本文選題：制造業(yè) + 并購(gòu)績(jī)效��； 參考：《遼寧大學(xué)》2013年碩士論文

【摘要】：企業(yè)的并購(gòu)重組在發(fā)達(dá)國(guó)家中已經(jīng)發(fā)展了一百多年，共經(jīng)歷5次大規(guī)模的并購(gòu)浪潮。20世紀(jì)90年代以來，全球化和互聯(lián)網(wǎng)的迅猛發(fā)展再次打破了原有的經(jīng)濟(jì)格局，第五次并購(gòu)浪潮應(yīng)運(yùn)而生。這次并購(gòu)浪潮以美國(guó)和英國(guó)的大型企業(yè)為火車頭，帶動(dòng)了其他發(fā)達(dá)國(guó)家的并購(gòu)熱情。這次并購(gòu)浪潮的特點(diǎn)主要表現(xiàn)在：以跨國(guó)并購(gòu)為主、參與企業(yè)資本雄厚，交易金額龐大，，涉及領(lǐng)域廣闊，新興產(chǎn)業(yè)與傳統(tǒng)產(chǎn)業(yè)并購(gòu)齊頭并進(jìn)。 而我國(guó)企業(yè)的并購(gòu)出現(xiàn)在改革開放以后，發(fā)展歷史相對(duì)較短，共經(jīng)歷三個(gè)發(fā)展階段。隨著2002年中國(guó)正式加入WTO，經(jīng)濟(jì)全球化的發(fā)展，資本市場(chǎng)的逐步完善，我國(guó)也掀起了新一輪的并購(gòu)潮。作為我國(guó)國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)，制造業(yè)是我國(guó)經(jīng)濟(jì)增長(zhǎng)的主導(dǎo)部門和經(jīng)濟(jì)轉(zhuǎn)型的基礎(chǔ)，因此研究我國(guó)制造業(yè)上市公司的并購(gòu)績(jī)效對(duì)保持制造業(yè)企業(yè)的長(zhǎng)期穩(wěn)定發(fā)展有重要意義。 本文以2008年我國(guó)制造業(yè)上市公司的并購(gòu)為研究對(duì)象，采用EVA作為評(píng)價(jià)上市公司績(jī)效的指標(biāo)，通過計(jì)算07年至11年制造業(yè)上市公司EVA的數(shù)值，比較分析EVA的走向，得到如下結(jié)論：(1)并購(gòu)當(dāng)年制造業(yè)上市公司的績(jī)效下降明顯，并購(gòu)后第一年較并購(gòu)當(dāng)年有所上升，但仍然低于并購(gòu)前一年，并購(gòu)后第二年及第三年的績(jī)效高于并購(gòu)前一年；(2)國(guó)有控股、行業(yè)相關(guān)性及關(guān)聯(lián)交易對(duì)制造業(yè)上市公司都存在不同程度的影響。 由于筆者知識(shí)結(jié)構(gòu)的局限性、研究時(shí)間的倉(cāng)促和我國(guó)相關(guān)領(lǐng)域的特殊情況，本文在采用EVA對(duì)上市公司并購(gòu)績(jī)效進(jìn)行研究時(shí)可能存在以下不足：（1）EVA績(jī)效評(píng)價(jià)模型雖然它優(yōu)于傳統(tǒng)的會(huì)計(jì)研究法，但是其模型仍然是建立在財(cái)務(wù)指標(biāo)的基礎(chǔ)上，沒有考慮非財(cái)務(wù)指標(biāo)對(duì)績(jī)效的評(píng)價(jià)。（2）在實(shí)證研究部分，本文局限于對(duì)并購(gòu)公司的研究，沒有對(duì)被并購(gòu)公司進(jìn)行研究，比較分析不足。（3）在對(duì)并購(gòu)績(jī)效影響因素進(jìn)行分析時(shí)，由于受到選取樣本的限制，影響因素指標(biāo)較少。
[Abstract]:M & A of enterprises has been developed for more than 100 years in developed countries. After five large-scale M & A waves since 1990s, globalization and the rapid development of the Internet have once again broken the original economic pattern.The fifth wave of mergers and acquisitions came into being.This wave of mergers and acquisitions, with large companies in the United States and the United Kingdom as the locomotive, led to the acquisition enthusiasm of other developed countries.The characteristics of this wave of M & A are as follows: transnational M & A is the main part, the capital of the participating enterprises is abundant, the transaction amount is huge, the scope of the merger and acquisition is broad, and the new industries and the traditional industries are in step with each other.The M & A of Chinese enterprises appeared after the reform and opening up, the history of development is relatively short, and it has experienced three stages of development.With China's entry into WTO in 2002, the development of economic globalization and the gradual improvement of capital market, China has also set off a new wave of mergers and acquisitions.As the pillar industry of our national economy, manufacturing industry is the leading department of economic growth and the basis of economic transformation. Therefore, it is of great significance to study the M & A performance of listed manufacturing companies in order to maintain the long-term and stable development of manufacturing enterprises.This paper takes the M & A of Chinese manufacturing listed companies in 2008 as the research object, adopts EVA as the index to evaluate the performance of listed companies, and compares and analyzes the trend of EVA by calculating the value of EVA of manufacturing listed companies from 2007 to 11 years.The following conclusion is drawn: 1) the performance of the manufacturing listed companies in the year of M & A decreased significantly. The first year of M & A was higher than that of the year of M & A, but still lower than that of the year before the merger.The performance in the second and third years after M & A is higher than that in the year before M & A.Due to the limitations of the author's knowledge structure, the haste of the research time and the special situation of the related fields in China,In this paper, we use EVA to study the M & A performance of listed companies. Although it is superior to the traditional accounting research method, the model is still based on the financial indicators.In the part of empirical research, this paper is limited to the research of M & A companies, and does not study the M & A companies. The comparative analysis is insufficient when analyzing the influencing factors of M & A performance.Because of the limitation of selecting samples, the influencing factors are few.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F271;F424

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本文編號(hào)：1756233