【作者】 张睿；

【导师】 师萍；

【作者基本信息】 西北大学 ， 会计学， 2012， 硕士

【摘要】 随着全球经济一体化进程的加快,世界范围内的市场竞争愈演愈烈。企业要在激烈的竞争中立于不败之地,并购成为其调整内部资源配置、获取核心竞争力、扩大市场份额的重要手段之一。从20世纪80年代末开始,中国用了几十年的时间走过了西方国家上百年的并购历程,先后经历了三次并购浪潮。事实上,只有成功的并购才能帮助企业提升经营业绩,而并购效应能否发挥是多方博弈的结果。因此,明确我国上市公司并购活动对公司绩效的影响,研究并购绩效的变动趋势,提出具有实际意义的对策建议,对提高上市公司并购绩效、发挥并购协同效应、规范证券资本市场、推动金融市场稳定发展都有着重要的理论和现实意义。本文立足于中国的并购市场,以国内外现有的企业并购绩效相关研究成果为基础,首先运用经济学理论分析了不同并购模式的原理和效率。其次,选择2008年我国沪、深两市发生并购事项的316家上市公司为研究对象,基于会计研究法建立并购绩效评价指标体系,运用因子分析、主成分分析和趋势分析相结合的方法对样本公司并购前后共4年的并购绩效进行实证研究。最后,将样本公司按照不同的分类标准划分为股权并购、资产并购和横向并购、纵向并购、混合并购,对比分析了不同并购模式下公司并购绩效的变动趋势。通过实证研究分析,本文得出如下结论：(1)并购行为在一定程度上提升了公司的经营业绩；(2)并购双方公司的并购绩效不一致；(3)股权并购的并购绩效好于资产并购；(4)横向、纵向和混合并购下的并购绩效各不相同；(5)企业需要经过一定时间的并购整合才能发挥并购效应；(6)我国上市公司并购绩效的持续性不足；(7)企业的并购行为存在风险；(8)我国上市公司并购行为存在政府干预。基于以上的研究结论,本文在政府、企业和社会中介三个层面上提出了提高企业并购绩效、发挥并购协同效应的对策建议。本文的研究扩展了我国上市公司并购绩效的研究视角,在一定程度上继承和发展了并购绩效相关研究的理论成果,可以为政府的监管调控、企业的并购整合、投资者的投资决策、中介机构的参与服务提供合理的、操作性强的参考和帮助,真正发挥并购效应,促进我国证券资本市场的不断完善和发展。更多还原

【Abstract】 With acceleration of the economic globalization process, the worldwide market competition is becoming increasingly intense. By adjusting internal resource configuration, obtaining core competiveness, and expanding market share, merger is widely considered to be a significant tool by the enterprises looking for an unbeaten success in the fierce competition. Since1980s, three major merger waves have swept China in several decades, while counterpart of which in western countries takes more than one hundred years. Essentially, only successful merger could help enterprises to enhance its business performances, and it is the result of a game played by multiple sides to determine whether the merger effects are taken advantage of or not. Thus, clarifying the influences of merger on business performances of listed companies in China, studying the trend of changes of merger performances, and offering practical countermeasures and suggestions would be meaningful both from theoretical and practical perspectives to enhance merger performances, exploit cooperative merger effects, regulate stock capital market and maintain stability of financial market.Based on preliminary studies on merger performances of both domestic and international enterprises, this thesis, which found itself a foothold in merger market in China, firstly analyzed the mechanism and efficiency of various merger models using economics theories. Secondly, after setting up a merger performance evaluation standard based on accounting evaluation method, we studied the merger performances in a4-year span of316sample companies, which were selected from enterprises involved in merger events in2008from Shanghai and Shenzhen stock market. Last but not least,the trend of changes of merger performances under different models was comparatively analyzed after the sample enterprises were categorized following different standards into horizontal M&A, vertical M&A, Conglomerate M&A, equity M&A and asset M&A.Through practical studies and analysis, following conclusions could be summarized from this thesis:(1) merger enhances business performances of enterprises to some extent;(2) the merger performances of two parties involved in are not identical;(3) the performance of equity M&A is better than asset M&A;(4) the performance of Horizontal, vertical and Conglomerate merger are not identical;(5) a period of time of integration is needed for merger effect to impose its influences;(6) the consistency of merger performances of listed companies in China is lacked;(7) risks exist during the merger of enterprises;(8) governmental intervention is observed during the merger in China. Based on the conclusion listed above, countermeasures and suggestions were provided in this thesis to improve merger performances and take advantage of merger cooperative effects in the levels of government, enterprise and social medium.The studies illustrated in this thesis not only broaden the vision of research towards the merger performances of listed companies in China, but also inherit and develop the related studies and theoretical achievements. Meanwhile, both rational and feasible references and helps were offered to the supervision and regulation of government, merger and integration of enterprises, decision of investment and participation of intermediary agents. These efforts could hopefully make the most advantage of merger and promote stock capital market to a more sophisticated and developed level.更多还原