本文選題：外資 + 并購(gòu)��； 參考：《浙江工業(yè)大學(xué)》2013年碩士論文

【摘要】：外資并購(gòu)在我國(guó)發(fā)展了20余年,一直是我國(guó)促進(jìn)經(jīng)濟(jì)發(fā)展的重要內(nèi)容。滬深兩市的上市公司更是外資并購(gòu)浪潮中的熱點(diǎn)。外資并購(gòu)對(duì)我國(guó)企業(yè)的財(cái)務(wù)核心能力有什么影響?這種影響是否顯著?這種影響在各個(gè)時(shí)期有什么變化?這是我國(guó)學(xué)術(shù)界、政界和商界都十分關(guān)心的問(wèn)題,也正是本文所要研究的問(wèn)題。 當(dāng)前國(guó)內(nèi)外的學(xué)者主要從并購(gòu)動(dòng)因和并購(gòu)績(jī)效兩個(gè)方面對(duì)外資并購(gòu)進(jìn)行研究。目前還沒(méi)有學(xué)者研究外資并購(gòu)對(duì)企業(yè)財(cái)務(wù)核心能力的影響。隨著企業(yè)財(cái)務(wù)核心能力理論的不斷發(fā)展和日趨成熟,本文首次嘗試將財(cái)務(wù)核心能力理論運(yùn)用于外資并購(gòu)的研究中,以揭示外資并購(gòu)對(duì)我國(guó)被并購(gòu)企業(yè)的財(cái)務(wù)核心能力的影響。本文的研究樣本為2002～2009年間發(fā)生的外資對(duì)我國(guó)滬深兩市上市公司進(jìn)行并購(gòu)的案例。本文在對(duì)比已有研究成果的優(yōu)缺點(diǎn)后,自創(chuàng)一套企業(yè)財(cái)務(wù)核心能力評(píng)價(jià)指標(biāo)體系,綜合運(yùn)用因子分析法和配對(duì)樣本T檢驗(yàn),以比較分析并購(gòu)前后企業(yè)財(cái)務(wù)核心能力的變化情況。并從三個(gè)并購(gòu)要素(政府態(tài)度：鼓勵(lì)或者限制、并購(gòu)相關(guān)性、主并公司地區(qū)差異)角度,深入考察不同的并購(gòu)要素對(duì)目標(biāo)公司的財(cái)務(wù)核心能力變化是否有顯著影響。 結(jié)果表明,上市公司在被外資并購(gòu)之后,企業(yè)財(cái)務(wù)核心能力總體上有所提升。并購(gòu)后一年和并購(gòu)后兩年呈顯著增長(zhǎng)趨勢(shì),這種增長(zhǎng)趨勢(shì)在并購(gòu)后兩年達(dá)到最大,但是并購(gòu)后三年又出現(xiàn)下降的情況。外資并購(gòu)使企業(yè)發(fā)展能力和企業(yè)盈利能力得到顯著提升；營(yíng)運(yùn)能力也得到一定程度的增長(zhǎng)；而企業(yè)償債能力略微降低。鼓勵(lì)性并購(gòu)比限制性并購(gòu)提升目標(biāo)公司財(cái)務(wù)核心能力的效果更顯著；相關(guān)并購(gòu)相對(duì)于非相關(guān)并購(gòu),更能提高目標(biāo)公司的財(cái)務(wù)核心能力；主并公司為非香港地區(qū)的比主并公司為香港地區(qū)的能更顯著地提升目標(biāo)公司財(cái)務(wù)核心能力。
[Abstract]:Foreign M & A has been developing for more than 20 years in China and has been an important part of promoting economic development in China. The listed companies in Shanghai and Shenzhen are hot spots in the tide of foreign M & A. What is the impact of foreign M & A on the core financial competence of Chinese enterprises? Is the impact significant? How has this effect changed over time? This is an issue of great concern to the academic, political and commercial circles of our country, and is also the problem to be studied in this paper. At present, scholars at home and abroad mainly from M & A motivation and M & A performance two aspects of foreign M & A research. At present, there are no scholars to study the impact of foreign M & A on corporate financial core competence. With the development and maturity of the core financial competence theory, this paper first attempts to apply the financial core competence theory to the study of foreign capital M & A in order to reveal the influence of foreign capital M & A on the financial core competence of Chinese enterprises under merger. The research sample of this paper is a case of foreign capital merger and acquisition of listed companies in Shanghai and Shenzhen stock markets in 2002 and 2009. After comparing the advantages and disadvantages of the existing research results, this paper creates a set of evaluation index system of enterprise financial core competence, and synthetically applies factor analysis method and paired sample T test to compare and analyze the changes of enterprise financial core competence before and after merger and acquisition. From the angle of three elements of M & A (government attitude: encouragement or restriction, M & A correlation, regional differences between main and joint companies), this paper makes a thorough study on whether different M & A elements have significant influence on the change of financial core competence of target companies. The results show that after M & A, the core financial competence of listed companies has been improved. One year after M & A and two years after M & A showed a significant increase trend, this trend of growth reached the largest in the two years after M & A, but then decreased three years after M & A. Foreign M & A has greatly improved the development ability and profitability of enterprises; its operating capacity has also increased to a certain extent; and the ability to repay debt has been slightly reduced. Encouragement M & A is more effective than restrictive M & A in improving the target company's financial core competence, relative M & A can improve the target company's financial core competence better than non-related M A. The company is a non-Hong Kong company and can significantly enhance the core financial competence of the target company than that of the master co-owner company in Hong Kong area.
【學(xué)位授予單位】：浙江工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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