基于二次相对评价法的外资并购沪深两市上市公司绩效研究

发布时间：2018-07-16 11:54

【摘要】：随着中国经济国际化进程的推进,国内的并购市场得到了快速发展,外资并购活动持续增长。本文以微观层次的并购绩效为研究视角,对沪深两市上市公司的外资并购绩效问题进行研究。本文运用了国际直接投资理论和企业并购理论,在回顾和总结国内外学者研究的基础上,以2003～2009年间完成的50起外资并购案例为研究对象,采用基于因子分析的二次相对评价法分别检验外资并购对我国沪深两市上市公司的经营业绩和管理效率的影响,同时考察不同并购相关因素(并购方式、并购相关性、主并方地区、控股权地位)对于目标公司被并购前后的经营业绩和管理效率的变化是否存在显著性影响。研究结果表明,就经营业绩而言,外资并购有助于提升目标公司的经营业绩,但提升作用难以持续；就管理效率来说,外资并购对目标公司效率的改善作用很有限,长期来看,反而有导致恶化的趋势。此外,在并购相关因素的比较分析中,发现不同分类下各个子样本目标公司的经营业绩和管理效率的变化确实存在不同程度的差异,但在统计上并不显著。
[Abstract]:With the advancement of China's economic internationalization, the domestic M & A market has developed rapidly, and foreign M & A activities have continued to grow. From the perspective of micro level M & A performance, this paper studies the performance of foreign M & A of listed companies in Shanghai and Shenzhen stock markets. This paper applies the theory of international direct investment (FDI) and enterprise merger and acquisition (M & A). On the basis of reviewing and summing up the research of scholars at home and abroad, 50 cases of foreign M & A completed between 2003 and 2009 are taken as the object of study. The second relative evaluation method based on factor analysis is used to examine the impact of foreign capital M & A on the performance and management efficiency of listed companies in Shanghai and Shenzhen stock markets. At the same time, the factors related to M & A (M & A mode, M A correlation) are investigated. Whether there is significant influence on the change of operating performance and management efficiency of the target company before and after the merger and acquisition. The results show that, in terms of operating performance, foreign M & A can help to improve the target company's performance, but the promotion effect is not sustainable. In terms of management efficiency, foreign capital M & A has very limited effect on the improvement of target company's efficiency, in the long run, foreign capital M & A can improve the target company's efficiency. On the contrary, there is a tendency to worsen. In addition, in the comparative analysis of M & A related factors, it is found that the changes of operating performance and management efficiency of each sub-sample target company under different categories are different to different degrees, but not statistically significant.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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