我国A股上市房地产公司并购绩效实证研究

发布时间：2018-01-16 20:15

本文关键词：我国A股上市房地产公司并购绩效实证研究　出处：《上海交通大学》2015年硕士论文　论文类型：学位论文

【摘要】：在房地产行业并购市场日益火热的态势下,该行业并购绩效及其影响因素的课题也成为国内外诸多学者与专家致力于探索的热点。本文采用会计指标法,以我国A股上市房地产企业在2000-2012年间发生的274并购交易为研究样本,先是以5个方面共14个财务指标作因子分析,研究发生并购的公司在并购前一年到并购后二年共4年的业绩得分变化。然后以绩效得分作为因变量,基于房地产行业特征,选取并购、行业、公司3个方面共10个变量作多元回归,从而了解究竟是哪些因素影响了上市房地产企业的并购绩效。为了研究不同阶段各个因素的显著程度与正负相关性,同时考虑到因变量和自变量之间可能存在某种双向作用,本文选取两阶最小二乘法回归作为分析工具,进而有效分析出对并购绩效有着显著影响的因素。研究不仅研究了行业整体,还分类研究了绩优房地产企业和绩差房地产企业,分析两者同异。实证分析结果表明上市房地产公司并购绩效随着并购事件发生前中后的时间不-样,行业总体绩效在均值上体现趋近于零,但是在趋势上面是有显著的变化的。并购当年的并购绩效均值相较于并购前一年有显著下降,而并购后的一年绩效均值有所回升,到并购后第二年经营绩效也有稍微的上升。从影响并购绩效原因来看,前十大股东持股比例和机构持股比例对企业并购绩效有显著性的正相关,这说明前十大股东持股比例越高,机构持股比例越多的企业,其业绩一般都较好。综上所述,本研究基于财务指标法,并采用统计上的因子分析和回归分析,描述并购前后绩效的变化,并找出产生并购变化的影响因素,为并购决策提供了依据和借鉴。
[Abstract]:In the real estate industry mergers and acquisitions market increasingly hot trend, the industry mergers and acquisitions performance of the project has become a hotspot of many domestic and foreign scholars and experts to explore. This paper uses the accounting index method in China A shares listed real estate companies in 2000-2012 years 274 mergers and acquisitions as the research sample, first in 5 a total of 14 financial indicators for factor analysis, research on mergers and acquisitions in the performance score changes before M & a year to two years after the merger for 4 years. Then the performance scores as the dependent variable, based on the characteristics of real estate industry from 3 aspects of industry, mergers and acquisitions, the company a total of 10 variables multiple regression, in order to understand what factors influence the performance of mergers and acquisitions of listed real estate enterprises. In order to study the degree of different stages was significantly correlated with positive and negative factors, taking into account the dependent variable and independent variable There may be a two-way action, this paper selects two stage least squares regression analysis as the analysis tool, and effective factors have a significant impact on the performance of mergers and acquisitions. The research not only studied the industry as a whole, but also the classification of blue chip real estate enterprises and the poor performance of real estate enterprises, analyze their similarities and differences. The empirical results show that the performance of mergers and acquisitions of listed Real Estate Company with mergers and acquisitions before the incident in time - like, the overall performance in the industry average of close to zero, but the trend in the above is a significant change. The mean acquisition performance of mergers and acquisitions when compared to the year before the merger and acquisition has dropped significantly, a year after the average performance is again, to second years after the merger performance has increased slightly. The performance of mergers and acquisitions from the impact point of view, the proportion of top ten shareholders and the proportion of institutional ownership of enterprises and There is a significant positive correlation to purchase performance, which shows that the proportion of top ten shareholders with higher proportion of institutional ownership of more enterprises, its performance is generally better. In summary, this study is based on the financial index method, and using factor analysis and regression analysis in statistics, describes the changes of performance before and after merger, and find out the influencing factors M & a produce change, provides a basis and reference for the acquisition decision.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F299.233.4

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