我国上市公司并购绩效评价

我国上市公司并购绩效评价EvaluationofChineseListedCompanies’M&APerformance摘要并购是证券市场里体现其市场效率和创新活力的重要角色，它不断给市场输入新的内容、注入新的活力，从而推动证券市场的发展和完善。近年来，在我国上市公司并购越来越频繁的情况下，对上市公司并购绩效的评价成为了企业自身发展的客观需要，也成为了我国经济发展的必然要求。本文的研究目的是对我国上市公司并购案例的绩效水平进行客观的评价，构建我国上市公司并购绩效评价模型并加以实证。针对课题的特点，运用了财务指标法和因子分析法，客观评价出我国上市公司并购绩效水平及其发展趋势，提出相应的建议和对策，为提高我国上市公司并购绩效水平提供理论上的支持。首先，对国内外学者关于并购绩效评价的相关研究文献进行了总结，梳理了并购及并购绩效评价的相关概念，介绍了并购有关的动因理论。其次，本文于中国证券监督委员会的公告中获取信息，在其中选取了50家2011年并购的上市公司的资料，于国泰安数据库选取相关年报数据加以运算得到相应指标。最后，选取适当的的财务指标，运用因子分析法，财务指标法构建了上市公司并购绩效水平的评价模型，对我国上市公司并购的绩效水平进行评价与研究，得出并购公司并购后绩效水平的变动。根据得到的结论，结合评价结果和我国上市公司并购案例存在的实际问题，提出了提高我国上市公司并购绩效水平的对策及建议。关键词：并购；因子分析；并购绩效；绩效评价AbstractM&Aisthemostefficientpartinthestockmarket,itcontinuestoenternewcontentandinjectnewvitalitytothemarket,soastocontinuouslypromotethedevelopmentandimprovementofsecuritiesmarkets.Inrecentyears,moreandmorefrequentmergersandacquisitionsoflistedcompaniesoccur,inthiscase,performanceevaluationonmergersandacquisitionsoflistedcompanieshasnotonlybecomeoftheobjectiveneedsoftheirowndevelopment,butalsoaninevitablerequirementofeconomicdevelopmentofourcountry.Thepurposeofthisstudyistoconductanobjectiveevaluationonthelevelofperformanceofmergersandacquisitions,buildingacquisitionsoflistedcompaniestobeempiricalperformanceevaluationmodel.Forsubjectcharacteristics,usingfinancialindicatorsandfactoranalysis,andputsforwardsuggestionsforimprovingthelevelofperformanceoflistedcompaniestoprovidetheoreticalsupport.Firstly,thearticlesummarizesthestudiesontheperformanceevaluationbothhomeandabroad,listsrelatedconceptssystematicallyregardingtotheperformanceevaluation,makeclearitsM&Mtheory,whichlaysthefirststoneofthearticle.Secondly,wegetinformationfromtheChinaSecuritiesRegulatoryCommission'sannouncement,inwhichselected50companiesin2011acquisitionoflistedcompanyinformation,annualreports,selecttherelevantdatainthedatabasetobeoperationalbyCSMARcorrespondingindex.Finally,constructedlevelofM&Aperformanceevaluationmodelusingfactoranalysis,combinedwithevaluationresultsandpracticalproblemsofM&AoflistedcompaniesinChina,thearticleproposescountermeasurestoimprovetheperformanceofthelevelofmergersandacquisitionsoflistedcompaniesinChina.Keywords:MergersandAcquisitions;Performance;MergersandAcquisitionsPerformance;PerformanceEvaluationLevel目录摘要.......................................................................................................................IAbstract.......................................................................................................................II第1章绪论.................................................................................................................11.1选题背景和研究意义....................................................................................11.1.1选题背景.............................................................................................11.1.2研究意义..............................................................................................21.2国内外研究现状............................................................................................21.2.1国外研究现状.....................................................................................21.2.2国内研究现状.....................................................................................41.3研究思路与研究方法....................................................................................51.3.1研究思路.............................................................................................51.3.2研究方法.............................................................................................5第2章并购的理论概述.............................................................................................62.1并购的相关概念............................................................................................62.2并购的分类.....................................................................................................72.3并购的动因理论.............................................................................................72.3.1效率理论.............................................................................................73.3.2委托代理和管理主义理论.................................................................82.3.3信息假说及信号理论.........................................................................82.3.4市场权力假说.....................................................................................9第3章上市公司并购绩效评价设计.......................................................................103.1评价指标的选取..........................................................................................103.1.1盈利能力方面...................................................................................103.1.2偿债能力方面...................................................................................103.1.3成长能力方面...................................................................................113.2评价指标含义..............................................................................................113.3评价方法的选取........................................................................................