本文關(guān)鍵詞：外資并購(gòu)中國(guó)上市公司的績(jī)效研究　出處：《廈門大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來,隨著并購(gòu)?fù)顿Y環(huán)境改善,在華跨國(guó)并購(gòu)額也開始上升。由于外資并購(gòu)可能對(duì)中國(guó)一些產(chǎn)業(yè)安全帶來一定挑戰(zhàn),引發(fā)了社會(huì)各界對(duì)跨國(guó)并購(gòu)是否會(huì)形成對(duì)中國(guó)重要行業(yè)壟斷和控制、自主品牌受到威脅、自主技術(shù)研發(fā)能力下降的擔(dān)憂。但外資并購(gòu)作為跨國(guó)公司進(jìn)入東道國(guó)市場(chǎng)的一種重要模式,也會(huì)為中國(guó)利用外資提供良好的機(jī)遇。因此,需要更全面地認(rèn)識(shí)外資并購(gòu)對(duì)中國(guó)企業(yè)績(jī)效的影響,從而充分利用外資并購(gòu)以促進(jìn)中國(guó)企業(yè)和產(chǎn)業(yè)的發(fā)展,并通過完善法規(guī)和有效監(jiān)管以防范外資并購(gòu)可能產(chǎn)生的不利影響。 本文在理論分析在華外資并購(gòu)動(dòng)因及外資并購(gòu)績(jī)效效應(yīng)等相關(guān)理論的基礎(chǔ)上,搜集了1995-2009年期間外資并購(gòu)我國(guó)上市公司的78起并購(gòu)案例,采用因子分析法、會(huì)計(jì)研究法對(duì)上市公司在外資并購(gòu)前后的經(jīng)營(yíng)績(jī)效效應(yīng)進(jìn)行了實(shí)證檢驗(yàn)。然后根據(jù)目標(biāo)企業(yè)是否是制造業(yè)企業(yè)、并購(gòu)后外資是否控股或者是否是第一股東、以及外方企業(yè)的國(guó)別情形進(jìn)行分組實(shí)證分析。第六章給出了結(jié)論和政策建議。 實(shí)證結(jié)果表明,就整體樣本而言,并購(gòu)當(dāng)年,我國(guó)上市公司的績(jī)效有所改善,但是這種改善并不具有持續(xù)性。分組實(shí)證分析表明,當(dāng)目標(biāo)企業(yè)為制造業(yè)企業(yè)時(shí),盡管并購(gòu)當(dāng)年,企業(yè)績(jī)效呈下降趨勢(shì),但在整個(gè)研究區(qū)間內(nèi)企業(yè)績(jī)效波動(dòng)式上升,非制造業(yè)則呈現(xiàn)出相反的變化趨勢(shì)；當(dāng)并購(gòu)后外資控股或者外資為第一股東時(shí),企業(yè)績(jī)效呈現(xiàn)整體上升趨勢(shì),外資沒有控股或是外資不是第一股東的樣本,呈現(xiàn)相反的變化趨勢(shì)；當(dāng)并購(gòu)主體是港臺(tái)企業(yè)時(shí),并購(gòu)后企業(yè)的績(jī)效呈現(xiàn)持續(xù)上升趨勢(shì),當(dāng)并購(gòu)主體來自其他地區(qū)時(shí),呈現(xiàn)出持續(xù)下降的趨勢(shì)。
[Abstract]:In recent years, with the improvement of M & A investment environment, the amount of cross-border M & A in China has also begun to rise, because foreign M & A may bring some challenges to the security of some industries in China. Triggered by the community whether cross-border mergers and acquisitions will form a monopoly and control of important industries in China, the independent brand is threatened. However, as an important mode for multinational companies to enter the host country market, foreign M & A will also provide a good opportunity for China to utilize foreign capital. We need to fully understand the impact of foreign M & A on the performance of Chinese enterprises so as to make full use of foreign M & A to promote the development of Chinese enterprises and industries. And through the improvement of laws and regulations and effective supervision to prevent the possible adverse effects of foreign mergers and acquisitions. Based on the theoretical analysis of the causes of foreign capital mergers and acquisitions in China and the performance effect of foreign capital mergers and acquisitions, this paper collects 78 cases of foreign capital mergers and acquisitions of listed companies in China from 1995 to 2009. Using factor analysis and accounting research method, this paper empirically tests the performance effect of listed companies before and after foreign M & A. and then according to whether the target enterprise is a manufacturing enterprise. Whether the foreign capital is controlling or is the first shareholder after the merger and acquisition, and the country situation of the foreign enterprises are analyzed by group empirical analysis. Chapter 6th gives the conclusions and policy recommendations. The empirical results show that, as far as the overall sample is concerned, the performance of Chinese listed companies has improved in the year of M & A, but this improvement is not sustainable. When the target enterprise is a manufacturing enterprise, although the performance of M & A shows a downward trend in the year of M & A, the enterprise performance fluctuates in the whole period of study, while the non-manufacturing industry shows the opposite trend. When the foreign capital holding or the foreign capital is the first shareholder after the merger and acquisition, the enterprise performance presents the overall upward trend, the foreign capital does not have the holding or the foreign capital is not the sample of the first shareholder, presents the opposite change trend; When the main body of M & A is Hong Kong and Taiwan enterprises, the performance of M & A enterprises shows a rising trend after M & A, while the main body of M & A from other regions shows a continuous downward trend.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F279.2;F832.6

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