本文關(guān)鍵詞：我國滬深上市公司被外資并購后績效的實證研究　出處：《首都經(jīng)濟貿(mào)易大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 外資并購 短期績效 長期績效 事件研究法 財務(wù)指標法

【摘要】：隨著世界經(jīng)濟全球化的發(fā)展，中國逐步融入世界經(jīng)濟，以及國內(nèi)相關(guān)外資政策的松動，外資并購事件頻頻發(fā)生，并開始成為我國證券市場上的熱點。特別是近年來，隨著我國經(jīng)濟的發(fā)展，，越來越多的外資進入我國，占領(lǐng)我國市場，外資并購能否真正地改善我國上市公司的經(jīng)營績效值得研究。本文以此為切入點，對我國滬深上市公司被外資并購前后的短期績效及長期績效進行了實證研究。 本文基于并購與績效的基本理論，結(jié)合外資并購我國上市公司的實際情況，首先分析了外資并購的發(fā)展歷程。接著分析得出外資并購我國上市公司的四個基本動因：快速占領(lǐng)中國市場、擴張市場勢力、提高發(fā)展效率、我國相關(guān)政策的扶持。然后從并購方式、股權(quán)結(jié)構(gòu)、行業(yè)相關(guān)性、人民幣匯率、文化差異以及宏觀政策和公司自身特點等多視角定性研究了外資并購績效的影響因素。 此外，本文以1998-2012年間發(fā)生的外資并購我國上市公司的事件為樣本，用事件研究法分析了樣本公司在并購事件發(fā)生的短期內(nèi)股票的累積超額收益率，以此判斷外資并購的短期績效；用財務(wù)指標法分析了樣本公司在并購前一年到并購后兩年的財務(wù)指標變化，以此來判斷外資并購的長期績效。實證結(jié)果表明，樣本公司的短期并購績效顯著為正，長期并購績效呈現(xiàn)先升后降的形態(tài)，整體績效的改善并不具有持續(xù)性。最后對外資并購績效的影響因素進行了多元回歸分析，結(jié)果表明外資方成為第一大股東、并購雙方的行業(yè)具有相關(guān)性以及并購當年有相關(guān)的政策法規(guī)出臺都會帶來樣本企業(yè)績效的改善。 最后，本文在對實證結(jié)果分析的基礎(chǔ)上，從企業(yè)自身層面和政府、市場環(huán)境層面分別提出了政策建議。對于企業(yè)，要謹慎對待外資并購、提高自身競爭力、妥善處理好并購后的整合工作；政府要加強外資并購的監(jiān)管工作以防行業(yè)壟斷的發(fā)生，同時要進一步完善證券市場環(huán)境和相關(guān)的各項規(guī)章制度，為外資注入能提供更成熟的平臺。
[Abstract]:With the development of the world economic globalization, China's gradual integration into the world economy, as well as the loosening of domestic foreign investment policies, foreign capital M & A incidents occur frequently. Especially in recent years, with the development of China's economy, more and more foreign capital has entered our country and occupied our country's market. Whether foreign M & A can really improve the operating performance of listed companies in China is worth studying. This paper makes an empirical study on the short-term and long-term performance of Shanghai and Shenzhen listed companies before and after they were acquired by foreign capital. Based on the basic theory of mergers and acquisitions and performance, this paper combines the actual situation of foreign capital mergers and acquisitions of listed companies in China. Firstly, it analyzes the development course of foreign capital merger and acquisition, and then concludes four basic motivations of foreign capital merger and acquisition of listed companies in China: fast occupation of Chinese market, expansion of market power and improvement of development efficiency. Then from M & A mode, equity structure, industry relevance, RMB exchange rate. Cultural differences, macro policies and corporate characteristics are analyzed qualitatively in terms of influencing factors of M & A performance. In addition, this paper takes the events of foreign capital merger and acquisition of listed companies in China from 1998 to 2012 as a sample. This paper analyzes the cumulative excess return rate of stock in the short term of M & A in the sample companies by using event research method to judge the short-term performance of foreign M & A. This paper analyzes the changes of the financial indicators of the sample companies from one year before the merger to two years after the merger with the method of financial indicators to judge the long-term performance of foreign capital mergers and acquisitions. The empirical results show that. The short-term M & A performance of the sample companies was significantly positive, and the long-term M & A performance showed a pattern of first rising and then declining. The improvement of overall performance is not sustainable. Finally, the factors affecting the performance of foreign M & A are analyzed by multiple regression analysis, and the results show that the foreign party becomes the largest shareholder. The industry correlation of both M & A and the relevant policies and regulations in the year of M & A will bring about the improvement of the performance of the sample enterprises. Finally, based on the analysis of empirical results, this paper puts forward policy recommendations from the level of enterprise itself, government and market environment. For enterprises, we should treat foreign M & A with caution to improve their competitiveness. Properly handle the integration work after M & A; The government should strengthen the supervision of foreign capital merger and acquisition to prevent the monopoly of the industry, at the same time, it should further improve the security market environment and the relevant regulations and rules, so as to provide a more mature platform for foreign capital injection.
【學(xué)位授予單位】：首都經(jīng)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F271;F832.51

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本文編號：1431996