【作者】 楼冠琼；

【导师】 叶守礼；

【作者基本信息】 华东师范大学 ， 世界经济， 2005， 硕士

【摘要】 在经济全球化的新形势下,跨国并购成为外国直接投资的主要方式。九十年代以来,随着外商对华投资的不断增长,外资并购己悄然兴起。中国入世后,国家有关部门相继出台了旨在规范和鼓励外商投资活动的一系列法规,这进一步促进美国跨国公司并购中国公司,成为经济生活中的一个热门话题;在当前环境下,对跨国并购是否能创造价值等问题的研究是十分有意义的。为此,本人通过“事件研究”方式,对1993-2001年间美国对华并购案中并购方的效应进行研究分析,着重分析了收购方在收购过程中短期股价波动和收购完成后的长期绩效。 本文作如下结构安排: 第一部分介绍有关跨国并购问题的研究综述。首先,通过阐述美中跨国并购交易的历史和现状给出本文的写作背景;其次,针对跨国并购交易中并购方的实际获利情况提出本文的研究方向;最后,基于“理论→实证分析→结论与对策”的基本思路给出本文使用的研究方法和相关创新点及其贡献。 第二部分分析并购方在并购交易中的综合并购效应理论。首先,从正效应和负效应两方面,对并购效应理论进行综述;其次,延续前面提到的两方面,描述美中并购现象中综合并购效应的体现,并对其体现进行分析;最后,对所使用的并购效应理论进行评述。 第三部分论述美国对华并购案中并购方效应的实证研究和研究结果。首先利用事件研究方法考察美中并购交易中,美国并购方在并购前后的异常报酬率,从异常报酬率的变化来判断并购事件对股价波动的影响,从而判断并购究竟是否为企业股东带来了增值效应;其次根据实证分析的结果寻找产生该现象的原因;最后对前两个部分进行综合与提升,总结本文研究的理论和实践意义,提出了相应的政策建议。 通过研究我们发现,市场总体上对美国在华并购事件作出了相应反应,从这个意义上讲,并购交易的确为并购双方尤其是被并购方创造了价值,具有十分重要的积极意义。但是也不可否认目前的外资并购交易普遍存在一定的短期行为效应,作为对华外资投入最大的国家美国来说,为数不少的企业完成实际并购交易之后的总体并购绩效并不是非常尽如人意。因此,一方面我们应该积极促进外资并购在国内的发展,另一方面也要加强对大型跨国公司在并购中的实际情况进行分析和总结,借鉴其在实际并购交易中的经验教训,从而帮助我们在完善自身各种有关法律法规的同时,不断提升国内企业对外进行并购交易的能力和价值。更多还原

【Abstract】 With the globalization of the world, mergers and acquisitions (M&A) have become the main way of foreign direct investment (FDI). Since the 1990’s, cross border M&A has been playing an important role in FDI. Especially after China’s entry to the WTO, many US companies has merged and acquired Chinese enterprises and still more will do the same in the future. So it is meaningful to discuss the effect of the cross border M&A. Under these circumstances, whether M&A has brought value to the acquirer is necessary to talk about. The dissertation is just on this topic. With the data, which are obtained from Thomson ONE Banker, of the US companies acquiring Chinese enterprises during 1993 to 2001, the effect of M&A is analyzed by event methodology. The short-term changes of stock prices and long-term performance of the acquirer is the research focus.The first part is about the overview on the research status on cross border M&A. Firstly, the history and the status quo of M&A between US and China is introduced. Secondly, what the research is about is put forward. Finally, based on the research process "Theory -* Demonstration Study -* Conclusion & Solution", the research method and viewpoints are given.The second part is about the theory of M&A’s effect. Firstly, the value increasing and value decreasing theory is introduced. Secondly, the theory in the acquisition of Chinese companies of US companies was analyzed. Finally, the assessment and opinion on the theories are given.The third part is an empirical test on the short-term share price response and the long-term share price performance on the transactions by the US companies during the sample period 1993 - 2001 through event methodology. The result of the study is concluded and the reasons are given in this part. In addition, some suggestions are given at the end of this part.更多还原