【摘要】：我國企業(yè)并購活動的日益增多表明，并購在我國社會經(jīng)濟活動中發(fā)揮著越來越重要的作用。并購動因明確是保證并購成功的首要因素，因此，本文研究目的在于找出我國上市公司進行并購的動因所在，建立回歸模型對并購動因與并購績效之間的相關性進行驗證，并采用EVA經(jīng)濟增加值評價指標體系對各個并購動因下上市公司并購績效變化趨勢進行研究，分析其并購績效改善或者惡化的原因，為上市公司并購重組提供一定的借鑒，為改善我國上市公司整體并購績效提供一定的參考。 首先，本文在對國內(nèi)外學者關于并購績效研究的基礎上，從并購和并購績效概念的角度出發(fā)，提出本文的研究內(nèi)容和結構框架。 其次，在各并購績效理論的基礎上，并結合我國企業(yè)的實際并購狀況，從主要和次要兩個方面分析了我國上市公司的并購動因，并針對其中3個最主要動因提出相應的研究假設和回歸模型，以期得到較理想的并購績效。 再次，本文實證研究部分以2006-2007年發(fā)生的并購事件為研究樣本，首先驗證EVA指標法的有效性，其次從上市公司并購績效的整體變化趨勢角度，對各并購動因與并購績效之間的相關性進行實證分析，最后采用EVA指標對各并購動因與并購績效之間的關系進行實證研究，并得到以下結論：（1）并購使得上市公司整體并購績效得到改善且效果較為顯著；（2）規(guī)模經(jīng)濟動因下，上市公司并購績效較并購前得到顯著改善；（3）多元化經(jīng)營動因下，上市公司并購績效較并購前有所改善，但不如規(guī)模經(jīng)濟動因下的并購績效改善顯著；（4）拓寬融資渠道動因下，上市公司并購績效惡化，較并購前相比，企業(yè)并購績效出現(xiàn)負增長現(xiàn)象。 最后，從并購企業(yè)和政府監(jiān)管部門兩個角度，提出了規(guī)范并購可行性分析、加強并購企業(yè)整合力度、適當減少政府不當干預、強化上市公司信息披露制度等建議，，以期改善上市公司并購績效。
[Abstract]:The increasing number of M & A activities in China indicates that M & A plays a more and more important role in China's social and economic activities. The clear motivation of M & A is the primary factor to ensure the success of M & A. Therefore, the purpose of this study is to find out the motivation of M & A of listed companies in China, and to establish a regression model to verify the correlation between M & A motivation and M & A performance. And using the EVA economic value added evaluation index system to study the trend of M & A performance of listed companies under various M & A motivation, analyze the reasons for the improvement or deterioration of M & A performance, and provide a certain reference for M & A restructuring of listed companies. In order to improve the overall M & A performance of listed companies in China to provide a certain reference. First of all, based on the domestic and foreign scholars' research on M & A performance, from the perspective of M & A and M & A performance concept, this paper puts forward the research content and structure framework of this paper. Secondly, on the basis of the theories of M & A performance and the actual situation of M & A of Chinese enterprises, this paper analyzes the causes of M & A of listed companies in China from two aspects: main and secondary. The corresponding research hypotheses and regression models are put forward according to the three main motivations in order to get the ideal M & A performance. Thirdly, the empirical research part of this paper takes the M & A events in 2006-2007 as the research sample, first validates the effectiveness of the EVA index method, and secondly, from the perspective of the overall trend of M & A performance of listed companies. The correlation between M & A motivation and M & A performance is analyzed empirically. Finally, the relationship between M & A motivation and M A performance is studied by using EVA index. The conclusions are as follows: (1) M & A improves the overall M & A performance of listed companies and the effect is significant; (2) under the motivation of scale economy, the M & A performance of listed companies has been improved significantly compared with that before M & A; (3) the M & A performance of listed companies is better than that of before M & A, but the M & A performance of listed companies is less significant than that of economies of scale. (4) under the motivation of widening the financing channels, the M & A performance of listed companies deteriorates, compared with that before M & A, the performance of M & A shows negative growth. Finally, from two angles of M & A enterprise and government supervision department, the paper puts forward some suggestions, such as standardizing the feasibility analysis of M & A, strengthening the integration of M & A enterprises, appropriately reducing the improper government intervention, strengthening the information disclosure system of listed companies, and so on. In order to improve the performance of mergers and acquisitions of listed companies.
【學位授予單位】：燕山大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F271;F832.51;F224

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