【作者】 陶莉；

【导师】 田银华；

【作者基本信息】 湘潭大学 ， 政治经济学， 2003， 硕士

【摘要】 20世纪90年代以来，全球掀起了第五次并购浪潮，作为一种资本运作方式，并购对各国经济发展起到重要推动作用，1992年以来我国掀起了第二次并购浪潮并日益活跃，在经济中影响日益增强，因而考察并购的效应及影响因素，将对指导我国企业并购发展，创造条件发挥其积极效应有重要意义。 关于企业并购效应的理论在各个学科都有硕果，企业理论方面有规模经济效应、节约交易成本效应、效率提高效应、企业发展效应、代理问题的解决、市场份额效应、过度自信理论和竞争效应与胜者之诅咒等；金融经济学中有价值低估、信息理论和自由现金流量理论；产业经济学中为产业组织结构优化效应和产业结构优化效应；经济学对并购效应的阐述主要为优化资源配置效应。在我国的企业并购研究中，许多学者还对我国上市公司并购绩效进行了实证研究，并分析了我国并购中主体的行为、动机等问题，对于我们寻找对策发挥并购效应具有有益的启示。在已有的理论基础上，本文将结合全球经济一体化、信息技术迅速发展的新经济条件，对并购效应的范围进行拓展，研究并购对无形资源的配置效应和对技术进步新的作用方式以及对经济增长的影响。 本文首先简要介绍并购的基本知识和几次全球并购浪潮，并以第五次并购浪潮为主，分析并购发展的最新特征，以此为背景，对并购效应理论进行回顾和评析，并加以拓展。在此理论基础上，以全球并购活动为对象进行实证分析，微观方面针对并购双方并购收益的变化进行分析，宏观方面则从资源配置、产业组织结构优化和产业结构优化、技术进步和经济增长四方面加以分析。在实际考察中总结出影响并购效应发挥的三项重要因素：管理者决策、政府作用和资本市场的效率。最后则分析现阶段发挥企业并购效应对我国经济发展的意义，并以前文三项因素为依据分析影响并购效应发挥的障碍，再进行对策探讨。更多还原

【Abstract】 Since 1990s, the fifth M&A tide has surged in the whole world. As a kind of capital operation way, M&A plays an important role in the promotion of the economic development of various countries. The second M&A tide in our country started in 1992, and has been more and more active, and its influence on economy has been stronger and stronger. So to study M&A effects and the influence factors will make a great sense in instructing the M&A development in our country and creating conditions to bring its positive effects into play.There are theory achievements of M&A effects in each discipline. In enterprise theories there are economy of scale, economization of the transaction cost, promotion of efficiency, development of enterprises, settlement of agent problem, market share effect, Hubris and the competition effect and the victor’s curse, etc. In financial economics there are underestimation of value, information theory and freedom cash flow theory. In industrial economics there are optimum of industrial organization structure and industrial structure. And the main economical interpretation about M&A effects is optimum of resource allocation. In the study of M&A hi our country, many scholars have studied M&A effects of quoted companies with empirical evidence, and studied the participators’ behavior, motives, etc. in M&A, which will give us good inspiration in exploring countermeasures to bring M&A effects into play. Based on these theories, and considering the conditions of the New Economy in which the economy integration of the whole world and information technology develop rapidly, this article will extend the range of M&A effects, studying the M&A effects of intangible resource allocation, a new way in affecting the technology progress and the promotion of economic growth.First this article will introduce the basic knowledge of M&A and the five M&A tides in the whole world in brief, then based mainly on the fifth M&A tide, I will analyze the newest characteristics of M&As. Against the background of these facts, I will review and comment on the M&A effect theories, and extend the range of them. On the basis of these theories, then I will study M&A effects with empirical evidence in the whole world. From the micro aspect I analyze the change of participators’ returns. From the macro aspect I analyze the effects of resource allocation, optimum of industrial organization structure and industrial structure, technology progress and economic growth. In the study I summarize three important factors which influence M&A effects. They are management’ decision, government’s role and efficiency of the capital market. At last, I will analyze the influence of M&A effects on the economic development of our country, and according to the above three factors analvze the obstacles which affect M&A effects in our country, and then explore the countermeasures.更多还原