【摘要】：并購(gòu)作為一種企業(yè)行為,是在市場(chǎng)經(jīng)濟(jì)條件下企業(yè)實(shí)現(xiàn)快速擴(kuò)張,迅速占領(lǐng)市場(chǎng)份額的主要途徑�，F(xiàn)如今,并購(gòu)重組已經(jīng)成為我國(guó)資本市場(chǎng)上的重要主題,更是推動(dòng)上市公司做大做強(qiáng),實(shí)現(xiàn)資本市場(chǎng)資源優(yōu)化配置功能的有效途徑和重要方式。在并購(gòu)的過程中,確定了并購(gòu)價(jià)格后,合理地選擇支付方式是并購(gòu)活動(dòng)成功實(shí)施的關(guān)鍵步驟,其重要意義可見一斑,可以說,并購(gòu)支付不僅是并購(gòu)交易的最后一個(gè)步驟,也是企業(yè)并購(gòu)的一個(gè)關(guān)鍵環(huán)節(jié)。因此,對(duì)我國(guó)上市公司并購(gòu)支付方式進(jìn)行研究既具有實(shí)踐性的意義,也是十分必要的。 文章首先對(duì)國(guó)內(nèi)外關(guān)于并購(gòu)支付方式對(duì)并購(gòu)績(jī)效影響的理論成果進(jìn)行了系統(tǒng)的梳理,得到了一個(gè)關(guān)于國(guó)內(nèi)外的研究現(xiàn)狀分析,并對(duì)并購(gòu)以及并購(gòu)績(jī)效的概念進(jìn)行界定,分析不同的并購(gòu)目的對(duì)企業(yè)管理者進(jìn)行并購(gòu)時(shí)會(huì)產(chǎn)生什么樣的影響,其次從理論和實(shí)證的角度剖析各種不同的支付方式對(duì)企業(yè)績(jī)效的影響,選取2008年我國(guó)發(fā)生并購(gòu)的上市公司作為研究對(duì)象,按照一定的標(biāo)準(zhǔn)篩選出517家企業(yè),統(tǒng)計(jì)其2007年至2010年4年的財(cái)務(wù)數(shù)據(jù),運(yùn)用財(cái)務(wù)指標(biāo)法從企業(yè)的償債能力、運(yùn)營(yíng)能力、盈利能力、股東獲利能力和發(fā)展能力五方面看不同類型的支付方式對(duì)企業(yè)的影響,并運(yùn)用因子分析法構(gòu)建企業(yè)并購(gòu)績(jī)效的綜合得分模型,最后根據(jù)實(shí)證結(jié)果從并購(gòu)企業(yè)和國(guó)家的角度提出相關(guān)建議,并分析文章存在的局限性以及今后的研究方向。
[Abstract]:M & A, as an enterprise behavior, is the main way for enterprises to expand rapidly and occupy market share rapidly under the condition of market economy. Nowadays, M & A has become an important topic in the capital market of our country, and it is also an effective way and an important way to promote the listed companies to become bigger and stronger and to realize the function of optimizing the allocation of resources in the capital market. In the process of M & A, after determining the price of M & A, the reasonable choice of payment method is the key step of successful implementation of M & A, and its important significance can be seen. It can be said that M & A payment is not only the last step of M & A transaction, Also is a key link of enterprise merger and acquisition. Therefore, it is both practical and necessary to study the M & A payment methods of listed companies in China. Firstly, this paper systematically combs the theoretical results of the effect of M & A payment methods on M & A performance at home and abroad, and obtains an analysis of the current research situation at home and abroad, and defines the concepts of M & A and M & A performance. This paper analyzes the influence of different purpose of M & A on enterprise managers' performance. Secondly, it analyzes the influence of different payment methods on enterprise performance from the perspective of theory and practice. According to certain criteria, 517 enterprises were selected as the research object, and the financial data from 2007 to 2010 were counted. The financial index method was used to analyze the solvency and operation ability of the enterprises. The five aspects of profitability, shareholders' profitability and development ability to see the impact of different payment methods on enterprises, and the use of factor analysis to build a comprehensive score model of corporate M & A performance. Finally, according to the empirical results, this paper puts forward the relevant suggestions from the perspective of M & A enterprises and countries, and analyzes the limitations of the article and the future research direction.
【學(xué)位授予單位】：江西理工大學(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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