中国上市公司海外并购绩效研究 .docxVIP

中国上市公司海外并购绩效研究 摘 要 在全球化发展的不断推动下，中国企业积极走向国际，寻求更大的市场。海外并购作为海外直接投资中重要的方式，受到很多上市公司的青睐。本文通过收集2014-2016年期间成功参与海外并购的上司公司的财务数据，通过文献研究、数据分析与DEA模型构建等方法，进行中国上市公司海外并购研究，并从企业和政府层面提出相关的建议。 本文通过DEA模型分析法，并选取相关的财务指标，对上市公司参与并购前两年和后两年，共五年的财务数据进行对比分析。研究结果表明，海外并购对改变上市公司并购绩效的作用并不明显，应该要根据不同的公司性质和类型进行具体分析，最后针从企业和政府的层面提出相关的建议。 关键词： 海外并购；财务指标；并购绩效；DEA模型； Research on the overseas MA performance of Chinese listed companies Abstract Driven by the continuous development of globalization, Chinese enterprises are actively going international and seeking a larger market. Overseas M A, as an important method of overseas direct investment, is favored by many listed companies. This article collects financial data of superior companies that successfully participated in overseas mergers and acquisitions from 2014 to 2016, conducts literature research, data analysis, and DEA model construction to conduct overseas merger and acquisition research for Chinese listed companies, and proposes relevant suggestions from the corporate and government levels. .This article uses DEA model analysis and selects relevant financial indicators to compare and analyze the financial data of five years before and two years after the listed company participates in the merger and acquisition. The research results show that the effect of overseas mergers and acquisitions on changing the performance of listed companies mergers and acquisitions is not obvious. It is necessary to conduct specific analysis according to the nature and type of different companies, and finally put forward relevant suggestions from the level of enterprises and governments. Key words: overseas mergers and acquisitions;Financial indicators;Ma performance; DEA model; 目 录 TOC \o 1-3 \h \z \u 一、引言 1 （一）研究背景 1 （二）研究目的及意义 1 1.研究目的 1 2.研究意义 1 （三）研究现状 2 1.国内研究现状 2 2.国外研究现状 3 （四）研究方法 3 （五）研究内容 3 二、影响中国上市公司海外并购的因素分析 4 （一）宏观层面影响因素分析 4 1.东道国的风险 4 2.经济因素 4 （二）行业层面影响因素分析 4 1.行业发展周期 4 2.行业发展水平 5 （三）企业层面影响因素