并购基金并购上市公司的绩效研究

发布时间：2018-11-15 18:01

【摘要】：随着中国在世界经济中的崛起，涌入我国市场的资本日益增多，，企业获得资本的方式也呈现出日趋多样化、多元化的发展趋势，而并购基金作为一种新型的企业并购融资方式，由于其独特优势对产业整合、困境企业脱困、优势企业效率提升等方面发挥了积极作用，故在中国市场发展迅速；但其也存在行为短期化的质疑。鉴于此，本文在目前对于并购基金的研究内容及数量都十分有限的基础上，通过对被并购上市公司在并购活动发生前后绩效对比分析，来探讨并购基金对并购上市公司的绩效造成的实际影响。这一分析视角的提出具有突出的实际价值和一定的理论意义。在坚持规范研究与实证研究、定性研究与定量研究相结合的方法论原则基础上，本文首先通过文献研究法对相关理论进行梳理，并在此基础上分析了并购基金的优、劣势及其在并购活动中对上市公司绩效造成的影响；然后提出并购基金对被并购的上市公司的绩效有提升作用这一假设，通过选取2005-2006年间发生了由并购基金并购的上市公司，筛选出并购基金股份排名在前五位之内的31家上市公司，运用描述性统计分析和因子分析方法对上市公司在并购活动发生前后共10年的绩效进行了对比分析，研究结论表明并购基金对被并购上市公司的长期绩效有提升作用；最后，对推动我国并购基金的并购活动提出了相关建议。
[Abstract]:With the rise of China in the world economy, the capital flowing into our market is increasing day by day, and the way of obtaining capital for enterprises is also showing a trend of diversification and diversification. As a new type of financing mode, M & A fund is a new type of M & A financing method. Because of its unique advantages to the integration of industries, difficult enterprises out of difficulties, advantages of enterprises to improve efficiency and other aspects of the positive role, so in China's market rapid development; But it also has the question that behavior is short-term. In view of this, on the basis of the limited research content and quantity of M & A funds, this paper compares and analyzes the performance of M & A listed companies before and after M & A activities. To explore the actual impact of M & A funds on the performance of M & A listed companies. This analysis angle of view has outstanding practical value and certain theoretical significance. On the basis of the methodological principle of combining normative research with empirical research, qualitative research and quantitative research, this paper firstly combs the relevant theories through literature research, and then analyzes the advantages of M & A fund. Disadvantages and their impact on the performance of listed companies in M & A activities; Then the hypothesis that M & A funds can improve the performance of M & A listed companies is put forward. By selecting the listed companies which were merged by M & A funds in 2005-2006, In this paper, 31 listed companies in the top five positions of M & A fund are selected, and the performance of the listed companies in 10 years before and after M & A is compared by using descriptive statistical analysis and factor analysis. The results show that M & A funds can improve the long-term performance of the listed companies. Finally, some suggestions are put forward to promote the M & A activities of M & A funds in China.
【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】：2012
【分类号】：F832.39;F224

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