上市公司并购绩效研究.docVIP

PAGE PAGE 21 上市公司并购绩效研究 摘要 上市公司的并购行为一向是各个国家关注的焦点，对于并购是否可以有效的提升公司绩效，国内外学者做了大量的研究。研究方法不同，得出的结论也不尽相同。随着我国并购活动的逐渐增加，并购市场的不断繁荣，考察公司绩效对于我国上市公司具有重要意义：通过对公司并购前后绩效的对比分析，可以使公司决策者对于并购绩效做出正确的判断，同时也会为上市公司制定并购战略提供重要参考。正是基于此背景，本文分六部分对研究内容进行阐述： 第一章为引言部分，首先介绍了本文选题背景和研究意义，并从理论上介绍目前上市公司并购绩效的研究现状；第二章对并购相关理论进行介绍，如并购的程序、并购目的、目标企业的选择以及对绩效评价的方法；第三章主要对我国企业目前的并购现状进行简单介绍；第四章针对蒙牛并购雅士利案例采用EVA指标分析法对上市公司并购前后的业绩进行分析，并找出各因素对绩效的影响；第五章就提高上市公司并购绩效提出相应的建议。第六章为本文的结论。研究结果表明，上市公司在进行并购后，在并购当年绩效有下降趋势，但通过并购后的有效整合，上市公司并购绩效有所提升，但上市公司的短期绩效较长期绩效比较显著。 关键词：上市公司并购?EVA 绩效 Abstract M A behavior of listing Corporation has been the focus of attention of the capital market, whether it can effectively improve the performance of the company, domestic and foreign scholars have done a lot of research. The research methods are different, and the conclusions are not the same. Along with the continuous increase of M A activities in China, M a market continues to prosper, investigation company performance for listed companies in China is of great significance: through the analysis of the comparison of performance before and after merger and acquisition (M A), can the company policy on the performance of M a to make a correct judgment, at the same time, it will provide an important reference for the listing Corporation to develop M a strategy. It is based on this background, this paper is divided into six parts to elaborate the content of the research: The first chapter is the introduction. First, this paper introduces the background and significance of this topic, and introduces the current research status of the performance of the listing Corporation; The second chapter introduces the theory of M A, such as the procedure of M A, the purpose of M A, the choice of target enterprises and the method of performance evaluation; The third chapter mainly introduces the present situation of Chinese enterprises M A; The fourth chapter for Mengniu mergers and acquisitions Ashley case, the EVA index analysis, mergers and acq