【作者】 王会超；

【导师】 赵守国；

【作者基本信息】 西北大学 ， 国民经济学， 2004， 硕士

【摘要】 本文对我国商业类上市公司的并购重组行为进行综合性的研究。文章选取了从1998年到2002年间，在中国深圳和上海证券交易所上市的38家商业类上市公司作为样本，对这些公司的并购重组行为做出了较为详细的研究。 研究发现，这些公司的并购重组由宏观、微观两方面原因导致的。宏观层面，商业在国民经济中日益重要的作用、商业行业的市场结构和竞争格局、商业行业落后的经营业态促使商业类上市公司需要通过并购重组来适应这一宏观环境；微观层面，不同的商业上市公司为了保住上市资格、实现规模经济、实现并购重组的协同效应、分散经营风险等不同目的而进行并购重组。 研究还发现，在并购重组的方式上，进行大股东变更、主业的转移的公司占了很大比重；而单纯进行规模扩张式并购重组的公司只有少数几家。相当一部分并购重组后的大股东性质变为了民营资本。对并购重组效果的量化评定表明：原商业类公司进行转业经营的，无论是净资产收益率(ROE)指标还是Tobin q值指标都是最好的。国有大股东不变而进行盲目多元化的并购重组效果最差。文章的研究结果对中国商业类企业的并购重组提供了理论和实践依据。更多还原

【Abstract】 The paper aims to give a deep and complete research to the M&As of listed commercial firms in Chinese stock markets. We use data on M&As of 38 Chinese listed commercial firms in 1998 through 2002 to identify the M&As law in this industry.We find that these M&As are determined by both macro and micro reasons. In macro aspect, the more and more important role of commerce in the nation’ s economy and the imperfect market structure of China’ s commercial industry, as well as the undeveloped commercial style are the main causes. On the other side, the incentive to expand there business scale, to keep there rights to be a listed firm and to acquire the synergy of M&As are the main micro causes of these restructurings.Also, we make out that different M&As form have different effect. Those firms who have completely changed their main business from commerce to other high-return industries have the best stock market appearance (the higher Tobin q) and the highest ROE (return of equity). Those firms who expanded their commercial business blindly to some other similar industries perform even worse after they had their restructurings.Author Name: Wang Hui Chao (National Economics) Directed by: Professor Zhao Shou Guo更多还原