本文關(guān)鍵詞：中國上市企業(yè)海外并購績效及動因的實證研究　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著經(jīng)濟全球化深入發(fā)展,中國經(jīng)濟保持著持續(xù)高速的增長,越來越多的中國企業(yè)正在通過海外并購的方式來實現(xiàn)“走出去”,海外并購開始逐漸發(fā)展為中國對外直接投資的主要方式。雖然中國企業(yè)海外并購的歷史較短,但隨著聯(lián)想收購IBM的個人電腦業(yè)務(wù),吉利收購沃爾沃,三一重工集團收購普茨邁斯特等重磅海外并購交易,在全球經(jīng)濟深受歐洲債務(wù)危機影響及美國經(jīng)濟增長乏力的拖累,中國企業(yè)海外并購爆發(fā)的驚人能量,贏得了世人的關(guān)注。 本文研究的是中國上市企業(yè)海外并購的績效,由此創(chuàng)造的財富,及財富在并購企業(yè)和目標企業(yè)之間的分配；并由此推導(dǎo)出中國企業(yè)海外并購的動因。本文運用事件研究法,通過研究窗口期——宣布日附近(-3,+3)天,42個中國企業(yè)海外并購有效樣本中目標企業(yè)和并購企業(yè)股價波動狀況,估算海外目標企業(yè)和中國并購企業(yè)超常收益率,以及目標企業(yè)超常收益率和并購企業(yè)超常收益率、目標企業(yè)超常收益率和總收益率之間的關(guān)系。研究發(fā)現(xiàn)：中國企業(yè)海外并購協(xié)同效應(yīng)不顯著；負的總收益樣本中,海外并購主因則是經(jīng)營者自利。
[Abstract]:With the deepening of economic globalization, Chinese economy maintained a sustained and rapid growth, more and more enterprises are Chinese through overseas mergers and acquisitions to achieve the "go out", overseas mergers and acquisitions gradually developing into the main mode of foreign direct investment China. Although Chinese enterprises overseas M & a relatively short history, but with Lenovo's acquisition of IBM's personal computer business, Geely's acquisition of Volvo, Sany Group acquired Putzmeister heavy overseas mergers and acquisitions in the global economy, by the impact of the European debt crisis and the weak economic growth drag, amazing burst of energy China mergers and acquisitions of overseas enterprises, won the world's attention.
This paper is a study of overseas mergers and acquisitions China listed enterprise performance, thus creating wealth, and wealth distribution between the merger enterprise and target enterprise; motivation and thus push overseas mergers and acquisitions of enterprises. This paper China is derived using the event study method, through the study period -- announced near the window (-3, +3) on day 42. China enterprises overseas M & a effective sample of target enterprises in mergers and acquisitions and stock price fluctuation, estimation of target enterprises and overseas mergers and acquisitions China abnormal returns, abnormal returns and target enterprise mergers and acquisitions and abnormal returns, the target relation between the enterprise and the total abnormal rate of return rate of return. The study found: no significant synergy of overseas mergers and acquisitions China enterprise; negative total return samples, the main reason is the operator from overseas mergers and acquisitions.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F279.21

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本文編號：1389792