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论文编号：	684
作者编号：	2120062009
上传时间：	2008/6/20 11:23:46
中文题目：	中国上市公司并购绩效实证研究
英文题目：	The Empirical Research on Perf
指导老师：	刘建
中文关键字：	并购 绩效 影响因素 会计研究法<
英文关键字：	M&A Performance Influencing
中文摘要：	并购绩效是目前上市公司研究的一个热点问题。一方面，目前我国证券市场日趋完善，上市公司的并购行为增长迅速，并购绩效的研究也极为盛行。另一方面，学术界在并购绩效研究问题上分歧较多，并没有达成一般性共识。从并购研究成果看，学者对中国上市公司并购问题的研究主要集中在并购动机、并购方式、并购后整合、并购与资本市场发展以及并购法律问题等几方面并达成一定共识，而对并购绩效的研究却存在较大分歧。因而本文选取我国上市公司并购绩效与其影响因素作为研究内容。 本文首先对并购绩效的相关理论进行综述，并在此基础上对国内外学者关于并购绩效的研究状况进行了梳理；之后，作者运用并购绩效相关理论对上市公司并购绩效与其影响因素进行定性分析，并根据分析结果提出假设；最后，通过对并购的一段较长时间的实证分析，来研究并购活动对上市公司绩效的影响，同时根据证监会行业分类，研究两个不同行业的样本数据，以分析行业性的差异对并购绩效的影响，最终得出研究结论并提出相关研究建议。 本文采用实证分析方法，使用会计研究法对我国上市公司并购的绩效与其影响因素进行研究。在实证分析中，以2002-2004年间中国沪深两市A股发生并购事件的公司为研究样本，研究并购方的绩效变化。通过每股收益、存货周转率、净资产收益率、净资产增长率等多个财务指标，运用因子分析法等实证研究方法从较长一段时间分析上市公司并购对公司绩效的影响。实证结果表明，从整体样本上看，上市公司并购后的短期内绩效有较大幅度的提升，但是从长期来看，却呈现下降趋势。通过选择两个不同行业的样本进行研究，分析消除行业差异后并购对企业绩效的影响，发现发生并购行为的企业绩效长期来看显著低于同时期没有发生并购行为的企业。 虽然本文的实证研究基于样本上市公司的数据进行整理和反映，受到了当前上市公司信息披露状况的限制，但本文从长期影响出发，尽力避免各种短期因素对研究结果的不利影响，最后得出结论并提出相应建议以体现实践意义。
英文摘要：	Merger and Acquisition (M&A) is always one of the hotspots on research of listed company. On one hand, the merger behavior of listed company has grown rapidly because the stock market in our country has become more and more mature. On the other hand, according to the actuality of the related researches in our country，researchers in this field have not come to a general recognition, especially on the long-run performance of M&A. At present, the researches in this field mostly stress on extracting samples to perform qualitative analysis and focus on the short time quantitative analysis. As a result, the paper focuses on the long-run performance of M&A. This article reviews the related researches about performance of M&A, and then analyzes the relative theories of performance of M&A. Based on the result of qualitative analysis, the author uses a sample of listed companies in the A stock market with multiple linear regression analysis model. At last, the paper analyzes the samples of two different industries to compare if the difference of industry effects the M&A performance. Through empirical research method-finance index analytical method，the paper studies the long-run performances of M&A of listed company in China. We use the sample data from 2002-2004, and analyze the performance effects of acquiring firms. According to11 finance indexes, such as EPS, inventory turn over ratio, ROE, asset liability ratio, liquidity ratio and so on, we can analyze the long-run performance effects of M&A of listed company. According to the sample research, the main contents can be demonstrated as follows. As a whole sample data to say, the short-run performance is enhanced to some extent after M&A, but the long-run performance is decreased. The difference between industries cannot affect the performance of companies. Also the paper gives some feasible suggestions according to the analysis of long-run performance of M&A of listed company in China. Although the section of theory analysis is based on the theory of performance of M&A, the empirical research is just be summarized automatically and reflected, and it is restricted by the corporate information disclosure of listed companies. The article is trying its best to reduce the disadvantage which comes from short-run factors. At last the author puts forth some suggestions which are feasible in order to embody the practice sense.
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