本文關(guān)鍵詞： 房地產(chǎn)上市公司 并購(gòu)重組 并購(gòu)績(jī)效 事件研究法 財(cái)務(wù)指標(biāo)研究法　出處：《上海交通大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：由于企業(yè)并購(gòu)對(duì)于產(chǎn)業(yè)結(jié)構(gòu)調(diào)整及企業(yè)規(guī)模擴(kuò)張的促進(jìn)作用，企業(yè)并購(gòu)一直都是資本市場(chǎng)的熱點(diǎn)問(wèn)題。截至2013年，我國(guó)上市公司并購(gòu)市場(chǎng)走過(guò)了近20年的時(shí)光，其間累計(jì)有上千家上市公司披露過(guò)并購(gòu)事件。在當(dāng)前我國(guó)經(jīng)濟(jì)的結(jié)構(gòu)轉(zhuǎn)型階段，并購(gòu)市場(chǎng)的發(fā)展便顯得更為重要。 并購(gòu)績(jī)效研究一向以來(lái)都是并購(gòu)理論研究中的熱點(diǎn)問(wèn)題。但是，學(xué)術(shù)界對(duì)于并購(gòu)是否能幫助企業(yè)提高績(jī)效并沒(méi)有特別統(tǒng)一的看法。房地產(chǎn)行業(yè)在最近10年時(shí)間里維持了高速的增長(zhǎng)，企業(yè)規(guī)模和行業(yè)格局均發(fā)生了深刻的變化。高增長(zhǎng)行業(yè)往往是并購(gòu)活動(dòng)最為活躍的行業(yè)，以房地產(chǎn)行業(yè)為例進(jìn)行并購(gòu)績(jī)效的研究，，一是案例數(shù)量較為豐富，二是有助于增強(qiáng)對(duì)高增長(zhǎng)行業(yè)并購(gòu)活動(dòng)的認(rèn)識(shí)和理解，為將來(lái)高增長(zhǎng)行業(yè)的并購(gòu)活動(dòng)提供理論借鑒。 在此背景下，在對(duì)并購(gòu)相關(guān)文獻(xiàn)進(jìn)行綜合研究的基礎(chǔ)上，本文通過(guò)對(duì)房地產(chǎn)業(yè)并購(gòu)的現(xiàn)狀、背景和動(dòng)因等方面的分析，以境內(nèi)資本市場(chǎng)2010年所發(fā)生的房地產(chǎn)上市公司并購(gòu)事件作為研究對(duì)象，選擇了其中11起并購(gòu)案例，分別運(yùn)用事件研究法和財(cái)務(wù)指標(biāo)分析法，以此來(lái)考察上市房地產(chǎn)公司的績(jī)效變化。 首先，本文運(yùn)用事件研究法對(duì)收購(gòu)方的累積平均超額收益進(jìn)行考察，并將此作為收購(gòu)方短期并購(gòu)績(jī)效的衡量指標(biāo)。通過(guò)事件研究法的檢驗(yàn)，本文發(fā)現(xiàn)，在事件期內(nèi)[-30天，30天]的短期并購(gòu)績(jī)效的累積超額收益（CAR）雖略大于零，但其在統(tǒng)計(jì)上并不顯著。這說(shuō)明，收購(gòu)方股東無(wú)法通過(guò)收購(gòu)獲得超額收益，公司的短期績(jī)效無(wú)顯著改觀。 然后，本文運(yùn)用財(cái)務(wù)指標(biāo)分析法對(duì)收購(gòu)方公司的長(zhǎng)期并購(gòu)績(jī)效進(jìn)行研究。在較長(zhǎng)的考察期內(nèi)考察2008年到2012年間樣本公司財(cái)務(wù)指標(biāo)的長(zhǎng)期變化。通過(guò)研究本文發(fā)現(xiàn)：樣本公司并購(gòu)后除長(zhǎng)期償債能力變差之外，其他方面的各項(xiàng)指標(biāo)如盈利能力、營(yíng)運(yùn)能力、發(fā)展能力及現(xiàn)金流量等方面均呈現(xiàn)先減弱后走強(qiáng)的走勢(shì)。綜合來(lái)看，收購(gòu)方的長(zhǎng)期績(jī)效為正，其經(jīng)營(yíng)績(jī)效得到了一定程度的改善。 最后，本文針對(duì)我國(guó)上市房地產(chǎn)公司收購(gòu)方短期、長(zhǎng)期并購(gòu)績(jī)效的研究結(jié)果，從公司層面和宏觀層面對(duì)并購(gòu)重組提出了一些參考意見(jiàn)和建議。
[Abstract]:M & A has been a hot issue in the capital market because of its promoting effect on the adjustment of industrial structure and the expansion of enterprise scale. Up to 2013, M & A has been a hot issue in the capital market. The M & A market of listed companies in China has gone through nearly 20 years, during which thousands of listed companies have disclosed M & A events. The development of M & A market is more important. M & A performance research has always been a hot issue in the theory of M & A. however. There is no particular consensus in academia on whether mergers and acquisitions can help companies improve their performance. The real estate industry has maintained a high growth rate in the last 10 years. Enterprise size and industry pattern have undergone profound changes. High-growth industries are often the most active M & A industry. Take the real estate industry as an example to study the M & A performance. First, the number of cases is relatively rich. Second, it is helpful to strengthen the understanding and understanding of M & A activities in high growth industries and to provide theoretical reference for M & A activities in high growth industries in the future. In this context, on the basis of a comprehensive study of M & A literature, this paper analyzes the status quo, background and motivation of M & A in real estate industry. Taking the M & A event of the listed real estate companies in the domestic capital market in 2010 as the research object, 11 M & A cases were selected, respectively, using the event research method and the financial index analysis method. In order to investigate the performance of listed real estate companies change. First of all, this paper uses the event research method to investigate the cumulative average excess return of the acquirer, and regards it as a measure of the short-term acquisition performance of the acquirer. Through the test of the event research method, this paper finds out. During the event period [Although the cumulative excess return of short-term M & A performance of -30 days to 30 days is slightly greater than zero, it is not statistically significant. This shows that the acquirer shareholders can not obtain excess returns through acquisition. The company's short-term performance has not improved significantly. And... This paper uses the financial index analysis method to study the long-term M & A performance of the acquirer company. During the long period of investigation, the paper investigates the long-term change of the sample company's financial index from 2008 to 2012. It was found that:. In addition to the long-term solvency of the sample companies after M & A became poor. Other indicators, such as profitability, operating capacity, development capacity and cash flow, all show a trend of weakening and then strengthening. Overall, the long-term performance of the acquirer is positive. Its operating performance has been improved to a certain extent. Finally, according to the research results of the short-term and long-term M & A performance of the listed real estate companies in China, this paper puts forward some suggestions and suggestions on M & A from the corporate level and the macro level.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F299.233.42;F271

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