跨国并购动机 功能与绩效——基于中国上市公司的经济分析-motive function and performance of cross-border m a —— based on the economic analysis of chinese listed companies.docx

中文摘要二十世纪九十年代以来，跨国并购的数量和价值总和都达到了前所未有的高 度，对跨国并购的研究也随着并购的发展而深入。尽管如此，因为跨国并购是新 兴事物，对它的研究还处在初级阶段。本文利用规范分析和实证分析相结合的方 法，主要研究跨国并购在中国上市公司中的具体运用。文章的第一部分研究跨国并购的动机。跨国并购有两个方面的性质:一方面 是并购中的一种:另一方面还是对外直接投资的重要组成形式。因此，并购动机 理论和对外直接投资理论部部分说明了跨国并购的动因，但都不全面。本文主要 说明了并购动机理论和对外直接投资理论在跨国环境下的适用。还分析了发展中 国家企业跨国并购的动机问题。文章的第二部分是有关外资并购我国上市公司的功能研究。一是外资并购我 国上市公司相关法律制度的演进、存在的问题和构建的途径:二是外资并购改善 我国上市公司治理结构的路径研究:三是外资并购我国上市公司己经采用或将来 可能采用的模式。文章的第三部分是外资并炯上市公司的绩效研究。利用财务指标分析法对近 年来发生了外资并购的我国上市公司的绩效进行了:实证分析。结论是并购后第一 年业绩下降，而在并购后第 二年业绩有明显的提升。关键词:跨国并购并购对外直接投资上市公司并购动机并购绩效AbstractIn the 1990s，the number of cross-border mergers and acquisitions and its total value has reached the peak. Nonetheless ，cross-border mergers and acquisitions is stiIl new. The research on it stays in the primary phase. This thesis mainly deals with the cross-border mergers and acquisitions of the listed Chinese companies.The first section expounds the moìive of cross-border mergers and acquisitions.Cross-border mergers and acquísition has two characters: on 也.e one hand，ít is a kind of mergers and acquisitions; on the other hand，it is a kind offoreign direct investment. Consequently ，ne?ther the theory on mergers and acquisitions motive nor the theory onforeign direct investment can explain the motive of cross-border mergers and acquisitions completely. This thesis ana1yzes how the previous two theories operate in the cross-border circumstances and explains the motive of cross-border merger and acquisition of the enterprises in developing countries.The second section is the function research on the foreign mergers and acquisitions of Chinese listed companies. Firstly，it deals with the evolution of the relevant laws andregulations of the foreign mergers and acquìsitions in China and the problems and the resolution. Secondly，it discusses how to improve the corporate governance of the Chinese listed companies by foreign a mergers and acquisitions. Thirdly，it deals with the present and the future modes of fore增1 mergers and acquisitions of the