【摘要】：進(jìn)入21世紀(jì)，全球正在經(jīng)歷第五次并購浪潮，而中國也正在經(jīng)歷第三次并購浪潮。并購包含兼并和收購，并購可以帶來企業(yè)發(fā)展和產(chǎn)業(yè)結(jié)構(gòu)調(diào)整。計(jì)算機(jī)行業(yè)是目前并購活動(dòng)最活躍的三大產(chǎn)業(yè)之一，但是每一個(gè)行業(yè)的并購都有各自不同的特征。并購理論的發(fā)展歷史較長，兩個(gè)主要的核心理論是：并購動(dòng)因研究，即企業(yè)出于什么原因?qū)嵤┎①�；并購績效研究，即企業(yè)績效由于并購的影響會(huì)發(fā)生什么變化。按照并購動(dòng)因和并購績效理論，中國計(jì)算機(jī)行業(yè)上市公司的并購有什么樣的具體特征，是本文想要回答的問題。 本文在研學(xué)了大量并購理論文獻(xiàn)資料、整體把握中國計(jì)算機(jī)行業(yè)發(fā)展及并購情況的基礎(chǔ)上，選取主營業(yè)務(wù)為生產(chǎn)或開發(fā)計(jì)算機(jī)硬件或計(jì)算機(jī)軟件的中國計(jì)算機(jī)行業(yè)上市公司為樣本，從主并方角度，考察了中國計(jì)算機(jī)行業(yè)上市公司的并購動(dòng)因及并購績效；本文接著以聯(lián)想并購IBM個(gè)人電腦業(yè)務(wù)為典型案例，綜合考察了個(gè)別計(jì)算機(jī)行業(yè)上市公司的并購動(dòng)因以及并購績效；最后從政府和企業(yè)雙重角度為國內(nèi)計(jì)算機(jī)行業(yè)的發(fā)展和計(jì)算機(jī)企業(yè)并購的成功提供可行的政策建議，以克服單一角度的片面性，其中政府角度側(cè)重并購環(huán)境的營造，企業(yè)角度側(cè)重并購的內(nèi)部整合。 本文第三章和第四章對(duì)并購動(dòng)因和并購績效的分析都是基于行業(yè)整體角度的。在中國計(jì)算機(jī)行業(yè)的并購動(dòng)因方面，本文采用了實(shí)證研究方法，在并購動(dòng)因理論基礎(chǔ)上，以并購與否作為因變量，同時(shí)選取多個(gè)自變量進(jìn)行Logistic回歸模型分析，結(jié)果發(fā)現(xiàn)自主創(chuàng)新戰(zhàn)略、市場戰(zhàn)略、銷售費(fèi)用和所得稅都對(duì)計(jì)算機(jī)上市公司主并方的并購參與有顯著影響，，意味著當(dāng)上市公司傾向于技術(shù)外購、市場擴(kuò)張或拓展、代表交易成本的銷售費(fèi)用越高、所得稅稅負(fù)越重時(shí)，其發(fā)生主動(dòng)并購的概率越高。在中國計(jì)算機(jī)行業(yè)的并購績效方面，本文同樣采用實(shí)證研究方法，以財(cái)務(wù)數(shù)據(jù)為基礎(chǔ)，對(duì)發(fā)生并購的計(jì)算機(jī)上市公司主并方并購前后的盈利能力、償債能力和資產(chǎn)管理能力進(jìn)行考察，結(jié)果發(fā)現(xiàn)主并方并購以后的績效整體上不存在一致變化趨勢，但是更短的時(shí)期內(nèi)存在占優(yōu)勢地位的變化方向；主并方的平均績效基本保持平穩(wěn)，并購對(duì)平均績效的影響很小。
[Abstract]:In the 21st century, the world is experiencing the fifth wave of mergers and acquisitions, and China is also experiencing the third wave of mergers and acquisitions. M & A includes merger and acquisition. M & A can bring about enterprise development and industrial structure adjustment. The computer industry is one of the three most active M & A industries, but each industry has its own characteristics. The development of M & A theory has a long history. The two core theories are as follows: M & A motivation research, that is, M & A performance research, that is, what changes will take place in corporate performance because of the influence of M A. According to the theory of M & A motivation and M & A performance, what kind of specific characteristics of M & A of listed companies in Chinese computer industry is the question this paper wants to answer. On the basis of studying a great deal of literature on M & A theory and grasping the development of Chinese computer industry and the situation of M & A as a whole, The listed companies of Chinese computer industry which are mainly engaged in producing or developing computer hardware or software are selected as samples, and the M & A motivation and M & A performance of listed companies in Chinese computer industry are investigated from the point of view of master and merger. Then, taking Lenovo M & A IBM personal computer business as a typical case, this paper comprehensively investigates the M & A motivation and M & A performance of individual listed companies in computer industry. Finally, from the angle of government and enterprise, it provides feasible policy suggestions for the development of domestic computer industry and the success of M & A of computer enterprises, in order to overcome the one-sidedness of single angle, in which the government pays more attention to the construction of environment of merger and acquisition. Enterprise perspective focuses on the internal integration of mergers and acquisitions. The analysis of M & A motivation and M & A performance in Chapter 3 and Chapter 4 is based on the industry as a whole. In the aspect of M & A motivation in Chinese computer industry, this paper adopts the empirical research method, on the basis of M & A motivation theory, takes M & A as dependent variable, and selects several independent variables to analyze the Logistic regression model at the same time. The results show that independent innovation strategy, market strategy, sales expenses and income tax all have a significant impact on the M & A participation of computer listed companies, which means that when listed companies tend to outsource technology, market expansion or expansion, The higher the sales expense representing the transaction cost and the heavier the income tax burden, the higher the probability of active merger and acquisition. In the aspect of M & A performance of Chinese computer industry, this paper also adopts empirical research method, based on financial data, to analyze the profitability of computer listed companies before and after mergers and acquisitions. The results show that there is no consistent change trend in the performance after merger and acquisition, but there is a dominant direction of change in a shorter period. The average performance of merger and acquisition is stable, and M & A has little effect on average performance.
【學(xué)位授予單位】：中國政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F271;F426.671

