我国房地产行业上市公司并购绩效研究

发布时间：2018-06-10 06:03

本文选题：房地产行业 + 上市公司　；参考：《天津财经大学》2013年硕士论文

【摘要】：面对当前中国市场不断加剧的市场竞争,企业必须不断探索在新形势下生存和发展的路径,而并购成为我国上市公司首选的外部成长战略。企业并购能够有效促进市场资源的优化配置,实现规模效应,增强企业在行业中的竞争实力。二十世纪以来我国各行业掀起了新一轮的并购热潮,特别是自2005年以来,国家先后出台了土地和信贷政策对房地产行业加强宏观调控,房地产产业结构随之调整,涌现了一批以并购谋求发展的房地产上市公司。对于并购活动能否改善企业经营绩效的问题,国内外学者进行了丰富的研究,虽然对于并购绩效的研究很多,但是大多是对全部行业的企业整体情况的研究,专门对某个行业的企业并购绩效的研究很少,由于每个行业具有不同的特征,并购活动对经营绩效的影响不同。本文基于中国上市公司的现状,在国内外学者理论探索的基础之上,对并购概念、并购动因和并购绩效的衡量方法进行了定义和分析,探索了我国房地产行业并购的现状。在实证部分,本文运用会计研究法,以2007-2009年发生并购活动的房地产上市公司为样本,获取时间窗口[t-1,t+2]四年的财务报表数据,采用因子分析法和多元线性回归的方法对并购中长期绩效进行研究。实证结果显示,样本公司在并购当年绩效明显上升,但是并购后第一年绩效下降,第二年继续下降但趋于平缓,整体上呈现出先升后降的效果,并没有给我国房地产企业带来预期正的并购效应。对于并购绩效影响因素的实证结果表明,是否关联交易和并购交易规模对并购绩效的基本无影响；流通股比例和并购公司第一大股东持股比例对并购绩效呈负相关的关系；并购公司第一大股东股份性质与并购绩效呈正相关关系。
[Abstract]:In the face of the increasingly fierce market competition in China, enterprises must constantly explore the path of survival and development under the new situation, and M & A has become the preferred external growth strategy for listed companies in China. M & A can effectively promote the optimal allocation of market resources, realize scale effect, and enhance the competitive strength of enterprises in the industry. Since the 20th century, there has been a new round of M & A upsurge in various industries of our country, especially since 2005, the state has successively introduced land and credit policies to strengthen the macro-control of the real estate industry, and the real estate industry structure has been adjusted accordingly. A number of mergers and acquisitions to seek development of the real estate listed companies emerged. Scholars at home and abroad have done a lot of research on whether M & A activities can improve the performance of enterprises. Although there are many researches on M & A performance, most of them are about the overall situation of enterprises in the whole industry. The research on M & A performance of a certain industry is rare. Because of the different characteristics of each industry, M & A activities have different effects on business performance. This paper is based on the current situation of listed companies in China. Based on the theoretical exploration of domestic and foreign scholars, this paper defines and analyzes the concept of M & A, the motivation of M & A and the measurement method of M & A performance, and explores the present situation of M & A in China's real estate industry. In the empirical part, using the accounting research method, taking the real estate listed companies with merger and acquisition activity in 2007-2009 as the sample, we obtain the financial statement data of four years in the time window [t-1t2]. Factor analysis and multiple linear regression are used to study the medium and long term performance of M & A. the empirical results show that the performance of the sample companies in the year of M & A obviously increased, but the performance of the first year of M & A declined. The second year continues to decline, but tends to flat, the overall performance of the first rise and then the effect of decline, and did not give our real estate enterprises to bring the expected positive M & A effect. The empirical results of the influencing factors of M & A performance show that there is no effect on M & A performance whether or not the related transactions and the scale of M & A transactions have no effect on the M & A performance, while the proportion of circulating shares and the proportion of the largest shareholders in the M & A company are negatively related to the M & A performance. The nature of the largest shareholder in M & A company is positively correlated with M & A performance.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F271;F299.233.4;F275

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