本文關鍵詞： 并購重組 并購能力 并購績效　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：并購,是資本市場永恒的話題,很多企業(yè)通過并購做大做強。然而,活躍的并購行為背后也存在著并購失敗率較高的問題,國內(nèi)外學者對收購方的并購績效以及影響并購績效的外部因素進行了長期且深入的探討,但是,忽略了收購方本身可能存在的并購能力缺失問題。并購能力是影響收購方并購績效的重要內(nèi)部因素,而現(xiàn)有文獻對并購能力的研究還未深入展開,對并購能力的測度方法也沒有統(tǒng)一的定論。因此,提出本文的研究問題:并購能力的測度方法是什么?并購能力和并購績效有什么關系?本文以2006-2013年中國A股上市公司發(fā)生的連續(xù)并購案例中的收購方為研究對象,通過大樣本實證回歸,本文得出如下結(jié)論:(1)我國上市公司的并購能力越強,并購績效越好;(2)當企業(yè)并購能力較好時,并購能力越穩(wěn)定,并購績效越好;反之,當企業(yè)并購能力較差時,并購能力越穩(wěn)定,企業(yè)的并購績效越差。因此,企業(yè)在并購前,既要考慮企業(yè)性質(zhì)、關聯(lián)交易、交易規(guī)模等外在影響因素,更要客觀評價自身的并購能力,切不可盲目進行并購活動。本文的貢獻主要有:(1)對并購能力的衡量指標進行擴展性研究,提出并購能力穩(wěn)定性。本文將并購能力量化為收購方最近一次并購以外的歷次并購的累計超額收益率的均值,同時,用收購方最近一次并購以外的歷次并購的累計超額收益率的方差作為并購能力的穩(wěn)定性的衡量指標,對并購能力進行擴展性研究,分組討論并購能力穩(wěn)定性與并購績效的關系;(2)選取更恰當?shù)牟①徔冃гu價方法。現(xiàn)有文獻更多采用事件研究法和會計研究法評價并購績效,本文采用EVA績效評價法作為并購績效衡量指標,一定程度上彌補了事件研究法和會計研究法的不足;(3)對并購能力和并購績效的關系展開研究。本文研究了并購績效的內(nèi)部影響因素,完善了并購績效影響因素的研究,對促進我國并購活動的發(fā)展具有重要的現(xiàn)實意義。
[Abstract]:M & A is an eternal topic in the capital market. Many enterprises become bigger and stronger through M & A. however, there is also a high failure rate of M & A behind the active M & A behavior. Domestic and foreign scholars have made a long-term and in-depth discussion on the acquisition performance of the acquirers and the external factors that affect the performance of mergers and acquisitions, but. It ignores the lack of M & A capability which may exist in the acquirer itself. M & A capability is an important internal factor affecting the M & A performance of the acquirer, but the research on M & A capability in the existing literature has not been carried out in depth. There is no uniform conclusion on the measurement method of M & A capability. Therefore, this paper puts forward the research question: what is the measurement method of M & A capability? What is the relationship between M & A capability and M & A performance? In this paper, from 2006 to 2013, China A-share listed companies in the case of successive mergers and acquisitions as the research object, through a large sample of empirical regression. This paper draws the following conclusion: 1) the stronger the M & A ability of the listed companies in China, the better the M & A performance; 2) when the M & A capability is better, the more stable the M & A capability is, the better the M & A performance is; On the contrary, when the M & A ability is poor, the more stable the M & A ability is, the worse the M & A performance is. Therefore, before M & A, enterprises should consider the external factors, such as the nature of the enterprise, related transactions, transaction scale and other external factors. More objective evaluation of their own M & A ability, must not blindly carry out M & A activities. The main contribution of this paper is: 1) the measurement of M & A capacity to expand the research. This paper quantifies the M & A capability as the average of the cumulative excess return rate of the previous M & A other than the last M & A by the acquirer, and at the same time. Using the variance of cumulative excess return of the previous M & A of the acquirer as the measure of the stability of M & A, this paper makes an extensive study on the M & A capability. The relationship between M & A capability stability and M & A performance is discussed in groups. 2) selecting more appropriate M & A performance evaluation methods. The existing literature more use of event research and accounting research methods to evaluate M & A performance, this paper uses EVA performance evaluation method as M A performance measurement index. To some extent, it makes up for the deficiency of incident research and accounting research; This paper studies the internal influencing factors of M & A performance and consummates the research on the influencing factors of M & A performance. To promote the development of M & A activities in China has an important practical significance.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F832.51

【參考文獻】

相關期刊論文 前10條

1 葛偉杰;張秋生;;企業(yè)并購能力的理論框架研究[J];珞珈管理評論;2015年01期

2 葛偉杰;張秋生;張自巧;;基于效率的企業(yè)并購能力度量研究[J];財經(jīng)論叢;2015年03期

3 陶瑞;;并購能力:概念、構(gòu)成要素與評價[J];軟科學;2014年06期

4 彭文理;;我國零售企業(yè)并購績效的實證研究[J];河南商業(yè)高等�？茖W校學報;2014年03期

5 胡挺;陸昭怡;;并購能力與價值創(chuàng)造——工商銀行連續(xù)并購東亞銀行的經(jīng)驗證據(jù)[J];華東經(jīng)濟管理;2013年07期

6 厲卓然;;我國釀酒行業(yè)EVA并購績效研究[J];時代金融;2012年33期

7 王宋濤;溫憲元;;資本市場有效性與企業(yè)并購績效研究方法選擇——基于中國上市公司的實證分析[J];南京審計學院學報;2012年05期

8 王宋濤;涂斌;;中國上市公司并購績效實證研究——基于會計指標和價值指標的比較分析[J];廣東商學院學報;2012年03期

9 趙息;齊建民;郝靜;;基于因子分析的上市公司并購財務績效評價——來自主板市場的經(jīng)驗證據(jù)[J];西安電子科技大學學報(社會科學版);2012年03期

10 孫喜福;張曉蕾;;基于EVA的我國上市公司并購績效實證研究[J];經(jīng)濟與管理;2012年04期

相關博士學位論文 前4條

1 葛偉杰;企業(yè)并購能力測度研究[D];北京交通大學;2015年

2 宋迎春;并購能力與并購績效問題研究[D];武漢大學;2012年

3 郭冰;企業(yè)并購中的組織學習效果研究[D];上海交通大學;2012年

4 田飛;并購管理能力與并購績效的關系研究[D];北京交通大學;2010年

相關碩士學位論文 前1條

1 魏娜;企業(yè)并購能力動態(tài)分析研究[D];北京交通大學;2011年

，

本文編號：1453471