旅游行业上市公司并购绩效实证研究

发布时间：2018-01-05 05:09

本文关键词：旅游行业上市公司并购绩效实证研究　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来,在我国加快推进经济转型和产业升级,以可持续发展为目标的大背景下,大力发展旅游产业成为我国很多地区的选择。随着我国人民生活水平的不断提高以及我国国际地位的提升,旅游产业存在巨大的发展空间。作为旅游产业重要组成的旅游企业近年来高速成长,无论从企业的资产规模还是经营效率都比过去都有大幅度的提升,但与世界上优秀旅游企业相比依然存在许多有待改善的地方。企业并购既是企业发展的重要途径,也是市场重新配置社会资源的有力手段。随着我国市场经济体制的进一步完善和现代企业制度的逐步建立,相关法规政策的出台,股权分置改革的全面开展以及资本市场的国际化,旅游企业通过并购实现快速扩张将逐渐成为企业实现发展的主要途径。但是对于国内旅游行业企业并购方面的研究尚不成熟,企业并购绩效的研究处于起步阶段。本文在现有研究的基础上,首先对我国旅游行业上市公司并购的动因和并购绩效进行了理论分析,接下来以2006到2011年我国旅游行业上市公司所实施的14个并购事件为样本,使用由8个财务指标组成的企业综合绩效财务指标评价模型,以财务指标评价法作为并购绩效研究方法,运用因子分析法对相关数据进行统计分析,对企业实施并购前后的整体绩效表现进行了实证研究。研究的结果表明：首先,从整体上看旅游行业上市公司实施并购当年和并购后一年公司的综合绩效得到了一定程度提升,但接下来绩效普遍下滑；其次,目前我国旅游企业实施的并购主要以横向并购和纵向并购为主,从综合绩效表现来看横向并购绩效优于纵向并购的绩效表现,但这种差异并不具有统计显著性；最后,并购双方是否为构成关联交易对旅游企业并购绩效表现影响显著,从整体上看非关联交易的绩效表现要好于关联交易的绩效表现。在论文的最后,结合实证研究的结果,从旅游企业发展战略、并购后的整合策略、并购的外部市场环境等方面,深入分析了现阶段旅游企业并购过程中存在的问题,提出了相关的对策和建议。
[Abstract]:In recent years, in our country to accelerate the economic transformation and industrial upgrading, with the goal of sustainable development as the background. Vigorously developing tourism industry has become the choice of many areas in China. With the continuous improvement of the living standards of our people and the promotion of our international status. Tourism industry has a huge space for development. As an important component of the tourism industry, tourism enterprises have grown rapidly in recent years, both in terms of the scale of assets and operating efficiency of enterprises have greatly improved compared with the past. However, compared with the excellent tourism enterprises in the world, there are still many areas to be improved. M & A is an important way for the development of enterprises. It is also a powerful means for the market to reconfigure social resources. With the further improvement of our market economy system and the gradual establishment of modern enterprise system, relevant laws and regulations have been issued. The overall development of the split share structure reform and the internationalization of the capital market. Tourism enterprises through mergers and acquisitions to achieve rapid expansion will gradually become the main way to achieve the development of enterprises, but the domestic tourism industry M & A research is not yet mature. The research of M & A performance is still in its infancy. On the basis of the existing research, this paper makes a theoretical analysis on the causes and performance of M & A of listed companies in the tourism industry in China. Then, based on the 14 M & A events carried out by listed companies in tourism industry from 2006 to 2011, we use the comprehensive performance financial index evaluation model which consists of 8 financial indicators. Taking the financial index evaluation method as the research method of M & A performance, using factor analysis method to carry on the statistical analysis to the related data. The overall performance of enterprises before and after the implementation of mergers and acquisitions is studied empirically. The results show that: first of all. On the whole, the comprehensive performance of the tourism industry listed companies in the year of merger and acquisition and one year after M & A has been improved to a certain extent, but the performance has generally declined; Secondly, at present, the tourism enterprises in China mainly implement horizontal mergers and vertical mergers and acquisitions, from the comprehensive performance of horizontal mergers and acquisitions performance than vertical mergers and acquisitions performance performance. But the difference is not statistically significant. Finally, whether the two sides of M & A has a significant impact on the performance of M & A performance of tourism enterprises as a whole, the performance of non-affiliated transactions is better than that of related party transactions. At the end of the paper. Combined with the results of empirical research, from the development strategy of tourism enterprises, the integration strategy after M & A, the external market environment of M & A, this paper deeply analyzes the existing problems in the process of M & A of tourism enterprises at this stage. The relevant countermeasures and suggestions are put forward.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F592.6

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