本文關(guān)鍵詞：外資并購我國上市公司的動(dòng)因、績效及影響研究　出處：《江西財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：在經(jīng)濟(jì)全球化和區(qū)域經(jīng)濟(jì)一體化迅猛發(fā)展的21世紀(jì),跨國并購不僅逐漸成為企業(yè)拓展國際市場邁向全球的重要方式,也成為東道國引進(jìn)和利用外資的主要途徑。改革開放以來,我國一直把利用外資作為我國的基本國策,并且隨著我國加入WTO后經(jīng)濟(jì)政策的不斷調(diào)整,外資并購逐漸成為我國利用外資的重要方式。外資并購的主體往往是知名的跨國公司,通過并購,可以從資金、技術(shù)、人才、工藝、產(chǎn)權(quán)治理結(jié)構(gòu)以及經(jīng)營理念、策略等方面對(duì)我國企業(yè)進(jìn)行整合,形成真正具有國際競爭力的企業(yè)集團(tuán),從而可以提高我國企業(yè)的整體經(jīng)濟(jì)實(shí)力。 本文以外資并購我國上市公司為著手點(diǎn),選取從2002年到2010年間被外資并購的上市公司為目標(biāo)樣本,并按合理的方法選擇本文所研究的樣本公司。在分析外資并購我國上市公司動(dòng)因的基礎(chǔ)上,運(yùn)用事件研究法分析外資并購我國上市公司的短期績效,采用因子分析法研究外資并購我國上市公司的長期績效,并分析闡述了外資并購對(duì)我國產(chǎn)生的影響,最后為政府更加合理利用外資維護(hù)我國產(chǎn)業(yè)安全提出了合理可行的建議。本文的主要結(jié)論如下： 第一,外資并購上市公司是一個(gè)復(fù)雜的經(jīng)濟(jì)現(xiàn)象,隨著經(jīng)濟(jì)形勢的變化,其并購動(dòng)因也隨之變化。本文分別從國外跨國公司、我國政府與企業(yè)的角度出發(fā)分析研究了入世后促使外資并購我國上市公司的主要原因。通過分析比較,我們可以看出不同交易主體其并購動(dòng)機(jī)存在很大的差異。對(duì)于并購方來說,主要有獲取目標(biāo)公司控制權(quán)及擴(kuò)大在中國的市場占有率、追求“協(xié)同效應(yīng)”、基于目標(biāo)企業(yè)價(jià)值低估的投機(jī)動(dòng)因等主要原因；對(duì)于我國政府和企業(yè)來說,政府相關(guān)政策制度的變遷和我國上市公司國際化發(fā)展的需要是促成外資并購我國上市公司的主要原因。 第二,運(yùn)用事件研究法分析外資并購事件對(duì)目標(biāo)上市公司股價(jià)的影響,實(shí)證結(jié)果顯示外資并購我國上市公司的短期績效較好,給目標(biāo)上市公司的股東帶來了短期財(cái)富效應(yīng),并且通過觀察累計(jì)平均超額收益率(CAR)在事件窗口的時(shí)序圖可以看出我國股市存在內(nèi)幕交易。另外,運(yùn)用單因素分析法和多因素回歸模型分別對(duì)外資并購短期績效的影響因素進(jìn)行分析,結(jié)果表明：并購比例與外資并購短期績效呈現(xiàn)正向關(guān)系,且回歸系數(shù)遠(yuǎn)大于行業(yè)相關(guān)度的回歸系數(shù),是外資并購短期績效的重要影響因素：并購公司和目標(biāo)公司的行業(yè)相關(guān)度與短期績效之間呈現(xiàn)正相關(guān)關(guān)系,但統(tǒng)計(jì)意義不顯著；在外資并購的幾種不同方式中,股權(quán)收購方式的短期績效明顯優(yōu)于其他并購方式的短期績效；并購后外資股東成為目標(biāo)公司第一大股東可以提升外資并購的短期績效；目標(biāo)公司的營運(yùn)能力與外資并購短期績效存在顯著的正向關(guān)聯(lián),但其回歸系數(shù)較小,因此對(duì)短期績效的影響較��；總資產(chǎn)收益率ROA、營業(yè)收入增長率和資產(chǎn)負(fù)債率均與外資并購短期績效正相關(guān),但不顯著；公司規(guī)模與外資并購短期績效負(fù)相關(guān),但不顯著。 第三,運(yùn)用因子分析法研究外資并購我國上市公司的長期績效,因子分析法的綜合得分表明,外資并購當(dāng)年與并購前一年的財(cái)務(wù)績效不存在顯著差異,這主要是因?yàn)楣静①徯袨榘l(fā)生后會(huì)存在資源整合和戰(zhàn)略調(diào)整時(shí)期,而在此周期中,公司的經(jīng)營狀況不太穩(wěn)定,外資并購后制定的新政策也需要一定時(shí)間才能更好地體現(xiàn)出來,且樣本中有不少并購案例是發(fā)生于年末,并購對(duì)公司當(dāng)年的業(yè)績沒有造成太多影響；并購后第1年和并購后第2年公司業(yè)績有了顯著的提升,說明隨著公司整合進(jìn)程的不斷加深,公司的經(jīng)營績效表現(xiàn)較好,但與并購后第1年相比,并購后第2年的經(jīng)營業(yè)績下降；而相比并購后第一年和第二年,并購后第三年的經(jīng)營績效明顯下降,而且差于并購前一年的績效。從整體看,這意味著外資并購整合進(jìn)程并未獲得成功。 第四,中國目前正處于社會(huì)和經(jīng)濟(jì)發(fā)展的重要戰(zhàn)略轉(zhuǎn)型時(shí)期,外資并購我國上市公司猶如一把雙刃劍。外資并購在提升目標(biāo)上市公司的核心競爭力、體現(xiàn)規(guī)模經(jīng)濟(jì)以及優(yōu)化目標(biāo)上市公司的治理結(jié)構(gòu)的同時(shí),也會(huì)帶來一系列負(fù)面效應(yīng),比如,外資并購可能造成行業(yè)壟斷、可能導(dǎo)致民族品牌的沒落、可能產(chǎn)生失業(yè)風(fēng)險(xiǎn)等等。
[Abstract]:With the rapid development of economic globalization and regional economic integration in twenty-first Century, cross-border mergers and acquisitions not only has gradually become an important way for enterprises to expand the international market towards the world, has become the main way for the host country to introduce and use foreign capital. Since the reform and opening up, China has been the use of foreign capital as the basic policy of our country, and with the continuous adjustment of our country after joining WTO economic policy, foreign mergers and acquisitions has gradually become an important way for China's utilization of foreign capital. The main foreign mergers and acquisitions are often famous multinational companies, through mergers and acquisitions, from the capital, technology, talent, technology, property management structure and management idea, strategy and other aspects of the integration of China's enterprises, become internationally competitive enterprise groups thus, Chinese enterprises can improve the overall economic strength.
