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论文编号：	2104
作者编号：	2120051936
上传时间：	2010/4/20 11:25:39
中文题目：	中国百货零售业上市公司
英文题目：	Merger and Acquisition M&A
指导老师：	陈国欣
中文关键字：	兼并重组 并购绩效 超常收益法 财务指标法
英文关键字：	Merger and Acquisition M&A performance Abnormal returns methodology Finance indicator approach
中文摘要：	近年来，经济全球化进程不断推进，全球产业结构面临新一轮的调整和升级。国际零售业巨头为了确立各自在全球的竞争地位，实现全球范围内的资源配置，不断掀起并购重组的浪潮。而随着中国加入世贸组织，中国的零售业已经全面开放，国内百货零售产业集中度低，竞争激烈，近年来兼并收购事件频频发生，为什么百货零售板块会成为并购焦点？并购活动对是否真实地为股东增加了收益，为企业创造效益，为社会带来了价值？关于百货零售业并购的研究对我国该板块上市公司的发展以及证券市场的完善有重大指导意义。 本研究正是围绕着并购价值创造这一主线，先是对并购这个概念进行理论分析，并且对国内外关于并购效益的实证研究方法及结论进行总结，然后结合我国百货零售业的具体情况，以沪深股市2003年百货零售行业发生并购的公司为样本，通过SPSS统计软件，采用会计分析法对样本公司并购前两年到并购后两年这五年来的连续财务数据进行分析，发现并购价值驱动因素，并将其转化为有意义的关键业绩指标，构建一个用于评估百货零售上市公司并购效应的关键绩效指标体系，评价中国百货零售行业的并购对于收购公司的绩效影响。并且在此基础，通过对主营业务收入增长率及净资产收益率这两个具有代表性的指标的趋势分析，进一步评价并购绩效。 同时文章还采用个案研究法，对合肥百货大楼股份有限公司（股票代码：000417，所属行业：H11）2001年到2005年的财务指标变化，结合其并购事件进行分析评价，并结果实证研究方法，针对中国百货零售行业未来的发展指出方向，提出建议。
英文摘要：	With the promotion of world economic globalization, the world industrial structure is faced with the new-round adjustment and upgrade. In order to establish their competitive position in the world and realize the aim of resources disposing in the world, the World giants of department store retailing business raise the merging and acquisition tide continually. As we all know，With China’s entry into WTO,it’s department store retailing business had been fully opened to the international markets.The domestic business situation is low degree of industry concerntration, so we can see M &A plays a key role in its recent development. However, has M&A add value to the listed companies? It’s meaningful to research the M&A performance in either theory or practice. This paper surrounds the center of M&A performance, that is, value creation, studies its related theory, sum up the domestic and foreign M&A empirical study tools and conclusions. And then, combined with the specific case of Chinese department store retailing business, Baced on the studies of M&A events that happened in listed department store retailing companies of China in 2003, via the SPSS statistic software, try to analyze the M&A performance during 2001 to 2005 by finance indicator approach. Discover M&A value drivers and to convert it into meaningful key performance indicators, so as to construct a system of key performance indicators to evaluate the performance of M&A listed companies. As a result, it turns out M&A in department store retailing business can improve the management performance of listed company more if the intergradation can be done better. Finally, this paper uses case study to value the financial performance of Hefei department store group, based on the above study and the problems lying in this particular industry, it puts forward several suggestions and provide reference for the theoretical and practical circles.
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