外资并购对沪深两市上市公司财务核心能力的影响研究

发布时间：2018-07-02 07:07

本文选题：外资 + 并购　；参考：《浙江工业大学》2013年硕士论文

【摘要】：外资并购在我国发展了20余年,一直是我国促进经济发展的重要内容。沪深两市的上市公司更是外资并购浪潮中的热点。外资并购对我国企业的财务核心能力有什么影响?这种影响是否显著?这种影响在各个时期有什么变化?这是我国学术界、政界和商界都十分关心的问题,也正是本文所要研究的问题。当前国内外的学者主要从并购动因和并购绩效两个方面对外资并购进行研究。目前还没有学者研究外资并购对企业财务核心能力的影响。随着企业财务核心能力理论的不断发展和日趋成熟,本文首次尝试将财务核心能力理论运用于外资并购的研究中,以揭示外资并购对我国被并购企业的财务核心能力的影响。本文的研究样本为2002～2009年间发生的外资对我国沪深两市上市公司进行并购的案例。本文在对比已有研究成果的优缺点后,自创一套企业财务核心能力评价指标体系,综合运用因子分析法和配对样本T检验,以比较分析并购前后企业财务核心能力的变化情况。并从三个并购要素(政府态度：鼓励或者限制、并购相关性、主并公司地区差异)角度,深入考察不同的并购要素对目标公司的财务核心能力变化是否有显著影响。结果表明,上市公司在被外资并购之后,企业财务核心能力总体上有所提升。并购后一年和并购后两年呈显著增长趋势,这种增长趋势在并购后两年达到最大,但是并购后三年又出现下降的情况。外资并购使企业发展能力和企业盈利能力得到显著提升；营运能力也得到一定程度的增长；而企业偿债能力略微降低。鼓励性并购比限制性并购提升目标公司财务核心能力的效果更显著；相关并购相对于非相关并购,更能提高目标公司的财务核心能力；主并公司为非香港地区的比主并公司为香港地区的能更显著地提升目标公司财务核心能力。
[Abstract]:Foreign M & A has been developing for more than 20 years in China and has been an important part of promoting economic development in China. The listed companies in Shanghai and Shenzhen are hot spots in the tide of foreign M & A. What is the impact of foreign M & A on the core financial competence of Chinese enterprises? Is the impact significant? How has this effect changed over time? This is an issue of great concern to the academic, political and commercial circles of our country, and is also the problem to be studied in this paper. At present, scholars at home and abroad mainly from M & A motivation and M & A performance two aspects of foreign M & A research. At present, there are no scholars to study the impact of foreign M & A on corporate financial core competence. With the development and maturity of the core financial competence theory, this paper first attempts to apply the financial core competence theory to the study of foreign capital M & A in order to reveal the influence of foreign capital M & A on the financial core competence of Chinese enterprises under merger. The research sample of this paper is a case of foreign capital merger and acquisition of listed companies in Shanghai and Shenzhen stock markets in 2002 and 2009. After comparing the advantages and disadvantages of the existing research results, this paper creates a set of evaluation index system of enterprise financial core competence, and synthetically applies factor analysis method and paired sample T test to compare and analyze the changes of enterprise financial core competence before and after merger and acquisition. From the angle of three elements of M & A (government attitude: encouragement or restriction, M & A correlation, regional differences between main and joint companies), this paper makes a thorough study on whether different M & A elements have significant influence on the change of financial core competence of target companies. The results show that after M & A, the core financial competence of listed companies has been improved. One year after M & A and two years after M & A showed a significant increase trend, this trend of growth reached the largest in the two years after M & A, but then decreased three years after M & A. Foreign M & A has greatly improved the development ability and profitability of enterprises; its operating capacity has also increased to a certain extent; and the ability to repay debt has been slightly reduced. Encouragement M & A is more effective than restrictive M & A in improving the target company's financial core competence, relative M & A can improve the target company's financial core competence better than non-related M A. The company is a non-Hong Kong company and can significantly enhance the core financial competence of the target company than that of the master co-owner company in Hong Kong area.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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