【作者】 高飞；

【导师】 朱宝宪；

【作者基本信息】 清华大学 ， 工商管理， 2004， 硕士

【摘要】 自1993年开始,我国上市公司参与了越来越多的并购重组事件,这些并购事件是真正提高了企业的经营绩效,还是资本市场的一种零和游戏?国家产业结构调整等政策推动的重组事件是否带来了预期效果?这些问题都可以归结于并购绩效的考察上。自97年开始,随着上市公司并购浪潮的形成,有关这一类问题被越来越多的企业与学者所关注,这些学者对中国上市公司并购的绩效进行了多角度的研究:对并购进行了多种分类,采用了不同的方法,然而得出的结论并不一致。以往研究对并购的分类方法大体上可以分为两种:一种是按照企业经营特征分为横向、纵向、混合并购,另外一种是按照并购本身的产权交易特征分为资产重组、资产置换、收购、剥离等。以往按照行业特征进行划分的专门研究很少,本文按照上市公司的行业与主营业务特征将并购划分为同行业并购与跨行业并购,重点考察上市公司被不同行业的企业收购后的绩效表现。本文总结了跨行业并购的动因、特征,用财务指标法和股价超常收益率法分别研究了跨行业并购在并购前后的绩效表现,并且将跨行业并购与其他类并购、跨行业并购与同行业并购、按交易特征划分的不同类跨行业并购进行了比较分析。最终的结论是,无论是从财务指标还是从资本市场反应来看,同行业并购都要好于跨行业并购,但是跨行业并不是并购绩效差的直接原因,这一点从跨行业并购与所有其他类并购的绩效比较中可以发现;金融投资类企业收购上市公司后,其股价收益率反应良好,但是从长期财务指标上看,并未提高企业的绩效水平;国有企业收购不同行业的上市公司并购事件并未引起资本市场的兴趣,但是其长期财务绩效确实得到了改善。本文第一部分提出了跨行业并购绩效研究的背景、意义,第二部分回顾了西方跨行业并购相关的企业、动因与效应理论,第三部分总结了我国上市公司并购市场的特点,根据以上西方理论与我国特点,本文在第四部分分析了我国上市公司发生跨行业并购的特殊动机,第五部分总结了国内外跨行业并购绩效研究的方法与结论,第六部分提供了本次研究的方法与模型,第七部分是实证分析过程与结果,第八部分进行了总结,第九部分是通过此次研究对政府政策与企业决策行为的一些思考与启示。更多还原

【Abstract】 Since 1993, more and more Chinese listing companies have got involved in Merger & Acquisitions (M&A). Did these M&A really help to improve the quality of those operations, or are they simply a kind of zero-sum games in the capital market? Did the M&As promoted by the industry re-construction policies achieve their anticipated goal? As a result, it is necessary to make certain assessment against the result of these M&As. Since the wave of M&A came in 1993, such issue has drawn attentions of many companies and academics. They divided the M&A business by different ways, and analyzed the result of M&A in different dimensions. Unfortunately, their conclusions are usually various. There are two standard by which the former studies divided M&As: one is “operational”, by which the M&As could be divided into Vertical, Horizontal, and Mixed ones; the other is “transactional”, by which the M&As could be divided into Assets Recombination, Assets Exchange, Acquisition, Peeling off, etc. In the former studies, little attention was put on the industry related factors. This article is trying to divide M&As, by their industry nature, into Within Industry (WI) and Across Industry (AI) ones, and focused on the result of AI M&As in which listing companies were acquired by outsiders of their industry. This article concluded the reasons and attributes of AI M&As, used financial ratios and Equity Price Abnormal Return Method to study their result, and made comparisons between AI and other types of M&As, AI and WI, as well as transactionally different AI. In conclusion, the result of WI is generally better than that of AI, for both financial numbers and the reactions of the capital market. However, crossing industry is not the reason behind it. One proof is that, when a finance and investment company acquired a listing company, the stock price of the listing company reported well, although the operational result of this company did not improve much, if considering its long-term financial ratios. Another proof is that when a state-owned enterprise acquired a listing company across industry, the issue would not attract the interest of the capital market, although the operational results did improve. In this article, the first part discussed the background and import of the study, the second part reviewed some theories regarding AI M&A, the third part concluded the attributes of M&A among Chinese listing companies, the forth part analyzed the particular reasons of AI M&As for Chinese listing companies, the fifth part concluded the study approaches and their results regarding AI M&As, the sixth part presented the study approach and model of this article, the seventh part revealed the process of empirical analysis and the results, the eighth part drew the conclusion, and finally, the ninth part presented some thoughts and hints on the government policy making and enterprise decision making.更多还原