中国A股上市公司并购绩效的实证研究

发布时间：2018-01-14 18:21

本文关键词：中国A股上市公司并购绩效的实证研究　出处：《山西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：国内外资本市场涌现出的大量并购活动的绩效问题，是财务管理学者普遍关注和研究的重点课题。特别是在我国，随着股权分置改革的基本完成，资本市场和相关并购法规的日臻完善，并购市场已呈现出繁荣发展的局面。因此，研究上市公司的并购绩效就显得尤其重要。本文在国内外学者关于并购绩效研究成果的基础上，采用因子分析法，通过构建综合得分模型，对2008年发生的65起并购案例进行了实证研究，并且从并购类型与公司绩效，，并购支付方式与公司绩效两方面进行了深入的探讨和分析。实证研究结果表明：整体上，我国A股上市公司的绩效在并购后有了一定程度的上升，但是仍有个别公司的绩效在并购后发生了下降；横向并购和纵向并购的绩效要优于混合并购；采用股票支付方式比采用现金支付短期内更能提高收购公司的绩效。实证研究结果同时表明，公司的并购绩效受到宏观，微观方面众多因素的影响，公司要提高并购绩效，还需有政策的支持。
[Abstract]:The performance problem of a large number of mergers and acquisitions of domestic and foreign capital market emerged, is the key issue of financial management scholars pay attention to and study. Especially in our country, with the completion of reform of non tradable shares, the capital market and the perfection of regulations related to mergers and acquisitions, mergers and acquisitions market has been showing the prosperity and development of the situation. Therefore, performance study on mergers and acquisitions of listed companies is particularly important.
The scholars at home and abroad based on M & a performance on the research results, using factor analysis, we build a comprehensive score model, in 2008 65 cases of mergers and acquisitions for the empirical research, and from the merger and corporate performance, method of payment and company performance. Two aspects were discussed and analyzed.
The empirical results show that: on the whole, China's A shares the performance of listed companies rose to a certain degree after the merger, but there are still individual company performance decline occurred after the merger; vertical and horizontal mergers of the performance is better than that of mixed mergers and acquisitions; the stock payment manner than by cash in the short term can to improve the performance of the acquiring company.
The empirical results also show that the M & a performance of a company is influenced by many factors, such as macro and micro aspects, and the company needs policy support to improve its performance.

【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

【参考文献】