中国制造业上市公司海外并购绩效—评价模型和实证研究

发布时间：2018-01-08 20:02

本文关键词：中国制造业上市公司海外并购绩效—评价模型和实证研究　出处：《浙江工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着经济全球化进程的不断推进,我国海外并购发展势头强劲,其中制造业海外并购更为引人注目。本文在回顾和总结国内外学者研究的基础上,以2003-2011年发生的50起制造业海外并购案例作为研究对象,对沪深两市上市公司的海外并购绩效问题进行分析。本文采用基于会计指标法和事件研究法的综合评价矩阵对海外并购绩效进行实证研究,分别测算了企业并购前后总体短期绩效和长期绩效的变化,以及单个企业的综合并购绩效,在此基础上,对影响经营绩效的相关因素进行分样本分析。结果表明,制造业企业的海外并购能够给上市公司股东带来一定的财富增值,海外并购事件对公告日前后的二级市场股价的波动和股东财富创造影响均存在显著的差异。但是海外并购企业的长期经营绩效并未得到实质性地改善。长期绩效方面,以欧洲企业为目标公司的并购绩效优于以亚洲、美洲和大洋洲地区企业为目标的,民营控股上市公司优于国有控股上市公司,绝对控股企业优于非绝对控股企业,但是短期绩效方面呈现相反结论。研究结果对提升中国企业海外并购绩效有着重要的现实意义。
[Abstract]:With the development of economic globalization, the development of overseas M & A in China is strong, and the overseas M & A of manufacturing industry is more attractive. This paper reviews and summarizes the research of scholars at home and abroad. Taking 50 cases of overseas M & A in manufacturing industry from 2003 to 2011 as the research object. This paper analyzes the performance of overseas M & A of listed companies in Shanghai and Shenzhen stock markets. This paper makes an empirical study on the performance of overseas M & A by using the comprehensive evaluation matrix based on accounting index method and event research method. The changes of overall short-term performance and long-term performance before and after M & A, as well as the comprehensive M & A performance of a single enterprise are measured, and on this basis. The results show that the overseas M & A of manufacturing enterprises can bring a certain amount of wealth added to the shareholders of listed companies. The impact of overseas M & A events on the stock price fluctuation and shareholder wealth creation in the secondary market before and after the announcement date is significantly different, but the long-term operating performance of overseas M & A enterprises has not been substantially improved. Aspects. The M & A performance of European enterprises is better than that of Asian, American and Oceania enterprises. Private holding listed companies are superior to state-owned listed companies. The absolute holding company is superior to the non-absolute holding enterprise, but the short-term performance shows the opposite conclusion. The research results have important practical significance to improve the performance of overseas mergers and acquisitions of Chinese enterprises.
【学位授予单位】：浙江工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F425

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