發(fā)布時間：2018-02-01 08:38

  本文關(guān)鍵詞： 房地產(chǎn)上市公司 并購重組 并購績效 事件研究法 財務(wù)指標研究法　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：由于企業(yè)并購對于產(chǎn)業(yè)結(jié)構(gòu)調(diào)整及企業(yè)規(guī)模擴張的促進作用，企業(yè)并購一直都是資本市場的熱點問題。截至2013年，我國上市公司并購市場走過了近20年的時光，其間累計有上千家上市公司披露過并購事件。在當前我國經(jīng)濟的結(jié)構(gòu)轉(zhuǎn)型階段，并購市場的發(fā)展便顯得更為重要。 并購績效研究一向以來都是并購理論研究中的熱點問題。但是，學(xué)術(shù)界對于并購是否能幫助企業(yè)提高績效并沒有特別統(tǒng)一的看法。房地產(chǎn)行業(yè)在最近10年時間里維持了高速的增長，企業(yè)規(guī)模和行業(yè)格局均發(fā)生了深刻的變化。高增長行業(yè)往往是并購活動最為活躍的行業(yè)，以房地產(chǎn)行業(yè)為例進行并購績效的研究，，一是案例數(shù)量較為豐富，二是有助于增強對高增長行業(yè)并購活動的認識和理解，為將來高增長行業(yè)的并購活動提供理論借鑒。 在此背景下，在對并購相關(guān)文獻進行綜合研究的基礎(chǔ)上，本文通過對房地產(chǎn)業(yè)并購的現(xiàn)狀、背景和動因等方面的分析，以境內(nèi)資本市場2010年所發(fā)生的房地產(chǎn)上市公司并購事件作為研究對象，選擇了其中11起并購案例，分別運用事件研究法和財務(wù)指標分析法，以此來考察上市房地產(chǎn)公司的績效變化。 首先，本文運用事件研究法對收購方的累積平均超額收益進行考察，并將此作為收購方短期并購績效的衡量指標。通過事件研究法的檢驗，本文發(fā)現(xiàn)，在事件期內(nèi)[-30天，30天]的短期并購績效的累積超額收益（CAR）雖略大于零，但其在統(tǒng)計上并不顯著。這說明，收購方股東無法通過收購獲得超額收益，公司的短期績效無顯著改觀。 然后，本文運用財務(wù)指標分析法對收購方公司的長期并購績效進行研究。在較長的考察期內(nèi)考察2008年到2012年間樣本公司財務(wù)指標的長期變化。通過研究本文發(fā)現(xiàn)：樣本公司并購后除長期償債能力變差之外，其他方面的各項指標如盈利能力、營運能力、發(fā)展能力及現(xiàn)金流量等方面均呈現(xiàn)先減弱后走強的走勢。綜合來看，收購方的長期績效為正，其經(jīng)營績效得到了一定程度的改善。 最后，本文針對我國上市房地產(chǎn)公司收購方短期、長期并購績效的研究結(jié)果，從公司層面和宏觀層面對并購重組提出了一些參考意見和建議。
[Abstract]:M & A has been a hot issue in the capital market because of its promoting effect on the adjustment of industrial structure and the expansion of enterprise scale. Up to 2013, M & A has been a hot issue in the capital market. The M & A market of listed companies in China has gone through nearly 20 years, during which thousands of listed companies have disclosed M & A events. The development of M & A market is more important. M & A performance research has always been a hot issue in the theory of M & A. however. There is no particular consensus in academia on whether mergers and acquisitions can help companies improve their performance. The real estate industry has maintained a high growth rate in the last 10 years. Enterprise size and industry pattern have undergone profound changes. High-growth industries are often the most active M & A industry. Take the real estate industry as an example to study the M & A performance. First, the number of cases is relatively rich. Second, it is helpful to strengthen the understanding and understanding of M & A activities in high growth industries and to provide theoretical reference for M & A activities in high growth industries in the future. In this context, on the basis of a comprehensive study of M & A literature, this paper analyzes the status quo, background and motivation of M & A in real estate industry. Taking the M & A event of the listed real estate companies in the domestic capital market in 2010 as the research object, 11 M & A cases were selected, respectively, using the event research method and the financial index analysis method. In order to investigate the performance of listed real estate companies change. First of all, this paper uses the event research method to investigate the cumulative average excess return of the acquirer, and regards it as a measure of the short-term acquisition performance of the acquirer. Through the test of the event research method, this paper finds out. During the event period [Although the cumulative excess return of short-term M & A performance of -30 days to 30 days is slightly greater than zero, it is not statistically significant. This shows that the acquirer shareholders can not obtain excess returns through acquisition. The company's short-term performance has not improved significantly. And... This paper uses the financial index analysis method to study the long-term M & A performance of the acquirer company. During the long period of investigation, the paper investigates the long-term change of the sample company's financial index from 2008 to 2012. It was found that:. In addition to the long-term solvency of the sample companies after M & A became poor. Other indicators, such as profitability, operating capacity, development capacity and cash flow, all show a trend of weakening and then strengthening. Overall, the long-term performance of the acquirer is positive. Its operating performance has been improved to a certain extent. Finally, according to the research results of the short-term and long-term M & A performance of the listed real estate companies in China, this paper puts forward some suggestions and suggestions on M & A from the corporate level and the macro level.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F299.233.42;F271

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