我国上市公司并购绩效评价.doc

我国上市公司并购绩效评价 Evaluation of Chinese Listed Companies’ M A Performance  摘 要 并购是证券市场里体现其市场效率和创新活力的重要角色，它不断给市场输入新的内容、注入新的活力，从而推动证券市场的发展和完善。近年来，在我国上市公司并购越来越频繁的情况下，对上市公司并购绩效的评价成为了企业自身发展的客观需要，也成为了我国经济发展的必然要求。本文的研究目的是对我国上市公司并购案例的绩效水平进行客观的评价，构建我国上市公司并购绩效评价模型并加以实证。针对课题的特点，运用了财务指标法和因子分析法，客观评价出我国上市公司并购绩效水平及其发展趋势，提出相应的建议和对策，为提高我国上市公司并购绩效水平提供理论上的支持。 首先，对国内外学者关于并购绩效评价的相关研究文献进行了总结，梳理了并购及并购绩效评价的相关概念，???绍了并购有关的动因理论。 其次，本文于中国证券监督委员会的公告中获取信息，在其中选取了50家2011年并购的上市公司的资料，于国泰安数据库选取相关年报数据加以运算得到相应指标。 最后，选取适当的的财务指标，运用因子分析法，财务指标法构建了上市公司并购绩效水平的评价模型，对我国上市公司并购的绩效水平进行评价与研究，得出并购公司并购后绩效水平的变动。根据得到的结论，结合评价结果和我国上市公司并购案例存在的实际问题，提出了提高我国上市公司并购绩效水平的对策及建议。 关键词：并购；因子分析；并购绩效；绩效评价  Abstract M A is the most efficient part in the stock market, it continues to enter new content and inject new vitality to the market, so as to continuously promote the development and improvement of securities markets. In recent years, more and more frequent mergers and acquisitions of listed companies occur, in this case, performance evaluation on mergers and acquisitions of listed companies has not only become of the objective needs of their own development, but also an inevitable requirement of economic development of our country. The purpose of this study is to conduct an objective evaluation on the level of performance of mergers and acquisitions, building acquisitions of listed companies to be empirical performance evaluation model. For subject characteristics, using financial indicators and factor analysis, and puts forward suggestions for improving the level of performance of listed companies to provide theoretical support. Firstly, the article summarizes the studies on the performance evaluation both home and abroad, lists related concepts systematically regarding to the performance evaluation, make clear its MM theory, which lays the first stone of the article. Secondly, we get information from the China Securities Regulatory Commissions announcement, in which selected 50 companies in 2011 acquisition of lis