河北省上市公司并购绩效评价研究

发布时间：2018-02-23 18:14

本文关键词： 河北省上市公司并购绩效评价企业生命周期并购模式因子分析法　出处：《燕山大学》2012年硕士论文　论文类型：学位论文

【摘要】：在当前多层次资本市场体系的建设和完善将成为金融体制改革的重中之重，并购重组越来越受到许多行业的关注，成为资本市场进行产业整合主流方式的大背景下，本文结合河北省上市公司并购现状，对河北省上市公司并购绩效进行深入研究。本文研究的主要目的是通过对河北省上市公司并购绩效的评价，得出不同的上市公司应该采取不同并购模式，使并购在公司发展中达到效用最大化，进而提高并购的成功率。本文采取比较分析法及因子分析法进行研究。首先，在查阅了大量文献资料借鉴国内外研究成果的基础上，对并购绩效影响因素以及并购绩效评价方法进行综述。并对并购和企业生命周期的概念及相关理论进行阐述。其次，对河北省上市公司并购现状进行了分析。首先从上市公司并购概况、并购特点以及并购动因三个方面介绍了河北省上市公司的并购情况，然后根据企业生命周期影响因素，结合企业寿命与收入增长率两项指标对河北省上市公司的生命周期进行划分。再次，以2002-2009年河北省上市公司为样本，采用因子分析法，结合企业生命周期和并购模式，对其并购绩效进行实证研究，表明在不同阶段应该采取不同的并购模式：成长期采用横向并购，成熟期采用纵向并购，衰退期采用混合并购。并对评价结果进行分析，提出并购绩效不理想的原因。最后，对提高河北省上市公司并购绩效提出对策建议。河北省上市公司要想取得并购的成功要关注以下三个方面：加强并购前对自身的认识、注重并购后的整合效率、完善并购的外部环境。
[Abstract]:At present, the construction and perfection of multi-level capital market system will become the most important part of the reform of financial system. M & A has been paid more and more attention by many industries and become the mainstream way of industrial integration in capital market. Combined with the current situation of M & A of listed companies in Hebei Province, this paper makes a deep study on the M & A performance of listed companies in Hebei Province. The main purpose of this study is to evaluate the M & A performance of listed companies in Hebei Province. It is concluded that different listed companies should adopt different M & A models so as to maximize the utility of M & A in the development of the company, and then improve the success rate of M & A. this paper adopts comparative analysis and factor analysis to study. First of all, on the basis of consulting a lot of literature and materials, this paper summarizes the influencing factors of M & A performance and the evaluation methods of M & A performance, and expounds the concepts and related theories of M & A and enterprise life cycle. Secondly, it analyzes the current situation of M & A of listed companies in Hebei Province. Firstly, it introduces the situation of M & A of listed companies in Hebei Province from three aspects: the general situation of M & A, the characteristics of M & A and the motivation of M & A. Then the life cycle of listed companies in Hebei Province is divided according to the influencing factors of enterprise life cycle and the two indexes of enterprise life and income growth rate. Thirdly, taking the listed companies of Hebei Province from 2002 to 2009 as a sample, using factor analysis method, combining the life cycle of enterprises and M & A model, the paper makes an empirical study on the M & A performance of Hebei Province. It shows that different M & A models should be adopted in different stages: horizontal M & A in growth period, vertical M A in mature period and mixed M & A in decline period, and the evaluation results are analyzed, and the reasons for the unsatisfactory performance of M & A are put forward. Finally, some suggestions are put forward to improve the M & A performance of listed companies in Hebei Province. The listed companies in Hebei Province should pay attention to the following three aspects if they want to achieve the success of M & A: strengthening the understanding of themselves before M & A, paying attention to the integration efficiency after M & A. Perfect the external environment of M & A.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51

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