本文選題：并購 + 并購績效　； 參考：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：進(jìn)入21世紀(jì)之后,全球的并購交易無論是在數(shù)量上還是規(guī)模上都屢創(chuàng)新高。顯然,并購活動已經(jīng)成為企業(yè)尋求擴(kuò)張和發(fā)展的一條重要的途徑,很多企業(yè)為了追逐自身的利益而去積極主動促成并購活動的發(fā)生。然而,并購活動是否能夠真正的為企業(yè)創(chuàng)造利潤,為股東帶來財(cái)富的增長呢?這也一直是學(xué)術(shù)界頗具爭議的研究問題。過去幾十年間,尤其是西方國家,關(guān)于并購績效的考量主要集中在以下兩種方法上：市場研究法和財(cái)務(wù)指標(biāo)對比法。由于考量方法的不同,得出的結(jié)論也莫衷一是。對于西方學(xué)者們提出的兩種主要考量績效的方法,近些年又有很多學(xué)者提出了異議,認(rèn)為上述的方法都有各自的局限性,不能夠完全反映企業(yè)的真實(shí)績效,因而又提出了新的研究方法——EVA指標(biāo)法。EVA指標(biāo)雖出現(xiàn)較晚,但是其優(yōu)點(diǎn)已經(jīng)得到了學(xué)術(shù)界的普遍認(rèn)可,它可以避免上述兩種方法在衡量績效時的局限性。而且,針對我國資本市場的非完全有效性和存在“粉飾”財(cái)務(wù)數(shù)據(jù)等特殊的情況,EVA作為衡量剩余價值的指標(biāo)的優(yōu)點(diǎn)就更為突出。本文也是立足于前人的研究成果的基礎(chǔ)上并結(jié)合我國的實(shí)際情況,選用EVA指標(biāo)來衡量并購活動中主并公司的績效,并給出自己的研究結(jié)論。 雖然我國的資本市場起步較晚,但卻十分復(fù)雜：分別經(jīng)歷了2006年的股權(quán)分置改革和2008年的經(jīng)濟(jì)危機(jī)。經(jīng)濟(jì)形勢的復(fù)雜性對企業(yè)績效也造成了多方面的影響,增加了我們研究的難度。所以,本文以2008年發(fā)生并購活動的61家公司和配對的未發(fā)生并購活動的61家公司為研究樣本,通過分別計(jì)算兩個樣本在并購前一年、并購當(dāng)年和并購后兩年的EVA值來分析企業(yè)績效的變化,再對比兩個不同研究樣本,剔除經(jīng)濟(jì)形勢等因素的條件下考察并購活動對企業(yè)績效的影響,分析我國的并購活動是否真正的為主并公司帶來了長期績效的提升。經(jīng)過實(shí)證研究發(fā)現(xiàn)：并購當(dāng)年企業(yè)績效得到大幅度改善,較前一年有明顯的提升；并購后一年開始,主并公司的價值開始大幅度下降,股東財(cái)富遭受損失。 本文的結(jié)構(gòu)安排如下：首先,在引言部分介紹了本文的研究背景及意義、研究思路及內(nèi)容、創(chuàng)新之處和研究局限；然后從市場研究法、財(cái)務(wù)指標(biāo)對比法以及EVA指標(biāo)法對國內(nèi)外的研究文獻(xiàn)進(jìn)行了回顧和述評；第三部分中,針對本文的相關(guān)理論作出界定和解釋,包括并購的相關(guān)理論和經(jīng)濟(jì)增加值體系相關(guān)理論的解釋；第四部分中,介紹了建立了EVA的計(jì)算模型以及樣本篩選的條件和理由,第五部分在分別評價發(fā)生并購活動和未發(fā)生并購活動的企業(yè)績效的基礎(chǔ)上,分析并購活動對企業(yè)績效的影響；文章最后對研究結(jié)論進(jìn)行總結(jié)并給出合理解釋,然后從宏觀管理和微觀操作兩個方面提出政策建議。
[Abstract]:After entering the 21 st century, the global M & A transactions have repeatedly reached new heights in both quantity and scale. Obviously, M & A activities have become an important way for enterprises to seek expansion and development. Many enterprises actively promote M & A activities in order to pursue their own interests. However, can M & A activities really create profits for enterprises and bring wealth growth to shareholders? This has always been a controversial issue in academia. In the past few decades, especially in western countries, the performance of M & A has focused on the following two methods: market research and comparison of financial indicators. As a result of the different methods of consideration, the conclusion is also different. In recent years, many scholars have raised objections to the two main methods proposed by western scholars, which all have their own limitations and can not fully reflect the true performance of enterprises. Therefore, a new research method, EVA index method, is put forward. Although EVA index method appears late, its advantages have been generally recognized by academic circles, and it can avoid the limitation of the two methods in measuring performance. Moreover, in view of the incomplete validity of China's capital market and the existence of "whitewashed" financial data and other special circumstances, EVA is more prominent as an indicator of residual value. This paper is also based on the previous research results and combined with the actual situation in China, select EVA indicators to measure the performance of merger and acquisition activities, and give their own research conclusions. Although the capital market of our country starts late, it is very complicated: it has experienced the reform of split share structure in 2006 and the economic crisis of 2008. The complexity of economic situation also has many influences on enterprise performance, which increases the difficulty of our research. Therefore, this paper takes 61 companies with M & A activity in 2008 and 61 matched companies with no M & A activity as the study samples, and calculates the two samples one year before M & A, respectively. The EVA value of the year and two years after the merger and acquisition to analyze the change of enterprise performance, and then compare the two different research samples, excluding the economic situation and other factors to investigate the impact of M & A activities on corporate performance. This paper analyzes whether M & A activities in China really focus on the company and bring about the improvement of long-term performance. The empirical study shows that: the performance of the merger and acquisition year has been greatly improved, compared with the previous year, the year after the merger, the value of the main and joint company began to decline significantly, and the shareholder wealth suffered losses. The structure of this paper is as follows: first, the introduction introduces the research background and significance, research ideas and content, innovation and research limitations, and then from the market research method, The comparative method of financial index and EVA index method review and review the domestic and foreign research literature. The third part defines and explains the relevant theories of this paper. The fourth part introduces the calculation model of EVA and the conditions and reasons of sample selection. The fifth part analyzes the impact of M & A activities on corporate performance on the basis of the performance evaluation of M & A activities and non-M & A activities respectively. Finally, the paper summarizes the research conclusions and gives a reasonable explanation. Then from macro-management and micro-operation two aspects of policy recommendations.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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