不同模式下企业并购绩效的实证分析

【作者】 李喜梅；

【导师】 王满仓；

【作者基本信息】 西北大学 ， 国民经济学， 2007， 硕士

【摘要】 随着全球经济的快速发展和市场竞争的加剧，我国上市公司发展到目前阶段都将面临资源的整合和重组。这不仅深刻改变了我国的产业结构，而且也影响了社会、企业和消费者的行为。企业并购已经成为证券市场和市场经济继续向纵深发展的热点，是现代市场经济中最活跃的经济行为。在微观上，企业并购能实现资本增值，优化资本结构，促进产业转型和产业升级；宏观上，并购有利于提高社会整体经济效益，优化资源配置，可以盘活原先效率低下的资源存量。然而，并不是所有的企业并购都是成功的，企业并购也是一把“双刃剑”。与西方发达国家的企业并购相比，我国上市公司并购呈现出一些特有的个性，因此，分析当前背景下我国企业并购绩效及影响因素有重要现实意义。企业并购既属于管理学范畴又属于经济学范畴，本文以上市公司发生的并购事件为研究的切入点，将从两方面展开去研究如何提高上市公司并购绩效问题。在经济学方面，着重说明企业并购的一般理论和动机，为随后的分析打下理论基础；在管理学方面，通过计量经济模型的实证分析，进一步提出提高并购绩效的微观建议。先从企业绩效角度的不同层面具体分析了企业并购的动因，对横向并购、纵向并购和混合并购这三种形式的经济效率进行了深入的比较研究，认为横向并购可获得规模经济；在有限理性的环境下纵向并购可以降低交易费用；而混合并购可达到组合效应和降低经营风险的目的。最后以上市公司2001年发生的并购事件为研究对象，运用主成分综合分析法，建立综合得分函数模型，来比较上市公司并购前后绩效变动的情况，得出不同并购方式绩效差异性的基本结论：横向并购具有明显效益，纵向并购失败率高，混合并购的绩效更待长时间的检验。在此基础上，提出提高上市公司并购绩效的思路和对策。更多还原

【Abstract】 With the rapid development of global economy and market competition, many enterprises have faced merger and acquisition(M&A), which will change the industry structure and affect the behavior of society、enterprises and consumers. Form the point of microcosmic view. M&A can realize capital increment, optimize capital structure and promote rationalization of industrial structure; Form the point of macroscopic view. M&A is beneficent to raise economic effects of total society and make superior resource allocation. In addition, M&A may active original resource of slow efficiency.Economic theories and management theories have had some study on this field, this paper fousing on Chinese listing company to research their economic efficiency. At first, this text introduces common theory of mergence simply. In economics conception, M&A is take-over of property resulting in the transfer of the assets ownership from the target companies to the acquiring one. Secondly from various angels of enterprises’ achievements. It analyzes motivation of mergence. At the basis of this interpret , the text makes a thorough study of economic efficiency of three types of mergence. ( such as Horizontal Merger. Vertical Merger and Conglomerate Merger). In macro level. The rationality of M&A and its products lies in scale economics and also lies in reducing relevant costs & diversifying operation risk, etc. In the light of case analyses. The paper makes an empirical study on M&A performance of listed companies so as to evaluate the performance in an objective manner and to find out successful models in M&A. At last, because every thing has two aspects, we should be on guard against negative effect of mergence.更多还原