本文關(guān)鍵詞： 跨界并購(gòu) 并購(gòu)模式 企業(yè)績(jī)效　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)并購(gòu)是企業(yè)快速擴(kuò)張的一種方式。1984年我國(guó)出現(xiàn)了首例并購(gòu)事件,拉開了我國(guó)企業(yè)并購(gòu)的帷幕。隨著1990年我國(guó)證券市場(chǎng)的出現(xiàn),我國(guó)上市公司的并購(gòu)事件也隨之而來(lái)。如今,我國(guó)上市公司的并購(gòu)事件已經(jīng)屢見不鮮。最初上市公司進(jìn)行并購(gòu)目的主要是行業(yè)內(nèi)橫向調(diào)整,所以很少出現(xiàn)跨界并購(gòu)的事件。近年來(lái),隨著經(jīng)濟(jì)的全球化發(fā)展,我國(guó)上市公司獲得了更大的機(jī)遇與挑戰(zhàn)。在進(jìn)行并購(gòu)時(shí),有些公司是為了業(yè)務(wù)轉(zhuǎn)型、有些公司是基于多元化戰(zhàn)略、有些并購(gòu)就是非上市公司的借殼上市的第一步。在多樣化的并購(gòu)目的下,跨界并購(gòu)已經(jīng)蔚然成風(fēng)。目前,跨界并購(gòu)在學(xué)術(shù)界還沒(méi)有一個(gè)明確的定義,也沒(méi)有學(xué)者對(duì)跨界并購(gòu)的跨度做探討。首先,本文將對(duì)跨界并購(gòu)的定義與跨度進(jìn)行界定,分析我國(guó)上市公司跨界并購(gòu)的目的與模式。其次,采用實(shí)證的方法研究上市公司跨界并購(gòu)對(duì)企業(yè)績(jī)效的影響。以2012年進(jìn)行跨界并購(gòu)的上市(深證、上證)公司為樣本,采用事件研究法的市場(chǎng)調(diào)整模型來(lái)研究跨界并購(gòu)對(duì)企業(yè)短期績(jī)效的影響,采用會(huì)計(jì)研究法的財(cái)務(wù)指標(biāo)凈資產(chǎn)收益率(ROE)來(lái)研究跨界并購(gòu)對(duì)這些公司的長(zhǎng)期績(jī)效的影響。進(jìn)一步,以實(shí)證數(shù)據(jù)為依托,分析不一樣的跨度的跨界并購(gòu)對(duì)績(jī)效的影響,以及不一樣模式的跨界并購(gòu)對(duì)績(jī)效的影響。實(shí)證結(jié)果表明:(1)企業(yè)跨界并購(gòu)對(duì)我國(guó)上市(深證、上證)公司的短期績(jī)效有正面影響;(2)企業(yè)跨界并購(gòu)對(duì)我國(guó)上市(深證、上證)公司的長(zhǎng)期績(jī)效沒(méi)有明顯影響;(3)不同跨度(跨度1、跨度2、跨度3)的跨界并購(gòu)具有不同的并購(gòu)效果;(4)不同模式的跨界并購(gòu)具有的并購(gòu)效果顯著不同。
[Abstract]:M & A is a way of rapid expansion of enterprises. In 1984, the first case of M & A occurred in China, which opened the curtain of M & A in China. With the emergence of China's securities market in 1990, the M & A of listed companies in China also followed. Mergers and acquisitions of listed companies in China have been common. At first, the purpose of mergers and acquisitions of listed companies was mainly horizontal adjustment within the industry, so there are few incidents of cross-border mergers and acquisitions. In recent years, with the development of economic globalization, China's listed companies have been given greater opportunities and challenges. In mergers and acquisitions, some companies are for business transformation, while others are based on diversification strategies. Some mergers and acquisitions are the first step in the backdoor listing of non-listed companies. Cross-border mergers and acquisitions have become popular in the context of diversified mergers and acquisitions. At present, there is no clear definition of cross-border mergers and acquisitions in academia. First, this paper will define the definition and span of cross-border mergers and acquisitions, analyze the purpose and mode of cross-border mergers and acquisitions of listed companies in China. Using the empirical method to study the impact of cross-border M & A on the performance of listed companies. Taking the listed companies (Shenzhen Stock Exchange, Shanghai Stock Exchange) of cross-border M & A in 2012 as a sample, The market adjustment model of event research method is used to study the impact of cross-border M & A on the short-term performance of enterprises, and the financial index of accounting research is ROEE to study the impact of cross-border M & A on the long-term performance of these companies. Based on the empirical data, this paper analyzes the impact of cross-border mergers and acquisitions with different span on performance and the impact of cross-border mergers and acquisitions of different patterns on performance. The empirical results show that: 1) Cross-border mergers and acquisitions of enterprises are listed in China (Shenzhen Stock Exchange, Shenzhen Stock Exchange). Shanghai Stock Exchange) the short-term performance of the company has a positive impact on China's listing through cross-border mergers and acquisitions (Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shanghai) the long-term performance of the company does not significantly affect the performance of the company (span 1, span 2, span 3) Cross-border M & A has different M & A effects; different modes of cross-border M & A have significantly different M & A effects.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 田文玉;;企業(yè)跨界并購(gòu)風(fēng)險(xiǎn)研究[J];企業(yè)改革與管理;2016年09期

2 顧國(guó)慶;;企業(yè)績(jī)效評(píng)價(jià)方法比較分析[J];商業(yè)會(huì)計(jì);2015年24期

3 杜亞楠;;我國(guó)上市公司業(yè)務(wù)轉(zhuǎn)型與市場(chǎng)反應(yīng)[J];合作經(jīng)濟(jì)與科技;2015年18期

4 衛(wèi)力;婁牡丹;;跨行業(yè)并購(gòu)協(xié)同效應(yīng)實(shí)證分析[J];特區(qū)經(jīng)濟(jì);2015年03期

5 王瑩;;企業(yè)并購(gòu)多元化的優(yōu)劣淺析[J];商場(chǎng)現(xiàn)代化;2015年03期

6 張翼;喬元波;何小鋒;;我國(guó)上市公司并購(gòu)績(jī)效的經(jīng)驗(yàn)與實(shí)證分析[J];財(cái)經(jīng)問(wèn)題研究;2015年01期

7 吳瑤;倪珊;;跨界并購(gòu)危與機(jī)[J];董事會(huì);2014年10期

8 李俊杰;;海外投資——參股投資還是控股并購(gòu)?[J];中國(guó)對(duì)外貿(mào)易;2014年07期

9 趙息;劉佳音;;并購(gòu)支付方式影響我國(guó)上市公司并購(gòu)績(jī)效的實(shí)證研究——基于事件研究法與財(cái)務(wù)報(bào)表分析法的比較研究[J];電子科技大學(xué)學(xué)報(bào)(社科版);2014年01期

10 樸美玉;亢U，

本文編號(hào)：1553483