我国上市公司并购绩效及影响因素研究

发布时间：2018-01-18 04:29

本文关键词：我国上市公司并购绩效及影响因素研究　出处：《上海师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：并购，即兼并收购（MergerAcquisition），指的是企业之间的兼并与收购。对于兼并，在1989年已由国家体改委、国家计委、财政部与国家国有资产管理局联合发布《关于企业兼并的暂行办法》将其定义为“一个企业购买其他企业的产权，使其他企业失去法人资格或改变法人实体的一种行为”；收购指的是企业通过购买其他公司企业全部或者部分的资产、股权来实现对该公司企业的实际控制，被收购方可以依然具有独立法人资格。由于兼并与收购都是通过产权交易来控制其他公司，所以习惯上将两者统称为并购。在企业并购的过程中，各种市场要素、企业的各种资源都流向了最能产出经济效益的地方，实现了资源的优化配置，推动了资本市场的发展。马克思曾经断言，资本主义由于存在社会化大生产和生产资料个人占有的根本矛盾必将灭亡，然而，直至如今，资本主义依然存在，这是由于并购化解了这一矛盾，中小企业可以合并成一个个大企业，成为上市公司，而生产资料也随之由个人所有转变为公众所有。西方国家自19世纪末以来，先后经历5次并购浪潮，目前正直面第六次并购浪潮。中国并购市场的主角，90年代的民营企业、2000年代跨国公司、2004年后的国有企业，已经先后主唱一时，最近的趋势表明，，下一个时期的主角将是上市公司，他们以主动对外并购、整合产业为特征。并购是否为上市公司带来正面效应是国内许多学者都在研究的问题，研究方法基本借鉴国外的主流研究方法，即财务指标法。本文研究我国上市公司的并购绩效问题，并从并购战略、并购动机、操作过程、政府导向及并购后的整合情况几个方面来分析影响公司并购绩效的原因。本文采用财务指标法考察收购公司的并购绩效。在指标选取方面，本文采用构建指标体系的方法，并采用因子分析确定收购公司绩效的综合得分。在并购事件样本选择上本文选取了2008一2009年我国资本市场上发生的收购公司为上市公司的并购重组事件用来研究收购公司长期并购绩效。本文的研究得到了以下的一些结论: （1）我国上市公司进行的并购行为对绩效的改善不明显。并购活动并不能为收购公司带来绩效的持续提高；（2）在我国，并购战略、并购动机、操作过程、政府导向及并购后的整合情况是影响上市公司并购绩效的重要因素。
[Abstract]:M & A, or merger and acquisition, refers to mergers and acquisitions between enterprises. In 1989, mergers and acquisitions were carried out by the State Reform Commission, the State Planning Commission. The Ministry of Finance and the State Administration of State-owned assets jointly issued the interim measures on Enterprise merger, which defines it as "one enterprise buying property rights of other enterprises." An act that causes other enterprises to lose their legal personality or change their legal entities "; Acquisition refers to the enterprise through the purchase of all or part of the assets of other companies, equity to achieve the actual control of the company. The acquired party may still have the status of an independent legal person. Since mergers and acquisitions control other companies through equity transactions, they are commonly referred to as mergers and acquisitions. In the process of M & A, all kinds of market elements and resources flow to the most productive areas, which realize the optimal allocation of resources. Marx once asserted that capitalism would perish because of the fundamental contradiction between socialized production and personal possession of the means of production. However, capitalism still exists up to now. This is because of mergers and acquisitions to resolve this contradiction, small and medium-sized enterprises can be merged into a large enterprise, become a listed company. Since the end of 19th century, Western countries have experienced five waves of M & A, and are now facing 6th waves of M & A. the protagonists of China's M & A market. In 90s, the private enterprises in the 2000s, the state-owned enterprises after 2004, has been the lead for a while, the recent trend shows that the next period of the protagonist will be listed companies. They are characterized by active foreign mergers and acquisitions, integration of industries. Whether mergers and acquisitions bring positive effects to listed companies is a problem that many domestic scholars are studying. The research methods basically draw lessons from the mainstream research methods of foreign countries. Namely financial index method. This paper studies the M & A performance of listed companies in China, and from the M & A strategy, M & A motivation, operation process. This paper analyzes the reasons that affect the performance of mergers and acquisitions. This paper uses the method of financial indicators to investigate the performance of mergers and acquisitions. In the selection of indicators. This paper adopts the method of constructing index system, and adopts factor analysis to determine the comprehensive score of corporate performance. In the sample selection of M & A events, this paper selects the acquisition companies in the capital market of China from 2008 to 2009 as the M & A events of listed companies to study the long-term M & A performance of the buy-out companies. Some conclusions are obtained in this paper: 1) the M & A behavior of listed companies in China is not obvious to the improvement of performance. M & A activities can not bring about continuous improvement of the performance of the buy-out companies; 2) in China, M & A strategy, M & A motivation, operation process, government orientation and integration after M & A are important factors affecting M & A performance of listed companies.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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