我国上市公司不同并购模式下并购绩效的实证研究

发布时间：2018-05-26 14:03

本文选题：并购绩效 + 并购模式　；参考：《西北大学》2012年硕士论文

【摘要】：随着全球经济一体化进程的加快,世界范围内的市场竞争愈演愈烈。企业要在激烈的竞争中立于不败之地,并购成为其调整内部资源配置、获取核心竞争力、扩大市场份额的重要手段之一。从20世纪80年代末开始,中国用了几十年的时间走过了西方国家上百年的并购历程,先后经历了三次并购浪潮。事实上,只有成功的并购才能帮助企业提升经营业绩,而并购效应能否发挥是多方博弈的结果。因此,明确我国上市公司并购活动对公司绩效的影响,研究并购绩效的变动趋势,提出具有实际意义的对策建议,对提高上市公司并购绩效、发挥并购协同效应、规范证券资本市场、推动金融市场稳定发展都有着重要的理论和现实意义。本文立足于中国的并购市场,以国内外现有的企业并购绩效相关研究成果为基础,首先运用经济学理论分析了不同并购模式的原理和效率。其次,选择2008年我国沪、深两市发生并购事项的316家上市公司为研究对象,基于会计研究法建立并购绩效评价指标体系,运用因子分析、主成分分析和趋势分析相结合的方法对样本公司并购前后共4年的并购绩效进行实证研究。最后,将样本公司按照不同的分类标准划分为股权并购、资产并购和横向并购、纵向并购、混合并购,对比分析了不同并购模式下公司并购绩效的变动趋势。通过实证研究分析,本文得出如下结论：(1)并购行为在一定程度上提升了公司的经营业绩；(2)并购双方公司的并购绩效不一致；(3)股权并购的并购绩效好于资产并购；(4)横向、纵向和混合并购下的并购绩效各不相同；(5)企业需要经过一定时间的并购整合才能发挥并购效应；(6)我国上市公司并购绩效的持续性不足；(7)企业的并购行为存在风险；(8)我国上市公司并购行为存在政府干预。基于以上的研究结论,本文在政府、企业和社会中介三个层面上提出了提高企业并购绩效、发挥并购协同效应的对策建议。本文的研究扩展了我国上市公司并购绩效的研究视角,在一定程度上继承和发展了并购绩效相关研究的理论成果,可以为政府的监管调控、企业的并购整合、投资者的投资决策、中介机构的参与服务提供合理的、操作性强的参考和帮助,真正发挥并购效应,促进我国证券资本市场的不断完善和发展。
[Abstract]:With the acceleration of the process of global economic integration, the market competition in the world is becoming more and more fierce. M & A is one of the important means to adjust the internal resource allocation, obtain the core competitiveness and expand the market share for the enterprise to be in an invincible position in the fierce competition. Since the end of 1980s, China has gone through hundreds of years of mergers and acquisitions in western countries, and has experienced three waves of mergers and acquisitions. In fact, only successful M & A can help enterprises to improve their business performance, and the effect of M & A is the result of multi-game. Therefore, it is necessary to make clear the influence of M & A activities on corporate performance, to study the trend of M & A performance, to put forward some practical countermeasures and suggestions, to improve the M & A performance of listed companies and to give full play to the synergistic effect of M & A. It is of great theoretical and practical significance to standardize the securities capital market and promote the stable development of the financial market. This paper bases on the M & A market in China, based on the existing research results of M & A performance at home and abroad, firstly analyzes the principle and efficiency of different M & A models by using economic theory. Secondly, 316 listed companies with M & A events in Shanghai and Shenzhen stock markets in 2008 are selected as the research objects. Based on the accounting research method, the M & A performance evaluation index system is established, and the factor analysis is used. Combining principal component analysis and trend analysis, this paper makes an empirical study on M & A performance of sample companies before and after merger and acquisition. Finally, according to different classification criteria, sample companies are divided into equity M & A, asset M A and horizontal M A, vertical M & A, mixed M A, and the trends of M A performance under different M & A modes are compared and analyzed. Through empirical analysis, this paper draws the following conclusions: 1) M & A behavior improves the company's operating performance to a certain extent (2) the M & A performance of both M & A companies is not consistent. 3) the M & A performance of equity M & A is better than that of asset M A. M & A performance under vertical and mixed M & A is different. 5) A / M / M There is government intervention in M & A of listed companies in China. Based on the above conclusions, this paper puts forward some suggestions on how to improve the performance of M & A and bring into play the synergetic effect of M & A at the three levels of government, enterprise and social intermediary. The research in this paper expands the perspective of M & A performance of listed companies in China, inherits and develops the theoretical achievements of M & A performance to a certain extent, and can be used for the regulation and regulation of government, the merger and acquisition integration of enterprises. The investor's investment decision and the intermediary's participating service provide reasonable and operable reference and help to bring the M & A effect into full play and promote the continuous improvement and development of our country's securities capital market.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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