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论文编号：	1965
作者编号：	031766
上传时间：	2010/5/10 11:04:12
中文题目：	我国上市公司并购绩效影响因素研究
英文题目：	M&A performance, Asset management ability, Asset specificity,
指导老师：	李莉
中文关键字：	并购绩效 资产管理能力 资产专用性 股权集中度
英文关键字：	M&A performance, Asset management ability, Asset specificity,
中文摘要：	企业并购作为一种资源的分配和再分配过程，是企业成长的一种重要方式，也是经济发展内在动力与外在压力最基本的表现形式。近年来，伴随着我国经济的快速发展，资本市场制度建设的不断完善，我国上市公司并购重组事件的发生频率呈现出不断上升的趋势。企业进行并购是否能真正提升绩效?哪些因素影响企业并购绩效?已相应成为理论界关注的热点问题。本研究通过文献梳理，发现我国对并购绩效影响因素的研究大都集中在并购支付方式和并购类型上，且研究结果大相径庭。因此，本研究拟从制度经济学、产权经济学以及战略管理学角度出发，试图挖掘出其他影响企业并购绩效的因素。 本研究首先对并购相关理论进行回顾，然后描述我国企业并购的现状与绩效特征，定性的分析了影响我国上市公司并购绩效的外部因素并定量研究了影响我国上市公司并购绩效的内部因素，最后给出了本论文的结论及建议：企业应当根据自身情况及发展战略，考虑外部的影响因素，确定适宜自己的并购类型。如果企业的资产运营管理能力很强，并且又想走低成本战略之路，那么它应当考虑横向并购。通过该种并购，企业可以获得相应的管理协同、运营协同、销售协同等成果，从而最终达到规模经济。如果企业的资产专用性比较强，那它应当考虑纵向一体化的方式进行纵向并购，从而可以降低交易费用，规避风险，获得超额的垄断利润。 在研究方法上，本研究通过规范研究对影响我国上市公司并购绩效的外部因素进行了分析。而对于影响我国上市公司并购绩效的内部因素，本研究所涉及的变量由于无法直接测量，导致传统的实证研究工具如SPSS等无法直接处理。因此，本研究创新性的采用结构方程模型进行实证研究。因为运用该研究工具能够将因子分析与路径分析融合在一起，从而更加全面和准确的反映上市公司并购绩效的影响因素，在实证基础上为上市公司进行正确的并购决策以及提高并购绩效提供理论依据。
英文摘要：	As the process of resource distribution, M&A is an important way that enterprises grow up. And it is inherent power of economic development and external pressure. In recent years, with the constant development of China and the constant completion of the institutional improvement, the emergence frequency of the listed company’s M&A has trend of rising constantly. But it is a problem should be further studied whether or not the company could promote performance though M&A and what factors influence company’s M&A performance. We find that the prior studies focused on means of payment and types of M&A and the results are different from each other. So, based on institutional economics, property-right economics and strategy management, this research is to find other factors that influent M&A performance. Firstly, this research summarizes the M&A theories. Secondly, we describe the current situations and performance characteristic of Chinese M&A market. Thirdly, we analysis qualitatively the external factors which influent M&A performance of listed company in China, and study quantitatively the internal factors. At last the research gives out some conclusions and recommendations as follows: companies should choose a right type of M&A according to their own situation and strategy, and the external factors. If the company’s assets operation and management is very capable, and the company holds a strategy of low-cost, it should consider lateral integration. Through this kind of M&A, company can obtain management synergy, operation synergy and sale synergy, thus reach the large-scale production finally. And if the company has a high level of asset specificity, it should consider vertical integration, thus it can reduce transaction cost, evade the risk and obtain monopoly profits. The methodology of this research is as follows: we use nominative study to analysis the external factors which influent M&A performance of Chinese listed company. When studying the internal factors, we use positive study. The variables of research models can't be measured directly, we use structural equation modeling solve this problem. SEM can integrate factor analysis and path analysis. Thus, by SEM, the influence factor of listed company M&A performances can be more overall and more accurate reflected.
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