我国上市公司不同支付方式的并购绩效研究
发布时间：2018-12-26 14:55
【摘要】：并购作为一种企业行为,是在市场经济条件下企业实现快速扩张,迅速占领市场份额的主要途径。现如今,并购重组已经成为我国资本市场上的重要主题,更是推动上市公司做大做强,实现资本市场资源优化配置功能的有效途径和重要方式。在并购的过程中,确定了并购价格后,合理地选择支付方式是并购活动成功实施的关键步骤,其重要意义可见一斑,可以说,并购支付不仅是并购交易的最后一个步骤,也是企业并购的一个关键环节。因此,对我国上市公司并购支付方式进行研究既具有实践性的意义,也是十分必要的。 文章首先对国内外关于并购支付方式对并购绩效影响的理论成果进行了系统的梳理,得到了一个关于国内外的研究现状分析,并对并购以及并购绩效的概念进行界定,分析不同的并购目的对企业管理者进行并购时会产生什么样的影响,其次从理论和实证的角度剖析各种不同的支付方式对企业绩效的影响,选取2008年我国发生并购的上市公司作为研究对象,按照一定的标准筛选出517家企业,统计其2007年至2010年4年的财务数据,运用财务指标法从企业的偿债能力、运营能力、盈利能力、股东获利能力和发展能力五方面看不同类型的支付方式对企业的影响,并运用因子分析法构建企业并购绩效的综合得分模型,最后根据实证结果从并购企业和国家的角度提出相关建议,并分析文章存在的局限性以及今后的研究方向。
[Abstract]:M & A, as an enterprise behavior, is the main way for enterprises to expand rapidly and occupy market share rapidly under the condition of market economy. Nowadays, M & A has become an important topic in the capital market of our country, and it is also an effective way and an important way to promote the listed companies to become bigger and stronger and to realize the function of optimizing the allocation of resources in the capital market. In the process of M & A, after determining the price of M & A, the reasonable choice of payment method is the key step of successful implementation of M & A, and its important significance can be seen. It can be said that M & A payment is not only the last step of M & A transaction, Also is a key link of enterprise merger and acquisition. Therefore, it is both practical and necessary to study the M & A payment methods of listed companies in China. Firstly, this paper systematically combs the theoretical results of the effect of M & A payment methods on M & A performance at home and abroad, and obtains an analysis of the current research situation at home and abroad, and defines the concepts of M & A and M & A performance. This paper analyzes the influence of different purpose of M & A on enterprise managers' performance. Secondly, it analyzes the influence of different payment methods on enterprise performance from the perspective of theory and practice. According to certain criteria, 517 enterprises were selected as the research object, and the financial data from 2007 to 2010 were counted. The financial index method was used to analyze the solvency and operation ability of the enterprises. The five aspects of profitability, shareholders' profitability and development ability to see the impact of different payment methods on enterprises, and the use of factor analysis to build a comprehensive score model of corporate M & A performance. Finally, according to the empirical results, this paper puts forward the relevant suggestions from the perspective of M & A enterprises and countries, and analyzes the limitations of the article and the future research direction.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224
本文编号：2392282
[Abstract]:M & A, as an enterprise behavior, is the main way for enterprises to expand rapidly and occupy market share rapidly under the condition of market economy. Nowadays, M & A has become an important topic in the capital market of our country, and it is also an effective way and an important way to promote the listed companies to become bigger and stronger and to realize the function of optimizing the allocation of resources in the capital market. In the process of M & A, after determining the price of M & A, the reasonable choice of payment method is the key step of successful implementation of M & A, and its important significance can be seen. It can be said that M & A payment is not only the last step of M & A transaction, Also is a key link of enterprise merger and acquisition. Therefore, it is both practical and necessary to study the M & A payment methods of listed companies in China. Firstly, this paper systematically combs the theoretical results of the effect of M & A payment methods on M & A performance at home and abroad, and obtains an analysis of the current research situation at home and abroad, and defines the concepts of M & A and M & A performance. This paper analyzes the influence of different purpose of M & A on enterprise managers' performance. Secondly, it analyzes the influence of different payment methods on enterprise performance from the perspective of theory and practice. According to certain criteria, 517 enterprises were selected as the research object, and the financial data from 2007 to 2010 were counted. The financial index method was used to analyze the solvency and operation ability of the enterprises. The five aspects of profitability, shareholders' profitability and development ability to see the impact of different payment methods on enterprises, and the use of factor analysis to build a comprehensive score model of corporate M & A performance. Finally, according to the empirical results, this paper puts forward the relevant suggestions from the perspective of M & A enterprises and countries, and analyzes the limitations of the article and the future research direction.
【学位授予单位】：江西理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224
【参考文献】
相关期刊论文 前10条
1 史红燕;企业并购的支付方式述评[J];财经问题研究;2003年04期
2 刘崇明;陈丹;;企业并购支付方式合理选择的因素与对策[J];财会月刊;2008年30期
3 潘瑾,陈宏民;我国上市公司并购效应评价及实证分析[J];财经理论与实践;2005年02期
4 周志超;;证券市场企业并购支付方式的选择[J];产权导刊;2005年08期
5 杜萍,尉桂华;我国企业并购支付方式的现状及发展趋势[J];北方经贸;2004年01期
6 胡玲;中外企业并购的支付方式比较[J];中国工业经济;1998年12期
7 陈海燕,李炎华;中外公司购并支付方式的比较研究[J];河海大学学报(社会科学版);1999年01期
8 张颖;论上市公司收购的支付方式与价格成本[J];价格理论与实践;2005年05期
9 王燕;企业并购交易中支付方式的研究综述[J];经济师;2003年04期
10 朱立芬;;中外公司并购支付方式选择影响因素的比较分析[J];上海金融;2007年04期
，本文编号：2392282
本文链接：https://www.wllwen.com/guanlilunwen/huobilw/2392282.html
