【摘要】：并購是實(shí)現(xiàn)生產(chǎn)和資本迅速集中的重要的資本運(yùn)作手段，目前，我國的上市公司也越來越重視利用這一手段來實(shí)現(xiàn)擴(kuò)大生產(chǎn)經(jīng)營規(guī)模和擴(kuò)張資本的目的。而學(xué)術(shù)界對(duì)于并購活動(dòng)是否創(chuàng)造價(jià)值，是否提升企業(yè)績效更為關(guān)注，對(duì)并購績效的問題進(jìn)行了廣泛的研究。但是由于研究樣本、研究方法、研究事件窗口等的差別，國內(nèi)外學(xué)者關(guān)于并購績效的研究并沒有得出一致的研究結(jié)論。 我國由于地區(qū)經(jīng)濟(jì)發(fā)展的不平衡，東部、中部和西部地區(qū)市場經(jīng)濟(jì)的進(jìn)程存在階梯狀的發(fā)展態(tài)勢，普遍存在東部先進(jìn)，西部較落后的情況。我國也是多民族的國家，民族地區(qū)的政治、經(jīng)濟(jì)、文化環(huán)境有著自身的特點(diǎn)，并且民族地區(qū)普遍集中于西部地區(qū)，這就突出了民族地區(qū)既具有自己的民族特色，又兼具西部市場經(jīng)濟(jì)較為落后的特點(diǎn)。目前,我國關(guān)于上市公司并購績效的研究，鮮有分別針對(duì)不同地區(qū)進(jìn)行分類研究的，甚至還沒發(fā)現(xiàn)對(duì)于民族地區(qū)上市公司并購績效的研究，這與我國實(shí)際的地區(qū)市場經(jīng)濟(jì)發(fā)展程度的狀態(tài)不相符。市場化程度會(huì)在一定程度上影響并購決策的科學(xué)性、并購整合的效率等，進(jìn)而影響并購的績效，因此，專門針對(duì)少數(shù)民族地區(qū)上市公司進(jìn)行并購績效研究就非常有必要。 本文以2005年股權(quán)分置改革之后2006-2008年間民族地區(qū)發(fā)生并購的上市公司作為樣本，采用財(cái)務(wù)指標(biāo)法，通過構(gòu)造綜合評(píng)價(jià)指標(biāo)體系，計(jì)算樣本公司并購前后五年的財(cái)務(wù)指標(biāo)綜合得分和年均差值，并從并購是否是關(guān)聯(lián)活動(dòng)、并購雙方是否同屬于一個(gè)省份、并購的行業(yè)相關(guān)性和收購企業(yè)的股權(quán)集中度四個(gè)方面進(jìn)行具體分析，研究我國民族地區(qū)上市公司并購績效的優(yōu)劣狀況，分析影響并購績效的原因，并提出提高我國民族地區(qū)上市公司并購績效的建議。 本文的實(shí)證研究結(jié)果表明：我國民族地區(qū)上市公司并購活動(dòng)總體來說，短期內(nèi)沒有產(chǎn)生并購績效，而長期來看，有顯著的并購績效，，多數(shù)公司并購后長期業(yè)績得到提升；關(guān)聯(lián)并購較非關(guān)聯(lián)并購有較好的并購績效；同屬地并購短期并購績效為負(fù)，長期為正，而非同屬地并購表現(xiàn)相反；相關(guān)并購對(duì)經(jīng)營業(yè)績產(chǎn)生正效應(yīng)，非相關(guān)并購產(chǎn)生負(fù)效應(yīng)；股權(quán)集中的上市公司并購活動(dòng)的績效提升較為顯著。通過對(duì)研究結(jié)果的進(jìn)一步分析，筆者發(fā)現(xiàn)造成這一結(jié)果，既有外部環(huán)境的原因，也有企業(yè)自身管理的問題，因此，針對(duì)產(chǎn)生的原因，提出了一些合理化建議。
[Abstract]:M & A is an important means of capital operation to realize rapid production and capital concentration. At present, listed companies in our country pay more and more attention to the use of this means to achieve the purpose of expanding the scale of production and operation and expanding capital. However, the academic circles pay more attention to whether M & A activities create value and whether to improve the performance of enterprises, and has carried on extensive research on the issue of M & A performance. However, due to the differences of research samples, research methods, research event window, domestic and foreign scholars on M & A performance research has not reached a consistent conclusion. Due to the imbalance of regional economic development, the process of market economy in the eastern, central and western regions of China has a ladder state of development, and there is generally the situation that the eastern part is advanced and the western part is relatively backward. Our country is also a multi-ethnic country, and the political, economic and cultural environment of the ethnic areas has its own characteristics, and the ethnic areas are generally concentrated in the western region, which highlights that the ethnic areas have their own national characteristics. Also has the western market economy relatively backward characteristic. At present, the research on the performance of M & A of listed companies in China is seldom classified in different regions, or even the research on the performance of M & A of listed companies in ethnic regions has not been found. This with our country actual area market economy development degree of state does not accord with. The degree of marketization will affect the scientific nature of M & A decision and the efficiency of M & A integration to some extent, and then affect the performance of M & A. Therefore, it is very necessary to study the M & A performance of listed companies in minority areas. This paper takes the listed companies in the minority areas from 2006 to 2008 after the reform of the split share structure in 2005 as a sample, adopts the financial index method, and constructs a comprehensive evaluation index system. To calculate the comprehensive score and average annual difference of the financial indicators of the sample companies before and after M & A, and from whether the M & A is a related activity, and whether both sides belong to the same province, This paper makes a specific analysis of the industry relevance of M & A and the ownership concentration of the purchasing enterprises, studies the merits and demerits of the M & A performance of listed companies in the minority areas of China, and analyzes the reasons that affect the M & A performance. And put forward some suggestions to improve the M & A performance of listed companies in minority areas of our country. The empirical results of this paper show that: generally speaking, there is no M & A performance in the short term, but in the long run, there are significant M & A performance, and the long-term performance of most companies has been improved after M & A; Relative M & A has better M & A performance than non-affiliated M & A; Short-term M & A performance is negative, long term M & A performance is negative, but not affiliated M & A performance is opposite; related M & A has positive effect on business performance, non-related M & A has negative effect; The performance of M & A of listed companies with concentrated equity is more significant. Through the further analysis of the research results, the author finds that the reasons for this result are not only the external environment but also the problems of the enterprise's own management. Therefore, some reasonable suggestions are put forward in view of the causes.
【學(xué)位授予單位】：中南民族大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F271;F224

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