上市公司横向并购资本运营绩效实证研究

发布时间：2018-03-04 03:16

本文选题：上市公司　切入点：横向并购　出处：《工业技术经济》2017年10期 　论文类型：期刊论文

【摘要】：为了突破经济发展瓶颈,兼并重组活动如火如荼,其中横向并购活动最为活跃。本文以2011~2015年49家上市公司为研究对象,采用因子分析法实证分析了上市公司横向并购前后2年资本运营绩效。结果表明:上市公司横向并购资本运行绩效总体呈现下降趋势,尚未达到预期目的。基于此,提出相关建议:首先,制定正确的并购目标。其次,经营管理者多借助于专业性价值评估机构,避免对被合并方估值过高。再次,不高估企业剩余资产管理能力。最后,调动员工积极性,开拓专属管理资源,做好企业人力资源整合工作。
[Abstract]:In order to break through the bottleneck of economic development, merger and reorganization activities are in full swing, among which horizontal mergers and acquisitions are the most active. This paper takes 49 listed companies from 2011 to 2015 as the research object. This paper empirically analyzes the capital operating performance of listed companies before and after horizontal mergers and acquisitions by using factor analysis. The results show that the overall performance of capital operation of horizontal mergers and acquisitions of listed companies shows a downward trend, which has not achieved the expected purpose. Put forward the relevant suggestions: first, set the correct M & A target. Secondly, business managers with the help of professional value evaluation institutions to avoid overvaluation of the merged party. Third, not overestimate the management capacity of the remaining assets of the enterprise. Finally, Mobilize the enthusiasm of employees, develop exclusive management resources, and do a good job in the integration of human resources.
【作者单位】：西安邮电大学经济与管理学院;雷丁大学商学院;
【基金】：陕西省软科学计划重点项目“科技支撑丝绸之路经济带发展对策研究”(项目编号:2015KRZ001) 陕西省西安市科技计划项目“西安网络金融发展研究——基于大数据的网络金融风险管理研究”(项目编号:SF1504) 陕西省教育厅哲学社会科学重点研究项目“陕西省金融信息化创新发展研究”(项目编号:14JZ048) 陕西省科技计划软科学研究计划“跨境移动支付对‘丝绸之路经济带’战略支撑作用与创新发展研究”(项目编号:2017KMR102)
【分类号】：F271;F832.51

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