上市钢铁企业并购重组绩效研究

发布时间：2018-03-26 09:11

本文选题：钢铁企业　切入点：并购重组　出处：《辽宁科技大学》2013年硕士论文

【摘要】：并购重组已成为企业优化产品结构、提升竞争力的重要手段，对公司并购重组绩效优劣的研究，就成为了国内外学者探讨的热点。但是由于并购重组的复杂性和多样性，研究样本的不同，以及研究方法上的缺陷等原因，未能取得一致的结论。因此，研究我国钢铁企业并购重组绩效，具有十分重要的价值。已有研究对钢铁企业并购重组政策未能进行量化分析，，本课题从实际出发，加入国家产业政策这个虚拟变量，同那些衡量企业绩效的财务指标一起建立指标体系，不仅对中国上市钢铁企业的并购绩效，进行规范性的研究，而且以尽可能充分的数据进行实证研究，从而更客观准确的研究并购重组对绩效的影响。首先本文根据我国上市钢铁企业并购重组的现状，对2002-2008年发生的并购重组活动进行了实证研究，选取了衡量公司经营业绩的12个指标，加上产业政策这一虚拟变量，对这13个变量利用因子分析法，构造了评价企业绩效的综合得分函数，并以此衡量上市钢铁企业的并购绩效。实证研究发现：并购重组后企业经营绩效得到了明显的改善，有少部分钢铁企业绩效出现恶化的情况。造成这一结果的原因有并购整合效应的滞后，及危机对全球钢铁业的冲击，导致原材料和燃料价格的攀升，以及我国中介机构的滞后等等。最后，本文针对影响我国上市钢铁企业并购重组绩效的相关因素，提出了具体的应对措施。
[Abstract]:M & A has become an important means for enterprises to optimize their product structure and enhance their competitiveness. The research on the performance of M & A has become a hot topic for scholars at home and abroad, but due to the complexity and diversity of M & A, Therefore, it is of great value to study the performance of M & A of iron and steel enterprises in China. There has been no quantitative analysis of the merger and reorganization policy of iron and steel enterprises. This paper starts from the reality, joins the virtual variable of national industrial policy, and sets up the index system together with the financial indexes that measure the performance of the enterprise. Not only the M & A performance of listed iron and steel enterprises in China is studied in a normative way, but also the empirical research is carried out with the fullest possible data, so as to study the effect of M & A on the performance more objectively and accurately. Firstly, according to the current situation of M & A of listed iron and steel enterprises in China, this paper makes an empirical study on the M & A activity in 2002-2008, and selects 12 indicators to measure the company's operating performance, plus the virtual variable of industrial policy. Using factor analysis method, this paper constructs a comprehensive score function to evaluate the performance of listed iron and steel enterprises. A small number of iron and steel enterprises have experienced deterioration in their performance. This result is due to the lag in the merger and acquisition integration effect and the impact of the crisis on the global steel industry, which has led to rising prices of raw materials and fuel. Finally, this paper puts forward some specific countermeasures against the related factors that affect the performance of M & A of listed iron and steel enterprises in China.
【学位授予单位】：辽宁科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F426.31

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