中国航空业并购绩效研究.doc

题目:
中国航空业并购绩效研究—以东航并购上航为例
Title:
Study on the Performance of M&A in China Aviation Industry——Taking the M&A of China Eastern Airlines and Shanghai Airlines as an Example
文/方堃李博姬娜天津滨海农商行
摘要
航空业作为国家重点扶持的产业,对国家经济具有重要的影响,而中国航空业由于人口基数大,规模大,国家扶持力度大,所以具有非常可观的发展潜力。自改革开放以来,国家实行市场化经济,逐步放松对航空业市场的监管,大批的地方性航空市场涌现,而国家直属的航空集团公司在寻找新机遇的同时也开始注重联合中小型的航空公司,希望通过联合重组的方式提高自身的企业竞争力。
本文基于规模经济、协同效应等理论对我国航空运输业的绩效进行研究。论文首先从国内相关文献上整理了部分研究成果,然后总结了中国航空业并购的现状,从近十年来国内并购的相关案例和并购的动因等方面分析,并运用案例分析的方法分析东方航空并购上海航空的相关绩效,最后论文归纳了文章的结论并提出一些政策性建议。
关键词:并购;规模经济;协同效应
Abstract
As the important industry of country, the aviation industry influences the national economy greatly, while due to the large population, large scale and great support from nation, this industry has great potential in the future development. Since the open policy, the nation puts out economy based on market, loosen the regulation and supervision to the aviation market, which spurs into a great amount of local panies and then some big panies directly controlled by the government start to cooperate with these panies in order to enhance strength in market.
This paper is based on some theories such as the scale economics, synergistic effect and so on to do research on the performance of the aviation industry. To begin with, the paper briefly collects some fruits of other scholars, then concludes the current status of merger and acquisition of Chinese aviation industry with some cases happened in the latest 10 years. After that, the paper uses case-study to analyze the merger and acquisitions between the Chinese East Airlines and Shanghai Airlines. Lastly, the paper ends with some conclusions and policy suggestions.

Keywords: Mergers and Acquisitions; Scale Economy; Synergistic Effect
1、绪论
研究的背景
航空运输业一直以来都是国家重点扶持的行业。虽然与国外航空业相比,中国航空业起步较晚,但是自改革开放以来,中国民航总局先后成立了九大直属民航单位以加快中国航空运输业的建设。由于历史原因,直属的中国航空集团公司都处于政企合一的管理制度,企业运作效率缓慢,收到许多的政府干预,同时,随着天空开放等政策的实施,航空业的规模急剧扩张,所以,中国航空业市场营业业绩未能如所期待的一样稳步上升。
在过去的近二十年间,国外航空也并购浪潮早已掀起,据笔者不完全统计,比较成功的并购案