本文關(guān)鍵詞： 資源型企業(yè) 跨國并購績效 因子分析 綜合評分　出處：《云南財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來,中國資本市場的發(fā)展為中國企業(yè)的并購活動提供了良好的環(huán)境,商務(wù)部的統(tǒng)計顯示,自2000年起,跨國并購已經(jīng)成為我國企業(yè)對外投資最主要的方式。自1991第一筆并購交易始,中國企業(yè)海外并購經(jīng)過20多年的發(fā)展逐漸步入正常軌道,跨國并購交易數(shù)量從1991年的6宗上升至2016年的288宗,交易金額從1991年的1.85億美元上升至2016年的420億美元。根據(jù)China Venture(投資中國)的統(tǒng)計,2006-2016年中國的跨國并購交易中,能源礦產(chǎn)業(yè)的交易數(shù)量和規(guī)模占比份額分別達到28%和72%�？鐕①彅�(shù)量和規(guī)模的增長,并不能顯示出企業(yè)跨國并購的成效。中國2010-2016年間并購案例的統(tǒng)計也顯示,僅有23%的企業(yè)獲得了明確的效益,并購失敗的企業(yè)達61%。因為并購而導(dǎo)致企業(yè)效益大幅下滑的案例頻頻出現(xiàn),使得有人對企業(yè)跨國并購的意義和價值提出了質(zhì)疑。雖然部分企業(yè)跨國并購成功,但企業(yè)的經(jīng)營績效不盡如人意,大部分企業(yè)處于非盈利甚至虧損狀況,對于資源型企業(yè)跨國并購后的績效如何,哪些因素是制約企業(yè)的經(jīng)營績效以及如何改善企業(yè)并購績效,針對這些問題,在查閱相關(guān)文獻的基礎(chǔ)上,本文以資源型企業(yè)的經(jīng)營管理水平為切入點,通過分析資源型企業(yè)并購事件前后5年的經(jīng)營績效變化情況以及以并購當(dāng)期為考察期對績效影響的因素進行分類分析。本文選取在2008-2013年并購?fù)瓿傻纳鲜匈Y源型企業(yè)作為樣本,主要運用財務(wù)指標(biāo)研究法,從企業(yè)盈利能力、資產(chǎn)運營能力、償債能力以及企業(yè)發(fā)展能力四個維度進行研究。在分析資源型企業(yè)跨國并購績效時,以樣本企業(yè)并購事件前后5年作為考察期,重點考察并購事件是否有助于提升企業(yè)的經(jīng)營績效,得出的結(jié)論是:在短期,跨國并購事件在并購時企業(yè)績效開始下滑并在并購的后一期達到最低點,但從長期來看,企業(yè)在并購后兩期開始明顯好轉(zhuǎn),整體呈現(xiàn)出先下降后上升的趨勢;在對資源型企業(yè)并購績效影響因素比較分析時,以并購當(dāng)期作為考察期,首先按國有持股、并購后持股以及國企性質(zhì)將樣本進行分類,其次在各分類的樣本中,以國有持股比例大小、并購后持股比例大小以及國企性質(zhì)再進行細分,通過在相同因素下比較其對企業(yè)并購績效的影響,得出結(jié)論:國有持股比例越高,企業(yè)經(jīng)營績效越好;并購后持股比例越低,企業(yè)的經(jīng)營績效越好;地方企業(yè)與央企在企業(yè)的經(jīng)營績效上差距不大。
[Abstract]:In recent years, the development of China's capital market has provided a good environment for the M & A activities of Chinese enterprises. Statistics from the Ministry of Commerce show that since 2000. Transnational M & A has become the most important way for Chinese enterprises to invest abroad. Since the first M & A transaction in 1991, the overseas M & A of Chinese enterprises has gradually entered the normal track after more than 20 years of development. The number of cross-border M & A transactions rose from 6 in 1991 to 288 in 2016. The deal rose from $185 million in 1991 to $42 billion in 2016, according to China Venture. In China's cross-border M & A transactions from 2006 to 2016, the number and scale of energy and mining industry transactions reached 28% and 722.The number and scale of cross-border M & as increased. It does not show the effectiveness of cross-border mergers and acquisitions. Statistics on mergers and acquisitions in China between 2010 and 2016 also show that only 23% of companies have achieved clear benefits. Mergers and acquisitions failed to reach 61. because of mergers and acquisitions led to a sharp decline in corporate benefits cases frequently appear. It makes some people question the significance and value of cross-border M & A. although some enterprises succeed in cross-border M & A, the performance of enterprises is not satisfactory, and most enterprises are in the state of nonprofits or even losses. For the performance of resource-based enterprises after cross-border mergers and acquisitions, which factors are restricting the performance of enterprises and how to improve the performance of mergers and acquisitions, in view of these issues, on the basis of consulting the relevant literature. This paper takes the management level of resource-based enterprises as the starting point. By analyzing the changes of operating performance of resource-based enterprises before and after the M & A event and the factors that affect the performance in the current period of M & A, this paper selects the conclusion of M & A from 2008 to 2013. The listed resource-based enterprises as a sample. Mainly using the financial index research method, from the enterprise profitability, asset operation ability, solvency and enterprise development ability to study the four dimensions. In the analysis of the performance of cross-border mergers and acquisitions of resource-based enterprises. Take the sample enterprise M & A event before and after 5 years as the inspection period, the focus on whether M & A events can help to improve the business performance, the conclusion is: in the short term. Cross-border M & A events began to decline during M & A and reached the lowest point in the latter period, but in the long run, the enterprises began to improve obviously in the two periods after M & A, and the overall trend showed a decline first and then an upward trend. In the comparative analysis of the factors affecting the performance of M & A of resource-based enterprises, taking the current period of M & A as the investigation period, the samples are classified according to the state-owned ownership, the ownership after the merger and the nature of the state-owned enterprises, and then in the samples of each classification. According to the size of state-owned shareholding, the size of shareholding after mergers and acquisitions and the nature of state-owned enterprises are further subdivided, through the comparison of the same factors on the performance of M & A, the conclusion is: the higher the proportion of state-owned shareholdings. The better the business performance; The lower the shareholding ratio after merger and acquisition, the better the business performance; Local enterprises and central enterprises in the business performance gap is not big.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271

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