我国上市公司并购绩效研究

南京财经大学硕士学位论文我国上市公司并购绩效研究姓名：陈海芳申请学位级别：硕士专业：会计学指导教师：吴明礼20061222I2003QIIABSTRACTInthecurrentcapitalmarket,theenterprise'smergerandacquisitionisthemostcanmanifestitsmarketefficiencyandhaveaninnovationvigorlink.Intheswitcheremergingmarket,theenterpriseareofteninsufficienttheidealinadaptingthemarketeconomyability,thelong-termstabilitymanagement,therigorousfinancialcontrol,long-termresearchanddevelopmentstrength,productaspectsandsoonrenewal,Howtoarrangetheenterprise'smergerandacquisitionreasonablyandeffectively,torealizetheeconomicstructureadjustmentandtheindustrypromotes,togovernthestructureoftheconsummationcompany,toactivestockmarket,toattracttheinvestors,arealwaysthetopicwhichthegovernment,theinvestor,thebusinessmanagementlevelandthescholarpayattentiontogether.Since2003,theChineseEnterprise'smergerandacquisitionhasassumedthetrendofescalationwidely,themergerandacquisitiondomain,multiplicationofthepattern,haveunfoldedtheChineseEnterprisemergerandacquisitionappearancefromcertainstratificationplane.Eachscholarhasalsodonethecomprehensiveresearchtotheperformanceofenterprise'smergerandacquisition,causestheenterprise'smergerandacquisitionregardlessoftheoreticallyallobtainedabetterdevelopmentandtheutilizationintheactualoperation.But,withtheoverseasscholardifferentis,atpresentthedomesticscholarthesamplechoicemerelydisplaystothemergerandacquisitioneventinforunilaterallyfortobelisted'ssituation,butmergerandacquisitionbothsideswithveryareactuallyfewfortobelisted'ssituationsomepeopletoconducttheresearch.Alongwithourcountryeconomyrapiddevelopment,betweentobelisted'spurchasemoreandmorearesurelymany,hasthemergerandacquisitionperformanceresearchtobelistedappearsmoreimportantly.Thisarticlefirstintroducedthepresentdomesticandforeignscholarsregardingthemergerandacquisitiontheoryaspectcontribution,includingthemergerandacquisition'sconcept,theoverseasclassicsmergerandacquisitiontheoryaswellasthedomesticrelatedmergerandacquisitiontheory,andhavecarriedonthelimitstothisarticleconcept;Next,thisarticletheoreticallytoaffectedtobelistedmergerandacquisitionperformancethefactortocarryontheanalysis,includingfactorsasmanager'sabilityandquality,governmentbehaviorandsoon;Oncemore,throughconductsthebilateralresearchtoOurcountryTobelistedmergerandacquisitionperformance,finallydiscovered,thepurchasecompanyinthemergerandacquisitionIIIannounceddaytheshareholder'swealthobviouslydrains,goalcompanyaroundmergerandacquisitionannouncementdateshareholder'swealthremarkableincrease,butthemergerandacquisitioneventoverallperformanceisnotremarkablechanges,thisarticlefurthertomanagedtheperformanceandtobelistedthetotalperformancewhichtookovercontrolinthemergerandacquisitionoccurshasconductedtherelevantresearch,finallydiscoveredinfrontofthemergerandacquisitionpurchasedthecompanyandthegoalcorporatemanagementachievementdisparityisbigger,thenalwaystookovercontroltheperformanceinthemergerandacquisitiontobealsobigger;Finally,thisarticletostudiedhascarriedonthesummary,fromaspectsandsoonsuperintendentbehavior,governmentbehavior,stockholder'srightsstructuretoenhancedthemergerandacquisitionperformancebetweenOurcountryTobelistedtocarryontheforecast.KEYWORDSManager'sperformanceTobin'sQtheperformanceofM&AEventstudy111.11993920901993—2002530080027060%2002.L.302199571200183161%161%20031294492002987200120031993—20021216-16.76%801BusinessWeek2002102421.21.2.1JensenRuback19832080takeovermergerRavenscraft&Scherer19871950197647160001/32/3HealyPalepu&Ruback199219791984503KeithD.Brouthers1998IfMostMergersFailWhyAreTheysoPopular?PursuemarketpowerIncreaseprofitabilityMarketingeconomicsofscaleCreateshareholderTechnicaleconomicsofscaleCreateentrybarriesAcquirecompetitorsRiskspreading17Bruner20021971—200113010%—30%1.2.21999199710200200060010096%2.5%5.88%1.224.2320001993—1995420011995—1998201//20021995—199933820021996—20002481997—199860.08%20021999—2000349198320021999—200059Q520031993—2002121629.05%-16.76%231.31.3.11998-20064234200683161199920035261.3.256AR722.12.1.1Merger&AcquisitionM&AMergerAcquisition1MergerMergerConsolidationMergerStatutoryMerger2Acquisition8AB2.12.1ABABBAABCABBABB2.1.292.1.3M&A198921912345%102.2J.FredWeston72.2.181237J.FredWestonMergersRestrictingandCorporateControlPrentice-HallInc.19908J.FredWestonMergersRestrictingandCorporateControlPrentice-HallInc.199011452.2.2BradleyDesaiKim1983“”2.2.399MeeksDisappointingMarriageaStudyofthegainsfrommergerCambridgeUniversityPress1977122.2.4Muller196919862.2.52.2.6(Jensen1986)13102.3112.3.110[J]2003123-811[M]19994314123802.3.22.3.32.4.420901516312133.13.1—1213[M]19991703.1173.1.1(1969)3.1.2-199345%76%41%183.1.3198759%199359%85%193.2203.33.3.11121197914232190MBOMBOMBO14[M]200232241()1521633.3.2()20011011285050326165%176535%44.86%8.22%60%15[M]2002316[M]200212350%46440.95%75%302.65%65%31%,96%1717[J]2002(1)11-132444.14.1.11CSMAR200423(4)~20031231401030534344.14.11998—2003199920002001200220033109393109394.1.21825(AbnormalReturn)(AverageResiduals,AAR)(C