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

【摘要】：跨國(guó)并購(gòu)是企業(yè)開(kāi)展對(duì)外投資的重要方式之一,是企業(yè)通過(guò)外部擴(kuò)張實(shí)現(xiàn)價(jià)值最大化和促進(jìn)發(fā)展的有效的資本運(yùn)作模式�？鐕�(guó)并購(gòu)可以開(kāi)拓國(guó)外市場(chǎng)和渠道,增強(qiáng)企業(yè)的國(guó)際競(jìng)爭(zhēng)力,也可以整合雙方優(yōu)質(zhì)資源,推動(dòng)技術(shù)、管理創(chuàng)新,甚至可以快速進(jìn)軍新的領(lǐng)域,實(shí)現(xiàn)企業(yè)的多元化發(fā)展。中國(guó)經(jīng)濟(jì)經(jīng)過(guò)三十多年的高速發(fā)展,培養(yǎng)出大批有實(shí)力的企業(yè),他們擁有資金優(yōu)勢(shì)和國(guó)家政策支持,在新的宏觀經(jīng)濟(jì)形勢(shì)下開(kāi)始謀求海外擴(kuò)張以擴(kuò)大其經(jīng)營(yíng)范圍和影響力。特別是2008年金融危機(jī)以來(lái),更多的中資企業(yè)開(kāi)展了海外并購(gòu)的籌謀或?qū)嶋H行動(dòng),他們的并購(gòu)動(dòng)機(jī)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(guó)家轉(zhuǎn)變經(jīng)濟(jì)發(fā)展方式、推動(dòng)企業(yè)戰(zhàn)略轉(zhuǎn)型升級(jí)及能源安全戰(zhàn)略相吻合,既反映了企業(yè)的現(xiàn)實(shí)成長(zhǎng)需求也有利于國(guó)家經(jīng)濟(jì)的健康發(fā)展。然而中國(guó)企業(yè)的海外并購(gòu)成功率很低,這使眾多企業(yè)對(duì)跨國(guó)并購(gòu)雖躍躍欲試卻不敢采取實(shí)際行動(dòng),因此分析我國(guó)企業(yè)海外并購(gòu)是否能夠提高企業(yè)績(jī)效,探討企業(yè)并購(gòu)過(guò)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(lái)我國(guó)企業(yè)開(kāi)展海外并購(gòu)的機(jī)遇和風(fēng)險(xiǎn)因素,并以2009-2013年我國(guó)108家開(kāi)展海外并購(gòu)的上市公司為研究樣本,探討近年來(lái)我國(guó)上市公司海外并購(gòu)的現(xiàn)狀及特點(diǎn),采用因子分析的研究方法,對(duì)其中財(cái)務(wù)數(shù)據(jù)資料齊全的99起海外并購(gòu)案例的績(jī)效進(jìn)行了實(shí)證研究,最后結(jié)合案例理順企業(yè)海外并購(gòu)過(guò)程,并分析在此過(guò)程中應(yīng)注意的關(guān)鍵點(diǎn)。本文的主要結(jié)論如下:總體上來(lái)看,2009年以來(lái),盡管我國(guó)企業(yè)海外擴(kuò)張的熱情高漲,但從上市公司海外并購(gòu)的表現(xiàn)看,并購(gòu)并未給上市公司帶來(lái)經(jīng)營(yíng)績(jī)效的改善,反而使其下滑。并購(gòu)當(dāng)年及并購(gòu)后兩年,企業(yè)的財(cái)務(wù)績(jī)效持續(xù)下滑,但逐漸趨于平穩(wěn);并購(gòu)控制權(quán)的取得影響并購(gòu)績(jī)效的發(fā)揮,同樣在績(jī)效下滑的情況下,取得控制權(quán)的上市公司抑制績(jī)效下滑的能力較強(qiáng),這是因?yàn)榭刂茩?quán)代表了主并購(gòu)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(guò)程和未來(lái)經(jīng)營(yíng)中的話語(yǔ)權(quán);上市公司采取直接并購(gòu)相對(duì)于通過(guò)子公司開(kāi)展并購(gòu)能夠有更好的績(jī)效,且直接并購(gòu)比間接并購(gòu)更能抑制績(jī)效的下滑。這可能是因?yàn)椴①?gòu)對(duì)并購(gòu)主體的能力和人才儲(chǔ)備要求較高,或子公司業(yè)績(jī)不能納入上市公司合并財(cái)務(wù)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(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F271;F832.51

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本文編號(hào)：1911953