【作者】 郭海芳；

【导师】 舒强兴；

【作者基本信息】 湖南大学 ， 企业管理， 2003， 硕士

【摘要】 从90年代末我国资本市场上演第一幕上市公司并购重组热潮开始，对于并购是否能够改善上市公司经营绩效就在学术界展开了激烈的讨论。但是，学术界关于并购事件对并购公司绩效的影响，还存在很大的分歧，而对如何提高并购绩效也给予了长期和重点的研究。本文就是对并购是否为并购公司创造价值，以及如何选择并购模式以进一步发挥并购正面效应进行探讨和研究的。 本文在对与并购效应相关的主要理论和以往实证研究进行综述的基础上，在公司价值创造理论指导下，以并购价值创造为主线，以并购活动是否有利于提高并购公司价值为研究出发点，运用经济增加值的理念和方法，选取2001年发生并购活动的并购公司为样本，对并购效应进行了实证检验，得出的结论是并购从总体上增加了并购公司的经济增加值。 为深入研究上市公司并购效应，本文还检验了横向并购、纵向并购和混合并购三种并购战略模式的效应，发现这三种并购模式本身并无绝对优劣之分，其效应的大小是相对于并购双方的不同情况而言的。因此，如何选择并购模式成为影响并购效应的一个关键因素。作者在综合分析了竞争优势理论、资源基础理论和企业核心能力理论的观点之后，提出了并购模式选择的思路：以企业所处的产业环境为背景，全面分析企业核心能力的物质载体——战略资源、核心能力的状态以及未来培育和扩散的方向，在此基础上确定最适合自身发展的并购模式，以实现企业核心能力的不断强化和扩展，获得持久的竞争优势。更多还原

【Abstract】 Whether M&A activities can improve public companies’ performance has been vigorously argued in academe since the first restructuring tide began in Chinese capital market in 1990’s.Similar to what happened in foreign academe, however, there are still many disagreements about M&A effects on acquiring companies though it has been studied for so a long time. At the same time, it has attracted dominant attention to how to improve M&A effect. This paper is to examine M&A effect on the acquiring companies and give some advice on the choice of M&A types so as to improve the current results.After reviewing the main viewpoints about M&A motives and effects, under the direction of Value Creation theory, this thesis puts emphasis both on how to evaluate M&A effects on acquiring companies with EVA method and on how to enhance M&A effects. We collect data of companies that undertook M&A activities in 2001 and make a classification on samples according to the industries of both parties belong to before M&A affaires for a further study. The conclusion is that M&A has generally created more economic value added for the acquiring companies.Further, the effect of different types has been examined, and we find out that the types themselves are neutral and their effects dependent on the acquiring companies. Then, the author has made an analysis on the relation between the choice of M&A types and the following theories: the theory of Competence Advantages, the theory of Enterprise Resources and the theory of Core competence. On this basis, the author put forward the strategy to choose M&A types.更多还原