并购基金并购上市公司的绩效研究-企业管理专业论文.docx

首都经济贸易大学硕士学位论文企业集团内部资本市场绩效研究 首都经济贸易大学硕士学位论文 企业集团内部资本市场绩效研究 首都经济贸易大学硕士学位论文企业集团内部资本市场绩效研究 首都经济贸易大学硕士学位论文 企业集团内部资本市场绩效研究 I I PAGE PAGE IV 摘 要 随着中国在世界经济中的崛起，涌入我国市场的资本日益增多，企业获得资本的 方式也呈现出日趋多样化、多元化的发展趋势，而并购基金作为一种新型的企业并购 融资方式，由于其独特优势对产业整合、困境企业脱困、优势企业效率提升等方面发 挥了积极作用，故在中国市场发展迅速；但其也存在行为短期化的质疑。鉴于此，本 文在目前对于并购基金的研究内容及数量都十分有限的基础上，通过对被并购上市公 司在并购活动发生前后绩效对比分析，来探讨并购基金对并购上市公司的绩效造成的 实际影响。这一分析视角的提出具有突出的实际价值和一定的理论意义。 在坚持规范研究与实证研究、定性研究与定量研究相结合的方法论原则基础上， 本文首先通过文献研究法对相关理论进行梳理，并在此基础上分析了并购基金的优、 劣势及其在并购活动中对上市公司绩效造成的影响；然后提出并购基金对被并购的上 市公司的绩效有提升作用这一假设，通过选取 2005-2006 年间发生了由并购基金并购 的上市公司，筛选出并购基金股份排名在前五位之内的 31 家上市公司，运用描述性 统计分析和因子分析方法对上市公司在并购活动发生前后共 10 年的绩效进行了对比 分析，研究结论表明并购基金对被并购上市公司的长期绩效有提升作用；最后，对推 动我国并购基金的并购活动提出了相关建议。 关键词： 并购基金；上市公司；并购绩效 Abstract With the rising of China’s economy in the world, the capital of rushing into Chinas market is increasing, and the measures of obtaining capital by enterprises are becoming more and more diverse and pluralistic, while as a new method of obtaining capital, due to its unique advantage, M A fund has played a positive role in consolidating industry, turning around the corporate in plight, improving the efficiency of enterprise, so it develops rapidly in the China’s market. However, M A fund also has the disadvantage of short-term action. In this view, on the basis of current researches about M A fund are very limited, this thesis researches the actual impact of the performance of listed companies which are bought out by M A fund through the comparative analysis of corporate performance before the M A and later. This perspective of analysis is full of real value and certain theoretical significance. First, This paper combs the theory through literature analysis methods, and on this basis, analyzes the cons and pros of acquisitions fund and influences on performance of listed companies which is in their acquisitions activities with the normative research and empirical research. Then this paper proposes supposition that mergers and acquisitions fund will enh