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论文编号：	2227
作者编号：	041908
上传时间：	2010/5/26 15:01:00
中文题目：	基于检验中国上市公司特殊并购动因的并购绩效的研究
英文题目：	Listed Company, M&A Performance, Ownership Structure, Right Issues, ST Company
指导老师：	陈国欣
中文关键字：	上市公司 并购绩效 股权结构 配股行为 ST公司
英文关键字：	Listed Company, M&A Performance, Ownership Structure, Right Issues, ST Company
中文摘要：	并购是企业实现迅速扩张的途径之一。随着公司并购在中国的逐渐兴起，并购风潮在资本市场上已经愈演愈烈。从1993年的“宝延风波”，到1994年的“恒棱事件”，再到1997年、1998年的并购重组年，并购不仅成为理论界、企业家们关注的焦点，更成为老百姓茶余饭后议论的话题。纵观西方国家百年并购历史与中国20多年的并购风潮，不可置疑，并购已经成为现代经济生活中不可或缺的重要内容。众多学者从理论上证明了并购对于资源配置、产业结构调整等多方面的有效性。然而，在现实中，不成功的并购案例比比皆是。并购是否都能取得真正意义上的良好绩效？又是什么妨碍了并购绩效的产生？这些问题始终是争论的焦点。 本研究选取2002年中国A股上市公司中发生并购的163家公司作为研究样本，选取主营业务利润率、资产周转率、资产净利率、净资产收益率和每股收益等五项指标，来衡量并购公司的并购业绩。在研究中，本文剔除了行业景气程度等因素可能对公司业绩带来的影响，以检验公司是否因并购这一特殊活动而产生效应。随后，笔者又对不同并购类型、不同并购方式和公司不同股权结构等因素对并购绩效的影响进行了分析。最后，笔者试图将并购事件与公司“保壳”行为、配股行为联系起来，以检验中国上市公司特殊并购动因的并购绩效。 实证研究结果表明，(1)样本公司在并购当年业绩有所上升，但是在并购后一年大幅下降，到并购后第二年虽然整体收益为正，但显著性水平不高；(2)混合并购相比横向并购、纵向并购优势明显，在考察期内获得了显著的收益；(3)股权收购类公司的收益水平要高于资产收购类公司；(4)第一大股东持股比例、国家股持股比例与并购当年绩效呈正相关关系，其后年份相关关系不显著，这表明股权过度集中的公司进行的并购行为大多是“投机性并购”或“政府干预性并购”。最后，本研究还对配股公司、ST公司的并购行为进行了探索性研究。 结合本研究的结论，笔者对提高中国上市公司并购绩效的对策进行思考，建议从股权结构、配股条件、终止上市条件、并购法规等诸多方面进行改革。
英文摘要：	M&A is one of approaches for enterprises to expand rapidly. Along with the emergence of company mergence in China, M&A is becoming increasingly fierce in the capital market. From "Baoyan Storm" in 1993, to "Hengling Event" in 1994, and then to the “Mergence and Reorganization year” in 1997 and 1998, M&A becomes the focus of theorists and entrepreneurs' observation, and also the discussion topic of public. Looks over the M&A history for hundred years in western countries and the M&A tide for more than twenty years in China, undoubtedly, M&A has already been an indispensable content in the modern economy. Numerous scholars theoretically have proven the validity of M&A on resources disposition and industrial structure adjustment. However, practically, unsuccessful M&A cases can be found everywhere. Whether can M&A acquire excellent performance or not? And what has hindered the performance of M&A? These questions are always being the key points of argument. This paper is forced on 163 listed companies in China which occurred M&A in 2002, and selects five indices, such as profit margin of main operation, total assets turnover, return on asset, return on equity and earning per share, to weigh the M&A performance. In this research, the influence of industrial condition is rejected in order to examine whether M&A can act on the company performance. Afterwards, the paper analyzes the effect that M&A type, M&A mode and ownership structure work on M&A performance. Finally, we attempt to combine M&A case with "retain the shell" behavior and the right issue behavior, in order to examine the performance of special M&A case of listed companies in China. The empirical result shows that: (1) The samples' performance improved in the M&A year, but descended largely in the first year post-M&A, and overall income is plus in the second year post-M&A, but the significance level was not high; (2) The conglomerate combinations had evident advantage compared with vertical and horizontal combinations, and obtained remarkable income in the inspection period; (3) The income level of stock acquisition is higher than that of asset acquisition; (4)The largest shareholder's shareholding percentage and percentage of state shares are positive to the performance in the M&A year, but after that the relationship was not remarkable; it indicated that M&A of companies with excessively centralized ownership structure mostly is "the speculative M&A" or "the government intervened M&A ". Finally, this paper also makes an exploratory study on the M&A behaviors of right issue companies and ST companies. In view of the conclusion, this paper considers countermeasures to enhance the M&A performance in China, and put forward suggestion on reformation on ownership structure, right issue condition, the listing-termination condition, as well as laws and regulations about M&A and so on.
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