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摘要随着经济全球化的趋势日益加深，跨国并购成为了企业加快国际化进程的重要途径。目前，中国机械制造业的发展达到了一个瓶颈，企业变革势在必行，而并购是转型升级最快的途径。三一重工作为中国工程机械行业的领头企业，其在2012年对普茨迈斯特的并购案例引人注目，较具有研究价值。本论文通过对并购案例多角度的分析，尤其是采用会计指标法对其并购前后的盈利能力、偿债能力、营运能力和现金流状况变动情况进行分析，以此为基础对并购后三一重工的财务绩效进行评价。同时，在对三一重工跨国并购的财务绩效进行评价分析的过程中，本文还着重探讨影响并购财务绩效的因素，发现行业特点、支付方式、整合方式以及被并购方财务状况等因素在此跨国并购案例中对财务绩效的影响较大。本文期望能通过此案例分析，将其作为新兴市场国家企业跨国并购研究的代表性案例，促进现有跨国并购理论的延伸，同时也为中国企业实施跨国并购提供决策参考和为政府制定相关政策提供建议。10613
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- 下一篇：浅析上市公司资本结构现状及优化对策
关键词：三一重工； 跨国并购； 财务绩效
Abstract
As the trend of economic globalization deepening, cross-border M&A has become an important way that enterprises to speed up the internationalization process. At present, the development of China's machinery manufacturing industry hit a bottleneck, enterprise reform is imperative, and the transformation and upgrading by M&A is the fastest shortcut. Sany is the leading enterprise of China's construction machinery industry, the case it merged Putzmeister in 2012 has more research value. This thesis analysis that case in a comprehensive way, especially by using accounting index method of accounting indexes to analysis profit ability, debt paying ability, operating ability and cash flow situation of Sany before and after the M&A, and evaluate the financial performance of Sany after the merger. At the same time, this thesis also pays attention to explore the influencing factors of M&A financial performance, and found that industry characteristics, mode of payment, integration way and financial standing have bigger influence on the M&A financial performance. Hope this case can be as a typical form of Chinese enterprise cross-border M&A research, contribute to cross-border M&A theory; on the other hand, it can also help the Chinese enterprises to M&A and provide valuable decision-making reference to the government for making relevant policy. In summary, that research is meaningful.
Key words: Sany； Cross-border M&A； Financial performance； Influencing factors
目 录
摘 要 I
Abstract II
一、绪论 1
二、理论基础 2
（一）财务绩效理论 2
（二）会计指标法 2
三、案例分析 3
（一）企业背景 3
（二）行业背景 3
（三）并购动因 4
（四）并购实施过程 5
（五）整合方式 5
四、并购财务绩效分析 6
（一）会计指标的选取 6
（二）并购前后财务绩效对比分析 7
（三）并购后整体财务绩效评价 12
五、并购的财务绩效影响因素分析 12
（一）行业特点 12
（二）支付方式 13
（三）整合方式 13
（四）被并购方的财务状况 13
优尔、研究结果与讨论 14
（一）研究结论 14