【摘要】：進入21世紀，全球正在經(jīng)歷第五次并購浪潮，而中國也正在經(jīng)歷第三次并購浪潮。并購包含兼并和收購，并購可以帶來企業(yè)發(fā)展和產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。計算機行業(yè)是目前并購活動最活躍的三大產(chǎn)業(yè)之一，但是每一個行業(yè)的并購都有各自不同的特征。并購理論的發(fā)展歷史較長，兩個主要的核心理論是：并購動因研究，即企業(yè)出于什么原因?qū)嵤┎①彛徊①徔冃а芯�，即企業(yè)績效由于并購的影響會發(fā)生什么變化。按照并購動因和并購績效理論，中國計算機行業(yè)上市公司的并購有什么樣的具體特征，是本文想要回答的問題。 本文在研學了大量并購理論文獻資料、整體把握中國計算機行業(yè)發(fā)展及并購情況的基礎(chǔ)上，選取主營業(yè)務(wù)為生產(chǎn)或開發(fā)計算機硬件或計算機軟件的中國計算機行業(yè)上市公司為樣本，從主并方角度，考察了中國計算機行業(yè)上市公司的并購動因及并購績效；本文接著以聯(lián)想并購IBM個人電腦業(yè)務(wù)為典型案例，綜合考察了個別計算機行業(yè)上市公司的并購動因以及并購績效；最后從政府和企業(yè)雙重角度為國內(nèi)計算機行業(yè)的發(fā)展和計算機企業(yè)并購的成功提供可行的政策建議，以克服單一角度的片面性，其中政府角度側(cè)重并購環(huán)境的營造，企業(yè)角度側(cè)重并購的內(nèi)部整合。 本文第三章和第四章對并購動因和并購績效的分析都是基于行業(yè)整體角度的。在中國計算機行業(yè)的并購動因方面，本文采用了實證研究方法，在并購動因理論基礎(chǔ)上，以并購與否作為因變量，同時選取多個自變量進行Logistic回歸模型分析，結(jié)果發(fā)現(xiàn)自主創(chuàng)新戰(zhàn)略、市場戰(zhàn)略、銷售費用和所得稅都對計算機上市公司主并方的并購參與有顯著影響，，意味著當上市公司傾向于技術(shù)外購、市場擴張或拓展、代表交易成本的銷售費用越高、所得稅稅負越重時，其發(fā)生主動并購的概率越高。在中國計算機行業(yè)的并購績效方面，本文同樣采用實證研究方法，以財務(wù)數(shù)據(jù)為基礎(chǔ)，對發(fā)生并購的計算機上市公司主并方并購前后的盈利能力、償債能力和資產(chǎn)管理能力進行考察，結(jié)果發(fā)現(xiàn)主并方并購以后的績效整體上不存在一致變化趨勢，但是更短的時期內(nèi)存在占優(yōu)勢地位的變化方向；主并方的平均績效基本保持平穩(wěn)，并購對平均績效的影響很小。
[Abstract]:In the 21st century, the world is experiencing the fifth wave of mergers and acquisitions, and China is also experiencing the third wave of mergers and acquisitions. M & A includes merger and acquisition. M & A can bring about enterprise development and industrial structure adjustment. The computer industry is one of the three most active M & A industries, but each industry has its own characteristics. The development of M & A theory has a long history. The two core theories are as follows: M & A motivation research, that is, M & A performance research, that is, what changes will take place in corporate performance because of the influence of M A. According to the theory of M & A motivation and M & A performance, what kind of specific characteristics of M & A of listed companies in Chinese computer industry is the question this paper wants to answer. On the basis of studying a great deal of literature on M & A theory and grasping the development of Chinese computer industry and the situation of M & A as a whole, The listed companies of Chinese computer industry which are mainly engaged in producing or developing computer hardware or software are selected as samples, and the M & A motivation and M & A performance of listed companies in Chinese computer industry are investigated from the point of view of master and merger. Then, taking Lenovo M & A IBM personal computer business as a typical case, this paper comprehensively investigates the M & A motivation and M & A performance of individual listed companies in computer industry. Finally, from the angle of government and enterprise, it provides feasible policy suggestions for the development of domestic computer industry and the success of M & A of computer enterprises, in order to overcome the one-sidedness of single angle, in which the government pays more attention to the construction of environment of merger and acquisition. Enterprise perspective focuses on the internal integration of mergers and acquisitions. The analysis of M & A motivation and M & A performance in Chapter 3 and Chapter 4 is based on the industry as a whole. In the aspect of M & A motivation in Chinese computer industry, this paper adopts the empirical research method, on the basis of M & A motivation theory, takes M & A as dependent variable, and selects several independent variables to analyze the Logistic regression model at the same time. The results show that independent innovation strategy, market strategy, sales expenses and income tax all have a significant impact on the M & A participation of computer listed companies, which means that when listed companies tend to outsource technology, market expansion or expansion, The higher the sales expense representing the transaction cost and the heavier the income tax burden, the higher the probability of active merger and acquisition. In the aspect of M & A performance of Chinese computer industry, this paper also adopts empirical research method, based on financial data, to analyze the profitability of computer listed companies before and after mergers and acquisitions. The results show that there is no consistent change trend in the performance after merger and acquisition, but there is a dominant direction of change in a shorter period. The average performance of merger and acquisition is stable, and M & A has little effect on average performance.
【學位授予單位】：中國政法大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F426.671

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