上市公司并购绩效与其影响因素相关关系研究

【作者】 刘芳；

【导师】 柳世平；

【作者基本信息】 南京理工大学 ， 会计学， 2007， 硕士

【摘要】 随着中国市场经济的逐步完善，中国企业并购活动日益频繁。并购是一种加快企业发展的有效的资本运作形式，正逐渐成为中国企业自我发展和扩大的重要战略之一。在我国企业并购浪潮涌起的同时，并购活动也日益引起了理论界和实务界的关注，许多学者都在研究和探讨在目前市场环境下我国上市公司并购是否为并购主体创造了价值。本文尝试从另一个角度来分析并购的绩效，即试图发现影响并购绩效的因素，从而对绩效结果做出解释。本文从并购动因理论入手，结合并购绩效方法，分析并购的目的以及我国上市公司并购的特征，并结合公司治理理论就并购活动本身的特征和并购公司的特征进行探讨，分析生命周期、并购模式、并购溢价、支付方式、融资方式、股本结构等因素可能对并购绩效产生的影响。通过实证研究，本文得出以下结论：(1)行业相关性对并购绩效的影响显著；(2)随着时间的推移现金支付方式对并购后的公司整体绩效产生了负面的影响；(3)并购活动次数的增加并不能为下一次并购带来经验和教训，并购整合还停留在理论讨论的层次上；(4)国有股的治理效果反复性比较大，流通股比例越高越容易损害公司绩效。更多还原

【Abstract】 With the stepwise development of Chinese market economy, the M & Aactivities become more and more frequent. M & A is an effective capitaloperating fashion of accelerating enterprise development, and becomes oneof the important strategies of self-development and exploration. At the sametime, M & A arouses the attention of both the academic and practical area. Manyscholars are studying that, under the present environment, whether the M & Aactivities have created value for the Chinese listed companies. This papertries to analyze the performance of M & A from another point of view to findthe factors affecting the performance, and then makes good explanation.Starting with the M & A reasoning theory and performance theory to find thegoal, the paper then talks about Chinese listed companies and characters ofthe M & A activities to find the possible factor like lifecycle, mode of M & A,overprice, manner of payment, financing, structure of stocks from the theorypoint.By analyzing real examples, the paper makes the following conclusions:(1) the effect of industry relativity is distinct; (2) paying by cash makesnegative affection to companies as time goes on; (3) the experiences of M & Acan’t give lessons to the next M & A, and how to make better conformity ofcompanies is only theoretically talked; (4) the efficiency of stated stockerowners’ management is unstable, and the more current stock owners can’tmake better performance for the M & A.更多还原