中国上市公司并购绩效的实证研究

【作者】 王君波；

【导师】 杨义群；

【作者基本信息】 浙江大学 ， 企业管理， 2003， 硕士

【摘要】 企业并购作为实现产业结构调整和企业迅速扩张的有效途径，在西方国家已经发展了100多年。历史实践表明：美国在经历了5次企业并购浪潮之后，奠定了它在世界上的经济霸主地位。中国上市公司并购开始于90年代初期，在经过了十几年的发展之后取得了巨大的成就，一些学者认为：“中国用十年的时间走完了西方企业并购百年的历程。”然而，对于并购绩效的争论，无论是在国内还是在国外都没有停止过。 本文在对国内外并购动机理论和并购绩效研究方法进行了广泛而深入地查阅和研究后，从两个角度对中国上市公司并购绩效进行了实证研究：1、上市公司并购对并购方企业股东财富的影响，即并购对公司股票收益、风险的影响；2、上市公司并购对上市公司经营业绩和财务状况的影响。鉴于中国上市公司并购发展的阶段性特征，本文选取1998-2001年发生并购的上市公司作为研究样本展开实证研究。最后，根据本文实证研究的结果，提出上市公司并购的相关建议。本文的主要内容和研究结论如下： 第一部分：阐述了企业并购所涉及的基本概念、并购类型、相应特点以及根据中国的并购实践所进行的并购分类。 第二部分：回顾了西方关于企业并购的相关理论，从而通过八大并购理论为企业并购动机提供了解释。 第三部分：综合论述了至今为止对于企业并购绩效进行研究的四大主流方法，并对国内外学者对并购绩效实证研究的结果进行回顾。 第四部分：通过选择合适的评价指标，以1998-2001发生并购的上市公司为样本，从短期(天)、中期(月)、长期(年)全面实证了并购后上市公司的收益变化和风险承受情况。研究表明：除了在并购当日和并购后2-3天，并购公司存在正的非正常收益，其它的无论是在中期还是长期，上市公司并购都导致股东财富的减少，即收益水平降低，风险增大。 第五部分：首先，从财务的角度，通过净资产收益率、主营业务利润率评价了上市公司并购前后经营业绩的变化，研究表明：公司经营业绩下滑是导致公司并购的直接动力，并购后存在短期财务状况改善的现象，从长期看经营业绩继续下滑不可遏制。其次，通过聚类和Fisher判别分析构建了上市公司并购绩效综合财务评价模型，研究表明：由此得出的并购绩效评价模型对样本公司具有较好的评估效果。 第六部分：对实证结果进行了综合论述，并为上市公司并购提出了相关的建议。更多还原

【Abstract】 Merger and Acquisition (M&A) which is an effective approach to adjust industrial structure and expand corporation running scale rapidly has been developing for more than 100 years in western. History of economy indicates: USA has established its powerful economic position in world after 5 M&A climaxes. Merger and Acquisition of Listed companies in China began at the initial of the 1990s. After more than ten years rapidly development, China has made enormous progress. Some scholars say : "It takes China 10 years to gain the achievement on M&A, but it take western countries more than 100 years ." However, The discuss on whether the performance of merger and Acquisition is good or not never stopped no matter in domestic or at abroad.After refer to the M&A theories and research methods about M&A performance profoundly, The article carry out the empirical research of M&A performance of listed companies in China from two angles:1.The impact on wealth of acquiring company’s shareholders from M&A, in the other word, the impact on return and risk of acquiring company’s stock ;2.The impact on operation performance and financial situation of acquiring company. Because of the phased characteristic of M&A development of China, The article selects the samples of acquisitions of listed companies during 1998-2001 period to study. Finally, According to the result of the empirical research , the article puts forward the relevant suggestions about the listed companies M&A. The main contents and research conclusions of the article are as follows:Chapter I :To Explain the basic conceptions, types, characteristics M&A concerned in the western and reclassify M&A according to the listed companies M& A practice in China.ChapterII: To review the relevant M&A theory in western and explain the M& A motives by the eight major M&A theories mentioned above .Chapter III: To expound the four major empirical research methods on M&A performance so far and review the conclusions of M&A performance which have drawn by scholars in the world.ChapterIV:To select the samples of acquisitions of listed companies during 1998-2001 period to research the change of return and risk of acquiring companies comprehensively by appropriate corporation performance appraisals From the angle of short-term(day),medium-term(month),and long-term(year). The results of the empirical research indicates: M&A lead to decrease the shareholder’s wealth of acquiring company no matter at long-term or medium-term, however, at the day of merger announcement and following 2-3 days ,the stock of acquiring company exists the positive abnormal return .ChapterV: Firstly ,The article compare the operation performance of listed companies before merger with after merger by financial appraisals of return of equity and gross profit ratio , the result of the empirical research indicates: the decline of operation performance lead to amalgamate directly , and merger and acquisition can ameliorate the short-term financial situation , but can’t stop the decline of operationperformance from angel of long-term . secondly, The article establish an integrative appraisal model of M&A performance by cluster analysis and Fisher discriminant analysis.ChapterVI: To summarize the conclusions the empirical research arrives at, and put forward some correlative suggestions about M&A of listed companies in China .更多还原