我国房地产上市公司并购绩效及影响因素实证分析

发布时间：2018-01-16 08:19

本文关键词：我国房地产上市公司并购绩效及影响因素实证分析　出处：《北京林业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的蓬勃发展,并购作为企业发展的一种重要方式,在公司的资源优化配置和业务整合方面起到了举足轻重的作用。越来越多的国内外学者开始关注并购及并购绩效的问题,他们从不同角度使用不同方法对公司的并购绩效进行了研究,但是并没有得出统一的结论。并且虽然对于并购的研究很多,但是从某一个行业入手来研究并购绩效的却很少,每个行业的特殊性决定了并购对其业绩的影响是不一样的。木文选取了当前在并购市场活动活跃的房地产行业作为研究对象,选取了2009年发生并购的121家房地产上市公司作为研究样本,采用财务指标法,从公司的偿债能力、盈利能力、运营能力和发展能力四个方面选取12个财务指标,利用因子分析法提取主因子,计算各因子得分并建立评价并购绩效的综合得分模型。为了作进一步研究,本文还根据并购动因理论和参考已有文献,对影响房地产上市公司并购绩效的因素提出假设,并使用回归方法检验影响因素对并购绩效的影响方向和程度。根据实证结果,本文结合当前房地产行业的具体形势从政府、行业、企业三个角度提出意见和建议。
[Abstract]:With the rapid development of Chinese economy, M & A is an important way of enterprise development. It plays an important role in the optimization of resource allocation and business integration. More and more domestic and foreign scholars begin to pay attention to M & A and M & A performance. They used different methods to study the performance of M & A from different angles, but they did not draw a unified conclusion, and although there is a lot of research on M & A. However, there are few researches on M & A performance from a certain industry. The particularity of each industry determines that the impact of M & A on its performance is different. The paper selects the real estate industry which is active in the M & A market as the research object and 121 listed real estate companies which took place in 2009 as the research sample and adopts the financial index method. From the company's solvency, profitability, operational capacity and development capacity of four aspects of the selection of 12 financial indicators, using factor analysis to extract the main factors. In order to further study, this paper also based on M & A motivation theory and reference literature. This paper makes assumptions on the factors that affect the performance of M & A of real estate listed companies, and uses regression method to test the direction and extent of influencing factors on M & A performance. According to the empirical results. According to the specific situation of the real estate industry, this paper puts forward the opinions and suggestions from three angles of government, industry and enterprise.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F299.233.4

【参考文献】