【作者】 董博；

【导师】 温明振；

【作者基本信息】 辽宁大学 ， 企业管理， 2013， 硕士

【摘要】 企业的并购重组在发达国家中已经发展了一百多年，共经历5次大规模的并购浪潮。20世纪90年代以来，全球化和互联网的迅猛发展再次打破了原有的经济格局，第五次并购浪潮应运而生。这次并购浪潮以美国和英国的大型企业为火车头，带动了其他发达国家的并购热情。这次并购浪潮的特点主要表现在：以跨国并购为主、参与企业资本雄厚，交易金额庞大，涉及领域广阔，新兴产业与传统产业并购齐头并进。而我国企业的并购出现在改革开放以后，发展历史相对较短，共经历三个发展阶段。随着2002年中国正式加入WTO，经济全球化的发展，资本市场的逐步完善，我国也掀起了新一轮的并购潮。作为我国国民经济的支柱产业，制造业是我国经济增长的主导部门和经济转型的基础，因此研究我国制造业上市公司的并购绩效对保持制造业企业的长期稳定发展有重要意义。本文以2008年我国制造业上市公司的并购为研究对象，采用EVA作为评价上市公司绩效的指标，通过计算07年至11年制造业上市公司EVA的数值，比较分析EVA的走向，得到如下结论：(1)并购当年制造业上市公司的绩效下降明显，并购后第一年较并购当年有所上升，但仍然低于并购前一年，并购后第二年及第三年的绩效高于并购前一年；(2)国有控股、行业相关性及关联交易对制造业上市公司都存在不同程度的影响。由于笔者知识结构的局限性、研究时间的仓促和我国相关领域的特殊情况，本文在采用EVA对上市公司并购绩效进行研究时可能存在以下不足：（1）EVA绩效评价模型虽然它优于传统的会计研究法，但是其模型仍然是建立在财务指标的基础上，没有考虑非财务指标对绩效的评价。（2）在实证研究部分，本文局限于对并购公司的研究，没有对被并购公司进行研究，比较分析不足。（3）在对并购绩效影响因素进行分析时，由于受到选取样本的限制，影响因素指标较少。更多还原

【Abstract】 The M&A of corporation in developed countries has been developed over ahundred years, experienced a total of five large-scale M&A wave. Since the1990s, therapid development of Globalization and the Internet break the existing economicstructure once again. The fifth wave of M&A comes into being. The large corporationsin the United States and the United Kingdom as the locomotive, lead the enthusiasm forM&A of other developed countries. The M&A wave is characterized mainlymanifested in: cross-border M&A, well-capitalized, large amount of the transaction,broad areas, same of new industries and traditional industries.M&A appears in China after the reform and opening up, has relatively short history,experienced a total of three stages of development. With the2002, China formally joinedthe WTO. Development of economic globalization, the gradual improvement of thecapital market China has also set off a new round of mergers and acquisitions wave. As apillar industry of China’s national economy, manufacturing is the dominant sector ofChina’s economic growth and economic restructuring. Research of China’s manufacturingindustry M&A performance of listed companies is important to keep long-term stabledevelopment of manufacturing companies.In this paper, China’s manufacturing industry M&A of listed companies in2008asthe research object. using EVA as indicators of listed companies on the performance, bycalculating the value of the Listed Manufacturing Companies EVA in2007to11years,comparative analysis the EVA’s trend, get the following conclusions:(1)M&Aperformance of listed manufacturing companies decreased significantly in the mergeryear, the first year after the merger, has increased, but is still below the pre-merger year,the performance of the second and third years after the merger more than pre-mergeryears;(2) State-controlled, M&A type and related transactions have varying degrees ofimpact on the listed manufacturing companies.Due to the limitations of the author knowledge structure, the study period hasty andthe special circumstances of related fields in China, this article has the followingdisadvantages in EVA research on M&A performance of listed companies:(1) EVA performance evaluation model although it is better than the traditional accounting method,but the model is still built on the basis of financial indicators, not take into account non-financial indicators of performance evaluation. In the empirical research, the paperlimited to the companies of M&A No research of the target company.(3) Due to the limitof the sampling, Influencing factors less.更多还原