【作者】 刘怡敏；

【导师】 赵昌文；

【作者基本信息】 四川大学 ， 金融学， 2003， 硕士

【摘要】 上市公司的并购活动一直是资本市场中最引人瞩目的现象之一，据不完全统计，全世界资本市场上平均每天发生的并购案例为3.7起。近年来，上市公司并购出现了数量越来越多，规模越来越大的趋势。并购为在位的上市公司制造了一种强大的竞争压力，迫使其不断地改善公司治理结构，提高经营绩效和创造股东价值，它对于维护资本市场的长期稳定性，实现证券市场的可持续发展具有重要意义。由于并购牵涉到大量人力、物力、财力的转移，并经常伴随着一个老公司的消亡和新公司的诞生，因此，并购中的若干问题也是学术界和实务界经常关注的焦点。中国证券市场经过十多年的发展，已成为金融资源配置、经济结构调整和提高企业竞争力的重要手段和场所。同时，与其他市场一样，中国的资本市场中每年均会发生大量的并购活动。正确认识中国上市公司的并购，研究上市公司的并购绩效，无论在理论上还是实践中都具有重要价值。本文第一部分是引言及文献综述，对研究对象、目的以及已有的研究成果作了介绍。第二部分是并购概念、理论和历史回顾。这部分对并购相关概念、理论以及国内外并购发展历史做了介绍。企业发展理论指出，企业所处的发展阶段对于企业的并购决策有重要影响，并从理论上对企业并购决策进行了研究。企业并购怀疑和支持论对影响企业并购绩效的因素从正负两方面进行了探讨，为我们进行企业并购绩效研究奠定了理论基础。第三部分是中国上市公司并购绩效的实证研究。在这一部分中，笔者首先介绍了研究方法。本文以公司的创值能力作为并购绩效判断的标准，通过对比同一上市公司在并购事件前后创值的变化来分析并购事件的绩效。所谓创值，是指公司为股东投入的资本创造了大于资本机会成本的收益。使用创值法而非传统利润指标进行并购绩效研究是因为：我国证券市场中上市公司的耗值面已四川大学硕士学位论文达到70%(刘芍佳，2002.2)，这使我国股市充斥着大量的投机行为。上市公司的耗值现象不利于我国证券市场的规范化和成熟化发展，严重损害了广大中小投资者的利益。基于这点考虑，以上市公司创值额为标准来判断并购绩效，有利于鼓励良性资产重组、打击短期报表性重组和以二级市场炒作为目的的恶性并购事件。同时，以创值法为研究方法，有利于保护公司股东的权益，提高我国上市公司的价值。 在介绍了研究方法之后，笔者对2000年中国发生的42起上市公司并购事件进行了实证研究。42例并购事件中，20起是以上市公司为目标公司的并购案例(以下称壳公司并购)，另外22起是以上市公司为并购方的并购事件。在20起壳公司并购事件的绩效研究中，笔者发现并购当年壳公司表现出良好的并购绩效，并购第二年绩效明显下滑，第三年有所回升。这说明我国壳公司资产重组中，存在一些短期报表性重组，通过制造虚假报表使并购当年壳公司业绩得到提升。同时，也有一部分是实质性的资产重组事件，这类事件在并购当年绩效不明显，但经过一定的整合期之后，绩效往往提升较快。22起以上市公司为并购方的并购事件绩效不太理想，从并购当年起，并购绩效逐年下降。较少部分公司借助目标企业的良好赢利能力，实现了主营业务的扩展，表现出较好的并购绩效。也有一部分公司通过关联交易实现了业绩提升。由于上市公司的投资行为频繁，关联交易较多，难以仅凭创值的增加认定其中一次并购事件的绩效，因此这类事件的真实绩效还有待进一步的观察和研究。对42起并购事件的综合研究表明，我国上市公司的并购绩效总体水平较差。在并购头两年，公司平均创值逐年下降，但在第三年略有回升，这说明了整合工作对于并购绩效提升的重要性。同时，笔者考察了并购绩效较差的几个公司在并购公告期股价的变化，发现期间股价都出现过异常波动。可以看出，这类并购是以二级市场炒作为目的的，因此不会带来实质性的并购绩效。最后，针对我国上市公司并购的现状提出了若干建议，即通过加快上市公司并购市场化进程、完善信息披露制度以及配股资格审查指标的多样化来鼓励良性并购事件，提高上市公司的资产质量。更多还原

【Abstract】 Currently, the security market has become an important place for resource allocation optimization. M&A of listed company is featured with large scale, strong social effects and involves large transference of human resource, material resource and financial resource. It has become a crucial factor that affects the sustainable development and the long-term stability of the capital market.The first part of the paper is the introduction and literature review. In this part, the author introduces the research subject and the current research achievements on this topic.The second part introduces M&A theories and development history of M&A in China and western countries. Firm development theories indicate a firm’s development strategy would at certain stage affect the firm’s acquisition decision. In this part, the author also presents the theories suspecting M&A efficiency and those supporting it. These theories offer different opinions on M&A effects, which form the theoretical basis for our further research.The third part is the empirical research on M&A performance. Firstly, the author introduces the research methodology. In this paper, firm’s M&A performance was evaluated by comparing the its EVA before acquisition and that after acquisition. Currently, 70% of China’s publicly traded companies were consuming value rather than creating value for their shareholders (Liu Shaojia, 2002.2). By using EVA as the major performance criteria, we could strongly encourage optimal capital restructuring, and at the same time, it could help reducing acquisitions purely aimed at speculative and based on short-term statement manipulation. Moreover it couldhelp protecting shareholder’s profits and enhancing firm’s value.Then the author studies 42 acquisitions at China’s security market in 2000. Among them, listed companies acted as target firms in 20 cases, and, in the other 22 cases, listed companies were buyers. The research on the 20 shell company acquisitions shows that average EVA of the target firms increased greatly in the first year of acquisition while in the second year it dropped significantly. In the third year, average EVA increased again compared with that of the second year. From this, we could see that some acquisitions were only "short-term statement acquisitions". By presenting a statement with false information, the firm’s good performance of the acquisition year could be "made". Whereas, some firms’ performance really improved after acquisition. EVA of these firms would usually keep unchanged or even drop a little in the first and second year of acquisition. But in the third year, the firm’s EVA increased appreciatively. This was because one acquisition’s performance would only begin to show after a certain period of post merger activities.The other 22 cases were acquisitions in which listed companies acted as buyers. The efficiency of these cases was low. From the acquisition year, the firms’ EVA decreased one year after another. But nevertheless, some firms’ performance improved after acquisitions. This can attribute to the profitable target firm and diversification of buyer’s business. However, some firms’ good performance was achieved through affiliated transactions. Because of the frequent investment activities and affiliated transactions of China’s publicly traded companies, the real effects of one acquisition could hardly be told.Took the 42 acquisitions as a whole, we found the performance of those acquisitions was far from satisfactory. In the first two years, average EVA of 42 firms decreased a lot compared with that before the acquisition. But in the third year, the performance improved when comparing with the second year. From this, we can see the importance of post merger activities. The author also studied the relationship between M&A and stock price on the secondary market. It seemed that the stock price of those firms with bad acquisition performance usually rose appreciativelyaround the acquisition announcement period. It indicates that those acquisitions mainly更多还原