影响我国并购绩效的因素分析

【作者】 崔海燕；

【导师】 罗正英；

【作者基本信息】 苏州大学 ， 世界经济， 2002， 硕士

【摘要】 由于我国长期计划经济导致的经济结构僵化，生产大量重复，不能形成有效的供给，加重了供需失衡。同时，面对加入WTO后各种外部力量的入侵，势必造成这种僵固的结构会被冲撞至破裂，结果是原有的秩序将重新组合。也就是说，通过并购(M&A.)实现资源重新整合。针对这一趋势，本文以我国发生兼并收购的上市公司为研究对象，以一般线性模型和列联表分析法作为主要的研究方法。首先分析了兼并收购理论上的动因；然后利用数据统计分析得出失败率85％的结论；再针对我国实际情况选择了“兼并方的实力”、“兼并双方的产业背景”、“兼并方在目标公司中的股权结构比例”、“兼并模式”五个自变量，对其在并购中发挥的作用进行了实证分析。得出的结论是，影响并购绩效最显著的因素是“兼并方的实力”与“兼并双方的产业背景”两个因素，最后在这两个因素和几个具有中国特色的因素方面，提出了提高我国上市公司并购绩效的主要对策和具体措施。这项研究不但从实证方面将对国外理论在我国的实际应用价值给出分析，而且将对我国的兼并收购理论和时务有一定的借鉴作用。同时又指出虽然我国目前证券市场上存在着大量的兼并与收购现象，既使股民对这种股票热烈追捧，但是其实际上并没有很强的上涨后劲，正相反其并购失败率很高。所以本文认为这种股票受股民追捧是不正常的。更多还原

【Abstract】 Because of the fixed planned economy for long time ,the economic structure is rigid. A lot of production is overlap, and can’t form effective supply, which aggravate the proportion between the supplying and the demanding. What’s more, China is one member of WTO, foreign force is swarm into China, Which will break the original structure, the elements will combine again. Aimed at this trend, the text research on the listed company where M&A. happened. Analyzing it with demonstration means. At first, I talked about reasons about M&A on theory; and then choosed a few variable based on the real fact, After the analyses, I get that the merger’s force and duplex industry background do much more to the profit than other element. In the end I bring forward several countermeasure for that. Which will make it easy to apply foreign theory on M&A. in China , and can be used for reference on our theory and practice on M&A. At the same time , I pointed out that although there are many mergers and acquisitions on the market, and many stockholders are going after this kind stock, however this behavior didn’t bring good profit to the company. So I think that this phenomena is off normal position.更多还原