并购策略对企业并购绩效的影响——基于中国a股市场产业并购数据-金融学专业论文.docx

I I 摘 要 并购重组在企业的生命周期中扮演着重要的作用。我国的资本市场自建立以 来，大量企业进行了并购重组交易。特别是近年来，以“产业并购”为代表的高度 市场化的并购交易形式呈现出加速增长的态势，但也出现了一些问题。因此有必 要对该种并购交易进行深入研究。研究不仅要在宏观上分析其并购绩效，同时还 要在微观上研究并购交易的策略性因素对并购交易绩效的影响，从而更利于企业 并购绩效的提高。 为了研究该问题，本文选取了 2007 年至 2012 年 A 股“产业并购”交易为样 本案例，依据实证研究中的财务分析法，选取样本案例并购方在并购前后年度 9 个方面的具体财务指标，通过因子分析法来衡量企业的并购绩效。同时为避免行 业周期因素的干扰，本文对样本并购绩效剔除了所在行业的趋势性因素。然后对 样本案例的并购策略因素变量值和并购绩效变量值进行回归分析，研究了并购交 易中“并购主体”、“并购方向”、“相对规模”、“估值比率”、“支付手段” 五个方面的策略因素对并购交易绩效的影响。 根据上述研究，本文得出结论：在“产业并购”中，民资企业比国资企业的 并购绩效好；高估值比率比低估值比率的并购绩效好；股份支付比现金支付的并 购绩效好。而“并购主体”和“相对规模”因素对并购绩效无显著的影响。最后， 本文对研究结论在理论和实践层面上都进行了总结分析，并有针对性的提出了一 些意见建议。 关键词：产业并购，并购绩效，并购策略 II II Abstract MA plays an important role in the Corporate Life Cycles. Nearly every giant corporate in western world was made in this kind of Extensional Growth Approach. Since the foundation of our own capital market, a lots of firms has undergone the merger and acquisition. Especially in recent years, the highly marketing Industrial Acquisition has made a great progress in both number and amount of money, and is still growing rapidly. However, many problems also emerged in this process. Some firms obtained fast growth through Industrial Acquisition, while some firms bearded the heavy burden. So it is very urgent to make a profound study of the Industrial Acquisition. The study of the Industrial Acquisition should not only focus on its profitability in the macro-level, but also on the definite influence of specific dealing factors, as in the micro-level. To study this problem, I chose 39 Industrial Acquisition cases from 2007 to 2012 in our capital market and analyzed these data through the factor analysis of some financial index in 9 aspects of the bidders before and after the deal happening. At the meanwhile, I rejected the industrial cycle influence of the case data to make a more scientific and accurate result. The I made the regression analysis between the deal factors and the deal profitability to study the influence of the nature, direction, scale, P/E and