电力上市公司并购绩效实证研究

发布时间：2018-03-23 17:21

本文选题：电力行业　切入点：上市公司　出处：《长沙理工大学》2014年硕士论文

【摘要】：我国正步入经济全面开放和全球化发展的时代,随着市场经济的进一步发展,并购成为企业扩大规模、增强整体实力的最佳途径。电力行业作为我国国计民生的基础,面临着并购的机遇和挑战,大规模的资产重组和资源整合势不可挡,并购的有效性不能被忽略,因此上市公司并购绩效的研究在电力行业有其现实意义。本文从理论基础、行业地位出发,建立评价模型,进行系统的实证分析,研究了在电力行业上市公司兼并绩效。基于财务指标的方法,选择2009—2012年在电力行业合并的15个上市公司为样本,运用基础性描述统计和因子分析法进行实证分析,比较合并前一年,合并当期,一年后,两年后的合并企业绩效的综合得分,研究结论如下：样本公司的并购绩效结果各不相同,有些上市公司并购绩效显著,综合得分逐年上升；有些企业的并购绩效结果并不理想,综合得分逐年下降,大部分样本公司的综合得分具有波动性规律,反映出并购绩效的持续性不足。从行业整体来看,电力行业上市公司的并购绩效整体上是一个先升后降的趋势,并购当期绩效就有所上升,并且上升范围还很大,在并购后第一年可以看到这是一个逐步变缓的趋势,第二年又开始有所下滑。总体说来,并购的效果不是很显著。最后,针对出现的问题,从电力行业上市公司并购出发,结合当前国家经济环境和经济政策,在实证分析的基础上,为了提高并购绩效,提出相应对策。
[Abstract]:With the further development of market economy, M & A has become the best way for enterprises to expand their scale and enhance their overall strength. Facing the opportunities and challenges of M & A, large-scale asset restructuring and resource integration are irresistible, and the effectiveness of M & A can not be ignored. Therefore, the research on M & A performance of listed companies has its practical significance in the electric power industry. Based on the method of financial index, 15 listed companies merged in power industry in 2009-2012 were selected as samples. By using basic descriptive statistics and factor analysis, this paper compares the comprehensive scores of the performance of the merged firms one year before, one year after the merger, one year after the merger, two years after the merger. The results of the study are as follows: the results of M & A performance of sample companies are different, some listed companies'M & A performance is remarkable, the comprehensive score is rising year by year, and some enterprises'M & A performance results are not ideal, the comprehensive scores are declining year by year. The comprehensive scores of most sample companies have volatility law, which reflects the lack of sustainability of M & A performance. From the overall view of the industry, the overall M & A performance of listed companies in the power industry is a trend of first rising and then declining. The performance of M & A in the current period has increased, and the scope of the increase is still very large. In the first year after the merger, we can see that this trend is gradually slowing down, and the following year has begun to decline. In general, the effect of M & A is not very significant. Finally, In view of the existing problems, starting from the M & A of listed companies in power industry, combining the current national economic environment and economic policies, on the basis of empirical analysis, in order to improve the performance of M & A, the corresponding countermeasures are put forward.
【学位授予单位】：长沙理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F271;F406.7

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