基于EVA指标的上市公司并购绩效实证研究

发布时间：2018-04-24 23:36

本文选题：并购 + 并购绩效　；参考：《东北财经大学》2012年硕士论文

【摘要】：进入21世纪之后,全球的并购交易无论是在数量上还是规模上都屡创新高。显然,并购活动已经成为企业寻求扩张和发展的一条重要的途径,很多企业为了追逐自身的利益而去积极主动促成并购活动的发生。然而,并购活动是否能够真正的为企业创造利润,为股东带来财富的增长呢?这也一直是学术界颇具争议的研究问题。过去几十年间,尤其是西方国家,关于并购绩效的考量主要集中在以下两种方法上：市场研究法和财务指标对比法。由于考量方法的不同,得出的结论也莫衷一是。对于西方学者们提出的两种主要考量绩效的方法,近些年又有很多学者提出了异议,认为上述的方法都有各自的局限性,不能够完全反映企业的真实绩效,因而又提出了新的研究方法——EVA指标法。EVA指标虽出现较晚,但是其优点已经得到了学术界的普遍认可,它可以避免上述两种方法在衡量绩效时的局限性。而且,针对我国资本市场的非完全有效性和存在“粉饰”财务数据等特殊的情况,EVA作为衡量剩余价值的指标的优点就更为突出。本文也是立足于前人的研究成果的基础上并结合我国的实际情况,选用EVA指标来衡量并购活动中主并公司的绩效,并给出自己的研究结论。虽然我国的资本市场起步较晚,但却十分复杂：分别经历了2006年的股权分置改革和2008年的经济危机。经济形势的复杂性对企业绩效也造成了多方面的影响,增加了我们研究的难度。所以,本文以2008年发生并购活动的61家公司和配对的未发生并购活动的61家公司为研究样本,通过分别计算两个样本在并购前一年、并购当年和并购后两年的EVA值来分析企业绩效的变化,再对比两个不同研究样本,剔除经济形势等因素的条件下考察并购活动对企业绩效的影响,分析我国的并购活动是否真正的为主并公司带来了长期绩效的提升。经过实证研究发现：并购当年企业绩效得到大幅度改善,较前一年有明显的提升；并购后一年开始,主并公司的价值开始大幅度下降,股东财富遭受损失。本文的结构安排如下：首先,在引言部分介绍了本文的研究背景及意义、研究思路及内容、创新之处和研究局限；然后从市场研究法、财务指标对比法以及EVA指标法对国内外的研究文献进行了回顾和述评；第三部分中,针对本文的相关理论作出界定和解释,包括并购的相关理论和经济增加值体系相关理论的解释；第四部分中,介绍了建立了EVA的计算模型以及样本筛选的条件和理由,第五部分在分别评价发生并购活动和未发生并购活动的企业绩效的基础上,分析并购活动对企业绩效的影响；文章最后对研究结论进行总结并给出合理解释,然后从宏观管理和微观操作两个方面提出政策建议。
[Abstract]:After entering the 21 st century, the global M & A transactions have repeatedly reached new heights in both quantity and scale. Obviously, M & A activities have become an important way for enterprises to seek expansion and development. Many enterprises actively promote M & A activities in order to pursue their own interests. However, can M & A activities really create profits for enterprises and bring wealth growth to shareholders? This has always been a controversial issue in academia. In the past few decades, especially in western countries, the performance of M & A has focused on the following two methods: market research and comparison of financial indicators. As a result of the different methods of consideration, the conclusion is also different. In recent years, many scholars have raised objections to the two main methods proposed by western scholars, which all have their own limitations and can not fully reflect the true performance of enterprises. Therefore, a new research method, EVA index method, is put forward. Although EVA index method appears late, its advantages have been generally recognized by academic circles, and it can avoid the limitation of the two methods in measuring performance. Moreover, in view of the incomplete validity of China's capital market and the existence of "whitewashed" financial data and other special circumstances, EVA is more prominent as an indicator of residual value. This paper is also based on the previous research results and combined with the actual situation in China, select EVA indicators to measure the performance of merger and acquisition activities, and give their own research conclusions. Although the capital market of our country starts late, it is very complicated: it has experienced the reform of split share structure in 2006 and the economic crisis of 2008. The complexity of economic situation also has many influences on enterprise performance, which increases the difficulty of our research. Therefore, this paper takes 61 companies with M & A activity in 2008 and 61 matched companies with no M & A activity as the study samples, and calculates the two samples one year before M & A, respectively. The EVA value of the year and two years after the merger and acquisition to analyze the change of enterprise performance, and then compare the two different research samples, excluding the economic situation and other factors to investigate the impact of M & A activities on corporate performance. This paper analyzes whether M & A activities in China really focus on the company and bring about the improvement of long-term performance. The empirical study shows that: the performance of the merger and acquisition year has been greatly improved, compared with the previous year, the year after the merger, the value of the main and joint company began to decline significantly, and the shareholder wealth suffered losses. The structure of this paper is as follows: first, the introduction introduces the research background and significance, research ideas and content, innovation and research limitations, and then from the market research method, The comparative method of financial index and EVA index method review and review the domestic and foreign research literature. The third part defines and explains the relevant theories of this paper. The fourth part introduces the calculation model of EVA and the conditions and reasons of sample selection. The fifth part analyzes the impact of M & A activities on corporate performance on the basis of the performance evaluation of M & A activities and non-M & A activities respectively. Finally, the paper summarizes the research conclusions and gives a reasonable explanation. Then from macro-management and micro-operation two aspects of policy recommendations.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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