（参考）外资并购我国上市公司绩效研究.docxVIP

【摘 要】并购重组是证券市场中最能体现其市场效率和最具有创新活力的一环。它不断给市场输入新的内容、注入新的活力，从而不断推动证券市场的发展与完善。一般来说，企业通过并购可以加速促进生产集中，适度扩大企业规模，优化产业组织结构，提高资源配置效率。但现实中许多案例表明，事实上在我国外资并购并不是每个并购企业都能够顺利达到这个目标，这与一再证明并购是经济飞跃发展的必然过程这一规律相悖。对于为什么会出现这种不协调的情况，学术界对此尚无统一的认识。 本文以上市公司并购绩效为主线，从理论和实践两个角度研究了外资并购和国内企业并购的绩效。在理论方面，本文在对并购的内涵加以阐释的基础上，分析了我国外资并购的特点，然后进一步研究了企业并购绩效的理论与评价方法。在实证方面，本文运用财务绩效法对我国上市公司2000年至2004年之间发生的并购事件进行了比较研究。最后本文分析了我国上市公司在并购过程中遇到的主要障碍的深层次原因，并有针对性地提出了若干规范措施。 关键词：外资并购；国内企业并购；财务绩效 The performance analysis of MNCs MA in Chinese stock market Abstract Merger and Acquisition (MA) recombination embodies the market efficiency extremely and possesses the most advanced vigor in the securities market. It continuously inputs the new content and new vigor to the market. Thereby it continuously promotes the development and consummation of the securities market. Generally speaking MA is an efficient method for business to accelerate the centralization of production, expand the business scale properly. Optimize the industrial organization structure, improve the resource distribution efficiency. However, many examples suggest that not all enterprise MA can attain this target successfully in reality. It is opposite with the law that MA is the necessary process for the economic leap development. Why does this kind of discordant situation appear? Unitary viewpoint to this phenomenon hasnt reached in academic circles. This paper regards the listed enterprise MA performance as a clue, It studies each performance from the angles of the theory and the demonstration. From angels of the theory, this paper expound the basic theory and the evaluating method of the enterprise MA performance; It compares and analyzes the enterprise MA performance of 2000 to 2004 in China, adopting the method of the Market Reaction and the method of the Finance Performance. Finally, on the basic of theory research and the demonstration this paper further analyzes the main factors which affect the enterprise MA performance. It also puts forward some