This paper takes the foreign mergers and acquisitions of Chinese listed companies as a starting point, selected from 2002 to 2010 were foreign mergers and acquisitions of listed companies as the target sample, and choose the Sample Firms by reasonable methods. Based on the analysis of foreign mergers and acquisitions of Listed Companies in China. On the short-term performance analysis of foreign mergers and acquisitions of Listed Companies in China by using the event the research method, using factor analysis to study the long-term performance of foreign mergers and acquisitions of Listed Companies in China, and analyzes the foreign capital merger impacts on China, for more rational use of foreign government finally put forward the reasonable and feasible suggestions to maintain our domestic industry. The main conclusions of this paper are as follows:
First, foreign mergers and acquisitions of listed companies is a complicated economic phenomenon, along with the change of economic situation, the merger also change. This paper from foreign multinational companies, analyzed the main reasons after the entry into WTO to China's foreign acquisition of listed companies of our country government and the enterprise perspective. Through analysis and comparison, we we can see that there are great differences between different transaction entities. The merger motivation for mergers and acquisitions side, includes obtaining control of Target Corp and in China expand market share, the pursuit of "synergy", the main reason of underestimating the value of target enterprise based on the speculative motive; for our government and enterprises, to the internationalization development of the change of government the relevant policies and listed companies in China as the main reason of foreign mergers and acquisitions of Listed Companies in China.
Second, analysis of the impact of foreign capital mergers and acquisitions of listed company's share price using the event study method, the empirical results show that good short-term performance of foreign mergers and acquisitions of Listed Companies in China, to the target shareholders of listed companies has brought short-term wealth effect, and by observing the cumulative average abnormal return rate (CAR) in the sequence diagram of event window can be seen there the insider trading in Chinese stock market. In addition, the influence factors of the single factor analysis and multivariate regression models were used to analyze the short-term performance of mergers and acquisitions, mergers and acquisitions and the results show that the proportion of foreign investment and the purchase of short-term performance has a positive relationship, and the regression coefficient is much larger than the regression coefficient of industry related degree, is an important influence on short-term performance of foreign mergers and acquisitions the factors: there is a positive correlation between the company and the Target Corp mergers and acquisitions industry correlation with short-term performance, but statistical significance was not significant; In several different ways of foreign mergers and acquisitions, short-term performance of equity acquisitions the short-term performance is better than other mergers and acquisitions; mergers and acquisitions of foreign shareholders become the largest shareholder of Target Corp can improve the short-term performance of foreign mergers and acquisitions; positively correlated with the ability of operating foreign M & a short-term performance of the Target Corp, but the regression coefficient is small, so the influence of the short-term performance is smaller; the rate of return on total assets of ROA, the growth rate of business income and asset liability ratio are positively correlated with foreign M & a short-term performance, but not significant; the scale of the company and foreign mergers and acquisitions of short-term performance are negatively correlated, but not significantly.
Third, using the factor analysis method to study the long-term performance of foreign mergers and acquisitions of Listed Companies in China, the comprehensive score of factor analysis showed that foreign mergers and acquisitions and mergers and acquisitions in the previous year's financial performance does not exist significant differences, this is mainly because the company mergers and acquisitions will occur after existing resource integration and strategic adjustment period, and in this cycle and the company's business situation is not stable, the new policy of foreign investment after the merger also needs some time can be better reflected, and the sample there are a lot of merger cases occurred at the end of the year, the company's merger on the performance did not cause too much impact; first years after the merger and acquisition of second years after the performance of the company have significantly improved, with the deepening of the process of integration, the performance of the company is better, but compared with the first years after the merger, merger and acquisition of the second year after the decline in operating results compared; In the first and second years after M & A, the performance of the third years after the M & A is significantly lower than that of the year before the acquisition. In a word, this means that the integration process of foreign M & A has not been successful.
Fourth, Chinese is currently in an important strategy for the economic and social development during the transition period, China's foreign acquisition of listed companies is a double-edged sword. Foreign acquisitions in the target to enhance the core competitiveness of listed companies, governance reflects the scale economy and the optimization of listed company structure at the same time, will also bring a series of negative effects, for example. Foreign acquisitions may cause monopoly, may lead to the decline of the national brand, may have a risk of unemployment and so on.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.6;F276.6;F224

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