基于EVA的我国上市公司海外并购绩效研究

发布时间：2018-01-25 22:20

本文关键词： 海外并购并购绩效 EVA　出处：《河北经贸大学》2012年硕士论文　论文类型：学位论文

【摘要】：近年来,在中国实施“走出去”战略的大背景下,中国企业进行了大规模的海外并购,并购的数量每年都在增加,规模也在不断扩大。但是中国海外并购的效果究竟如何,一直没有形成统一的观点,本文通过对中国海外并购案例进行深入的剖析,进行了实证研究,试图找到答案,并在此基础上希望对中国海外并购的实践提供建议。本文首先回顾国内外相关文献,然后总结了海外并购的动因、特点和影响因素,指出海外并购绩效不仅受到宏观因素的影响,行业的性质与发展状况差异也对海外并购绩效产生重要作用。此外,中国不同企业的规模资源能力,海外经营与并购经验互有差异,这些都可能成为影响绩效的因素。在此基础上,本文提出了三点假设。假设1：中国上市公司海外并购后,并购绩效将提高,而且其整体绩效将经历一个先降后升的起伏变化过程。假设2：对于不同行业海外并购,其绩效变化具有显著差异。假设3：对于不同并购主体的海外并购,其绩效变化具有显著差异。其次,本文选取2000-2008年发生海外并购的上市公司为研究样本,剔除在窗口期大股东变更、金融证券类以及数据不全的样本,得到46家上市公司作为研究样本,主要采用西方先进的绩效评价工具EVA评价体系对海外并购的并购绩效进行实证研究。进行绩效评价时,从不同角度分别对所选样本进行了总体绩效分析,不同海外并购行业上市公司的并购绩效分析以及不同海外并购主体的并购绩效分析,发现海外并购的绩效并不理想。总体绩效上,EVA均值先降后升,但仍没有达到并购前的EVA水平。在不同海外并购行业的EVA绩效上,只有采掘业的EVA值在四年窗口期中均为正值,并朝着理想的方向发展,其他行业的EVA均值都出现了逐年下降的趋势。在不同海外并购主体的EVA绩效上,发现非国有企业的海外并购绩效优于国有企业的海外并购绩效。最后本文对实证研究的结果进行分析,找出原因,并针对性地提出制定正确的并购战略、加强企业并购的管理整合和跨文化整合、实施本土化战略以及选择灵活的股权结构以规避海外资产风险的建议。
[Abstract]:In recent years, under the background of China's "going out" strategy, Chinese enterprises have carried out large-scale overseas mergers and acquisitions, and the number of mergers and acquisitions is increasing every year. However, the effect of China's overseas M & A has not formed a unified view, this paper through in-depth analysis of the case of China's overseas M & A, carried out an empirical study. This paper tries to find out the answer and, on this basis, hopes to provide advice on the practice of overseas mergers and acquisitions in China. This paper first reviews the relevant literature at home and abroad, then summarizes the motivation, characteristics and influencing factors of overseas M & A, and points out that the performance of overseas M & A is not only affected by macro factors. The differences in the nature and development of the industry also play an important role in the performance of overseas mergers and acquisitions. In addition, there are differences in the capacity of scale resources, overseas management and M & A experience of different enterprises in China. On this basis, this paper puts forward three hypotheses. Assumption 1: after overseas M & A of listed companies in China, M & A performance will be improved. And its overall performance will undergo a first decline and then a rise and fall process. Hypothesis 2: for different industries overseas mergers and acquisitions, its performance changes have significant differences. Hypothesis 3: for different M & A subjects overseas M & A. There are significant differences in performance changes. Secondly, this paper selects the listed companies of overseas mergers and acquisitions from 2000 to 2008 as the research samples, excluding the large shareholder changes, financial securities and incomplete data samples in the window period. Taking 46 listed companies as the research sample, we mainly use the western advanced performance evaluation tool EVA evaluation system to carry on the empirical research on the M & A performance of overseas M & A. From different angles, this paper analyzes the overall performance of the selected samples, the M & A performance of listed companies in different overseas M & A industries and the M A performance of different subjects of overseas M & A. It is found that the performance of overseas M & A is not satisfactory. The average value of EVA decreases first and then rises, but it still does not reach the level of EVA before M & A. in different overseas M & A industries. Only the EVA of the extractive industry is positive during the four-year window period and is moving in an ideal direction. The average value of EVA in other industries has declined year by year. On the EVA performance of different subjects of overseas M & A, it is found that the performance of non-state-owned enterprises is better than that of state-owned enterprises. Finally, this paper analyzes the results of empirical research, finds out the reasons, and puts forward a correct M & A strategy to strengthen the management integration and cross-cultural integration. The suggestion of implementing localization strategy and choosing flexible ownership structure to avoid the risk of overseas assets.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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