本文選題：房地產行業(yè) + 上市公司　； 參考：《天津財經大學》2013年碩士論文

【摘要】：面對當前中國市場不斷加劇的市場競爭,企業(yè)必須不斷探索在新形勢下生存和發(fā)展的路徑,而并購成為我國上市公司首選的外部成長戰(zhàn)略。企業(yè)并購能夠有效促進市場資源的優(yōu)化配置,實現規(guī)模效應,增強企業(yè)在行業(yè)中的競爭實力。二十世紀以來我國各行業(yè)掀起了新一輪的并購熱潮,特別是自2005年以來,國家先后出臺了土地和信貸政策對房地產行業(yè)加強宏觀調控,房地產產業(yè)結構隨之調整,涌現了一批以并購謀求發(fā)展的房地產上市公司。對于并購活動能否改善企業(yè)經營績效的問題,國內外學者進行了豐富的研究,雖然對于并購績效的研究很多,但是大多是對全部行業(yè)的企業(yè)整體情況的研究,專門對某個行業(yè)的企業(yè)并購績效的研究很少,由于每個行業(yè)具有不同的特征,并購活動對經營績效的影響不同。 本文基于中國上市公司的現狀,在國內外學者理論探索的基礎之上,對并購概念、并購動因和并購績效的衡量方法進行了定義和分析,探索了我國房地產行業(yè)并購的現狀。在實證部分,本文運用會計研究法,以2007-2009年發(fā)生并購活動的房地產上市公司為樣本,獲取時間窗口[t-1,t+2]四年的財務報表數據,采用因子分析法和多元線性回歸的方法對并購中長期績效進行研究。 實證結果顯示,樣本公司在并購當年績效明顯上升,但是并購后第一年績效下降,第二年繼續(xù)下降但趨于平緩,整體上呈現出先升后降的效果,并沒有給我國房地產企業(yè)帶來預期正的并購效應。對于并購績效影響因素的實證結果表明,是否關聯(lián)交易和并購交易規(guī)模對并購績效的基本無影響；流通股比例和并購公司第一大股東持股比例對并購績效呈負相關的關系；并購公司第一大股東股份性質與并購績效呈正相關關系。
[Abstract]:In the face of the increasingly fierce market competition in China, enterprises must constantly explore the path of survival and development under the new situation, and M & A has become the preferred external growth strategy for listed companies in China. M & A can effectively promote the optimal allocation of market resources, realize scale effect, and enhance the competitive strength of enterprises in the industry. Since the 20th century, there has been a new round of M & A upsurge in various industries of our country, especially since 2005, the state has successively introduced land and credit policies to strengthen the macro-control of the real estate industry, and the real estate industry structure has been adjusted accordingly. A number of mergers and acquisitions to seek development of the real estate listed companies emerged. Scholars at home and abroad have done a lot of research on whether M & A activities can improve the performance of enterprises. Although there are many researches on M & A performance, most of them are about the overall situation of enterprises in the whole industry. The research on M & A performance of a certain industry is rare. Because of the different characteristics of each industry, M & A activities have different effects on business performance. This paper is based on the current situation of listed companies in China. Based on the theoretical exploration of domestic and foreign scholars, this paper defines and analyzes the concept of M & A, the motivation of M & A and the measurement method of M & A performance, and explores the present situation of M & A in China's real estate industry. In the empirical part, using the accounting research method, taking the real estate listed companies with merger and acquisition activity in 2007-2009 as the sample, we obtain the financial statement data of four years in the time window [t-1t2]. Factor analysis and multiple linear regression are used to study the medium and long term performance of M & A. the empirical results show that the performance of the sample companies in the year of M & A obviously increased, but the performance of the first year of M & A declined. The second year continues to decline, but tends to flat, the overall performance of the first rise and then the effect of decline, and did not give our real estate enterprises to bring the expected positive M & A effect. The empirical results of the influencing factors of M & A performance show that there is no effect on M & A performance whether or not the related transactions and the scale of M & A transactions have no effect on the M & A performance, while the proportion of circulating shares and the proportion of the largest shareholders in the M & A company are negatively related to the M & A performance. The nature of the largest shareholder in M & A company is positively correlated with M & A performance.
【學位授予單位】：天津財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F271;F299.233.4;F275

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