本文關(guān)鍵詞：股權(quán)分置改革背景下我國收購公司的并購績效研究　出處：《上海師范大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)分置改革 并購特征 并購財務(wù)績效

【摘要】：自19世紀(jì)末起，以美國為主的西方國家主要經(jīng)歷了五次并購浪潮，且規(guī)模和強(qiáng)度一次勝過一次。相對于西方國家，我國企業(yè)的并購起步較晚，直至1984年才出現(xiàn)真正意義上的中國現(xiàn)代企業(yè)并購案。由于歷史原因，自1992年以來，我國資本市場上一直存在著流通股和非流通股并存的“二元股權(quán)結(jié)構(gòu)”格局，這段時期被稱為股權(quán)分置時期。股權(quán)分置的存在嚴(yán)重扭曲了證券市場的定價機(jī)制，使得大股東和小股東獲利基礎(chǔ)存在差異，掌握了高比例非流通股的大股東很容易侵占中小股東的利益，，阻礙著我國上市公司并購活動的發(fā)展。為此，2005年4月我國正式啟動了股權(quán)分置改革，股權(quán)分置改革是我國證券市場發(fā)展史上重要的舉措，它的實施消除了同股不同價、同股不同利、同股不同權(quán)的現(xiàn)象，同時為我國上市公司并購活動的市場化奠定了制度基礎(chǔ)。因此，本文以股權(quán)分置改革為研究背景，試圖研究在股權(quán)分置改革背景下，我國上市公司并購前后的績效發(fā)生了怎樣的變化，以及股改因素、并購特征等影響因素與績效變化又有什么樣的關(guān)系。 本文首先采用了會計研究法對股權(quán)分置改革背景下收購公司的并購績效進(jìn)行實證分析，通過構(gòu)建一個綜合的財務(wù)指標(biāo)體系，借助SPSS統(tǒng)計軟件，運用因子分析法對指標(biāo)體系中所包含的十三個財務(wù)指標(biāo)提取了因子，計算出各年度財務(wù)績效的綜合得分后，對并購前后的差異進(jìn)行了分析；其次，采用了分組檢驗方法對影響并購績效的因素進(jìn)行了一一檢驗；最后利用回歸模型對影響績效變化的因素做出判斷。得到結(jié)論為：從長期來看，并購活動并不能為收購公司帶來長期績效的提高，長期績效改善不明顯。其中股改因素與并購績效存在著顯著性相關(guān)，但時間越長，效果逐漸減弱，甚至不相關(guān)。
[Abstract]:Since the end of 19th century, western countries, mainly in the United States, have experienced five waves of M & A, and the scale and intensity of M & A have been more than one at a time. Compared with the western countries, the M & A of Chinese enterprises started relatively late. It was not until 1984 that there was a real merger of modern Chinese enterprises. For historical reasons, since 1992. In China's capital market, there has always been a "dual equity structure" pattern in which tradable shares and non-tradable shares coexist. This period is called the period of split share structure. The existence of non-tradable shares seriously distorts the pricing mechanism of the securities market. It makes the profit basis of large shareholders and small shareholders different. The majority shareholders who master the high proportion of non-tradable shares easily encroach on the interests of small and medium shareholders and hinder the development of M & A activities of listed companies in China. In April 2005, China officially launched the reform of split share structure, which is an important measure in the history of the development of China's securities market. Its implementation eliminates the different prices of the same shares and different interests of the same shares. The phenomenon of different rights of the same shares, at the same time, has laid the institutional foundation for the marketization of M & A activities of listed companies in China. Therefore, this paper takes the reform of split share structure as the research background and tries to study it under the background of the reform of split share structure. What changes have taken place in the performance of listed companies before and after M & A in China, and what is the relationship between the factors of stock reform and the characteristics of M & A and the change of performance. This paper first uses the accounting research method to analyze the M & A performance of the buy-out company under the background of the split share structure reform, through the construction of a comprehensive financial index system, with the help of SPSS statistical software. The factor analysis method is used to extract the factors from the thirteen financial indexes contained in the index system. After calculating the comprehensive scores of the financial performance in each year, the difference between the pre-merger and post-merger is analyzed. Secondly, the paper uses the method of grouping test to test the factors that affect the performance of M & A. Finally, the regression model is used to judge the factors that affect the performance change. The conclusion is: in the long run, M & A can not improve the long-term performance of the acquisition company. The improvement of long-term performance is not obvious, among which there is a significant correlation between share reform factors and M & A performance, but the longer the time, the effect gradually weakens, even irrelevant.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F271;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張金鑫;張秋生;李霞;;并購績效的經(jīng)驗研究方法[J];北京交通大學(xué)學(xué)報(社會科學(xué)版);2007年04期

2 邊小東;;并購績效常用研究方法:事件研究法[J];財會通訊;2009年17期

3 洪金珠;中國上市公司資產(chǎn)重組績效實證研究[J];財貿(mào)研究;2004年02期

4 王江石;;股權(quán)分置改革對我國上市公司并購的影響分析[J];產(chǎn)業(yè)與科技論壇;2010年06期

5 吳豪;莊新田;;中國上市公司并購績效的實證研究[J];東北大學(xué)學(xué)報(自然科學(xué)版);2008年02期

6 陳健,席酉民,郭菊娥;國外并購績效評價方法研究綜述[J];當(dāng)代經(jīng)濟(jì)科學(xué);2005年03期

7 朱滔;;上市公司并購的短期和長期股價表現(xiàn)[J];當(dāng)代經(jīng)濟(jì)科學(xué);2006年03期

8 郭妍;張立光;;企業(yè)并購財務(wù)績效及其影響因素的實證檢驗——以我國銀行為例[J];東岳論叢;2011年11期

9 陳高游;;股權(quán)分置改革后的中國上市公司并購策略[J];經(jīng)濟(jì)問題;2007年05期

10 馮根福,吳林江;我國上市公司并購績效的實證研究[J];經(jīng)濟(jì)研究;2001年01期

相關(guān)博士學(xué)位論文 前1條

1 陳斌;中國上市公司股權(quán)分置改革的績效問題研究[D];廈門大學(xué);2008年

相關(guān)碩士學(xué)位論文 前2條

1 王志祥;股權(quán)分置改革對我國上市公司并購行為的影響[D];蘭州大學(xué);2010年

2 陳貝娜;中國企業(yè)跨國并購特征及其與績效的關(guān)系研究[D];復(fù)旦大學(xué);2010年

本文編號：1431502