本文關(guān)鍵詞： 跨界并購 并購模式 企業(yè)績效　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)并購是企業(yè)快速擴(kuò)張的一種方式。1984年我國出現(xiàn)了首例并購事件,拉開了我國企業(yè)并購的帷幕。隨著1990年我國證券市場的出現(xiàn),我國上市公司的并購事件也隨之而來。如今,我國上市公司的并購事件已經(jīng)屢見不鮮。最初上市公司進(jìn)行并購目的主要是行業(yè)內(nèi)橫向調(diào)整,所以很少出現(xiàn)跨界并購的事件。近年來,隨著經(jīng)濟(jì)的全球化發(fā)展,我國上市公司獲得了更大的機(jī)遇與挑戰(zhàn)。在進(jìn)行并購時,有些公司是為了業(yè)務(wù)轉(zhuǎn)型、有些公司是基于多元化戰(zhàn)略、有些并購就是非上市公司的借殼上市的第一步。在多樣化的并購目的下,跨界并購已經(jīng)蔚然成風(fēng)。目前,跨界并購在學(xué)術(shù)界還沒有一個明確的定義,也沒有學(xué)者對跨界并購的跨度做探討。首先,本文將對跨界并購的定義與跨度進(jìn)行界定,分析我國上市公司跨界并購的目的與模式。其次,采用實(shí)證的方法研究上市公司跨界并購對企業(yè)績效的影響。以2012年進(jìn)行跨界并購的上市(深證、上證)公司為樣本,采用事件研究法的市場調(diào)整模型來研究跨界并購對企業(yè)短期績效的影響,采用會計(jì)研究法的財務(wù)指標(biāo)凈資產(chǎn)收益率(ROE)來研究跨界并購對這些公司的長期績效的影響。進(jìn)一步,以實(shí)證數(shù)據(jù)為依托,分析不一樣的跨度的跨界并購對績效的影響,以及不一樣模式的跨界并購對績效的影響。實(shí)證結(jié)果表明:(1)企業(yè)跨界并購對我國上市(深證、上證)公司的短期績效有正面影響;(2)企業(yè)跨界并購對我國上市(深證、上證)公司的長期績效沒有明顯影響;(3)不同跨度(跨度1、跨度2、跨度3)的跨界并購具有不同的并購效果;(4)不同模式的跨界并購具有的并購效果顯著不同。
[Abstract]:M & A is a way of rapid expansion of enterprises. In 1984, the first case of M & A occurred in China, which opened the curtain of M & A in China. With the emergence of China's securities market in 1990, the M & A of listed companies in China also followed. Mergers and acquisitions of listed companies in China have been common. At first, the purpose of mergers and acquisitions of listed companies was mainly horizontal adjustment within the industry, so there are few incidents of cross-border mergers and acquisitions. In recent years, with the development of economic globalization, China's listed companies have been given greater opportunities and challenges. In mergers and acquisitions, some companies are for business transformation, while others are based on diversification strategies. Some mergers and acquisitions are the first step in the backdoor listing of non-listed companies. Cross-border mergers and acquisitions have become popular in the context of diversified mergers and acquisitions. At present, there is no clear definition of cross-border mergers and acquisitions in academia. First, this paper will define the definition and span of cross-border mergers and acquisitions, analyze the purpose and mode of cross-border mergers and acquisitions of listed companies in China. Using the empirical method to study the impact of cross-border M & A on the performance of listed companies. Taking the listed companies (Shenzhen Stock Exchange, Shanghai Stock Exchange) of cross-border M & A in 2012 as a sample, The market adjustment model of event research method is used to study the impact of cross-border M & A on the short-term performance of enterprises, and the financial index of accounting research is ROEE to study the impact of cross-border M & A on the long-term performance of these companies. Based on the empirical data, this paper analyzes the impact of cross-border mergers and acquisitions with different span on performance and the impact of cross-border mergers and acquisitions of different patterns on performance. The empirical results show that: 1) Cross-border mergers and acquisitions of enterprises are listed in China (Shenzhen Stock Exchange, Shenzhen Stock Exchange). Shanghai Stock Exchange) the short-term performance of the company has a positive impact on China's listing through cross-border mergers and acquisitions (Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shenzhen Stock Exchange, Shanghai) the long-term performance of the company does not significantly affect the performance of the company (span 1, span 2, span 3) Cross-border M & A has different M & A effects; different modes of cross-border M & A have significantly different M & A effects.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F832.51

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本文編號：1553483