資源描述：
《我國(guó)上市公司并購(gòu)績(jī)效分析》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、-------AbstractASTUDYOFTHEM&APERFORMANCEOFCHINESELISTEDCOMPANIESABSTRACTTosurviveintheincreasinglyfiercecompetitiveenvironment,therearetwodevelopingroutesforanenterprisetochoosefrom.Thefirstrouteobtainsgraduallygrowthbyinternalcapitalaccumulation,whil
2、ethesecondroutestrengthensthecapitalgrossandmakesagreatleapforwardbymergerandacquisition.China'seconomicdevelopmentandglobalizationbringhugecompetitionpressuretodomesticenterprises,andasaresultincreasestheM&Aactivitiesamonglistedcompanies.Moreandmored
3、omesticenterprisesprefertoenhancetheircorecompetencethroughM&A.TheresearchofenterpriseM&Ahasalwaysbeenahotandconcernedtopic.OurcurrentM&AperformanceresearchandanalysisareaimedatthewholeM&AMarket.WemainlydiscusswhethertheM&Aactivtiesarereallycreatingva
4、lue,andwhowillacquirethecreatedvalue.Asfarasweknow,thereareveryfewcomparativestudiesoflistedcompanies'M&Aperformancebysectors.Differentsectorshavedifferentindustrylifecycles,developmentstrategiesandmergertypes.Basedontheanalysisoftheoverallperformance
5、trendsin2010M&Aevents,weanalysetheM&Aperformancedifferencesamongindustries.Wetake323ListedcompaniesthatinvolvedinmergersandacquisitionseventsinChinaasourresearchobjectsandselect13financialindicatorsthatrepresentthecompany'soperationability、profitabili
6、ty、growthabilityanddebtpayingability.ThemergersandacquisitionsperformanceevaluationmodelisbuiltbySPSSsoftware.Onthebasisofthismodel,wemeasureacompany'sM&Aperformanceduringtheyearbeforetheeventandfouryearsaftertheevent.Inordertogetmoreaccurateconclusio
7、ns,weclassifythesamplesbylifecyclestageandmergertype.TheclassificationhelpsusfiguringoutthemergertypethatgetsthebestM&Aperformance.Theempiricalresultsshowedthat:(1)TheperformanceoflimitcompaniesinChinadon'thaveobviouschangesafterM&Aevent.IntheyearM&Ah
8、appened,theybehavebetterthantheyearbeforeM&A.TheirperformancesdeclineinthefirstyearandincreaseagaininthesecondandthethirdyearafterM&A.Overall,theperformancesofallM&Acompanieshaven'timprovedsignificantly.(2)Inspectingfromtheindustries'perspecti
