【作者】 陈娟；

【导师】 罗其安；

【作者基本信息】 暨南大学 ， 会计学， 2007， 硕士

【摘要】 随着经济一体化程度的加快，企业并购已成为资本积聚高速扩张的一条非常快捷的道路，我国至1997年起，并购重组已步入快车道，企业并购成为市场资源配置的主要方式。故科学分析与评价企业并购重组的绩效，对于企业并购决策科学化，完善国家有关并购业务的立法与监管具有重要的现实意义。本文采用事件研究法和参数检验法，以2004—2005年中国上市公司中发生的302起并购交易进行实证研究，并对不同并购主体、不同并购类型和不同并购行业进行了实证分析。实证研究结果表明，在(—30，30)的事件期内全部样本获得了显著的累计超额收益，并购事件的发生总的来说提高了公司绩效。这说明我国经济中存在着效率提高、经营协同效应、财务协同效应以及多样化经营等大量的价值创造源泉。分类研究发现，我国上市公司并购活动中目标公司的股东可以获得较为显著的累计超额收益，而收购公司取得的超额收益会逐渐消失殆尽；收购／转让股权类样本公司的股东获得了显著的累计超额收益，收购／转让资产类样本的股东累计超额收额并不显著，市场认同程度也比收购／转让股权类样本低；房地产行业类子样本可以获得高达14.27％的显著超额收益，商业、公用事业类子样本没有通过累计超额收益的显著性检验，综合和工业类子样本获得的显著超额收益均值不超过3％。实证研究结果显示，我们应在理念上鼓励和引导企业并购交易以创造更大的社会价值，建立公平和规范的企业并购市场，完善上市公司治理结构和信息披露制度，并强化并购监管体系。更多还原

【Abstract】 Along with the step of economy integration, corporation merger and acquisition havespeeded up the capital accumulation in the world, and in China Corporation M & A haveprogressed in a rapid rate from 1997, which exceeds the IPO to be the largest part of resourceconfiguration in the security business. The performance of M & A should be known clearly, it isbeneficial to decision-making, legislation and supervision.We use the methodology of both event studies and "T-statistic" to measure the cumulativeaverage abnormal returns and their statistical significance. Our sample consists of 302 mergersand acquisitions in the listed firms from January 2004 to December 2005. In order to know howthe different firms, methods of M & A and the industry of M & A affect the performance, weexamine these sub samples. The result of all the samples suggests M & A event create value forthe shareholder of the firms. Which mean there are large sources of efficiency increasing,diversified management, synergistic effect of operation and finance in china.The result of all the sub samples suggest: target firm shareholders enjoy returns that aresignificantly and materially positive, but returns of buyer firms are essentially zero; shareholdersenjoy significant and material returns when the object of an acquisition is stock equity but assetshave not the same result; different industry can be different result, shareholders of real estategain CARs about 14.27%, commerce and public utility suffer an average loss, synthesis andmanufacturing not more than 3%.The findings show that we should have the concept to encourage and induct M & A activitiescreate more value for the whole society. Market environment should be founded, the competitionshould be strengthening in the acquiring company, corporate governance and disclosure shouldbe improved, and the management should be enhanced.更多还原