摘 要

并购是企业实现快速发展的一种重要途径，随着经济的发展，我国并购案例逐渐增多，并购绩效的评价也引起了各方广泛的关注。对并购财务绩效的研究有利于企业做出并购的决策，案例研究的结果对于并购模式的选择有一定的指导意义，也让经营管理者对并购有更深刻的认识。

本文首先介绍了并购的定义、分类以及动因，然后介绍了并购财务绩效的评估方法，紧接着对中国南车并购中国北车事件进行了简单回顾，最后通过实证分析的方法，采用综合指数法计算中国南车并购中国北车前后综合财务指数的变化情况，进而根据计算结果分析并购绩效。本文研究发现：公司的财务绩效与并购事件有着非常紧密的关系，在并购之后的两年内，中国中车的财务综合指数不断提高，这说明其财务竞争力显著增强。

本文的创新点主要首先在于采用案例研究法和综合系数法，其次它通过纵横结合的方式比较研究，在纵向了解并购活动前后企业综合财务指数变化的同时，通过同行业对比，了解其在该领域地位的变化，实现对横向的把握，这样就更全面地了解并购对企业财务绩效的影响了。

关键词：并购；综合财务指数得分；综合指数法

Abstract

Mergers and acquisitions (Mamp;As) is a vital path for corporations to get self-improvement. With the development of economy, more and more Mamp;A incidents occurred in China. And evaluation on Mamp;A attracts wide attention among our country. Exploring the affect Mamp;A on financial performance would promote better choices when corporations organize such activities. The result of the research is meaningful for us when choosing Mamp;A modes. Also, it would help managers recognize the Mamp;A in a deeper layer and it has significance on how to choose the Mamp;A code.

The following is what this paper contains: Firstly, the definition, classification and motivation of Mamp;As are introduced in chapter two. Then, this paper further introduces methods to evaluate Mamp;A on financial performance. Afterwards, it reviews the Mamp;A process of the two companies. And finally comprehensive index method is applied to calculate the Comprehensive Financial Index Scores. The results of the score would be used for studying the Mamp;A performance.　The result of the research found that there exists a correlation between the two companies' Comprehensive Financial Index Scores and Mamp;A activity, which can be described that significant improvement has been observed in the company during the two years. This proves financial competitiveness of the company has been markedly improved.

Characteristics of this paper: firstly, it applies case study and comprehensive index method to support its conclusion. Secondly, it combines horizontal comparison way and vertical comparison way to realize its conclusion. Therefore, changes of comprehensive financial index scores can be seen before and after Mamp;A. At the same time, by comparing its score with other companies in the same field, position changes can be known by the researchers. Thus, deeper and more comprehensive understanding towards Mamp;A performance on corporations can be achieved.

Key Words：Mergers and Acquisitions; Comprehensive Financial Index Score; Comprehensive Index Method目 录

第1章 绪论 1

1.1 研究目的及意义 1

1.2 国内外研究现状 1

1.3 研究内容及方法 4

1.4 本文的创新点 5

第2章 相关理论基础 6

2.1 企业并购的概念与分类 6

2.2 企业并购动因 7

2.3 并购财务绩效的评估方法 8

第3章 中国南车集团并购中国北车集团的基本情况 10

3.1 并购主体介绍 10

3.2 并购背景 11

3.3 中国南车并购中国北车的过程 12

第4章 中国南车并购中国北车的财务绩效分析 14

4.1 并购财务指标体系的建立 14

4.2 财务指标权重的确定 15

4.3 计算分析 20

4.4 建议 25

第5章 全文总结 27

5.1 研究结论 27

5.2 研究不足 27

参考文献 29

致谢 30

第1章 绪论