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论文编号：	4487
作者编号：	2120102325
上传时间：	2012/6/11 21:01:00
中文题目：	中国上市公司战略性收购与EVA关系的实证研究
英文题目：	The Empirical Study on the relationship of strategic acquisitions Of listed companies in China and the EVA
指导老师：	王全喜
中文关键字：	上市公司，战略性收购，经济增加值（EVA）
英文关键字：	Listed Companies, Strategic Acquisitions, Economic Value-Added
中文摘要：	企业间的收购兼并一直是学界研究的重点。它是产权交易和控制权转移的重要形式，也是企业寻求外部发展的重要途径，是对企业具有重大影响的市场行为。其实质是收购方企业为实现企业价值最大化而采取的市场行为，是对目前越来越激烈的竞争环境的一种积极应对，主要目的在于扩大规模，占领市场，提升自身价值。随着我国市场经济的发展以及资本市场的规范性加强，上市公司间的收购兼并成为我国企业收购兼并的主要形式。我国上市公司之间的收购呈现出实施收购的行业广泛、收购涉及金额巨大以及跨国间的收购等新的特点，而这些收购行为在提升企业竞争实力，扩大市场份额的同时，也在一定程度上实现了企业自身战略的调整。 本文以我国上市公司战略性收购为切入点，采用EVA为标准探寻战略性收购与收购公司价值之间的关系。文章分为五章，第一章为绪论，主要介绍文章的研究背景、研究目的、研究内容、研究方法、文章的创新。第二章为文章的研究文献综述部分，从国内外两个部分对收购兼并的动机以及理论成果、实证分析结果进行分析汇总，界定了上市公司的战略性收购的概念，按照时间顺序国内外收购兼并的理论及收购动机。第三章对本文的主要研究方法进行分析，并选取相关指标进行有效性检验。第四章为我国上市公司战略性收购与EVA的变化分析，构建回归方程检测EVA指标衡量企业绩效和价值变化的科学合理性，得出实证结果。第五章为研究结论，分析实证结果，提出政策建议。 关键词：上市公司，战略性收购，经济增加值（EVA）
英文摘要：	As an important way of capital operation, mergers and acquisitions among enterprises have been the emphasis of academic research. It is an important form of property rights transactions and transfer of control right, and also it is the market behavior of enterprises to seek external development, which has a significant impact on the enterprises. The essence of mergers and acquisitions is market behavior of the enterprises to maximize their value. The behavior of mergers and acquisitions is a positive response to the increasingly competitive environment, and its main purpose is to capture the market, and to enhance their value. The first mergers and acquisitions were led by the government in China. While mergers and acquisitions among listed companies have become the main form in China, underground the development of market economy and enhancement of capital market regulation. There are three new features of the acquisitions between the listed companies in China; they are broad industry implementation of mergers and acquisitions, involving a huge amount of money in mergers and acquisitions and cross-country. The role of these acquisitions is not only to enhance competitiveness of enterprises, but also to make the adjustment of corporate strategy. This paper explores the relationship between strategic acquisitions and the changes of EVA of the company in the acquisition from the angle of strategic acquisitions of listed companies in China as a starting point. This paper is divided into five chapters. The first chapter is the introduction part, and it introduces the research background of the article, the research purpose, the research contents, methods and the innovations in this paper. The second chapter is the literature review section, which contains the motives of mergers and acquisitions as well as the theoretical and empirical results from the two angles from the domestic and foreign. In this chapter, there are reasonable definition of the concept about strategic acquisitions of listed companies and the value of the company, and the description of the theory of strategic mergers and acquisitions in chronological order. Chapter III shows economic value added method as the main research methods in paper, and selects the relevant indicators to make the effectiveness of inspection. Chapter IV analyzes the changes of EVA of listed companies in China after the strategic acquisitions, and builds the regression equation to test scientific rationality of the EVA index in measuring corporate performance and changes in the corporate value. The fifth chapter is the study conclusion of empirical analysis, and to make policy recommendations for revolving the problems of strategic acquisitions of listed companies in China. Key Words: Listed Companies, Strategic Acquisitions, Economic Value-Added
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