本文選題：跨國并購 + 并購績效��； 參考：《貴州財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：在全球經(jīng)濟(jì)一體化的趨勢下，世界上為數(shù)不少的企業(yè)是通過并購和資本經(jīng)營不斷壯大起來的。現(xiàn)如今，企業(yè)進(jìn)行海外市場的資本擴(kuò)充和經(jīng)營規(guī)模的擴(kuò)大最重要的手段就是跨國并購，其被認(rèn)為是企業(yè)快速擴(kuò)大經(jīng)營規(guī)模和國際市場的良策。 近年來，我國企業(yè)跨國并購不斷升溫，我國企業(yè)引人關(guān)注的跨國并購案也層出不窮。但是，顯然我國資本市場缺乏有效性，資本市場發(fā)展也不充分，我國多數(shù)上市公司進(jìn)行跨國并購也會(huì)帶有投機(jī)的可能性，研究跨國并購對(duì)企業(yè)績效的影響旨在探究兩個(gè)關(guān)鍵性問題：其一，上市公司所進(jìn)行的跨國并購活動(dòng)是否可以使企業(yè)提升績效、使股東財(cái)富增加？其二，若能使企業(yè)績效得到提升，那么該提升作用可以持續(xù)多久？ 中國是世界上最大的發(fā)展中國家，對(duì)于能源的需求很大，中國國內(nèi)的石油儲(chǔ)量根本滿足不了國內(nèi)的消費(fèi)需求。2008年是中石化公司自成立以來所面臨的極其特殊和艱難的一年，因?yàn)槊鎸?duì)國際油價(jià)漲跌情況異常、國內(nèi)油價(jià)長時(shí)間倒掛而且對(duì)石油需求陡然下降的經(jīng)營困難。在這樣的背景下，中國石油化工股份有限公司對(duì)瑞士Addax石油公司進(jìn)行了跨國并購。這是中國上市公司跨國并購歷程中較成功的一個(gè)案例，本文選取該跨國并購案例進(jìn)行實(shí)證研究。 本文首先介紹跨國并購的相關(guān)理論及案例背景，在此基礎(chǔ)上應(yīng)用SPSS19.0軟件對(duì)并購方樣本期內(nèi)六個(gè)方面共十三個(gè)財(cái)務(wù)指標(biāo)應(yīng)用因子分析，根據(jù)因子分析的結(jié)果比較并購企業(yè)在并購活動(dòng)發(fā)生前后的績效狀況觀察跨國并購對(duì)企業(yè)的績效是否會(huì)有提升作用；之后選取綜合得分值和股價(jià)兩個(gè)變量在VAR模型的平穩(wěn)性基礎(chǔ)上做脈沖響應(yīng)函數(shù)檢驗(yàn)，通過分析結(jié)果探究并購活動(dòng)對(duì)并購方的績效影響會(huì)持續(xù)多久。 在本文，綜合兩部分實(shí)證研究得出如下的研究結(jié)論：并購活動(dòng)對(duì)并購方的績效影響在并購后較短的期間（4期①）內(nèi)是負(fù)方向的，并購后4-8期呈現(xiàn)正方向影響，待到第8期時(shí)此影響達(dá)到最大值；長期來看，并購活動(dòng)對(duì)企業(yè)績效的影響期限在12期左右，12期以后影響不再顯著。 以往對(duì)于中石化并購Addax公司績效的研究多是針對(duì)被并購方的，，本文立足于研究并購對(duì)于并購一方績效的影響，在研究視角上是比較新的；此外，本文對(duì)該案例的績效研究在因子分析的基礎(chǔ)上應(yīng)用VAR模型，在研究方法上也具有一定的創(chuàng)新性。
[Abstract]:In the trend of global economic integration, a large number of enterprises in the world are growing through mergers and acquisitions and capital management.Nowadays, transnational M & A is the most important means of capital expansion and business scale expansion in overseas markets, which is considered to be a good strategy for enterprises to expand their business scale and international market rapidly.In recent years, transnational mergers and acquisitions of Chinese enterprises have been heating up, and the transnational mergers and acquisitions of Chinese enterprises have attracted more and more attention.However, it is clear that China's capital market lacks effectiveness and the development of the capital market is not sufficient. Most listed companies in our country will also have the possibility of speculation in cross-border mergers and acquisitions.The study of the impact of cross-border M & A on corporate performance aims to explore two key questions: first, can the cross-border M & A activities of listed companies make enterprises improve their performance and increase the wealth of shareholders?Second, if the enterprise performance can be improved, then the role of the promotion can last for how long?As the largest developing country in the world, China has a great demand for energy, and its domestic oil reserves can hardly meet the domestic consumption demand. 2008 has been an extremely special and difficult year for Sinopec since its establishment.In the face of abnormal international oil prices, domestic oil prices have been hanging upside down for a long time and the demand for oil has plummeted.In this context, China Petrochemical Co., Ltd. made a cross-border merger and acquisition of Addax Oil of Switzerland.This is a successful case in the course of cross-border M & A of listed companies in China.This paper first introduces the relevant theories and case background of cross-border M & A, and then applies SPSS19.0 software to apply factor analysis to 13 financial indexes in six aspects of M & A sample period.According to the results of factor analysis, the paper compares the performance of M & A enterprises before and after M & A activities.Then select the comprehensive score and stock price on the basis of the stability of the VAR model to do impulse response function test, through the analysis of the results to explore how long the impact of mergers and acquisitions on the performance of the parties will last.In this paper, synthesizing two parts of empirical research, the following conclusions are drawn: the impact of M & A activities on the performance of M & A parties is negative in a short period of time after M & A (period 1), and the 4-8 period after M & A shows a positive direction effect.In the long run, the influence of M & A activities on firm performance is no longer significant after 12 periods or so.In the past, the research on the performance of Sinopec's merger and acquisition of Addax is mostly aimed at the acquired party. This paper is based on the study of the impact of M & A on the performance of the M & A party, and is relatively new from the perspective of the research.On the basis of factor analysis, this paper applies VAR model to the performance study of this case, and also has some innovation in the research method.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.722;F271

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