【摘要】：隨著中國(guó)在世界經(jīng)濟(jì)中的崛起，涌入我國(guó)市場(chǎng)的資本日益增多，，企業(yè)獲得資本的方式也呈現(xiàn)出日趨多樣化、多元化的發(fā)展趨勢(shì)，而并購(gòu)基金作為一種新型的企業(yè)并購(gòu)融資方式，由于其獨(dú)特優(yōu)勢(shì)對(duì)產(chǎn)業(yè)整合、困境企業(yè)脫困、優(yōu)勢(shì)企業(yè)效率提升等方面發(fā)揮了積極作用，故在中國(guó)市場(chǎng)發(fā)展迅速；但其也存在行為短期化的質(zhì)疑。鑒于此，本文在目前對(duì)于并購(gòu)基金的研究?jī)?nèi)容及數(shù)量都十分有限的基礎(chǔ)上，通過(guò)對(duì)被并購(gòu)上市公司在并購(gòu)活動(dòng)發(fā)生前后績(jī)效對(duì)比分析，來(lái)探討并購(gòu)基金對(duì)并購(gòu)上市公司的績(jī)效造成的實(shí)際影響。這一分析視角的提出具有突出的實(shí)際價(jià)值和一定的理論意義。 在堅(jiān)持規(guī)范研究與實(shí)證研究、定性研究與定量研究相結(jié)合的方法論原則基礎(chǔ)上，本文首先通過(guò)文獻(xiàn)研究法對(duì)相關(guān)理論進(jìn)行梳理，并在此基礎(chǔ)上分析了并購(gòu)基金的優(yōu)、劣勢(shì)及其在并購(gòu)活動(dòng)中對(duì)上市公司績(jī)效造成的影響；然后提出并購(gòu)基金對(duì)被并購(gòu)的上市公司的績(jī)效有提升作用這一假設(shè)，通過(guò)選取2005-2006年間發(fā)生了由并購(gòu)基金并購(gòu)的上市公司，篩選出并購(gòu)基金股份排名在前五位之內(nèi)的31家上市公司，運(yùn)用描述性統(tǒng)計(jì)分析和因子分析方法對(duì)上市公司在并購(gòu)活動(dòng)發(fā)生前后共10年的績(jī)效進(jìn)行了對(duì)比分析，研究結(jié)論表明并購(gòu)基金對(duì)被并購(gòu)上市公司的長(zhǎng)期績(jī)效有提升作用；最后，對(duì)推動(dòng)我國(guó)并購(gòu)基金的并購(gòu)活動(dòng)提出了相關(guān)建議。
[Abstract]:With the rise of China in the world economy, the capital flowing into our market is increasing day by day, and the way of obtaining capital for enterprises is also showing a trend of diversification and diversification. As a new type of financing mode, M & A fund is a new type of M & A financing method. Because of its unique advantages to the integration of industries, difficult enterprises out of difficulties, advantages of enterprises to improve efficiency and other aspects of the positive role, so in China's market rapid development; But it also has the question that behavior is short-term. In view of this, on the basis of the limited research content and quantity of M & A funds, this paper compares and analyzes the performance of M & A listed companies before and after M & A activities. To explore the actual impact of M & A funds on the performance of M & A listed companies. This analysis angle of view has outstanding practical value and certain theoretical significance. On the basis of the methodological principle of combining normative research with empirical research, qualitative research and quantitative research, this paper firstly combs the relevant theories through literature research, and then analyzes the advantages of M & A fund. Disadvantages and their impact on the performance of listed companies in M & A activities; Then the hypothesis that M & A funds can improve the performance of M & A listed companies is put forward. By selecting the listed companies which were merged by M & A funds in 2005-2006, In this paper, 31 listed companies in the top five positions of M & A fund are selected, and the performance of the listed companies in 10 years before and after M & A is compared by using descriptive statistical analysis and factor analysis. The results show that M & A funds can improve the long-term performance of the listed companies. Finally, some suggestions are put forward to promote the M & A activities of M & A funds in China.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.39;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 余光,楊榮;企業(yè)購(gòu)并股價(jià)效應(yīng)的理論分析和實(shí)證分析[J];當(dāng)代財(cái)經(jīng);2000年07期

2 范從來(lái),袁靜;成長(zhǎng)性、成熟性和衰退性產(chǎn)業(yè)上市公司并購(gòu)績(jī)效的實(shí)證分析[J];中國(guó)工業(yè)經(jīng)濟(jì);2002年08期

3 陳信元,張?zhí)镉?資產(chǎn)重組的市場(chǎng)反應(yīng)——1997 年滬市資產(chǎn)重組實(shí)證分析[J];經(jīng)濟(jì)研究;1999年09期

4 朱寶憲,王怡凱;1998年中國(guó)上市公司并購(gòu)實(shí)踐的效應(yīng)分析[J];經(jīng)濟(jì)研究;2002年11期

5 錢(qián)蘋(píng);張幃;;我國(guó)創(chuàng)業(yè)投資的回報(bào)率及其影響因素[J];經(jīng)濟(jì)研究;2007年05期

6 楊振華,任寶元;建立企業(yè)并購(gòu)基金的若干思考[J];金融研究;1997年05期

7 陳信元,原紅旗;上市公司資產(chǎn)重組財(cái)務(wù)會(huì)計(jì)問(wèn)題研究[J];會(huì)計(jì)研究;1998年10期

8 黃海標(biāo);李軍;;產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí)評(píng)價(jià)指標(biāo)體系構(gòu)建[J];商業(yè)時(shí)代;2008年03期

9 劉平;國(guó)外企業(yè)并購(gòu)績(jī)效理論及實(shí)證研究述評(píng)[J];外國(guó)經(jīng)濟(jì)與管理;2003年07期

10 艾西南;周軍;;本土私募股權(quán)基金——產(chǎn)業(yè)整合資本的新通道[J];現(xiàn)代管理科學(xué);2008年05期

本文編號(hào)：2334034