文本描述
摘要
摘要
并购是国有企业优化资源整合、实现“做优做强做大”改革发展目标的重要途
径。如何评价企业的连续并购绩效,是政策制定者和学界关注的一个重要问题,
本文以云南铜业的连续并购案例为研究对象,采用平衡计分卡为核心的方法,对
云南铜业连续并购的绩效进行了系统分析与评价。
连续并购是企业在一段时间内连续对多个目标主体间各种资源进行的融合
重组,一方面涉及到双方企业之间的资产、人力、技术等资源的整合与重组,另
一方面连续并购会对企业经营绩效产生直接影响。企业连续并购一般都能够扩大
企业资产规模,但是连续并购后是否能够对企业的绩效产生提升效应,进而促进
企业“做强做优”目标的实现,还有待实证研究。
平衡计分卡(Balanced Scorecard,BSC)是当今最实用的企业绩效评价工具之
一,它从战略高度出发,在成本控制管理领域建立起一套新的评价体系,通过对
BSC四个维度目标值的确定,能够更好的将企业战略目标与成本控制有机结合,
为公司未来决策提供更为合理科学依据。为使连续并购绩效评价体系更具客观性,
本文在平衡计分卡的基础上叠加熵值法,通过对多个业绩指标进行量化处理,将
其降至一维视角,运用权重赋值得出业绩变化的综合评分,并以此为并购绩效评
价体系提供更为客观地评价依据。
本文以 2016年至 2019年云南铜业连续并购案例作为研究样本,以 2013年
至 2020年云南铜业财务和非财务维度指标数据作为研究支撑,从战略目标、并
购动机和绩效评估三个视角系统地考察了云南铜业连续并购前后企业的绩效变
化。在财务维度下选用云南铜业的盈利能力、偿债能力、营运能力、发展能力等
六个二级指标,及非财务维度下的市场份额、品牌认可度及员工素质等五个二级
指标来对云南铜业连续并购绩效评价。为使所选指标符合云南铜业的实际情况,
在指标选取时遵循了战略一致性、公平公正及全面性等原则,通过匹配平衡计分
卡与熵值法相结合的评价方法,系统地考察分析了云南铜业连续并购带来的绩效
效应。研究得出如下结论:云南铜业的连续并购提升了其营销能力、管理能力、
市场份额和地位。同时,连续并购还扩大了云南铜业资产规模增强了企业研发实
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摘要
力。但持续并购两三年后,并购为企业带来的利好逐渐减弱,表明并购的短期绩
效显著,长期绩效衰减。
本文的研究还针对云南铜业连续并购具体存在的偿债能力较弱及成长能力
不强等问题提出可行的解决思路,希望能够为云南铜业修订公司战略目标提供有
价值的参考,也为研究上市公司连续并购绩效拓展了案例。
关键词:云南铜业;连续并购绩效评价体系;平衡计分卡;熵值法
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Abstract
Abstract
M&A is an important way for state-owned enterprises to optimize resource
integration and achieve the reform and development goal of "being better, stronger
and bigger". How to evaluate the continuous M&A performance of enterprises is an
important issue concerned by policy makers and academic circles. This paper takes
the continuous M&A case of Yunnan copper company as the research object, and uses
the Balanced Scorecard as the core method to systematically analyze and evaluate the
performance of continuous M&A of Yunnan copper industry.
Continuous M&A is the continuous integration and reorganization of various
resources among multiple target subjects within a period of time. On the one hand, it
involves the integration and reorganization of assets, human resources, technology
and other resources between the two enterprises. On the other hand, continuous M &
A will have a direct impact on the business performance of the enterprise. Continuous
M & A can generally expand the scale of enterprise assets, but whether continuous M
& A can improve the performance of enterprises and promote the realization of the
goal of "becoming stronger and better" remains to be empirically studied.
Balanced Scorecard (BSC) is one of the most practical enterprise performance
evaluation tools today. From a strategic perspective, it establishes a new evaluation
system in the field of cost control management. By determining the four dimensional
target values of BSC, it can organically combine the enterprise strategic objectives
with cost control, and provide a more reasonable and scientific basis for the
company's future decision-making. In order to make the continuous M&A
performance evaluation system more objective, this paper superimposes the entropy
method on the basis of the balanced scorecard, quantifies multiple performance
indicators, reduces them to a one-dimensional perspective, and uses the weight to give
a comprehensive score of performance changes, so as to provide a more objective
evaluation basis for the M&A performance evaluation system.
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