本文選題：外資并購 + 上市公司��； 參考：《上海交通大學(xué)》2012年碩士論文

【摘要】：近年來，外資并購國內(nèi)上市公司的活動(dòng)日漸活躍，并購的規(guī)模和影響力也越來越大。通過研究外資并購我國上市公司的績效影響，得出外資并購對績效影響的一般性結(jié)論，對今后合理有效地利用外資具有十分重要的現(xiàn)實(shí)意義。本文首先采用事件研究法(累計(jì)平均超額收益率法)，通過分析并購前后股票二級市場上的超額收益，對外資并購國內(nèi)上市公司的市場績效進(jìn)行短期研究；還會采用會計(jì)研究法（財(cái)務(wù)指標(biāo)分析法），通過分析選定的財(cái)務(wù)指標(biāo)，對外資并購國內(nèi)上市公司的財(cái)務(wù)績效進(jìn)行相對長期的研究。 本文所選取的研究樣本是1999年至2008年期間發(fā)生外資并購、控股權(quán)發(fā)生轉(zhuǎn)移或者被并購公司的經(jīng)營管理因此受到重大影響的28家國內(nèi)上市公司。所運(yùn)用的具體研究方法是累計(jì)平均超額收益率法和財(cái)務(wù)指標(biāo)分析法。以累計(jì)平均超額收益率法來研究股票市場上的短期績效時(shí)，研究期限為并購事件日前后各30個(gè)交易日，，對研究期內(nèi)的累計(jì)平均超額收益率進(jìn)行分析；以財(cái)務(wù)指標(biāo)分析法來做長期的財(cái)務(wù)績效研究時(shí)，研究期限為并購發(fā)生的前一年、當(dāng)年及后兩年，選取充分體現(xiàn)盈利能力、運(yùn)營能力和成長能力的5個(gè)核心財(cái)務(wù)指標(biāo)進(jìn)行分析。研究結(jié)果表明：一方面，樣本公司在并購事件日后的累計(jì)平均超額收益率顯著高于在并購事件日前的累計(jì)平均超額收益率，外資并購改善了上市公司的短期市場績效；另一方面，財(cái)務(wù)指標(biāo)的分析反映出外資并購的上市公司在并購后的財(cái)務(wù)業(yè)績上也顯示出了正的收益，說明外資并購改善了上市公司的長期財(cái)務(wù)績效。所以，外資并購給目標(biāo)上市公司的短期和長期績效都帶來了改善。 為了進(jìn)一步發(fā)揮外資并購的積極作用和消除外資并購存在的風(fēng)險(xiǎn)因素，需要向政府層面和企業(yè)層面都提出合理建議。政府部門應(yīng)建立完善的外資并購法律體系，加強(qiáng)對外資并購的審核和引導(dǎo)職能，發(fā)展產(chǎn)權(quán)市場，改善并購環(huán)境；國內(nèi)企業(yè)應(yīng)清楚自身的價(jià)值，有策略地選擇外資并購方，引入競爭機(jī)制，注重并購后的實(shí)質(zhì)整合，防范外資并購中的投機(jī)行為。
[Abstract]:In recent years, the activity of foreign capital merger and acquisition of domestic listed companies is becoming more and more active, and the scale and influence of M & A are also increasing. By studying the effect of foreign capital merger and acquisition on the performance of listed companies in China, the general conclusion of foreign capital merger and acquisition on performance is obtained, which is of great practical significance for the rational and effective utilization of foreign capital in the future. In this paper, the event research method (cumulative average excess return method) is used to study the market performance of domestic listed companies by analyzing the excess returns in the secondary stock market before and after mergers and acquisitions. Accounting research method (financial index analysis method) will also be used to study the financial performance of domestic listed companies through the analysis of selected financial indicators. The research sample selected in this paper is the 28 domestic listed companies whose foreign capital M & A occurred from 1999 to 2008, which resulted in the transfer of controlling rights or the operation and management of the acquired companies. The specific research methods used are cumulative average excess return method and financial index analysis method. When the method of cumulative average excess return is used to study the short-term performance in stock market, the period of study is 30 trading days before and after the merger and acquisition event, and the cumulative average excess return in the research period is analyzed. When the long-term financial performance research is done by the method of financial index analysis, the research period is one year before the merger and acquisition, then and two years later, five core financial indexes which fully reflect the profitability, the operation ability and the growth ability are selected to analyze. The results show that, on the one hand, the cumulative average excess return of the sample companies after the M & A event is significantly higher than that before the M & A event, and foreign M & A improves the short-term market performance of listed companies; On the other hand, the analysis of financial indicators shows that the financial performance of the listed companies with foreign capital mergers and acquisitions also shows positive returns, which indicates that foreign capital mergers and acquisitions have improved the long-term financial performance of listed companies. Therefore, foreign M & A has improved both the short-and long-term performance of the target listed companies. In order to further play the positive role of foreign capital M & A and eliminate the risk factors of foreign capital M & A, it is necessary to put forward reasonable suggestions to both government level and enterprise level. Government departments should establish a sound legal system for foreign capital mergers and acquisitions, strengthen the audit and guidance functions of foreign capital mergers and acquisitions, develop the property rights market, and improve the environment of mergers and acquisitions. Introducing competition mechanism, paying attention to substantive integration after merger and acquisition, preventing speculation in foreign capital merger and acquisition.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F271;F832.51;F224

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本文編號：1989589