【摘要】：隨著中國在世界經(jīng)濟中的崛起，涌入我國市場的資本日益增多，，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，而并購基金作為一種新型的企業(yè)并購融資方式，由于其獨特優(yōu)勢對產(chǎn)業(yè)整合、困境企業(yè)脫困、優(yōu)勢企業(yè)效率提升等方面發(fā)揮了積極作用，故在中國市場發(fā)展迅速；但其也存在行為短期化的質(zhì)疑。鑒于此，本文在目前對于并購基金的研究內(nèi)容及數(shù)量都十分有限的基礎(chǔ)上，通過對被并購上市公司在并購活動發(fā)生前后績效對比分析，來探討并購基金對并購上市公司的績效造成的實際影響。這一分析視角的提出具有突出的實際價值和一定的理論意義。 在堅持規(guī)范研究與實證研究、定性研究與定量研究相結(jié)合的方法論原則基礎(chǔ)上，本文首先通過文獻研究法對相關(guān)理論進行梳理，并在此基礎(chǔ)上分析了并購基金的優(yōu)、劣勢及其在并購活動中對上市公司績效造成的影響；然后提出并購基金對被并購的上市公司的績效有提升作用這一假設(shè)，通過選取2005-2006年間發(fā)生了由并購基金并購的上市公司，篩選出并購基金股份排名在前五位之內(nèi)的31家上市公司，運用描述性統(tǒng)計分析和因子分析方法對上市公司在并購活動發(fā)生前后共10年的績效進行了對比分析，研究結(jié)論表明并購基金對被并購上市公司的長期績效有提升作用；最后，對推動我國并購基金的并購活動提出了相關(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)濟貿(mào)易大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.39;F224

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