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上海交通大学硕士学位论文不同动因驱动下的上市公司并购绩效研究姓名：张慧云申请学位级别：硕士专业：金融学指导教师：沈思玮20080104iWTO20032003iiiiiAMOTIVATIED-BASEDSTUDYONPERFORMANCEOFM&AABOUTLISTEDCOMPANYABSTRACTThestrategyofmodernenterprisesmakesareservationandbasesonthelong-termdevelopmentofenterprises,enterprises,whiledeveloping,willtakeplaceaseriesofannexationandpurchaseinevitably.WithChina'senteringWTOandthedevelopmentofeconomicreform,manyenterpriseshavefacedmergerandacquisition(M&A),whichwillchangetheindustrystructureandaffectthewholemarketeconomyandstockmarketinChina.ThemainpurposeofthispaperistoestablishtheperformanceoflistedcompaniesM&Aevaluationsystem,takingtheM&Ain2003asansampletofindoutwhetherM&Aperformancesofdifferentmotivationsaresameonthebasisoftheoreticalanalysis.AndthenweanalyzetheexistingproblemsoflistedcompaniesM&A,andprovideabasisforimprovingtheperformanceoflistedcompaniesM&A.ivFirstofall,weclassifythesamplebymotivations,andusefinancialfactorsandnon-financialfactorstovaluetheperformance,andthentheperformancesofM&AofChineseListedCompaniesof2003areanalyzedbyusingascorefunctionwiththeFactorAnalysismethodfromStatisticalAnalysis.Meanwhile,weusenon-parametertesttoanalysisthefinancialcharactersofdifferentM&AtofindoutwhichfactoraffecttheM&Aperformanceandtestthehighermanagementpaytoanalysistheinfluenceofnon-profitablefactor.ItisconcludedthattheoverallperformanceafterM&AisnotbetterthanthatbeforeM&A,butM&Abasedondifferentmotivationshavedifferentresults:theperformancesofexpansionandmultiplexM&Aaremuchbetterthanothers.TheexpansionM&Aissuccessfulontheviewofexpandingthemainbusinessrevenue;theperformanceofdiversificationM&Aimprovesharplyin2006,theintegrationofdiversificationM&AissuccessfulbecausethisM&Aoftenoccurduringtransitionandtheintegrationmustlastalongtime;theperformanceofscale-M&Adroplargelybecauseofrelatedtransactions;industry-M&Aisnotsuccessfulandmaybeitalwayshappenswhentheindustryisprosperousandthepayishigh.Thehighermanagementpayisnothighcomparedtothemarketlevel,wecanknowparticipantsaremorerational,andthemotivationofnon-profitablefactorisnotobvious.vAtlast,tosolvetheproblemsofgovernment-interventionandintermediary-distemperedness,theauthorgivessomesuggestionsforimprovingtheacquisitionperformanceofChineselistedcompanies.KEYWORDS:motivationsofM&A,performanceofM&A,factoranalysis1192090199019997:100500200270%2003240(ThomsonFinancial)2004200315046.83%284.67.93%208090WTO199733200317220042005160127[1]1223------31.1Mergers&AcquisitionsM&AMergerAcquisition[2]1(Merger)2(Acquisition)1.241.2.11(HorizontalM&A)2(VerticalM&A),3(ConglomerateM&A)20501.2.21523(LBO)1.2.31()()2341.36[2]1.3.11+121ABABBA234,,,,71.3.2JensonMeckling19761(Manne,1965)2Muller19691976LewellerHuntsman1.3.381.3.4QTobin1969QlQ1122080391.4,1-112123121210[3]1-112319954111.5[4]()(1)12(2)(3)(4)()()()13142.12.1.1(Event-StudyMethodology)FFJR[5](FamaFisherJensenRoll)1969,,(-1+1),(CAR)RM,E(Ri)RARi(2-1)(2-2)∑−=11tttARCAR(2-3)CARCAR0CAR0-1t1t,,,)(iiiRERAR−=tRMREtiiεβα++=)(152.1.2ijijiiiiiYaYaYaFLL++=2211i=1,2,3(2-4)iFiijaijijYij2.22.2.1Madden(1981)Jensen(1983)[6],:(1)(-1,+1),(-40,+40),(2)(),[7]196919754862.896%-3.396%[8]19551985114501622%[9]1977198646232%-0.2%PaulDraperKrishnaPaudyal1999[10]19881996-5511%Gregory1997tLyonetal(1999)t-9.3%1234Healy,PalepuRuback[11](1992)1979198450.YehHoshino(2000)20.Agrawal(1992)1164ClarkOfek(1994)PaulM.Healy,KrishnaG.Palepu,RichardS.Ruback1997/172.2.2[12]2000CAPMt[13]1999199710200[14]200219992000:(1996),,,[15](1998)19974(EPS),((ROE)18[16](2000)1996-1999[17]20011995-1999201(2002)199867200620022003/(1)(2)(3)2.32.3.1DunisandTilKlein[18]1995192.3.2EVAEVAEVAEVA[19]2002EVA2-32.3.3Porter1950-198633()61%,MitchellLehn(1990)KaplanWeisbach(1992)52.3.4Meckinsey199019955150,17%33%20%1998565005625011661%23%2.3.5DEA[20]202.42-1EVACAPMEVA213.1(1)()(2),,,,22,[21](1),(2)(3)(4)23[22]3.22003RobertSKaplanDavidPNorton1992[23]20062433-1P1/(P2)/(P3)/(P4)/25(P5)/(P6)/(P7)/(P8)/(P9)/(P10)/(P11)/*(P12)/*+/+4%*123.31212-1[24](Factor-analysisMethodology)26:(1)(2)(3)101NijXi=1,2,3,12j=1,2,3N,:SXXXijij−=∗(3-1)∑==NjijXNX11∑=−−=NjijXXNS12)(112RijRij270.3Bartlett3R:|R-λI|=01λ2λ12λ012321,,YYYYLL,12321,,YYYYLL,12321,,XXXXLLiYjY(ij)i:∑=iiiDλλi=1,2,,12(3-2)iD:im80%m80%,m4Y01(Varimax)5:FI,R(3-3)imiiWFR*1∑==284.120031(CSMAR)2(CSMAR)20034151223410%5620012006200496(3,4)294.24-1200620052004200320022001-4.906-16.8733.9475.9782.6105.0545.7254.8246.5656.7646.3497.096(%)2023557883091175531831.886-0.3932.7983.3572.4722.9362.1191.9502.7663.1643.2143.638(%)141.54308.3337.5928.62113.2331.000.086-0.0300.1320.1530.1370.1560.0960.0940.1420.1500.1500.1810.1230.5560.1510.0720.0670.0760.7510.7150.6940.6230.6020.5820.6530.6180.5920.5420.5040.4670.4340.4500.3110.2640.2110.203207.91135.70100.6827.3920.5917.4810.2118.9787.5287.3897.6376.57411298435205672576099228267631099.2179.7828.1337.59117.2188.0124.9104.6364.2704.4094.3784.1741216.002063.64563.95473.8620128.21627.8559.40755.14151.87249.66845.69744.62557.47655.40754.35952.54848.22245.0602305.02962.66222.55256.75291.06218.761.0911.1171.219