case studies.
Based on the changes in Shanghai Eastern Airlines after the merger airline performance were analyzed to study the impact of mergers and acquisitions of listed companies performance. This paper uses event study on China Eastern Airlines Completed shortly after the merger results were analyzed and found that the capital market for the company in the completion of the merger. After the short-term performance hold a positive attitude, increase shareholder wealth. However, the company through the next three Quality financial position was analyzed and found there are many problems to be solved also asked in the operation process Problems, such as lower cost management, capital structure is irrational, excessive dependence on government subsidies, the company. And not well achieve synergies, long-term performance is not satisfactory.
In view of Eastern Airlines merged with Shanghai Airlines after the performance of listed companies complete absorption. After the merger, the management should be timely and effective manner to the acquirer and the acquired party full range of integration, to be and Purchased the company into the future development of the strategic plan to ensure the realization of synergies.
Keywords: mergers and acquisitions of listed companies, the performance

目录
摘要    1
Abstract    2
1 绪论    4
1．1研究背景与意义    4
1.2 研究内容    5
2．文献综述    6
3东方航空公司吸收合并上海航空公司的过程回顾    8
3．1东方航空公司与上海航空公司的基本情况简介    8
3．2东方航空公司吸收合并上海航空公司的背景及方案    9
3．2．1东方航空公司吸收合并上海航空公司的背景分析    9
3．2．2东方航空公司吸收合并上海航空公司的具体实施方案    9
3．3东方航空公司吸收合并上海航空公司前后主要指标数据对比    10
4 东方航空公司吸收合并上海航空公司后的业绩分析    11
4．1东方航空公司吸收合并上海航空公司后的短期业绩实证研究    11
4．1．1确定事件窗口期    11
4．1．2计算预期的正常收益率和异常收益率    11
4．1．3数据来源及实证分析结果    12
4.2东方航空公司吸收合并上海航空公司后的长期业绩实证研究    13
4.2.1对公司流动资产的质量进行分析    13
4.2.2对公司非流动资产的质量进行分析    14
4.2.3资本结构质量分析    14
4．2．4利润质量分析    15
5 结论    17
参考文献    18
致谢    20