我国上市公司跨界并购模式及绩效研究

发布时间：2018-03-01 20:35

本文关键词： 跨界并购并购模式企业绩效　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业并购是企业快速扩张的一种方式。1984年我国出现了首例并购事件,拉开了我国企业并购的帷幕。随着1990年我国证券市场的出现,我国上市公司的并购事件也随之而来。如今,我国上市公司的并购事件已经屡见不鲜。最初上市公司进行并购目的主要是行业内横向调整,所以很少出现跨界并购的事件。近年来,随着经济的全球化发展,我国上市公司获得了更大的机遇与挑战。在进行并购时,有些公司是为了业务转型、有些公司是基于多元化战略、有些并购就是非上市公司的借壳上市的第一步。在多样化的并购目的下,跨界并购已经蔚然成风。目前,跨界并购在学术界还没有一个明确的定义,也没有学者对跨界并购的跨度做探讨。首先,本文将对跨界并购的定义与跨度进行界定,分析我国上市公司跨界并购的目的与模式。其次,采用实证的方法研究上市公司跨界并购对企业绩效的影响。以2012年进行跨界并购的上市(深证、上证)公司为样本,采用事件研究法的市场调整模型来研究跨界并购对企业短期绩效的影响,采用会计研究法的财务指标净资产收益率(ROE)来研究跨界并购对这些公司的长期绩效的影响。进一步,以实证数据为依托,分析不一样的跨度的跨界并购对绩效的影响,以及不一样模式的跨界并购对绩效的影响。实证结果表明:(1)企业跨界并购对我国上市(深证、上证)公司的短期绩效有正面影响;(2)企业跨界并购对我国上市(深证、上证)公司的长期绩效没有明显影响;(3)不同跨度(跨度1、跨度2、跨度3)的跨界并购具有不同的并购效果;(4)不同模式的跨界并购具有的并购效果显著不同。
[Abstract]:M & A is a way of rapid expansion of enterprises. In 1984, the first case of M & A occurred in China, which opened the curtain of M & A in China. With the emergence of China's securities market in 1990, the M & A of listed companies in China also followed. Mergers and acquisitions of listed companies in China have been common. At first, the purpose of mergers and acquisitions of listed companies was mainly horizontal adjustment within the industry, so there are few incidents of cross-border mergers and acquisitions. In recent years, with the development of economic globalization, China's listed companies have been given greater opportunities and challenges. In mergers and acquisitions, some companies are for business transformation, while others are based on diversification strategies. Some mergers and acquisitions are the first step in the backdoor listing of non-listed companies. Cross-border mergers and acquisitions have become popular in the context of diversified mergers and acquisitions. At present, there is no clear definition of cross-border mergers and acquisitions in academia. First, this paper will define the definition and span of cross-border mergers and acquisitions, analyze the purpose and mode of cross-border mergers and acquisitions of listed companies in China. Using the empirical method to study the impact of cross-border M & A on the performance of listed companies. Taking the listed companies (Shenzhen Stock Exchange, Shanghai Stock Exchange) of cross-border M & A in 2012 as a sample, The market adjustment model of event research method is used to study the impact of cross-border M & A on the short-term performance of enterprises, and the financial index of accounting research is ROEE to study the impact of cross-border M & A on the long-term performance of these companies. Based on the empirical data, this paper analyzes the impact of cross-border mergers and acquisitions with different span on performance and the impact of cross-border mergers and acquisitions of different patterns on performance. The empirical results show that: 1) Cross-border mergers and acquisitions of enterprises are listed in China (Shenzhen Stock Exchange, Shenzhen Stock Exchange). Shanghai Stock Exchange) the short-term performance of the company has a positive impact on China's listing through cross-border mergers and acquisitions (Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shanghai) the long-term performance of the company does not significantly affect the performance of the company (span 1, span 2, span 3) Cross-border M & A has different M & A effects; different modes of cross-border M & A have significantly different M & A effects.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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