上市公司并购业务对经营业绩的影响研究毕业论文.docVIP

毕业论文 （20_ _届） 上市公司并购业务对经营业绩的影响研究 摘 要 企业并购最根本目的是为了获得经济利益，使企业增值。国内外理论和实践研究证实，上市公司的并购业务是现代企业成长的必由之路，是实现技术创新和产业升级的有效途径。研究上市公司的并购业务对经营业绩的影响，力求为上市公司并购业务提供有利的借鉴，这也是我国经济学所面临的一个现实的问题。 本文从实证角度用财务指标研究法对2007年浙江省上市公司所发生的收购事件进行了统计研究，以收购方为研究对象，在2005年到2009年这一较长的考察期间,研究上市公司财务指标的走势后发现:反映公司经营绩效最重要的盈利能力指标所包含的各个子指标都得到了明显的改善，营运能力和成长性也有一定程度的提高，只是偿债能力微弱下降，但是在并购后两年又有微弱的好转。总而言之，上市公司收购方的并购绩效为正，经营绩效确实得到了改善。最后，本文针对企业并购过程中出现的一些问题，并且结合当前的经济政策和环境，在实证研究的基础上，从提高企业经营业绩、促进并购发展的角度出发，提出减少政府部门的介入，重视并购的市场行为；重视并购后的整合；建立健全相关法律制度,强化并购监管体系；加快中介机构的建设这四点建设性的意见。 关键词：Abstract The most fundamental purpose of mergers and acquisitions is to obtain economic benefits and enable enterprises to add value．The theory and practice at home and abroad confirm that mergers and acquisitions is the only effective way for the modern business growth of listed companies to achieve technological innovation and industrial upgrading．we should study the mergers and acquisitions’ impact on operating results of listed companies，providing a favorable reference to mergers and acquisitions of listed companies，which is also a real problem that our economics facing． This paper makes a statistical study by the mean of Accounting Method of listed companies of zhe jiang province in 2007 from the empirical point of view，which acquires listed companies as research object．Within a longer observation Period from2005 to 2009，the financial condition of acquiring companies mainly showed a certain degree improvement in the following year，especially in the financial ratios which evaluated the operating performance and the growth abilities，but the financial ratios about the debt risk showed a slight decline in solvency．There was a slight turn for the better two years later .As a whole，the performance of the acquiring companies had been improved through the MAs activities，it should be favorable for the shareholders of the acquiring companies．At last ,according to the problems during M A process ,combining with current economic policy and the env