我国沪深上市公司被外资并购后绩效的实证研究

发布时间：2018-01-16 06:47

本文关键词：我国沪深上市公司被外资并购后绩效的实证研究　出处：《首都经济贸易大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着世界经济全球化的发展，中国逐步融入世界经济，以及国内相关外资政策的松动，外资并购事件频频发生，并开始成为我国证券市场上的热点。特别是近年来，随着我国经济的发展，，越来越多的外资进入我国，占领我国市场，外资并购能否真正地改善我国上市公司的经营绩效值得研究。本文以此为切入点，对我国沪深上市公司被外资并购前后的短期绩效及长期绩效进行了实证研究。本文基于并购与绩效的基本理论，结合外资并购我国上市公司的实际情况，首先分析了外资并购的发展历程。接着分析得出外资并购我国上市公司的四个基本动因：快速占领中国市场、扩张市场势力、提高发展效率、我国相关政策的扶持。然后从并购方式、股权结构、行业相关性、人民币汇率、文化差异以及宏观政策和公司自身特点等多视角定性研究了外资并购绩效的影响因素。此外，本文以1998-2012年间发生的外资并购我国上市公司的事件为样本，用事件研究法分析了样本公司在并购事件发生的短期内股票的累积超额收益率，以此判断外资并购的短期绩效；用财务指标法分析了样本公司在并购前一年到并购后两年的财务指标变化，以此来判断外资并购的长期绩效。实证结果表明，样本公司的短期并购绩效显著为正，长期并购绩效呈现先升后降的形态，整体绩效的改善并不具有持续性。最后对外资并购绩效的影响因素进行了多元回归分析，结果表明外资方成为第一大股东、并购双方的行业具有相关性以及并购当年有相关的政策法规出台都会带来样本企业绩效的改善。最后，本文在对实证结果分析的基础上，从企业自身层面和政府、市场环境层面分别提出了政策建议。对于企业，要谨慎对待外资并购、提高自身竞争力、妥善处理好并购后的整合工作；政府要加强外资并购的监管工作以防行业垄断的发生，同时要进一步完善证券市场环境和相关的各项规章制度，为外资注入能提供更成熟的平台。
[Abstract]:With the development of the world economic globalization, China's gradual integration into the world economy, as well as the loosening of domestic foreign investment policies, foreign capital M & A incidents occur frequently. Especially in recent years, with the development of China's economy, more and more foreign capital has entered our country and occupied our country's market. Whether foreign M & A can really improve the operating performance of listed companies in China is worth studying. This paper makes an empirical study on the short-term and long-term performance of Shanghai and Shenzhen listed companies before and after they were acquired by foreign capital. Based on the basic theory of mergers and acquisitions and performance, this paper combines the actual situation of foreign capital mergers and acquisitions of listed companies in China. Firstly, it analyzes the development course of foreign capital merger and acquisition, and then concludes four basic motivations of foreign capital merger and acquisition of listed companies in China: fast occupation of Chinese market, expansion of market power and improvement of development efficiency. Then from M & A mode, equity structure, industry relevance, RMB exchange rate. Cultural differences, macro policies and corporate characteristics are analyzed qualitatively in terms of influencing factors of M & A performance. In addition, this paper takes the events of foreign capital merger and acquisition of listed companies in China from 1998 to 2012 as a sample. This paper analyzes the cumulative excess return rate of stock in the short term of M & A in the sample companies by using event research method to judge the short-term performance of foreign M & A. This paper analyzes the changes of the financial indicators of the sample companies from one year before the merger to two years after the merger with the method of financial indicators to judge the long-term performance of foreign capital mergers and acquisitions. The empirical results show that. The short-term M & A performance of the sample companies was significantly positive, and the long-term M & A performance showed a pattern of first rising and then declining. The improvement of overall performance is not sustainable. Finally, the factors affecting the performance of foreign M & A are analyzed by multiple regression analysis, and the results show that the foreign party becomes the largest shareholder. The industry correlation of both M & A and the relevant policies and regulations in the year of M & A will bring about the improvement of the performance of the sample enterprises. Finally, based on the analysis of empirical results, this paper puts forward policy recommendations from the level of enterprise itself, government and market environment. For enterprises, we should treat foreign M & A with caution to improve their competitiveness. Properly handle the integration work after M & A; The government should strengthen the supervision of foreign capital merger and acquisition to prevent the monopoly of the industry, at the same time, it should further improve the security market environment and the relevant regulations and rules, so as to provide a more mature platform for foreign capital injection.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.51

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