【作者】 雷浩；

【导师】 张秋生；

【作者基本信息】 北京交通大学 ， 企业管理， 2007， 硕士

【摘要】 并购是成熟证券市场的永恒主题。我国证券市场建立以后，上市公司并购发展迅速，但股权分置制度长期以来困扰着市场的发展，影响着上市公司的并购重组。本文以2002年-2005年我国上市公司并购交易数据为基础，分析股权分置下我国上市公司并购方向的特点。首先从并购交易规模、并购交易的地域分布、并购交易的产业分布三个维度，分析我国并购市场的发展趋势；然后在产业、区域、规模、企业盈利能力四个维度的基础上提出并购方向的一致性假说，并以2002年-2005年并购交易数据对并购方向的一致性假设进行检验；最后得出结论和可能的解释。通过对并购方向一致性假设的检验我们发现，我国上市公司在并购方向的某些维度上具有一致性，在某些维度上一致性不强或者表现出非一致性。并购方向的一致性可以用组织惯性和委托代理理论解释。而弱一致性和非一致性则可能是我国并购市场的不成熟造成的。更多还原

【Abstract】 Since the stock exchange market established in China, the M&A of Listed Companies rises rapidly, but the principles of stock right split make a harsh time to its development and also the reunite of those companies.This paper, based on the data for the M&A of Listed Companies from 2002to2005, analyzed the characteristics of their M&A directions on condition of stock right split. Firstly, it analyzes the trends of Chinese M&A market through three parts, they are: dimensions, geographical distributions and industrial distributions of acquisition events. Thereafter, based on four dimensionalities as industrial, geographical, dimensions and proficient ability of enterprises, it advocates a hypothesis which believes consistency of M&A directions. Finally, it results in a conclusion view of the M&A market and the explanation of its feasibilities. Through the hypothesis of the M&A consistency, we could to some dimensions see consistency in some of our Listed Companies and the weak or inconsistencies some other dimensions.It could be analyzed by the Organization’s Inertia and Principal-agent theories for the consistency of M&A directions however, it might be the immature of Chinese market that incur the weak-consistency and inconsistencies.更多还原