本文選題：上市公司 + 海外并購��； 參考：《山東財經(jīng)大學》2015年碩士論文

【摘要】：跨國并購是企業(yè)開展對外投資的重要方式之一,是企業(yè)通過外部擴張實現(xiàn)價值最大化和促進發(fā)展的有效的資本運作模式�？鐕①徔梢蚤_拓國外市場和渠道,增強企業(yè)的國際競爭力,也可以整合雙方優(yōu)質(zhì)資源,推動技術(shù)、管理創(chuàng)新,甚至可以快速進軍新的領(lǐng)域,實現(xiàn)企業(yè)的多元化發(fā)展。中國經(jīng)濟經(jīng)過三十多年的高速發(fā)展,培養(yǎng)出大批有實力的企業(yè),他們擁有資金優(yōu)勢和國家政策支持,在新的宏觀經(jīng)濟形勢下開始謀求海外擴張以擴大其經(jīng)營范圍和影響力。特別是2008年金融危機以來,更多的中資企業(yè)開展了海外并購的籌謀或?qū)嶋H行動,他們的并購動機也更多的傾向于獲得品牌技術(shù)、渠道及人力資源等戰(zhàn)略性資源及不可再生的能源和礦產(chǎn)資源,這與我們國家轉(zhuǎn)變經(jīng)濟發(fā)展方式、推動企業(yè)戰(zhàn)略轉(zhuǎn)型升級及能源安全戰(zhàn)略相吻合,既反映了企業(yè)的現(xiàn)實成長需求也有利于國家經(jīng)濟的健康發(fā)展。然而中國企業(yè)的海外并購成功率很低,這使眾多企業(yè)對跨國并購雖躍躍欲試卻不敢采取實際行動,因此分析我國企業(yè)海外并購是否能夠提高企業(yè)績效,探討企業(yè)并購過程中必須注意的關(guān)鍵環(huán)節(jié)具有重要意義。本文分析了08年以來我國企業(yè)開展海外并購的機遇和風險因素,并以2009-2013年我國108家開展海外并購的上市公司為研究樣本,探討近年來我國上市公司海外并購的現(xiàn)狀及特點,采用因子分析的研究方法,對其中財務數(shù)據(jù)資料齊全的99起海外并購案例的績效進行了實證研究,最后結(jié)合案例理順企業(yè)海外并購過程,并分析在此過程中應注意的關(guān)鍵點。本文的主要結(jié)論如下:總體上來看,2009年以來,盡管我國企業(yè)海外擴張的熱情高漲,但從上市公司海外并購的表現(xiàn)看,并購并未給上市公司帶來經(jīng)營績效的改善,反而使其下滑。并購當年及并購后兩年,企業(yè)的財務績效持續(xù)下滑,但逐漸趨于平穩(wěn);并購控制權(quán)的取得影響并購績效的發(fā)揮,同樣在績效下滑的情況下,取得控制權(quán)的上市公司抑制績效下滑的能力較強,這是因為控制權(quán)代表了主并購方將外部資源內(nèi)部化的能力,直接決定著企業(yè)在整合過程和未來經(jīng)營中的話語權(quán);上市公司采取直接并購相對于通過子公司開展并購能夠有更好的績效,且直接并購比間接并購更能抑制績效的下滑。這可能是因為并購對并購主體的能力和人才儲備要求較高,或子公司業(yè)績不能納入上市公司合并財務表。
[Abstract]:Cross-border M & A is one of the most important ways for enterprises to invest abroad. It is an effective capital operation mode for enterprises to maximize value and promote development through external expansion. Cross-border mergers and acquisitions can open up foreign markets and channels, enhance the international competitiveness of enterprises, integrate high quality resources of both sides, promote technology, management innovation, and even quickly enter into new fields to realize the diversified development of enterprises. After more than 30 years of rapid economic development, China has cultivated a large number of powerful enterprises, they have the advantages of capital and national policy support, in the new macroeconomic situation began to seek overseas expansion to expand its business scope and influence. In particular, since the 2008 financial crisis, more Chinese enterprises have carried out overseas M & A plans or practical actions, and their M & A motives are also more inclined to acquire brand technology. Strategic resources, such as channels and human resources, and non-renewable energy and mineral resources are in line with our country's transformation of its economic development mode, the promotion of strategic transformation and upgrading of enterprises and the strategy of energy security. Not only reflects the actual growth needs of enterprises, but also conducive to the healthy development of the national economy. However, the success rate of overseas M & A of Chinese enterprises is very low, which makes many enterprises dare not to take practical action on cross-border M & A although they are eager to do so. Therefore, this paper analyzes whether the overseas M & A of Chinese enterprises can improve the performance of enterprises. It is of great significance to discuss the key links in the process of enterprise merger and acquisition. This paper analyzes the opportunity and risk factors of overseas M & A by Chinese enterprises since 2008, and takes 108 listed companies in China from 2009-2013 as a sample to discuss the present situation and characteristics of overseas M & A of Chinese listed companies in recent years. By using the method of factor analysis, this paper makes an empirical study on the performance of 99 overseas M & A cases with complete financial data. Finally, it straightens out the process of overseas M & A and analyzes the key points that should be paid attention to in the process. The main conclusions of this paper are as follows: generally speaking, since 2009, although the enthusiasm of overseas expansion of Chinese enterprises is high, from the performance of overseas M & A of listed companies, M & A does not improve the operating performance of listed companies, but makes them decline. In the year of M & A and two years after M & A, the financial performance of the enterprise continues to decline, but gradually tends to be stable; the acquisition of M & A control rights affects the performance of M & A, also in the case of performance decline, The listed companies that have obtained the control rights have stronger ability to restrain the performance decline, which is because the control power represents the ability of the main merger and acquisition parties to internalize the external resources, which directly determines the right of the enterprise to speak in the process of integration and the future operation. Direct mergers and acquisitions by listed companies can have better performance than that through subsidiary mergers and acquisitions, and direct mergers and acquisitions can restrain the decline of performance more than indirect mergers and acquisitions. This may be because M & A requires higher ability and talent reserve of the main body of M & A, or the performance of its subsidiaries cannot be included in the consolidated financial statements of listed companies.
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F271;F832.51

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本文編號：1911953