【摘要】：外資并購(gòu)即外國(guó)資本對(duì)我國(guó)企業(yè)的合并與收購(gòu)。自2002年以來(lái),國(guó)際上外資并購(gòu)開(kāi)始蓬勃發(fā)展,尤其是近年來(lái)外資并購(gòu)我國(guó)企業(yè)的案例也越來(lái)越多。在如此的大環(huán)境之下,外資并購(gòu)對(duì)我國(guó)企業(yè)的績(jī)效到底怎樣?在發(fā)生外資并購(gòu)這一行為之后,被并購(gòu)企業(yè)的價(jià)值是增加還是減少了?許多人都迫切地想要知道答案。 國(guó)內(nèi)一些學(xué)者通過(guò)分析研究,認(rèn)為當(dāng)外資并購(gòu)我國(guó)企業(yè)之后,國(guó)內(nèi)被并購(gòu)公司的股東財(cái)富增長(zhǎng)并不顯著。但也有些學(xué)者經(jīng)研究后認(rèn)為,在很長(zhǎng)的一段時(shí)間,目標(biāo)公司的股東也顯著增加財(cái)富,同時(shí)也提高了目標(biāo)公司的經(jīng)營(yíng)績(jī)效。 本文作者在學(xué)習(xí)和借鑒前人相關(guān)領(lǐng)域研究成果的基礎(chǔ)上,對(duì)被外資并購(gòu)的國(guó)內(nèi)公司的績(jī)效進(jìn)行實(shí)證分析。本文以2004-2010年間完成外資并購(gòu)的國(guó)內(nèi)制造業(yè)上市公司為研究對(duì)象,分別分析被外資并購(gòu)之后國(guó)內(nèi)公司的短期績(jī)效與長(zhǎng)期績(jī)效的變化。在分析短期績(jī)效時(shí),本文采用事件研究法來(lái)分析外資并購(gòu)公告日前后被并購(gòu)目標(biāo)公司股票的累計(jì)超額收益率的走勢(shì),以此推斷外資并購(gòu)對(duì)樣本公司的股東財(cái)富影響；在研究長(zhǎng)期績(jī)效時(shí),本文采用會(huì)計(jì)研究法,用主成分分析法比較分析并購(gòu)前后樣本公司經(jīng)營(yíng)業(yè)績(jī)的變化,并分析外資并購(gòu)對(duì)樣本公司經(jīng)營(yíng)業(yè)績(jī)的影響。 結(jié)果顯示,短期內(nèi)外資并購(gòu)對(duì)被并購(gòu)目標(biāo)公司的股東有顯著正的短期財(cái)富效應(yīng)。從并購(gòu)后第1年上市公司業(yè)績(jī)有了明顯的加速下降趨勢(shì),而在隨后的并購(gòu)后第2年,上市公司的業(yè)績(jī)下滑速度開(kāi)始放緩�？偟膩�(lái)說(shuō),外資并購(gòu)并未使我國(guó)制造業(yè)上市公司的績(jī)效得到改善。
[Abstract]:Foreign capital M & A is the merger and acquisition of Chinese enterprises by foreign capital. Since 2002, foreign capital M & A has been booming in the world, especially in recent years, there are more and more cases of foreign capital merger and acquisition of Chinese enterprises. In such a big environment, what is the performance of foreign M & A to Chinese enterprises? After the behavior of foreign M & A, is the value of M & A increased or decreased? Many people are eager to know the answer. Through the analysis and research, some domestic scholars think that the shareholder wealth of the domestic acquired companies does not increase significantly after the foreign capital merger and acquisition of Chinese enterprises. However, some scholars believe that in a long period of time, the shareholders of the target company also significantly increase their wealth, and also improve the performance of the target company. On the basis of studying and referring to the previous research achievements, the author makes an empirical analysis on the performance of domestic companies acquired by foreign capital. This paper analyzes the changes of short-term and long-term performance of domestic manufacturing companies which completed foreign M & A between 2004 and 2010. In the analysis of short-term performance, this paper uses the event study method to analyze the trend of the cumulative excess return rate of the target company stock before and after the announcement date of the foreign capital merger and acquisition, so as to infer the influence of the foreign capital merger and acquisition on the shareholder wealth of the sample company. In the study of long-term performance, this paper uses accounting research method, using principal component analysis method to compare and analyze the changes of sample companies' business performance before and after mergers and acquisitions, and analyzes the impact of foreign capital mergers and acquisitions on sample companies' operating performance. The results show that foreign M & A has a significant positive short-term wealth effect on the shareholders of the target company in the short term. There was a marked acceleration in the decline in earnings from the first year of the merger, while the decline began to slow in the second year of the subsequent merger. In general, foreign M & A has not improved the performance of listed manufacturing companies in China.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.72;F425;F271

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