外资并购中国上市公司的绩效研究

发布时间：2018-01-01 17:22

本文关键词：外资并购中国上市公司的绩效研究　出处：《厦门大学》2014年硕士论文　论文类型：学位论文

【摘要】：近年来,随着并购投资环境改善,在华跨国并购额也开始上升。由于外资并购可能对中国一些产业安全带来一定挑战,引发了社会各界对跨国并购是否会形成对中国重要行业垄断和控制、自主品牌受到威胁、自主技术研发能力下降的担忧。但外资并购作为跨国公司进入东道国市场的一种重要模式,也会为中国利用外资提供良好的机遇。因此,需要更全面地认识外资并购对中国企业绩效的影响,从而充分利用外资并购以促进中国企业和产业的发展,并通过完善法规和有效监管以防范外资并购可能产生的不利影响。本文在理论分析在华外资并购动因及外资并购绩效效应等相关理论的基础上,搜集了1995-2009年期间外资并购我国上市公司的78起并购案例,采用因子分析法、会计研究法对上市公司在外资并购前后的经营绩效效应进行了实证检验。然后根据目标企业是否是制造业企业、并购后外资是否控股或者是否是第一股东、以及外方企业的国别情形进行分组实证分析。第六章给出了结论和政策建议。实证结果表明,就整体样本而言,并购当年,我国上市公司的绩效有所改善,但是这种改善并不具有持续性。分组实证分析表明,当目标企业为制造业企业时,尽管并购当年,企业绩效呈下降趋势,但在整个研究区间内企业绩效波动式上升,非制造业则呈现出相反的变化趋势；当并购后外资控股或者外资为第一股东时,企业绩效呈现整体上升趋势,外资没有控股或是外资不是第一股东的样本,呈现相反的变化趋势；当并购主体是港台企业时,并购后企业的绩效呈现持续上升趋势,当并购主体来自其他地区时,呈现出持续下降的趋势。
[Abstract]:In recent years, with the improvement of M & A investment environment, the amount of cross-border M & A in China has also begun to rise, because foreign M & A may bring some challenges to the security of some industries in China. Triggered by the community whether cross-border mergers and acquisitions will form a monopoly and control of important industries in China, the independent brand is threatened. However, as an important mode for multinational companies to enter the host country market, foreign M & A will also provide a good opportunity for China to utilize foreign capital. We need to fully understand the impact of foreign M & A on the performance of Chinese enterprises so as to make full use of foreign M & A to promote the development of Chinese enterprises and industries. And through the improvement of laws and regulations and effective supervision to prevent the possible adverse effects of foreign mergers and acquisitions. Based on the theoretical analysis of the causes of foreign capital mergers and acquisitions in China and the performance effect of foreign capital mergers and acquisitions, this paper collects 78 cases of foreign capital mergers and acquisitions of listed companies in China from 1995 to 2009. Using factor analysis and accounting research method, this paper empirically tests the performance effect of listed companies before and after foreign M & A. and then according to whether the target enterprise is a manufacturing enterprise. Whether the foreign capital is controlling or is the first shareholder after the merger and acquisition, and the country situation of the foreign enterprises are analyzed by group empirical analysis. Chapter 6th gives the conclusions and policy recommendations. The empirical results show that, as far as the overall sample is concerned, the performance of Chinese listed companies has improved in the year of M & A, but this improvement is not sustainable. When the target enterprise is a manufacturing enterprise, although the performance of M & A shows a downward trend in the year of M & A, the enterprise performance fluctuates in the whole period of study, while the non-manufacturing industry shows the opposite trend. When the foreign capital holding or the foreign capital is the first shareholder after the merger and acquisition, the enterprise performance presents the overall upward trend, the foreign capital does not have the holding or the foreign capital is not the sample of the first shareholder, presents the opposite change trend; When the main body of M & A is Hong Kong and Taiwan enterprises, the performance of M & A enterprises shows a rising trend after M & A, while the main body of M & A from other regions shows a continuous downward trend.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F279.2;F832.6

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