基于EVA的我国制造业上市公司并购绩效的实证研究

发布时间：2018-04-15 23:12

本文选题：制造业 + 并购绩效　；参考：《辽宁大学》2013年硕士论文

【摘要】：企业的并购重组在发达国家中已经发展了一百多年，共经历5次大规模的并购浪潮。20世纪90年代以来，全球化和互联网的迅猛发展再次打破了原有的经济格局，第五次并购浪潮应运而生。这次并购浪潮以美国和英国的大型企业为火车头，带动了其他发达国家的并购热情。这次并购浪潮的特点主要表现在：以跨国并购为主、参与企业资本雄厚，交易金额庞大，，涉及领域广阔，新兴产业与传统产业并购齐头并进。而我国企业的并购出现在改革开放以后，发展历史相对较短，共经历三个发展阶段。随着2002年中国正式加入WTO，经济全球化的发展，资本市场的逐步完善，我国也掀起了新一轮的并购潮。作为我国国民经济的支柱产业，制造业是我国经济增长的主导部门和经济转型的基础，因此研究我国制造业上市公司的并购绩效对保持制造业企业的长期稳定发展有重要意义。本文以2008年我国制造业上市公司的并购为研究对象，采用EVA作为评价上市公司绩效的指标，通过计算07年至11年制造业上市公司EVA的数值，比较分析EVA的走向，得到如下结论：(1)并购当年制造业上市公司的绩效下降明显，并购后第一年较并购当年有所上升，但仍然低于并购前一年，并购后第二年及第三年的绩效高于并购前一年；(2)国有控股、行业相关性及关联交易对制造业上市公司都存在不同程度的影响。由于笔者知识结构的局限性、研究时间的仓促和我国相关领域的特殊情况，本文在采用EVA对上市公司并购绩效进行研究时可能存在以下不足：（1）EVA绩效评价模型虽然它优于传统的会计研究法，但是其模型仍然是建立在财务指标的基础上，没有考虑非财务指标对绩效的评价。（2）在实证研究部分，本文局限于对并购公司的研究，没有对被并购公司进行研究，比较分析不足。（3）在对并购绩效影响因素进行分析时，由于受到选取样本的限制，影响因素指标较少。
[Abstract]:M & A of enterprises has been developed for more than 100 years in developed countries. After five large-scale M & A waves since 1990s, globalization and the rapid development of the Internet have once again broken the original economic pattern.The fifth wave of mergers and acquisitions came into being.This wave of mergers and acquisitions, with large companies in the United States and the United Kingdom as the locomotive, led to the acquisition enthusiasm of other developed countries.The characteristics of this wave of M & A are as follows: transnational M & A is the main part, the capital of the participating enterprises is abundant, the transaction amount is huge, the scope of the merger and acquisition is broad, and the new industries and the traditional industries are in step with each other.The M & A of Chinese enterprises appeared after the reform and opening up, the history of development is relatively short, and it has experienced three stages of development.With China's entry into WTO in 2002, the development of economic globalization and the gradual improvement of capital market, China has also set off a new wave of mergers and acquisitions.As the pillar industry of our national economy, manufacturing industry is the leading department of economic growth and the basis of economic transformation. Therefore, it is of great significance to study the M & A performance of listed manufacturing companies in order to maintain the long-term and stable development of manufacturing enterprises.This paper takes the M & A of Chinese manufacturing listed companies in 2008 as the research object, adopts EVA as the index to evaluate the performance of listed companies, and compares and analyzes the trend of EVA by calculating the value of EVA of manufacturing listed companies from 2007 to 11 years.The following conclusion is drawn: 1) the performance of the manufacturing listed companies in the year of M & A decreased significantly. The first year of M & A was higher than that of the year of M & A, but still lower than that of the year before the merger.The performance in the second and third years after M & A is higher than that in the year before M & A.Due to the limitations of the author's knowledge structure, the haste of the research time and the special situation of the related fields in China,In this paper, we use EVA to study the M & A performance of listed companies. Although it is superior to the traditional accounting research method, the model is still based on the financial indicators.In the part of empirical research, this paper is limited to the research of M & A companies, and does not study the M & A companies. The comparative analysis is insufficient when analyzing the influencing factors of M & A performance.Because of the limitation of selecting samples, the influencing factors are few.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F424

【参考文献】