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王清;;簡析我國企業(yè)多元化并購的動(dòng)因[J];北方經(jīng)濟(jì);2011年08期

2 陸東輝;企業(yè)并購的財(cái)務(wù)動(dòng)因分析[J];商業(yè)研究;2005年20期

3 胡挺;饒富液;;多晶硅行業(yè)并購動(dòng)機(jī)及其后果分析[J];商業(yè)研究;2011年01期

4 安瑞娟;岳勝男;;高新技術(shù)企業(yè)并購動(dòng)因[J];哈爾濱商業(yè)大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2011年02期

5 胡霄峰;張濟(jì)波;;外資股權(quán)結(jié)構(gòu)對(duì)外商并購中國上市公司績效影響的實(shí)證研究[J];經(jīng)濟(jì)論壇;2007年01期

6 吳靜;;我國企業(yè)并購動(dòng)因分析[J];經(jīng)濟(jì)論壇;2009年02期

7 王澤霞;李珍珍;;IT行業(yè)上市公司并購績效實(shí)證研究[J];經(jīng)濟(jì)論壇;2009年03期

8 阮飛;李明;董紀(jì)昌;阮征;;我國互聯(lián)網(wǎng)企業(yè)并購的動(dòng)因、效應(yīng)及策略研究[J];經(jīng)濟(jì)問題探索;2011年07期

9 邱金輝;王紅昕;;我國企業(yè)并購理論研究現(xiàn)狀分析[J];經(jīng)濟(jì)問題;2006年07期

10 郎瑩;王東杰;;國內(nèi)鋼鐵行業(yè)橫向并購的形勢與動(dòng)因分析[J];經(jīng)濟(jì)縱橫;2009年02期

相關(guān)碩士學(xué)位論文 前2條

1 何來維;企業(yè)并購的動(dòng)因及中國的實(shí)證分析[D];安徽大學(xué);2002年

2 陳靜;中國上市公司并購動(dòng)因及長期績效研究[D];中共中央黨校;2008年

本文編號(hào)：2239692