發(fā)布時(shí)間：2018-02-24 23:12

  本文關(guān)鍵詞： EVA 短期績效 長期績效 房產(chǎn)業(yè)　出處：《湘潭大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：對(duì)并購重組無論是理論界還是實(shí)務(wù)界都認(rèn)可其是企業(yè)迅速擴(kuò)張的重要手段和捷徑。由于并購過程中存在各種不確定因素，致使很多并購不能成功或雖成功但并未實(shí)現(xiàn)企業(yè)并購的預(yù)期目標(biāo)。并購不僅僅是企業(yè)家用于企業(yè)迅速擴(kuò)張的重要手段，同樣也是理論界眾學(xué)者熱于研究的一個(gè)主題。 近年來，我國房產(chǎn)業(yè)取得了蓬勃發(fā)展，但也由于房價(jià)的不斷提高，國家也不斷的推出了調(diào)控措施來抑制房價(jià)的過快增長。從2007、2008年開始，我國房產(chǎn)業(yè)開始迎來并購重組的浪潮，對(duì)并購方來講，由于并購議價(jià)能力大幅降低，正是以低成本并購獲取資源要素的大好時(shí)機(jī)。對(duì)被并購方來說，通過并購重組整合自身資源、選擇退出或?qū)㈨?xiàng)目轉(zhuǎn)移以求獲得更大的發(fā)展平臺(tái)，也不失一個(gè)很好的選擇。本文即從此背景出發(fā)來研究房產(chǎn)業(yè)的長短期并購績效。對(duì)并購績效的研究以往主要是采用傳統(tǒng)的會(huì)件研究法和事件研究法，對(duì)并購短期績效的研究，大多數(shù)學(xué)者都比較贊成并購后并購公司的短期績效會(huì)得到提升；而在長期績效研究方面一部分學(xué)者認(rèn)為并購后并購公司的長期績效的得到了提升，而另一部分學(xué)者認(rèn)為并購后并購公司的長期績效不升反降。而本文選用EVA指標(biāo)法來考察并購公司并購后的績效，并且本文通過只研究房產(chǎn)業(yè)的公司，試圖得出一個(gè)統(tǒng)一的結(jié)論。 本文首先概述了國內(nèi)外關(guān)于并購績效和EVA的研究，隨后對(duì)并購理論進(jìn)行了闡述，在第三章著重描述了EVA指標(biāo)的優(yōu)勢及文章的模型設(shè)計(jì)，隨后根據(jù)設(shè)計(jì)的模型對(duì)房產(chǎn)業(yè)上市公司并購績效進(jìn)行了實(shí)證檢驗(yàn)。 本文的研究結(jié)果顯示，在短期方面與利用事件研究法的學(xué)者得出的結(jié)論出現(xiàn)了不一致，不論是橫向還是混合并購，并購公司在并購后的短期內(nèi)績效有比較明顯的提升，而且橫向并購優(yōu)于混合并購；但是并購后并購公司的長期績效卻不明顯，由于各種原因，并購后整合并沒有使并購公司的財(cái)富增加，但是混合并購使并購公司遭受的財(cái)富損失比橫向并購更大。
[Abstract]:On mergers and acquisitions in both theory and practice have recognized the important means and shortcut is the rapid expansion of enterprises. Due to various uncertainties exist in the acquisition process, resulting in the expected goal of many mergers and acquisitions although not successful or successful but did not realize the merger. Mergers and acquisitions not only is an important means for the rapid expansion of entrepreneurial enterprises, a a theme is also the theoretical circles of scholars in the study of heat.
In recent years, China's real estate industry has achieved rapid development, but also because the price is increasing, countries continue to introduce measures to curb the excessive growth of prices. From the beginning of the 20072008 years, China's real estate industry began to usher in a wave of mergers and acquisitions, mergers and acquisitions on the side, greatly reduced by bargaining in mergers and acquisitions ability is a good time to obtain low cost acquisition resources. The merged party, integrate their own resources through mergers and acquisitions, opt out or transfer project in order to obtain greater development platform, is not a good choice. This paper starts from this background to study the real industry in the short term M & a performance. Research on the performance of mergers and acquisitions ever is the main research method and event study method with the traditional research on mergers and acquisitions, short-term performance, most of the scholars in favor of mergers and acquisitions after the company's short-term performance of mergers and acquisitions Get promoted; in terms of the long-term performance of a part of scholars believe that the long-term performance after merger & acquisition, was improved, while others think the long-term performance after merger & acquisition, falling instead of rising. And this paper chooses EVA index method to examine the corporate merger performance, and based only on the real the Industrial Company, trying to draw a unified conclusion.
This paper outlines the research on M & a performance and EVA at home and abroad, and then expatiates on the theory of M & A, in the third chapter describe the advantages and the model design of EVA index, then according to the design of the model of real estate listed company merger performance empirically.
The results of this study show that, in the short term and the use of event study scholars conclude there is not the same, whether horizontal or mixed mergers and acquisitions, mergers and acquisitions have obvious improvement in the short term performance after the merger, and horizontal merger is better than mixed mergers and acquisitions; but the long-term performance after merger & acquisition, is not obvious., due to various reasons, did not make the integration after the merger & acquisition, increase of wealth, but the company suffered mixed MampA merger loss of wealth is greater than the horizontal merger.

【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F299.233.42;F271

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張璐;仲秋雁;;企業(yè)并購價(jià)值評(píng)估方法研究[J];大連理工大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2006年02期

2 瞿紹發(fā),王建偉;經(jīng)濟(jì)附加值(EVA)指標(biāo)在中國股市的應(yīng)用價(jià)值分析[J];系統(tǒng)工程;2003年06期

3 黃興孿;沈維濤;;掏空或支持——來自我國上市公司關(guān)聯(lián)并購的實(shí)證分析[J];經(jīng)濟(jì)管理;2006年12期

4 王喜剛,叢海濤,歐陽令南;什么解釋公司價(jià)值:EVA還是會(huì)計(jì)指標(biāo)[J];經(jīng)濟(jì)科學(xué);2003年02期

5 洪道麟;劉力;熊德華;;多元化并購、企業(yè)長期績效損失及其選擇動(dòng)因[J];經(jīng)濟(jì)科學(xué);2006年05期

6 馮根福,吳林江;我國上市公司并購績效的實(shí)證研究[J];經(jīng)濟(jì)研究;2001年01期

7 朱寶憲,王怡凱;1998年中國上市公司并購實(shí)踐的效應(yīng)分析[J];經(jīng)濟(jì)研究;2002年11期

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

9 張新;并購重組是否創(chuàng)造價(jià)值?——中國證券市場的理論與實(shí)證研究[J];經(jīng)濟(jì)研究;2003年06期

10 李增泉,余謙,王曉坤;掏空、支持與并購重組——來自我國上市公司的經(jīng)驗(yàn)證據(jù)[J];經(jīng)濟(jì)研究;2005年01期

，

本文編號(hào)：1532089