制造业上市公司并购绩效评价研究

发布时间：2018-03-17 18:34

本文选题：制造业　切入点：上市公司　出处：《中国地质大学（北京）》2013年硕士论文　论文类型：学位论文

【摘要】：从19世纪末20世纪初开始，西方国家在短短的一百多年里先后发生了五次并购浪潮。总体而言，企业并购促进了财富的集中和资源的优化配置，是促进西方国家大型企业集团发展，推动其产业结构升级的重要力量。我国经济体制改革的起步时间较晚，，证券市场的正式建立更是在进入90年代后，所以国内上市公司的并购活动发生时间也比较晚。从1993年深圳宝安集团收购上海延中算起，至今不超过二十个年头。但随着社会经济的持续发展和企业管理体制的不断进步，中国企业并购交易的数量和规模增长迅速，并购在中国的社会经济发展和企业改革中发挥着越来越重要的作用。并购是否能够真正增加企业的效益以及股东的财富，这个问题始终被广大学者和研究机构所关注。对此，中西方学者进行了深入的研究和分析，大部分学者认为并购活动对被并购企业的收益会产生积极的影响，而对主并购方企业的影响却没有形成一致结论。由此可见，并购的价值效应存在着较大的不确定性，对并购交易的研究仍需要加强，而研究的关键就是要明确并购活动能否为主并购方企业以及社会创造财富和价值。在我国的国民经济结构中，制造业处于不可动摇的优势地位，近年来制造业领域内发生的并购交易更是如火如荼。统计资料显示，2009年我国共发生并购交易1508笔，总交易金额超过335964亿元人民币，而其中制造业涉及的并购交易有561笔，金额达11667054万元，无论在交易数量上还是金额上，制造业都居全部行业的首位。因此，本文将制造业上市公司的并购交易当作研究对象，以2009年发生并购交易且作为主并购方的24家制造业上市公司为研究样本，在回顾国内外并购绩效研究成果和相关并购理论的基础上，运用八项企业财务指标构建因子分析模型和回归分析模型，评价研究了企业并购的绩效。研究结论表明，在制造业上市公司的并购活动中，主并购方可以获得正效益。最后，在评价研究结论的基础上，本文分别站在政府和企业的角度为改善我国制造业上市公司的并购绩效提出了建议，以推动企业并购交易的规范化和并购市场的健康有序发展。
[Abstract]:Since the end of 19th century and the beginning of 20th century, there have been five waves of mergers and acquisitions in western countries in a short period of more than 100 years. In general, corporate mergers and acquisitions have promoted the concentration of wealth and the optimal allocation of resources. It is an important force to promote the development of large enterprise groups in western countries and to promote the upgrading of their industrial structure. China's economic system reform started relatively late, and the formal establishment of the securities market entered into 90s. So the M & A activities of domestic listed companies also took place relatively late. Since 1993, when Shenzhen Baoan Group acquired Shanghai Yanzhong, it has not been more than 20 years. But with the sustained development of social economy and the continuous progress of the enterprise management system, The number and scale of M & A transactions in China are increasing rapidly. M & A plays a more and more important role in the social and economic development and enterprise reform in China. Whether M & A can really increase the benefits of enterprises and the wealth of shareholders has always been the concern of scholars and research institutions. For this, Chinese and Western scholars have carried out in-depth research and analysis. Most scholars believe that M & A activities will have a positive impact on the earnings of the M & A enterprises, but the impact on the main M & A enterprises has not reached a consistent conclusion. This shows that there is greater uncertainty about the value effect of M & A. The research on M & A transaction still needs to be strengthened, and the key of the research is to make clear whether M & A activities can be the main enterprise of M & A and whether the society can create wealth and value. In the national economic structure of our country, the manufacturing industry is in an unshakeable position. In recent years, M & A transactions in the field of manufacturing industry are in full swing. Statistics show that in 2009, 1508 M & A transactions occurred in China. The total amount of transactions is more than thirty-three trillion five hundred and ninety-six billion four hundred million yuan, of which 561 mergers and acquisitions involving the manufacturing industry amount to one hundred and sixteen billion six hundred and seventy million five hundred and forty thousand yuan. In terms of both the number of transactions and the amount of transactions, the manufacturing industry ranks first in all industries. In this paper, the M & A transaction of listed manufacturing companies is taken as the research object, with 24 listed manufacturing companies as the main M & A parties in 2009 as the research sample. On the basis of reviewing the research results of M & A performance and related M & A theories at home and abroad, using eight financial indexes to construct factor analysis model and regression analysis model, this paper evaluates and studies the performance of M & A. In the M & A activities of listed manufacturing companies, the main M & A parties can obtain positive benefits. Finally, on the basis of evaluating the research conclusions, this paper puts forward some suggestions to improve the M & A performance of listed manufacturing companies in China from the angle of government and enterprise respectively. In order to promote the standardization of M & A transactions and the healthy and orderly development of M & A market.
【学位授予单位】：中国地质大学（北京）
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F425

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