【作者】 陈英；

【导师】 张杰明；

【作者基本信息】 暨南大学 ， 会计学， 2005， 硕士

【副题名】基于1999-2000年样本

【摘要】 本文对1999～2000年中国A股上市公司发生控股权转移的收购活动的经验研究得出以下主要结论: 1.目标公司当年绩效得到提高,但其后绩效下降,控制权转移没有给上市公司创造价值或提高企业的经营绩效。 2.产业相关性与购并后整合绩效并不具有一致性。通过对3种购并类型的购并后整合绩效对比研究,说明相关性购并的购并后整合绩效并不一定优于非相关性购并的购并后整合绩效。 3.交易溢价对并购绩效的影响最显著,而且两者成正相关关系,说明主并公司对并购有较充分的信息,而目标公司具有交易溢价所预示的发展空间。 4.转让股权比例越大的公司并购绩效越好。较小的国家股比例的上市公司的并购绩效较好。 5.购并交易不能等同于购并后整合,购并效应并不能完全涵盖购并后的整合绩效。通过前述分析,可以看出,以往研究购并绩效的诸多经验研究结论不一致的根源之一就在于未对购并交易和购并后整合分别研究。只有深入研究整合过程,才能弥补购并研究的诸多遗憾和不足。 6.在购并后的不同阶段具有不同的整合重点和难点。更多还原

【Abstract】 We conducted empirical studies on the Chinese listed companies which had their controlling shares transferred between year 1999 and year 2000,then drew the following conclusions:First, performance of target companies improved in the year when they were acquired. However, during the following years they experienced decline on the financial and operating performance. Transferring control didn’t improve the companies’ value.Second, integration performance doesn’t conform to the correlation between industries. Acquisitions in the same industry mustn’t have better performance than their counterparts.Third, prices had obvious effect on the performance and they had positive relation. The acquiring firms had wealthy information and the target companies had wide development revealed in the price.Forth, the more shares transferred to the outers, the better the performance are.The less shares held by the government the better the performance are.Fifth, the transaction is different from the integration.Failure in differentiating between them led to the disputes in the formal studies.Sixth, the companies have different emphases and difficulties at different stages.更多还原