本文選題：并購(gòu) + 產(chǎn)業(yè)集中��； 參考：《復(fù)旦大學(xué)》2012年碩士論文

【摘要】：兼并收購(gòu)一直是貫穿資本市場(chǎng)發(fā)展和壯大的熱點(diǎn),是社會(huì)經(jīng)濟(jì)最為復(fù)雜的活動(dòng)之一。歐美國(guó)家通過(guò)五次并購(gòu)浪潮后,也就基本完成了自身產(chǎn)業(yè)完善和升級(jí)過(guò)程。并購(gòu)活動(dòng)在我國(guó)資本市場(chǎng)20多年的發(fā)展過(guò)程中也起了越來(lái)越重要的作用。當(dāng)前我國(guó)企業(yè)做強(qiáng)做大,產(chǎn)業(yè)結(jié)構(gòu)升級(jí),經(jīng)濟(jì)轉(zhuǎn)型都離不開(kāi)并購(gòu)這一環(huán)節(jié),可以說(shuō)并購(gòu)已經(jīng)成為經(jīng)濟(jì)發(fā)展不可或缺的角色。 本文從產(chǎn)業(yè)集中角度出發(fā)對(duì)并購(gòu)能否提升并購(gòu)方績(jī)效進(jìn)行分析。文章首先討論了并購(gòu)和產(chǎn)業(yè)集中的內(nèi)涵及其兩者之間的內(nèi)在聯(lián)系。橫向并購(gòu)能夠直接提升行業(yè)的產(chǎn)業(yè)集中度,但是集中度的提升又可能帶來(lái)壟斷的低效率,產(chǎn)生著名的“馬歇爾兩難”,即不能在獲得規(guī)模經(jīng)濟(jì)的同時(shí)享受競(jìng)爭(zhēng)效益。那么在當(dāng)前我國(guó)經(jīng)濟(jì)結(jié)構(gòu)下,并購(gòu)能否提升企業(yè)及其所處行業(yè)的績(jī)效呢? 本文經(jīng)過(guò)嚴(yán)格的篩選,對(duì)2001年至2008年A股市場(chǎng)發(fā)生并購(gòu)的251個(gè)樣本進(jìn)行了實(shí)證研究。在通過(guò)對(duì)17個(gè)原始績(jī)效指標(biāo)運(yùn)用主成分法實(shí)證分析后,發(fā)現(xiàn)并購(gòu)對(duì)企業(yè)績(jī)效的影響不夠顯著。績(jī)效改善的公司占總樣本的50%左右,大部分上市公司的績(jī)效在并購(gòu)后兩年之內(nèi)未能得到實(shí)質(zhì)性的改善,并購(gòu)不能對(duì)企業(yè)的經(jīng)營(yíng)活動(dòng)提供持久的積極影響。然而發(fā)生橫向并購(gòu)的公司在并購(gòu)后的兩年內(nèi)比發(fā)生縱向并購(gòu)和混合并購(gòu)的公司的績(jī)效要好。結(jié)合中國(guó)現(xiàn)有產(chǎn)業(yè)集中度低的情況,得出現(xiàn)階段中國(guó)的產(chǎn)業(yè)并不普遍存在“馬歇爾兩難”的問(wèn)題。中國(guó)應(yīng)該鼓勵(lì)實(shí)質(zhì)性的橫向并購(gòu),爭(zhēng)取做強(qiáng)企業(yè),提升產(chǎn)業(yè)的整體效益。最后也緊緊圍繞產(chǎn)業(yè)集中和反壟斷兩個(gè)立足點(diǎn),對(duì)當(dāng)前的并購(gòu)提出一些政策建議。
[Abstract]:Merger and acquisition is a hot spot through the development and expansion of capital market, and it is one of the most complicated social and economic activities. After five M & A waves, the European and American countries have basically completed their own industry improvement and upgrading process. M & A has played a more and more important role in the development of China's capital market for more than 20 years. At present, the enterprises of our country become stronger and bigger, the industrial structure is upgraded and the economic transformation is inseparable from the link of M & A. It can be said that M & A has become an indispensable role in economic development. This paper analyzes whether M & A can improve the performance of M & A from the angle of industrial concentration. This paper first discusses the connotation of M & A and industrial concentration and their internal relationship. Horizontal mergers and acquisitions can directly enhance the industrial concentration of the industry, but the increase of the concentration may bring about the low efficiency of monopoly, which leads to the famous "Marshall dilemma", that is, it can not enjoy the competitive benefits while obtaining economies of scale. So under the current economic structure of our country, can M & A improve the performance of enterprises and their industries? Through strict screening, this paper makes an empirical study on 251 samples of A-share market mergers and acquisitions from 2001 to 2008. Through the empirical analysis of 17 original performance indicators by principal component method, it is found that M & A does not have significant effect on enterprise performance. The performance of most listed companies can not be substantially improved within two years after the merger and acquisition can not provide a lasting positive impact on the business activities of the enterprises. However, the performance of horizontal M & A companies is better than that of vertical M & A and mixed M A companies in the two years after M & A. Combined with the low industrial concentration in China, it is concluded that the Marshall dilemma is not common in Chinese industry at present. China should encourage substantive horizontal mergers and acquisitions, strive to strengthen enterprises and enhance the overall efficiency of the industry. Finally, some policy suggestions on M & A are put forward closely around the two standpoints of industrial concentration and anti-monopoly.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F271;F832.51;F224

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