本文關鍵詞：我國上市公司并購績效及影響因素研究　出處：《上海師范大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 公司并購 績效 影響因素

【摘要】：并購，即兼并收購（MergerAcquisition），指的是企業(yè)之間的兼并與收購。對于兼并，在1989年已由國家體改委、國家計委、財政部與國家國有資產(chǎn)管理局聯(lián)合發(fā)布《關于企業(yè)兼并的暫行辦法》將其定義為“一個企業(yè)購買其他企業(yè)的產(chǎn)權，使其他企業(yè)失去法人資格或改變法人實體的一種行為”；收購指的是企業(yè)通過購買其他公司企業(yè)全部或者部分的資產(chǎn)、股權來實現(xiàn)對該公司企業(yè)的實際控制，被收購方可以依然具有獨立法人資格。由于兼并與收購都是通過產(chǎn)權交易來控制其他公司，所以習慣上將兩者統(tǒng)稱為并購。 在企業(yè)并購的過程中，各種市場要素、企業(yè)的各種資源都流向了最能產(chǎn)出經(jīng)濟效益的地方，實現(xiàn)了資源的優(yōu)化配置，推動了資本市場的發(fā)展。馬克思曾經(jīng)斷言，資本主義由于存在社會化大生產(chǎn)和生產(chǎn)資料個人占有的根本矛盾必將滅亡，然而，直至如今，資本主義依然存在，這是由于并購化解了這一矛盾，中小企業(yè)可以合并成一個個大企業(yè)，成為上市公司，而生產(chǎn)資料也隨之由個人所有轉變?yōu)楣娝小Ｎ鞣絿易?9世紀末以來，先后經(jīng)歷5次并購浪潮，目前正直面第六次并購浪潮。中國并購市場的主角，90年代的民營企業(yè)、2000年代跨國公司、2004年后的國有企業(yè)，已經(jīng)先后主唱一時，最近的趨勢表明，，下一個時期的主角將是上市公司，他們以主動對外并購、整合產(chǎn)業(yè)為特征。并購是否為上市公司帶來正面效應是國內許多學者都在研究的問題，研究方法基本借鑒國外的主流研究方法，即財務指標法。 本文研究我國上市公司的并購績效問題，并從并購戰(zhàn)略、并購動機、操作過程、政府導向及并購后的整合情況幾個方面來分析影響公司并購績效的原因。本文采用財務指標法考察收購公司的并購績效。在指標選取方面，本文采用構建指標體系的方法，并采用因子分析確定收購公司績效的綜合得分。 在并購事件樣本選擇上本文選取了2008一2009年我國資本市場上發(fā)生的收購公司為上市公司的并購重組事件用來研究收購公司長期并購績效。 本文的研究得到了以下的一些結論: （1）我國上市公司進行的并購行為對績效的改善不明顯。并購活動并不能為收購公司帶來績效的持續(xù)提高； （2）在我國，并購戰(zhàn)略、并購動機、操作過程、政府導向及并購后的整合情況是影響上市公司并購績效的重要因素。
[Abstract]:M & A, or merger and acquisition, refers to mergers and acquisitions between enterprises. In 1989, mergers and acquisitions were carried out by the State Reform Commission, the State Planning Commission. The Ministry of Finance and the State Administration of State-owned assets jointly issued the interim measures on Enterprise merger, which defines it as "one enterprise buying property rights of other enterprises." An act that causes other enterprises to lose their legal personality or change their legal entities "; Acquisition refers to the enterprise through the purchase of all or part of the assets of other companies, equity to achieve the actual control of the company. The acquired party may still have the status of an independent legal person. Since mergers and acquisitions control other companies through equity transactions, they are commonly referred to as mergers and acquisitions. In the process of M & A, all kinds of market elements and resources flow to the most productive areas, which realize the optimal allocation of resources. Marx once asserted that capitalism would perish because of the fundamental contradiction between socialized production and personal possession of the means of production. However, capitalism still exists up to now. This is because of mergers and acquisitions to resolve this contradiction, small and medium-sized enterprises can be merged into a large enterprise, become a listed company. Since the end of 19th century, Western countries have experienced five waves of M & A, and are now facing 6th waves of M & A. the protagonists of China's M & A market. In 90s, the private enterprises in the 2000s, the state-owned enterprises after 2004, has been the lead for a while, the recent trend shows that the next period of the protagonist will be listed companies. They are characterized by active foreign mergers and acquisitions, integration of industries. Whether mergers and acquisitions bring positive effects to listed companies is a problem that many domestic scholars are studying. The research methods basically draw lessons from the mainstream research methods of foreign countries. Namely financial index method. This paper studies the M & A performance of listed companies in China, and from the M & A strategy, M & A motivation, operation process. This paper analyzes the reasons that affect the performance of mergers and acquisitions. This paper uses the method of financial indicators to investigate the performance of mergers and acquisitions. In the selection of indicators. This paper adopts the method of constructing index system, and adopts factor analysis to determine the comprehensive score of corporate performance. In the sample selection of M & A events, this paper selects the acquisition companies in the capital market of China from 2008 to 2009 as the M & A events of listed companies to study the long-term M & A performance of the buy-out companies. Some conclusions are obtained in this paper: 1) the M & A behavior of listed companies in China is not obvious to the improvement of performance. M & A activities can not bring about continuous improvement of the performance of the buy-out companies; 2) in China, M & A strategy, M & A motivation, operation process, government orientation and integration after M & A are important factors affecting M & A performance of listed companies.
【學位授予單位】：上海師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F271;F832.51;F224

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