【作者】 王宏明；

【导师】 邓明然；

【作者基本信息】 武汉理工大学 ， 会计学， 2003， 硕士

【摘要】 并购作为企业资源配置的一种手段，在企业的成长过程中发挥着重要作用，正如诺贝尔经济学奖获得者、美国著名经济学家乔治·J·斯蒂格勒说过：“纵观美国著名各大企业，几乎没有一家不是以某种方式，在某种程度上应用了兼并收购而发展起来的。企业并购既然如此广泛地使用，那么它必然存在着内在的优越性”。随着我国证券市场的不断发展与壮大，上市公司并购正成为我国经济的热点问题之一。 本文主要分两部分，围绕我国上市公司并购与上市公司并购绩效评价方法两个主题进行了相关研究。 第一部分首先界定了并购与上市公司并购的概念，对并购的特征与类型进行了阐述，归纳总结了国外学者关于企业并购动因理论。然后在企业并购理论分析的基础上，总结了我国企业与上市公司并购的发展历程，结合各自特殊性分析了其并购动因，并对我国上市公司并购的主要模式作了相关探讨。接着分析了制约我国上市公司并购的外部因素及存在的问题，提出自己的相应建议与对策。 第二部分首先在国内外学者对并购绩效评价研究的基础上，总结与评价了异常收益法、经营业绩法、财务指标体系法和成本收益分析法，然后针对我国上市公司存在着流通股与非流通股的现状，分别提出了股价检验法与增值检验法两种评价上市公司并购绩效的方法。最后运用这两种方法对案例进行了分析与评价。 本论文研究目的就是通过对并购理论和动因的分析，剖析我国上市公司并购的历史、现状、制约因素与存在问题，进而提出相关对策；对并购绩效评价方法的探讨旨在能提供一个合理、恰当的评价并购成败的方法，从而能为上市公司并购战略制定与执行提供指导，也为对我国上市公司并购进行相关实证研究作充分的理论准备。论文的研究结果实现了上述目的。更多还原

【Abstract】 Merge & Acquisition(M&A), as a means of resource redistribution, is playing an important part in the growth of an enterprise. It just the same as that said by the Nobel prize owner, famous American economics George J Stegerler:"Watching famous American giant enterprise, almost everyone adopt merger and acquisition to grow up by a way, to an extend. Merger and acquisition being used so largely, there must have inherent superiority." With the development and expansion of security market in our country, M&A of listed company is becoming a hot issue in the economic field.This article conducts the relevant studies from two aspects: M&A of listed company, and performance evaluation method of M&A.Chapter; 1 first defines M&A and M&A of listed company, elaborates its characteristic and types and sums up the theory of M&A motives of overseas scholar. Based on the theoretical analysis of M&A, tracing back the development of M&A cases of enterprise and listed company in our country, and combined with their respective features, this article analysis the motive of listed cqmpany and probes into the main types of M&A. Then analyses the restraining external factors and existing problems, and put forward suggestions and countermeasures.Chapter 2. based on the achievement of domestic and overseas scholars in performance evaluation, concludes and evaluate the abnormal returns method, business performance method, financial index system,method and cost-earning . analysis method. In view of the current situation of co-existence of negotiable and nonnegotiable share in listed companies, put forward two methods to evaluate performance: examination method of stock price and examination method of value-add. Finally analyses and evaluate a case with these two methods respectively.Through the analysis of theories and motives of M&A and the dissection .of the history, current situation, constraining factors and existing problems of M&A occurred to listed companies, the study aims at putting forward relevant countermeasures. Whereas by approaching the evaluation method of M&A efficiency, the study endeavors to bring forth the guide for the decision and examination of M&A strategy and preparation for the theory of practical study.更多还原