外资并购对我国上市公司绩效影响的研究

发布时间：2018-06-07 03:38

本文选题：外资并购 + 上市公司　；参考：《上海交通大学》2012年硕士论文

【摘要】：近年来，外资并购国内上市公司的活动日渐活跃，并购的规模和影响力也越来越大。通过研究外资并购我国上市公司的绩效影响，得出外资并购对绩效影响的一般性结论，对今后合理有效地利用外资具有十分重要的现实意义。本文首先采用事件研究法(累计平均超额收益率法)，通过分析并购前后股票二级市场上的超额收益，对外资并购国内上市公司的市场绩效进行短期研究；还会采用会计研究法（财务指标分析法），通过分析选定的财务指标，对外资并购国内上市公司的财务绩效进行相对长期的研究。本文所选取的研究样本是1999年至2008年期间发生外资并购、控股权发生转移或者被并购公司的经营管理因此受到重大影响的28家国内上市公司。所运用的具体研究方法是累计平均超额收益率法和财务指标分析法。以累计平均超额收益率法来研究股票市场上的短期绩效时，研究期限为并购事件日前后各30个交易日，，对研究期内的累计平均超额收益率进行分析；以财务指标分析法来做长期的财务绩效研究时，研究期限为并购发生的前一年、当年及后两年，选取充分体现盈利能力、运营能力和成长能力的5个核心财务指标进行分析。研究结果表明：一方面，样本公司在并购事件日后的累计平均超额收益率显著高于在并购事件日前的累计平均超额收益率，外资并购改善了上市公司的短期市场绩效；另一方面，财务指标的分析反映出外资并购的上市公司在并购后的财务业绩上也显示出了正的收益，说明外资并购改善了上市公司的长期财务绩效。所以，外资并购给目标上市公司的短期和长期绩效都带来了改善。为了进一步发挥外资并购的积极作用和消除外资并购存在的风险因素，需要向政府层面和企业层面都提出合理建议。政府部门应建立完善的外资并购法律体系，加强对外资并购的审核和引导职能，发展产权市场，改善并购环境；国内企业应清楚自身的价值，有策略地选择外资并购方，引入竞争机制，注重并购后的实质整合，防范外资并购中的投机行为。
[Abstract]:In recent years, the activity of foreign capital merger and acquisition of domestic listed companies is becoming more and more active, and the scale and influence of M & A are also increasing. By studying the effect of foreign capital merger and acquisition on the performance of listed companies in China, the general conclusion of foreign capital merger and acquisition on performance is obtained, which is of great practical significance for the rational and effective utilization of foreign capital in the future. In this paper, the event research method (cumulative average excess return method) is used to study the market performance of domestic listed companies by analyzing the excess returns in the secondary stock market before and after mergers and acquisitions. Accounting research method (financial index analysis method) will also be used to study the financial performance of domestic listed companies through the analysis of selected financial indicators. The research sample selected in this paper is the 28 domestic listed companies whose foreign capital M & A occurred from 1999 to 2008, which resulted in the transfer of controlling rights or the operation and management of the acquired companies. The specific research methods used are cumulative average excess return method and financial index analysis method. When the method of cumulative average excess return is used to study the short-term performance in stock market, the period of study is 30 trading days before and after the merger and acquisition event, and the cumulative average excess return in the research period is analyzed. When the long-term financial performance research is done by the method of financial index analysis, the research period is one year before the merger and acquisition, then and two years later, five core financial indexes which fully reflect the profitability, the operation ability and the growth ability are selected to analyze. The results show that, on the one hand, the cumulative average excess return of the sample companies after the M & A event is significantly higher than that before the M & A event, and foreign M & A improves the short-term market performance of listed companies; On the other hand, the analysis of financial indicators shows that the financial performance of the listed companies with foreign capital mergers and acquisitions also shows positive returns, which indicates that foreign capital mergers and acquisitions have improved the long-term financial performance of listed companies. Therefore, foreign M & A has improved both the short-and long-term performance of the target listed companies. In order to further play the positive role of foreign capital M & A and eliminate the risk factors of foreign capital M & A, it is necessary to put forward reasonable suggestions to both government level and enterprise level. Government departments should establish a sound legal system for foreign capital mergers and acquisitions, strengthen the audit and guidance functions of foreign capital mergers and acquisitions, develop the property rights market, and improve the environment of mergers and acquisitions. Introducing competition mechanism, paying attention to substantive integration after merger and acquisition, preventing speculation in foreign capital merger and acquisition.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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