外资并购我国制造业上市公司的绩效研究
发布时间：2018-11-15 15:43
【摘要】：外资并购即外国资本对我国企业的合并与收购。自2002年以来,国际上外资并购开始蓬勃发展,尤其是近年来外资并购我国企业的案例也越来越多。在如此的大环境之下,外资并购对我国企业的绩效到底怎样?在发生外资并购这一行为之后,被并购企业的价值是增加还是减少了?许多人都迫切地想要知道答案。 国内一些学者通过分析研究,认为当外资并购我国企业之后,国内被并购公司的股东财富增长并不显著。但也有些学者经研究后认为,在很长的一段时间,目标公司的股东也显著增加财富,同时也提高了目标公司的经营绩效。 本文作者在学习和借鉴前人相关领域研究成果的基础上,对被外资并购的国内公司的绩效进行实证分析。本文以2004-2010年间完成外资并购的国内制造业上市公司为研究对象,分别分析被外资并购之后国内公司的短期绩效与长期绩效的变化。在分析短期绩效时,本文采用事件研究法来分析外资并购公告日前后被并购目标公司股票的累计超额收益率的走势,以此推断外资并购对样本公司的股东财富影响；在研究长期绩效时,本文采用会计研究法,用主成分分析法比较分析并购前后样本公司经营业绩的变化,并分析外资并购对样本公司经营业绩的影响。 结果显示,短期内外资并购对被并购目标公司的股东有显著正的短期财富效应。从并购后第1年上市公司业绩有了明显的加速下降趋势,而在随后的并购后第2年,上市公司的业绩下滑速度开始放缓。总的来说,外资并购并未使我国制造业上市公司的绩效得到改善。
[Abstract]:Foreign capital M & A is the merger and acquisition of Chinese enterprises by foreign capital. Since 2002, foreign capital M & A has been booming in the world, especially in recent years, there are more and more cases of foreign capital merger and acquisition of Chinese enterprises. In such a big environment, what is the performance of foreign M & A to Chinese enterprises? After the behavior of foreign M & A, is the value of M & A increased or decreased? Many people are eager to know the answer. Through the analysis and research, some domestic scholars think that the shareholder wealth of the domestic acquired companies does not increase significantly after the foreign capital merger and acquisition of Chinese enterprises. However, some scholars believe that in a long period of time, the shareholders of the target company also significantly increase their wealth, and also improve the performance of the target company. On the basis of studying and referring to the previous research achievements, the author makes an empirical analysis on the performance of domestic companies acquired by foreign capital. This paper analyzes the changes of short-term and long-term performance of domestic manufacturing companies which completed foreign M & A between 2004 and 2010. In the analysis of short-term performance, this paper uses the event study method to analyze the trend of the cumulative excess return rate of the target company stock before and after the announcement date of the foreign capital merger and acquisition, so as to infer the influence of the foreign capital merger and acquisition on the shareholder wealth of the sample company. In the study of long-term performance, this paper uses accounting research method, using principal component analysis method to compare and analyze the changes of sample companies' business performance before and after mergers and acquisitions, and analyzes the impact of foreign capital mergers and acquisitions on sample companies' operating performance. The results show that foreign M & A has a significant positive short-term wealth effect on the shareholders of the target company in the short term. There was a marked acceleration in the decline in earnings from the first year of the merger, while the decline began to slow in the second year of the subsequent merger. In general, foreign M & A has not improved the performance of listed manufacturing companies in China.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.72;F425;F271
本文编号：2333716
[Abstract]:Foreign capital M & A is the merger and acquisition of Chinese enterprises by foreign capital. Since 2002, foreign capital M & A has been booming in the world, especially in recent years, there are more and more cases of foreign capital merger and acquisition of Chinese enterprises. In such a big environment, what is the performance of foreign M & A to Chinese enterprises? After the behavior of foreign M & A, is the value of M & A increased or decreased? Many people are eager to know the answer. Through the analysis and research, some domestic scholars think that the shareholder wealth of the domestic acquired companies does not increase significantly after the foreign capital merger and acquisition of Chinese enterprises. However, some scholars believe that in a long period of time, the shareholders of the target company also significantly increase their wealth, and also improve the performance of the target company. On the basis of studying and referring to the previous research achievements, the author makes an empirical analysis on the performance of domestic companies acquired by foreign capital. This paper analyzes the changes of short-term and long-term performance of domestic manufacturing companies which completed foreign M & A between 2004 and 2010. In the analysis of short-term performance, this paper uses the event study method to analyze the trend of the cumulative excess return rate of the target company stock before and after the announcement date of the foreign capital merger and acquisition, so as to infer the influence of the foreign capital merger and acquisition on the shareholder wealth of the sample company. In the study of long-term performance, this paper uses accounting research method, using principal component analysis method to compare and analyze the changes of sample companies' business performance before and after mergers and acquisitions, and analyzes the impact of foreign capital mergers and acquisitions on sample companies' operating performance. The results show that foreign M & A has a significant positive short-term wealth effect on the shareholders of the target company in the short term. There was a marked acceleration in the decline in earnings from the first year of the merger, while the decline began to slow in the second year of the subsequent merger. In general, foreign M & A has not improved the performance of listed manufacturing companies in China.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.72;F425;F271
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