本文關(guān)鍵詞：我國A股上市房地產(chǎn)公司并購績效實(shí)證研究　出處：《上海交通大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 房地產(chǎn) 財務(wù)指標(biāo) 因子分析 并購績效 影響因素 回歸分析

【摘要】：在房地產(chǎn)行業(yè)并購市場日益火熱的態(tài)勢下,該行業(yè)并購績效及其影響因素的課題也成為國內(nèi)外諸多學(xué)者與專家致力于探索的熱點(diǎn)。本文采用會計指標(biāo)法,以我國A股上市房地產(chǎn)企業(yè)在2000-2012年間發(fā)生的274并購交易為研究樣本,先是以5個方面共14個財務(wù)指標(biāo)作因子分析,研究發(fā)生并購的公司在并購前一年到并購后二年共4年的業(yè)績得分變化。然后以績效得分作為因變量,基于房地產(chǎn)行業(yè)特征,選取并購、行業(yè)、公司3個方面共10個變量作多元回歸,從而了解究竟是哪些因素影響了上市房地產(chǎn)企業(yè)的并購績效。為了研究不同階段各個因素的顯著程度與正負(fù)相關(guān)性,同時考慮到因變量和自變量之間可能存在某種雙向作用,本文選取兩階最小二乘法回歸作為分析工具,進(jìn)而有效分析出對并購績效有著顯著影響的因素。研究不僅研究了行業(yè)整體,還分類研究了績優(yōu)房地產(chǎn)企業(yè)和績差房地產(chǎn)企業(yè),分析兩者同異。實(shí)證分析結(jié)果表明上市房地產(chǎn)公司并購績效隨著并購事件發(fā)生前中后的時間不-樣,行業(yè)總體績效在均值上體現(xiàn)趨近于零,但是在趨勢上面是有顯著的變化的。并購當(dāng)年的并購績效均值相較于并購前一年有顯著下降,而并購后的一年績效均值有所回升,到并購后第二年經(jīng)營績效也有稍微的上升。從影響并購績效原因來看,前十大股東持股比例和機(jī)構(gòu)持股比例對企業(yè)并購績效有顯著性的正相關(guān),這說明前十大股東持股比例越高,機(jī)構(gòu)持股比例越多的企業(yè),其業(yè)績一般都較好。綜上所述,本研究基于財務(wù)指標(biāo)法,并采用統(tǒng)計上的因子分析和回歸分析,描述并購前后績效的變化,并找出產(chǎn)生并購變化的影響因素,為并購決策提供了依據(jù)和借鑒。
[Abstract]:In the real estate industry mergers and acquisitions market increasingly hot trend, the industry mergers and acquisitions performance of the project has become a hotspot of many domestic and foreign scholars and experts to explore. This paper uses the accounting index method in China A shares listed real estate companies in 2000-2012 years 274 mergers and acquisitions as the research sample, first in 5 a total of 14 financial indicators for factor analysis, research on mergers and acquisitions in the performance score changes before M & a year to two years after the merger for 4 years. Then the performance scores as the dependent variable, based on the characteristics of real estate industry from 3 aspects of industry, mergers and acquisitions, the company a total of 10 variables multiple regression, in order to understand what factors influence the performance of mergers and acquisitions of listed real estate enterprises. In order to study the degree of different stages was significantly correlated with positive and negative factors, taking into account the dependent variable and independent variable There may be a two-way action, this paper selects two stage least squares regression analysis as the analysis tool, and effective factors have a significant impact on the performance of mergers and acquisitions. The research not only studied the industry as a whole, but also the classification of blue chip real estate enterprises and the poor performance of real estate enterprises, analyze their similarities and differences. The empirical results show that the performance of mergers and acquisitions of listed Real Estate Company with mergers and acquisitions before the incident in time - like, the overall performance in the industry average of close to zero, but the trend in the above is a significant change. The mean acquisition performance of mergers and acquisitions when compared to the year before the merger and acquisition has dropped significantly, a year after the average performance is again, to second years after the merger performance has increased slightly. The performance of mergers and acquisitions from the impact point of view, the proportion of top ten shareholders and the proportion of institutional ownership of enterprises and There is a significant positive correlation to purchase performance, which shows that the proportion of top ten shareholders with higher proportion of institutional ownership of more enterprises, its performance is generally better. In summary, this study is based on the financial index method, and using factor analysis and regression analysis in statistics, describes the changes of performance before and after merger, and find out the influencing factors M & a produce change, provides a basis and reference for the acquisition decision.

【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】：2015
【分類號】：F271;F299.233.4

【參考文獻(xiàn)】

相關(guān)期刊論文 前8條

1 李志剛;陳守東;劉志強(qiáng);;我國上市公司并購績效分析[J];稅務(wù)與經(jīng)濟(jì);2008年05期

2 雷輝;胡發(fā)基;郝艷艷;SIT小組;;上市公司不同并購類型風(fēng)險與績效的實(shí)證研究[J];財經(jīng)理論與實(shí)踐;2007年02期

3 張華;胡開春;;房地產(chǎn)行業(yè)上市公司被收購后償債能力綜合分析與評價[J];華北金融;2006年05期

4 韓立巖;唐玨;;我國房地產(chǎn)行業(yè)并購的財務(wù)協(xié)同效應(yīng)分析[J];山西財經(jīng)大學(xué)學(xué)報;2006年03期

5 李善民,王彩萍,曾昭灶,陳玉罡,朱滔;中國上市公司資產(chǎn)重組長期績效研究[J];管理世界;2004年09期

6 李善民,陳玉罡;上市公司兼并與收購的財富效應(yīng)[J];經(jīng)濟(jì)研究;2002年11期

7 張德平;中國上市公司并購的經(jīng)營業(yè)績實(shí)證研究[J];中國軟科學(xué);2002年07期

8 陳信元,張?zhí)镉?資產(chǎn)重組的市場反應(yīng)——1997 年滬市資產(chǎn)重組實(shí)證分析[J];經(jīng)濟(jì)研究;1999年09期

相關(guān)碩士學(xué)位論文 前1條

1 趙爽;自由現(xiàn)金流量對中國上市公司并購績效影響的實(shí)證研究[D];山東大學(xué);2008年

，

本文編號：1434645