中国上市企业海外并购绩效及动因的实证研究

发布时间：2018-01-06 22:27

本文关键词：中国上市企业海外并购绩效及动因的实证研究　出处：《复旦大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化深入发展,中国经济保持着持续高速的增长,越来越多的中国企业正在通过海外并购的方式来实现“走出去”,海外并购开始逐渐发展为中国对外直接投资的主要方式。虽然中国企业海外并购的历史较短,但随着联想收购IBM的个人电脑业务,吉利收购沃尔沃,三一重工集团收购普茨迈斯特等重磅海外并购交易,在全球经济深受欧洲债务危机影响及美国经济增长乏力的拖累,中国企业海外并购爆发的惊人能量,赢得了世人的关注。本文研究的是中国上市企业海外并购的绩效,由此创造的财富,及财富在并购企业和目标企业之间的分配；并由此推导出中国企业海外并购的动因。本文运用事件研究法,通过研究窗口期——宣布日附近(-3,+3)天,42个中国企业海外并购有效样本中目标企业和并购企业股价波动状况,估算海外目标企业和中国并购企业超常收益率,以及目标企业超常收益率和并购企业超常收益率、目标企业超常收益率和总收益率之间的关系。研究发现：中国企业海外并购协同效应不显著；负的总收益样本中,海外并购主因则是经营者自利。
[Abstract]:With the deepening of economic globalization, Chinese economy maintained a sustained and rapid growth, more and more enterprises are Chinese through overseas mergers and acquisitions to achieve the "go out", overseas mergers and acquisitions gradually developing into the main mode of foreign direct investment China. Although Chinese enterprises overseas M & a relatively short history, but with Lenovo's acquisition of IBM's personal computer business, Geely's acquisition of Volvo, Sany Group acquired Putzmeister heavy overseas mergers and acquisitions in the global economy, by the impact of the European debt crisis and the weak economic growth drag, amazing burst of energy China mergers and acquisitions of overseas enterprises, won the world's attention.
This paper is a study of overseas mergers and acquisitions China listed enterprise performance, thus creating wealth, and wealth distribution between the merger enterprise and target enterprise; motivation and thus push overseas mergers and acquisitions of enterprises. This paper China is derived using the event study method, through the study period -- announced near the window (-3, +3) on day 42. China enterprises overseas M & a effective sample of target enterprises in mergers and acquisitions and stock price fluctuation, estimation of target enterprises and overseas mergers and acquisitions China abnormal returns, abnormal returns and target enterprise mergers and acquisitions and abnormal returns, the target relation between the enterprise and the total abnormal rate of return rate of return. The study found: no significant synergy of overseas mergers and acquisitions China enterprise; negative total return samples, the main reason is the operator from overseas mergers and acquisitions.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F279.21

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