我国上市公司并购状况调查与绩效评价方法研究

发布时间：2018-05-03 22:06

本文选题：上市公司 + 状况调查　；参考：《西安石油大学》2012年硕士论文

【摘要】：本文在借鉴了学者们的研究基础之上，首先对企业并购的理论基础进行简要的论述，主要说明我国企业并购的特殊动因。再对2000年以来我国上市公司并购的状况进行详细的调查研究，说明企业2000年以来并购的发展状况及未来发展的趋势。通过对已有并购绩效评价方法归纳比较，建立了企业并购绩效差量评价模型，以2006年我国上市公司的123个并购事件为样本的基础数据，，对影响上市公司并购绩效的因素进行实证检验与分析，并且对其模型的合理性进行了检验。研究结果表明：从并购绩效的整体来看，并购并不会对企业带来快速的增长效率；从总体上看，在并购当年其规模效应达到最大值,但是在以后的年份中逐渐递减；在不同的并购方式中，上市公司合并确给企业带来了很高的绩效；并购会对收购公司带来较高的收益，而目标公司之间则喜忧掺半；不同行业间，突出表现为批发及零售贸易业的并购绩效远高于其他行业。最后根据研究结论提出对策和建议：政府应加强对并购行为的规范和引导，减少对企业的政策干预；企业应选择适合于自身的并购策略和方式，重视并购后的整合因素；加快市场中介机构的建立。
[Abstract]:On the basis of the scholars' research, this paper first briefly discusses the theoretical basis of enterprise M & A, mainly explains the special motivation of M & A in our country. Then it makes a detailed investigation and study on the situation of M & A of listed companies in China since 2000, and explains the development of M & A since 2000 and the trend of future development. By summarizing and comparing the existing M & A performance evaluation methods, this paper establishes a model for evaluating the poor performance of M & A, taking 123 M & A events of Chinese listed companies in 2006 as the sample data. The factors influencing the performance of M & A of listed companies are tested and analyzed, and the rationality of the model is tested. The results show that: from the overall performance of M & A, M & A will not bring rapid growth efficiency, in general, the scale effect of M & A reached the maximum in the year of M & A, but gradually decreased in the following years. Among the different M & A methods, the merger of listed companies does bring high performance to the enterprises; M & A will bring higher profits to the buy-out companies, while the mixed ups and downs among the target companies, among different industries, The outstanding performance is that the M & A performance of wholesale and retail trade is much higher than that of other industries. Finally, according to the conclusions of the study, countermeasures and suggestions are put forward: the government should strengthen the regulation and guidance of M & A behavior, reduce the policy intervention to enterprises, enterprises should choose the appropriate M & A strategies and methods, and attach importance to the integration factors after M & A; Speed up the establishment of market intermediaries.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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