基于EVA指标的我国房产业上市公司并购绩效研究

发布时间：2018-02-24 23:12

本文关键词： EVA 短期绩效长期绩效房产业　出处：《湘潭大学》2014年硕士论文　论文类型：学位论文

【摘要】：对并购重组无论是理论界还是实务界都认可其是企业迅速扩张的重要手段和捷径。由于并购过程中存在各种不确定因素，致使很多并购不能成功或虽成功但并未实现企业并购的预期目标。并购不仅仅是企业家用于企业迅速扩张的重要手段，同样也是理论界众学者热于研究的一个主题。近年来，我国房产业取得了蓬勃发展，但也由于房价的不断提高，国家也不断的推出了调控措施来抑制房价的过快增长。从2007、2008年开始，我国房产业开始迎来并购重组的浪潮，对并购方来讲，由于并购议价能力大幅降低，正是以低成本并购获取资源要素的大好时机。对被并购方来说，通过并购重组整合自身资源、选择退出或将项目转移以求获得更大的发展平台，也不失一个很好的选择。本文即从此背景出发来研究房产业的长短期并购绩效。对并购绩效的研究以往主要是采用传统的会件研究法和事件研究法，对并购短期绩效的研究，大多数学者都比较赞成并购后并购公司的短期绩效会得到提升；而在长期绩效研究方面一部分学者认为并购后并购公司的长期绩效的得到了提升，而另一部分学者认为并购后并购公司的长期绩效不升反降。而本文选用EVA指标法来考察并购公司并购后的绩效，并且本文通过只研究房产业的公司，试图得出一个统一的结论。本文首先概述了国内外关于并购绩效和EVA的研究，随后对并购理论进行了阐述，在第三章着重描述了EVA指标的优势及文章的模型设计，随后根据设计的模型对房产业上市公司并购绩效进行了实证检验。本文的研究结果显示，在短期方面与利用事件研究法的学者得出的结论出现了不一致，不论是横向还是混合并购，并购公司在并购后的短期内绩效有比较明显的提升，而且横向并购优于混合并购；但是并购后并购公司的长期绩效却不明显，由于各种原因，并购后整合并没有使并购公司的财富增加，但是混合并购使并购公司遭受的财富损失比横向并购更大。
[Abstract]:On mergers and acquisitions in both theory and practice have recognized the important means and shortcut is the rapid expansion of enterprises. Due to various uncertainties exist in the acquisition process, resulting in the expected goal of many mergers and acquisitions although not successful or successful but did not realize the merger. Mergers and acquisitions not only is an important means for the rapid expansion of entrepreneurial enterprises, a a theme is also the theoretical circles of scholars in the study of heat.
In recent years, China's real estate industry has achieved rapid development, but also because the price is increasing, countries continue to introduce measures to curb the excessive growth of prices. From the beginning of the 20072008 years, China's real estate industry began to usher in a wave of mergers and acquisitions, mergers and acquisitions on the side, greatly reduced by bargaining in mergers and acquisitions ability is a good time to obtain low cost acquisition resources. The merged party, integrate their own resources through mergers and acquisitions, opt out or transfer project in order to obtain greater development platform, is not a good choice. This paper starts from this background to study the real industry in the short term M & a performance. Research on the performance of mergers and acquisitions ever is the main research method and event study method with the traditional research on mergers and acquisitions, short-term performance, most of the scholars in favor of mergers and acquisitions after the company's short-term performance of mergers and acquisitions Get promoted; in terms of the long-term performance of a part of scholars believe that the long-term performance after merger & acquisition, was improved, while others think the long-term performance after merger & acquisition, falling instead of rising. And this paper chooses EVA index method to examine the corporate merger performance, and based only on the real the Industrial Company, trying to draw a unified conclusion.
This paper outlines the research on M & a performance and EVA at home and abroad, and then expatiates on the theory of M & A, in the third chapter describe the advantages and the model design of EVA index, then according to the design of the model of real estate listed company merger performance empirically.
The results of this study show that, in the short term and the use of event study scholars conclude there is not the same, whether horizontal or mixed mergers and acquisitions, mergers and acquisitions have obvious improvement in the short term performance after the merger, and horizontal merger is better than mixed mergers and acquisitions; but the long-term performance after merger & acquisition, is not obvious., due to various reasons, did not make the integration after the merger & acquisition, increase of wealth, but the company suffered mixed MampA merger loss of wealth is greater than the horizontal merger.

【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F299.233.42;F271

【参考文献】