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论文编号：	3149
作者编号：	2120092299
上传时间：	2011/6/2 11:41:02
中文题目：	股权结构、高管激励与外资并购绩效
英文题目：	Ownership Structure, Executive Incentive and Foreign Mergers and Acquisitions Performance
指导老师：	陆宇建
中文关键字：	外资并购 绩效 股权结构 管理者激励
英文关键字：	Foreign mergers and acquisitions Performance Ownership structure Executive Incentive
中文摘要：	本文从近年来外资并购在我国日益蓬勃发展的背景出发，把外资并购绩效纳入公司治理层面，研究外资的进入能否促进我国目标公司提高经营绩效。首先，介绍了本文的研究背景、外资并购的相关概念、我国外资并购的主要方式以及发展与特点，然后对外资并购绩效进行了文献回顾，并从股权结构和管理者激励两方面出发，分析这两者对外资并购绩效的影响。 在实证部分，本文首先运用主成分分析法对1998年—2007年这十年外资并购我国上市公司的绩效进行研究，发现外资并购对我国目标方的绩效在短期内有显著的影响，在并购前一年，我国上市公司的综合评分大幅度下降，在发生外资并购的后一年，会有大幅的回升，在之后的两至三年内会稍有降低，最后趋于稳定。接下来，本文通过构建模型，研究股权结构和管理者激励对外资并购绩效的影响。 通过上述研究，本文主要得到以下研究结论：一方面，外资控股对目标方的影响受第一大股东持股比例和股权集中度的影响，当外资控股目标方的时候，随着外资控股股权的增加，目标方的业绩上升，但是随着股权集中度的增加，目标方的业绩会降低，这说明要注意外资的控股比例；另一方面，就管理层激励与目标方的并购绩效的关系而言，管理层的隐性收入对并购后业绩有一定的影响，而管理层持股比例和高管变更与并购绩效之间的关系不显著，这可能与本文外资并购的样本较小，而且我国管理层持股比例、高管薪酬收入较低有关。
英文摘要：	In recent years, foreign mergers and acquisitions in China develop very rapidly, with this background, this dissertation put the performance of foreign M&A into the corporate governance, try to find weather foreign M&A can improve the performance of target companies. Firstly, this dissertation introduce the research background, related concepts of foreign M & A, main forms of foreign M & A and the development and features of foreign M & A, and then, after giving a literature review of foreign M & A, this dissertation analyzes the performance of impact of foreign mergers and acquisitions from the ownership structure and manager incentive. In the empirical part, the dissertation collects the foreign M & A samples in listed companies of China in the year 1998-2007, and then using the principal component analysis to find how foreign mergers and acquisitions affect the performance of the target, and results show that, in the pre-merger year, the comprehensive score of listed companies dropped significantly, and there will be a substantial rebound in the next two to three years and then it will be slightly reduced, and finally stabilized. Next, this dissertation constructs two models, form two aspects: ownership structure and manager incentive, to find how these two aspects affect the performance of acquisition performance, Through this research, this dissertation obtains the following conclusions: on the one hand, how the foreign ownership impact the target depends on the largest proportion of shareholding and the impact of ownership concentration, when the foreign ownership is the largest in the target company, as foreign equity holding increase, the performance of the target goes better, but with the increase in ownership concentration, the performance of the target would reduce, indicating that company should pay attention to the holding ratio of foreign holders, on the other hand, the invisible income of manager do influence to the performance of target company, while the relationship between M&A performance and manager changes, managerial ownership was not significant, This may because the sample of this dissertation is not enough, and the proportion of managerial ownership, executive compensation in Chinese company is relative low.
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