我国上市公司并购绩效的实证的分析研究.pdf

摘要IMIIlIMHI IIIll 1111l Y2391 635 随着市场竞争日益激烈,并购己成为企业尤其是上市公司优化资源、提高效率的重要途径。并购是兼并与收购的合称0国内外学者对并购的类型、动机、并购绩效等都有着较为广泛的研究。改革开放以来,我国企业先后经历两次并购浪潮。然而,本文主要是研究我国上市公司并购绩效。在运用事件研究法对我国上市公司2009年以来的横向、纵向、混合三种并购类型分别进行了实证分析之后, 结果显示:上市公司的并购活动在短期内,都提高了公司的经营效益。从各种并购类型的并购绩效来看:横向并购,给公司带来的效益最明显,使公司获得了一定的规模效应;纵向并购,也给公司带来一定的效益,但是这个效益的稳定性较差,这说明纵向并购之后公司存在着一个磨合的过程;混合并购,给公司带来的效应最小,这说明我国很多公司高层缺少有效的管理者,无法对并购后的公司进行有效统一的管理,不能有效整合成一体。最后,针对我国并购中出现的问题, 提出了提高我国并购绩效的建议,一是规范中介机构,二是完善的法律制度,三是加强并购后的管理。关键词:企业并购;上市公司;并购绩效;横向并购; 纵向并购; 混合并购 Abstract Asthe market petitive,M&A has e the effective economic instrument tooptimize the allocation ofresources,and improve economic efficiency. M&A iscalled the mergers and type ofM&A and motivation ofM&A and the performance ofM&A have extensive researches athome and abroad. Since reform and openness,the enterprise essively experienced two waves ofM& this paper researches M&A performance the performances ofM&A ofChinese panies of2009 which indifferent type are analyzed byEvent Study,the results show that,panies benefit have improved inthe short term after M&,the effect ofhorizontal M&A isobvious,SO panies get scale economic effect;the effect ofvertical M&A isless obvious,and instability,SO panies have running—in process after M&A; the effect ofconglomerate M&A isthe least ofall,it probable that pany lack effective management inOur country,and mey cannot manage the pany effectively,SO pany cannot ,this paper gives some suggestions,which are standardize intermediary institutions and the perfect legal system and strengthen management after the M&A,for improving the M&A based the problems which inOur country M&A. Key words:M&A;pany;performance ofM&A;horizontal M&A;vertical M&A:conglomerate M&A 目录摘要???????????????????????????????I ABSTRACl’?????????????????????????????..I I 目录??????????????????????????????I II 第1章绪论????????????????????????????..1 ??????????????????????????1 ????????????????????????.