联系我们

论文查询结果	返回搜索

论文编号：	1779
作者编号：	2120082203
上传时间：	2010/6/8 10:40:26
中文题目：	我国上市公司并购目标价值评估方式选择的实证研究
英文题目：	Empirical Study on the Corporate Valuation of M&A target-choice of the Listed Companies in China
指导老师：	戚安邦
中文关键字：	企业价值评估 并购目标选择 价值驱动因素
英文关键字：	Corporate Valuation Merger and Acquisition target-choice Value driving factors
中文摘要：	并购目标价值评估对于准确评估目标企业价值有着非常重要的作用。在公司的并购运作中，应关注目标公司的财务状况，认清形势，找到能为公司带来价值的公司进行收购。在公司并购的战略制定时先对并购公司与目标公司的现有资产状况进行充分的调查和研究。本文从实证角度探讨我国现行经济体制下并购目标企业价值评估方式的现状及改进方向，以期对我国企业并购实践起到一定的指导借鉴作用。 本文的创新之处在于提出了一种对评估方式选择——这种直接搜集相对困难的数据进行间接测量的方法。企业界在进行并购时，外在的目标价值评价方式选择都基于一定的价值驱动因素，而不同价值驱动因素会在目标企业的财务状况中有不同的表现，这样就把难以测量的评估方式选择问题变为了具体的可测量的目标企业财务指标分析。 本文的研究选取了2008年发生并购的59家上市公司为研究对象，根据59家公司在发生并购年公布的公司年报，选取了资产规模、流动比率、营业收入增长率、资产负债率、净资产收益率等5个财务指标，首先采用相关性分析，剔除了相关项较弱的指标，然后进行线性多元回归分析，找出显著相关的驱动因素所对应的价值评估方式的选择状况。最后对样本进行了分类，按并购目标企业性质及行业分类进行样本T检验，观察评价方式是否会因为这些因素的变动而导致显著差异。 在论文的最后，对我国企业并购中目标企业价值评估方式的选取情况进行分析和总结。提出本文在研究中的创新点及存在的局限性，并对后续研究方向进行了展望。
英文摘要：	M&A target value evaluation has a very important role in m&a feasibility study for accurate evaluation of the target enterprise value. In the company's m&a operation, should pay attention to the target company's financial condition, find the valuable companies to make acquisitions. It cannot only promote wealth centralization and optimization, but also can impulse industry upgrade.As far as an acquiring firm concerned, how to make a very reasonable target is a very significant issue.The characteristics of targets are the important factors for merger and acquisition active, so it is necessary to carry on further investigation on this problem. This article is organized as follows: first it summarizes the overseas theory about the merger and acquition, finding the important factors influencing merger success. Then it performs empirical research on it combining with targets of Chinese listed companies in 2008.The conclusion provides a solid experimental support on the replacement of inefficient management hypothesis, the shares liquidity hypothesis,the shares decentralization hypothesis,and provides no support on the financial leverage hypothesis.At last, combining the above theory and the conclusion of the empirical research, this article puts forward some policy on how to choose reasonable targets for Chinese acquiring companies and gives some opinions on it to the government. Really hope the theory and the positive research conclusion referred to in this article can improve choose of targets and can give some suggestions for the acquiring firms in making merger and acquisiton decisions.In the company strategy of m&a, when the company target companies existing assets status of the investigation and study adequately. From the Angle of empirical current economy targets of enterprise value appraisal way and, in order to improve enterprise mergers practice guidance plays a certain reference.
查看全文：	预览  下载(下载需要进行登录)