本文關(guān)鍵詞：我國(guó)上市公司并購(gòu)績(jī)效及影響因素研究　出處：《上海師范大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：并購(gòu)，即兼并收購(gòu)（MergerAcquisition），指的是企業(yè)之間的兼并與收購(gòu)。對(duì)于兼并，在1989年已由國(guó)家體改委、國(guó)家計(jì)委、財(cái)政部與國(guó)家國(guó)有資產(chǎn)管理局聯(lián)合發(fā)布《關(guān)于企業(yè)兼并的暫行辦法》將其定義為“一個(gè)企業(yè)購(gòu)買其他企業(yè)的產(chǎn)權(quán)，使其他企業(yè)失去法人資格或改變法人實(shí)體的一種行為”；收購(gòu)指的是企業(yè)通過(guò)購(gòu)買其他公司企業(yè)全部或者部分的資產(chǎn)、股權(quán)來(lái)實(shí)現(xiàn)對(duì)該公司企業(yè)的實(shí)際控制，被收購(gòu)方可以依然具有獨(dú)立法人資格。由于兼并與收購(gòu)都是通過(guò)產(chǎn)權(quán)交易來(lái)控制其他公司，所以習(xí)慣上將兩者統(tǒng)稱為并購(gòu)。 在企業(yè)并購(gòu)的過(guò)程中，各種市場(chǎng)要素、企業(yè)的各種資源都流向了最能產(chǎn)出經(jīng)濟(jì)效益的地方，實(shí)現(xiàn)了資源的優(yōu)化配置，推動(dòng)了資本市場(chǎng)的發(fā)展。馬克思曾經(jīng)斷言，資本主義由于存在社會(huì)化大生產(chǎn)和生產(chǎn)資料個(gè)人占有的根本矛盾必將滅亡，然而，直至如今，資本主義依然存在，這是由于并購(gòu)化解了這一矛盾，中小企業(yè)可以合并成一個(gè)個(gè)大企業(yè)，成為上市公司，而生產(chǎn)資料也隨之由個(gè)人所有轉(zhuǎn)變?yōu)楣娝小Ｎ鞣絿?guó)家自19世紀(jì)末以來(lái)，先后經(jīng)歷5次并購(gòu)浪潮，目前正直面第六次并購(gòu)浪潮。中國(guó)并購(gòu)市場(chǎng)的主角，90年代的民營(yíng)企業(yè)、2000年代跨國(guó)公司、2004年后的國(guó)有企業(yè)，已經(jīng)先后主唱一時(shí)，最近的趨勢(shì)表明，，下一個(gè)時(shí)期的主角將是上市公司，他們以主動(dòng)對(duì)外并購(gòu)、整合產(chǎn)業(yè)為特征。并購(gòu)是否為上市公司帶來(lái)正面效應(yīng)是國(guó)內(nèi)許多學(xué)者都在研究的問(wèn)題，研究方法基本借鑒國(guó)外的主流研究方法，即財(cái)務(wù)指標(biāo)法。 本文研究我國(guó)上市公司的并購(gòu)績(jī)效問(wèn)題，并從并購(gòu)戰(zhàn)略、并購(gòu)動(dòng)機(jī)、操作過(guò)程、政府導(dǎo)向及并購(gòu)后的整合情況幾個(gè)方面來(lái)分析影響公司并購(gòu)績(jī)效的原因。本文采用財(cái)務(wù)指標(biāo)法考察收購(gòu)公司的并購(gòu)績(jī)效。在指標(biāo)選取方面，本文采用構(gòu)建指標(biāo)體系的方法，并采用因子分析確定收購(gòu)公司績(jī)效的綜合得分。 在并購(gòu)事件樣本選擇上本文選取了2008一2009年我國(guó)資本市場(chǎng)上發(fā)生的收購(gòu)公司為上市公司的并購(gòu)重組事件用來(lái)研究收購(gòu)公司長(zhǎng)期并購(gòu)績(jī)效。 本文的研究得到了以下的一些結(jié)論: （1）我國(guó)上市公司進(jìn)行的并購(gòu)行為對(duì)績(jī)效的改善不明顯。并購(gòu)活動(dòng)并不能為收購(gòu)公司帶來(lái)績(jī)效的持續(xù)提高； （2）在我國(guó)，并購(gòu)戰(zhàn)略、并購(gòu)動(dòng)機(jī)、操作過(guò)程、政府導(dǎo)向及并購(gòu)后的整合情況是影響上市公司并購(gòu)績(jī)效的重要因素。
[Abstract]:M & A, or merger and acquisition, refers to mergers and acquisitions between enterprises. In 1989, mergers and acquisitions were carried out by the State Reform Commission, the State Planning Commission. The Ministry of Finance and the State Administration of State-owned assets jointly issued the interim measures on Enterprise merger, which defines it as "one enterprise buying property rights of other enterprises." An act that causes other enterprises to lose their legal personality or change their legal entities "; Acquisition refers to the enterprise through the purchase of all or part of the assets of other companies, equity to achieve the actual control of the company. The acquired party may still have the status of an independent legal person. Since mergers and acquisitions control other companies through equity transactions, they are commonly referred to as mergers and acquisitions. In the process of M & A, all kinds of market elements and resources flow to the most productive areas, which realize the optimal allocation of resources. Marx once asserted that capitalism would perish because of the fundamental contradiction between socialized production and personal possession of the means of production. However, capitalism still exists up to now. This is because of mergers and acquisitions to resolve this contradiction, small and medium-sized enterprises can be merged into a large enterprise, become a listed company. Since the end of 19th century, Western countries have experienced five waves of M & A, and are now facing 6th waves of M & A. the protagonists of China's M & A market. In 90s, the private enterprises in the 2000s, the state-owned enterprises after 2004, has been the lead for a while, the recent trend shows that the next period of the protagonist will be listed companies. They are characterized by active foreign mergers and acquisitions, integration of industries. Whether mergers and acquisitions bring positive effects to listed companies is a problem that many domestic scholars are studying. The research methods basically draw lessons from the mainstream research methods of foreign countries. Namely financial index method. This paper studies the M & A performance of listed companies in China, and from the M & A strategy, M & A motivation, operation process. This paper analyzes the reasons that affect the performance of mergers and acquisitions. This paper uses the method of financial indicators to investigate the performance of mergers and acquisitions. In the selection of indicators. This paper adopts the method of constructing index system, and adopts factor analysis to determine the comprehensive score of corporate performance. In the sample selection of M & A events, this paper selects the acquisition companies in the capital market of China from 2008 to 2009 as the M & A events of listed companies to study the long-term M & A performance of the buy-out companies. Some conclusions are obtained in this paper: 1) the M & A behavior of listed companies in China is not obvious to the improvement of performance. M & A activities can not bring about continuous improvement of the performance of the buy-out companies; 2) in China, M & A strategy, M & A motivation, operation process, government orientation and integration after M & A are important factors affecting M & A performance of listed companies.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F271;F832.51;F224

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