我国上市公司跨国并购的绩效评估.doc

我国上市公司跨国并购的绩效评估----以汽车行业为例 摘要 随着中国加入WTO已经走过了第十个年头，而经济也继续飞速发展，越来越多的中国企业开始通过“走出去”跨国并购战略，进行海外扩张。特别是在金融风暴后全球资本市场市值大幅缩水时，许多中国企业更希望能抓住这一难得的机会在跨国并购中有所收获。然而，中国企业的跨国并购能否真正提高中国企业的绩效水平呢？这一课题引发了实务界和学术界的强烈关注。 对此，本文将以汽车行业为代表，对中国上市公司跨国并购的绩效水平进行一定的研究和分析。本文第一部分，介绍了企业并购的基本概念以及重要的绩效分析方法。第二部分，介绍了中国汽车行业上市公司进行企业跨国并购的历史进程、发展现状及特点。第三部分，运用会计研究法，采用具有典型意义的财务指标，考核企业跨国并购前一年、并购当年、并购后一年绩效水平的变化情况，发现跨国并购发生后绩效水平出现了下降。第四部分，本文分析了导致企业并购绩效较低的原因。第五部分，根据企业跨国并购中存在的实际问题，对企业和政府提出了相关的对策建议。第六部分，对全文进行了总结。 关键词：跨国并购 绩效 对策建议 Abstract China has joined the WTO ten years, with China’s rapid economic development, more and more Chinese enterprises have been expanding overseas through cross-border mergers and acquisitions．Especially after the global capital market has shrunk dramatically, a number of Chinese enterprises want to take this opportunity to gain in cross-border MA. However, the cross-border MA of those Chinese enterprises can really improve the performance very well? This paper will be represented by the automotive industry, research and analysis on the performance of cross-border MA of Chinese listed company. The first part introduces the basic concept of MA as well as important performance analysis method. The second part describes the evolution process of Chinas automobile industry companies cross-border MA, development status and characteristics. The third part, using the method of accounting research, assessed cross-border MA of enterprises the previous year, M A year, year post-merger. Through the assessment, the performance has shown after cross-border MA. In fourth parts, analyzes the reasons for the low performance. The fifth parts, according to the problems in cross-border MA, the paper giving enterprises and government recommendations. The sixth parts summarized of the full text. Keywords： MA Performance recommendation 目录 摘要 4 Abstract 5 一、前言 7 （一）、相关概念的界定 7 1、跨国并购的概念 7 2、跨国并购的绩效分析 7 (二)、绩效评估的方法 8 1、事件研究法 8 2、会计研究法 8 二、 我国汽车行业的跨国并购 9 （二）、我国汽车行业跨国并购的特点 10 1、跨国并购的规模巨大 10 2、 我国汽车行业跨国并购处于