建筑业上市公司并购绩效的实证分析

发布时间：2018-03-26 00:06

本文选题：建筑业上市公司　切入点：并购模式　出处：《合肥工业大学》2017年硕士论文

【摘要】：建筑行业是国民经济重要支柱产业之一,建筑业总体规模虽然一直扩大,但受经济整体发展影响,建筑业总产值从2011年开始一直有所下降,建筑业以市_场为导向的改革必然进一步深化。从传统建筑业到房地产业、金融业以及互联网业,建筑业不断通过并购将业务范围继续扩大,建筑业上市公司并购案件也逐年增长。现有研究大多从理论出发,宏观分析建筑业发展或是其与其他产业的相关性,本文通过梳理建筑业上市公司并购进程,以2012年开展并购活动的建筑业上市公司为研究对象,分析2011年至2015年样本公司的财务数据,选取会计研究法,分别从偿债能力、盈利能力、经营效率以及发展能力这四方面选取10项财务指标,通过spss软件对这10项财务数据进行降维,计算因子得分,并利用单因子分析方法对结果进行考察,比较不同并购模式下并购绩效之间的相关性以及并购前后绩效变化情况。对相关结果进行评价分析,得出以下结果:横向并购和纵向并购模式下绩效变化相似,但长期看,由于规模的扩大、整合成本的降低,横向并购对公司绩效的改善状况更显著;纵向并购模式下,短期绩效虽有改善的趋势,但由于上下游供应链衔接成本扩大,纵向并购长期绩效改善不如横向并购;而混合并购模式下,绩效下降趋势明显。第二,根据整体绩效分析表明,并购对样本公司提高企业盈利能力、经营效率以及改善短期偿债能力有一定帮助,但对长期偿债能力、发展能力以及综合绩效的效果不显著。第三,企业由于并购目的不同,所以并购绩效结果也不相同,而建筑业上市公司在面对并购时,应当结合市场状况,根据并购目的,合理安排并购方式,重点关注并购后整合问题,才能在达到并购目的同时改善并购绩效。
[Abstract]:The construction industry is one of the important pillar industries of the national economy. Although the overall scale of the construction industry has been expanding, but affected by the overall economic development, the gross output value of the construction industry has been declining since 2011. The market-oriented reform of the construction industry is bound to deepen further. From the traditional construction industry to the real estate industry, the financial industry and the Internet industry, the construction industry continues to expand its scope of business through mergers and acquisitions. M & A cases of listed companies in the construction industry are also increasing year by year. Most of the existing studies are based on theory, macroscopically analyzing the development of construction industry or its correlation with other industries, this paper combs the process of M & A of listed companies in construction industry. Taking the listed companies in the construction industry that carried out mergers and acquisitions in 2012 as the research object, this paper analyzes the financial data of the sample companies from 2011 to 2015, selects the accounting research method, respectively, from the solvency, profitability, This paper selects 10 financial indexes from four aspects of management efficiency and development ability, and uses spss software to reduce dimension, calculate factor score, and use single factor analysis method to investigate the results. This paper compares the correlation between M & A performance under different M & A models and the changes of performance before and after M A. By evaluating and analyzing the related results, the following results are obtained: horizontal M & A is similar to vertical M A, but in the long run, the change of performance is similar, but in the long run, Due to the expansion of scale and the reduction of integration cost, the improvement of corporate performance is more obvious in horizontal mergers and acquisitions. In vertical merger mode, the short-term performance tends to improve, but the upstream and downstream supply chain link costs expand. The long-term performance improvement of vertical mergers and acquisitions is worse than that of horizontal mergers and acquisitions, while the decline trend of performance is obvious under the mixed merger mode. Second, according to the overall performance analysis, M & A can improve the profitability of the sample companies. Management efficiency and improvement of short-term solvency have some help, but the effect on long-term solvency, development ability and comprehensive performance is not significant. Third, because of the different purpose of M & A, the results of M & A performance are different. In order to achieve the goal of M & A, the listed companies in the construction industry should combine the market situation, arrange the way of M & A reasonably and focus on the problem of integration after M & A, in order to achieve the goal of M & A and improve the performance of M & A at the same time.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F271;F406.7

【参考文献】