上市公司外资并购绩效的实证研究.docx

南京航空航天大学硕士学位论文摘 要跨国并购作为企业实现规模扩张和战略发展的重要方式 已风靡全球 我国入世后良好的经济发展前景和优越的投资环境为外资并购提供了有利条件使得中国成为外资并购市场上的一个新亮点本文从我国上市公司的角度研究外资并购的现状和绩效对于我国企业应对外资并购具有重要的现实意义同时也能为丰富外资并购理论做出一定的贡献本文首先对国内外外资并购绩效研究的最新成果进行较为系统的综述然后阐述了本文研究的理论基础为外资并购绩效的实证分析提供理论依据在此基础上本文以外资并购我国上市公司出现以来截至2006年12月31日期间沪深两市上市公司所公告的所有外资并购事件为研究样本对其进行了全面的分析并对外资并购我国上市公司的行为和成因进行较为全面的总结接着从我国上市公司的角度出发运用财务业绩法对外资并购我国上市公司的总体绩效和长期绩效的持续性改善进行实证分析本文的研究表明 外资并购在总体上提高了我国上市公司的财务业绩 且对于企业绩效的改善具有一定的持续性针对外资并购中存在的问题在宏观上应充分发挥政府引导者和监督者的作用在中观上应加快证券市场的规范化和法制化建设在微观上应重视企业并购后的整合和协同效应的形成提高企业经营绩效和证券市场绩效关键词外资并购上市公司绩效绩效评价实证研究i上市公司外资并购绩效的实证研究ABSTRACTAs an important means for firms to expand and achieve strategic development,foreign Merger and Acquisition (MA) are becoming more and more popular withfirms all over the world. After its entry into the WTO, China has provided foreigninvestors with favorable prospects of economic development and superiorinvestment environment. All these have made China a new focus of attention on themarket of foreign MA. Under this background, it is of practical significance tostudy the current situation of the development and performance of foreign MA inChina. This article aims to abundant foreign MA theory to a certain extent, andprovides references to how to effectively deal with the problems arising from theforeign MA process.Firstly, this paper expounds the theoretical basis of performance study onforeign MA, in order to provide a theoretical reference to the following empiricalanalysis. Secondly, it collects all the foreign MA cases of China’s listed companiessince MA appeared in China’s capital market (1995.1.1-2006.12.31), andsummarizes the characteristics of foreign MA in China and analyzes thecontributing factors. Then, having a standpoint of China’s listed companies, by usingfinance performance evaluation method and establishing a suitable performanceevaluation model, it gives an empirical analysis on the overall performance andlong-term performance of foreign MA of listed companies in China.Finally, the article give