本文選題：房地產(chǎn)行業(yè) + 上市公司��； 參考：《天津財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：面對(duì)當(dāng)前中國(guó)市場(chǎng)不斷加劇的市場(chǎng)競(jìng)爭(zhēng),企業(yè)必須不斷探索在新形勢(shì)下生存和發(fā)展的路徑,而并購(gòu)成為我國(guó)上市公司首選的外部成長(zhǎng)戰(zhàn)略。企業(yè)并購(gòu)能夠有效促進(jìn)市場(chǎng)資源的優(yōu)化配置,實(shí)現(xiàn)規(guī)模效應(yīng),增強(qiáng)企業(yè)在行業(yè)中的競(jìng)爭(zhēng)實(shí)力。二十世紀(jì)以來(lái)我國(guó)各行業(yè)掀起了新一輪的并購(gòu)熱潮,特別是自2005年以來(lái),國(guó)家先后出臺(tái)了土地和信貸政策對(duì)房地產(chǎn)行業(yè)加強(qiáng)宏觀調(diào)控,房地產(chǎn)產(chǎn)業(yè)結(jié)構(gòu)隨之調(diào)整,涌現(xiàn)了一批以并購(gòu)謀求發(fā)展的房地產(chǎn)上市公司。對(duì)于并購(gòu)活動(dòng)能否改善企業(yè)經(jīng)營(yíng)績(jī)效的問(wèn)題,國(guó)內(nèi)外學(xué)者進(jìn)行了豐富的研究,雖然對(duì)于并購(gòu)績(jī)效的研究很多,但是大多是對(duì)全部行業(yè)的企業(yè)整體情況的研究,專(zhuān)門(mén)對(duì)某個(gè)行業(yè)的企業(yè)并購(gòu)績(jī)效的研究很少,由于每個(gè)行業(yè)具有不同的特征,并購(gòu)活動(dòng)對(duì)經(jīng)營(yíng)績(jī)效的影響不同。 本文基于中國(guó)上市公司的現(xiàn)狀,在國(guó)內(nèi)外學(xué)者理論探索的基礎(chǔ)之上,對(duì)并購(gòu)概念、并購(gòu)動(dòng)因和并購(gòu)績(jī)效的衡量方法進(jìn)行了定義和分析,探索了我國(guó)房地產(chǎn)行業(yè)并購(gòu)的現(xiàn)狀。在實(shí)證部分,本文運(yùn)用會(huì)計(jì)研究法,以2007-2009年發(fā)生并購(gòu)活動(dòng)的房地產(chǎn)上市公司為樣本,獲取時(shí)間窗口[t-1,t+2]四年的財(cái)務(wù)報(bào)表數(shù)據(jù),采用因子分析法和多元線性回歸的方法對(duì)并購(gòu)中長(zhǎng)期績(jī)效進(jìn)行研究。 實(shí)證結(jié)果顯示,樣本公司在并購(gòu)當(dāng)年績(jī)效明顯上升,但是并購(gòu)后第一年績(jī)效下降,第二年繼續(xù)下降但趨于平緩,整體上呈現(xiàn)出先升后降的效果,并沒(méi)有給我國(guó)房地產(chǎn)企業(yè)帶來(lái)預(yù)期正的并購(gòu)效應(yīng)。對(duì)于并購(gòu)績(jī)效影響因素的實(shí)證結(jié)果表明,是否關(guān)聯(lián)交易和并購(gòu)交易規(guī)模對(duì)并購(gòu)績(jī)效的基本無(wú)影響；流通股比例和并購(gòu)公司第一大股東持股比例對(duì)并購(gòu)績(jī)效呈負(fù)相關(guān)的關(guān)系；并購(gòu)公司第一大股東股份性質(zhì)與并購(gòu)績(jī)效呈正相關(guān)關(guān)系。
[Abstract]:In the face of the increasingly fierce market competition in China, enterprises must constantly explore the path of survival and development under the new situation, and M & A has become the preferred external growth strategy for listed companies in China. M & A can effectively promote the optimal allocation of market resources, realize scale effect, and enhance the competitive strength of enterprises in the industry. Since the 20th century, there has been a new round of M & A upsurge in various industries of our country, especially since 2005, the state has successively introduced land and credit policies to strengthen the macro-control of the real estate industry, and the real estate industry structure has been adjusted accordingly. A number of mergers and acquisitions to seek development of the real estate listed companies emerged. Scholars at home and abroad have done a lot of research on whether M & A activities can improve the performance of enterprises. Although there are many researches on M & A performance, most of them are about the overall situation of enterprises in the whole industry. The research on M & A performance of a certain industry is rare. Because of the different characteristics of each industry, M & A activities have different effects on business performance. This paper is based on the current situation of listed companies in China. Based on the theoretical exploration of domestic and foreign scholars, this paper defines and analyzes the concept of M & A, the motivation of M & A and the measurement method of M & A performance, and explores the present situation of M & A in China's real estate industry. In the empirical part, using the accounting research method, taking the real estate listed companies with merger and acquisition activity in 2007-2009 as the sample, we obtain the financial statement data of four years in the time window [t-1t2]. Factor analysis and multiple linear regression are used to study the medium and long term performance of M & A. the empirical results show that the performance of the sample companies in the year of M & A obviously increased, but the performance of the first year of M & A declined. The second year continues to decline, but tends to flat, the overall performance of the first rise and then the effect of decline, and did not give our real estate enterprises to bring the expected positive M & A effect. The empirical results of the influencing factors of M & A performance show that there is no effect on M & A performance whether or not the related transactions and the scale of M & A transactions have no effect on the M & A performance, while the proportion of circulating shares and the proportion of the largest shareholders in the M & A company are negatively related to the M & A performance. The nature of the largest shareholder in M & A company is positively correlated with M & A performance.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F271;F299.233.4;F275

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