發(fā)布時(shí)間：2018-05-02 21:19

  本文選題：海外并購 + 并購績效�。� 參考：《山東大學(xué)》2013年碩士論文

【摘要】：進(jìn)入21世紀(jì)特別是2008年全球金融危機(jī)之后,中國企業(yè)的國際化戰(zhàn)略進(jìn)入一個(gè)新的階段,大量中國企業(yè)“走出去”對外直接投資,在我國企業(yè)的對外直接投資中,跨國并購所占比例逐步提高,中國企業(yè)海外并購后的經(jīng)營情況越來越受到政府和企業(yè)界的重視,為此,中國企業(yè)海外并購的經(jīng)營績效成為學(xué)術(shù)界深入研究的重要課題。 本文歸納和總結(jié)了對外直接投資理論和企業(yè)跨國并購理論,在此基礎(chǔ)上展開了對中國企業(yè)海外并購的研究。首先本文對中國企業(yè)跨國并購的概況進(jìn)行了較為細(xì)致的描述和統(tǒng)計(jì),本文搜集了大量的數(shù)據(jù)資料統(tǒng)計(jì)分析了我國企業(yè)海外并購的現(xiàn)狀和特征,通過這些資料的統(tǒng)計(jì),我們發(fā)現(xiàn),就行業(yè)分布來看,能源、資源及制造業(yè)是我國企業(yè)海外并購較為集中的行業(yè),但全球跨國并購居主導(dǎo)的行業(yè)則是服務(wù)業(yè)；就并購目標(biāo)地區(qū)來看,北美是我國企業(yè)并購?fù)顿Y鐘愛的地區(qū)；就并購主體來看,大型國企仍然主導(dǎo)我國企業(yè)的海外并購,但民營企業(yè)的海外并購日趨活躍；就并購動(dòng)機(jī)來看,我國企業(yè)的并購動(dòng)機(jī)經(jīng)歷了獲取資源、獲取品牌、獲取知識產(chǎn)權(quán)的變化。 本文借助SPSS17.0軟件采用因子分析法對23家發(fā)生了海外并購事件的中國上市企業(yè)的14項(xiàng)財(cái)務(wù)指標(biāo)進(jìn)行了主成分分析,考察了各樣本企業(yè)各年的綜合得分,通過差值分析比較了這些企業(yè)并購前后的績效變化,本文得出了如下結(jié)論：(1)總體而言,中國企業(yè)跨國并購短期內(nèi)績效變化不大,甚至出現(xiàn)了下降,但是從長期來看有利于我國企業(yè)績效的改善；(2)從分行業(yè)的角度來看,制造業(yè)企業(yè)的跨國并購在短期內(nèi)可以有效的改善企業(yè)績效,但在長期中卻出現(xiàn)了績效的下降,反而低于并購前的企業(yè)績效：非制造業(yè)企業(yè)通過跨國并購在短期內(nèi)難以改善企業(yè)自身的績效,反而出現(xiàn)了績效的下降,但在中長期內(nèi),跨國并購可以有效的改善非制造業(yè)企業(yè)的整體績效；(3)按照被收購企業(yè)所屬國家和地區(qū)來看,并購發(fā)達(dá)國家企業(yè)在短期內(nèi)反而使得并購企業(yè)出現(xiàn)了績效的下降,但中長期內(nèi)卻有助于改善并購企業(yè)的績效；并購發(fā)展中國家的企業(yè)在并購后的一兩年內(nèi)有利于改善并購企業(yè)的整體績效,但是在并購后的第3年和第4年卻出現(xiàn)了企業(yè)績效的下滑,其整體績效反而低于并購前的并購企業(yè)整體績效；(4)從分企業(yè)所有制的角度來看,中央企業(yè)在跨國并購后,其整體績效出現(xiàn)了較大幅度下降,跨國并購不利于中央企業(yè)整體績效的改善；地方性國有企業(yè)在并購后四五年內(nèi)出現(xiàn)了企業(yè)績效的下降,但在此之后其整體績效相比于并購前卻有了明顯的改善；民營企業(yè)跨國并購后其績效變化大體上與地方性國有企業(yè)相同。
[Abstract]:In the 21st century, especially after the global financial crisis in 2008, the internationalization strategy of Chinese enterprises has entered a new stage. A large number of Chinese enterprises "go out" to make foreign direct investment, and in the foreign direct investment of Chinese enterprises, The proportion of transnational M & A has gradually increased, and the management of Chinese enterprises overseas M & A has been paid more and more attention by the government and the business community. Therefore, the performance of overseas M & A of Chinese enterprises has become an important research topic in academic circles. This paper summarizes the theory of foreign direct investment (FDI) and transnational M & A (M & A), and studies the overseas M & A (M & A) of Chinese enterprises. First of all, this paper makes a detailed description and statistics on the general situation of cross-border mergers and acquisitions of Chinese enterprises. This paper collects a lot of data and analyzes the current situation and characteristics of overseas mergers and acquisitions of Chinese enterprises. Through the statistics of these data, we find that, In terms of industry distribution, energy, resources and manufacturing industries are relatively concentrated in overseas M & A of Chinese enterprises, but the leading industries in global cross-border M & A are the service industry. In terms of the target areas of M & A, North America is the favorite area for Chinese enterprises to invest in M & A; in terms of the subject of M & A, large state-owned enterprises still dominate the overseas M & A of Chinese enterprises, but the overseas M & A of private enterprises is becoming more and more active; in terms of the motive of M & A, The M & A motivation of Chinese enterprises has experienced the change of acquiring resources, acquiring brands and acquiring intellectual property. In this paper, the principal component analysis (PCA) of 14 financial indexes of 23 Chinese listed companies with overseas M & A events is carried out with the help of SPSS17.0 software, and the comprehensive scores of each sample enterprise in each year are investigated. This paper compares the performance changes of these enterprises before and after M & A by difference analysis, and draws the following conclusion: (1) overall, the performance of cross-border M & A in China does not change much in the short term, or even decline in the short term. However, in the long run, it is beneficial to the improvement of enterprise performance in our country. From the perspective of sub-industry, the cross-border mergers and acquisitions of manufacturing enterprises can effectively improve the performance of enterprises in the short term, but in the long run there has been a decline in performance. In the short term, it is difficult for non-manufacturing enterprises to improve their own performance, but in the medium to long term, there is a decline in performance, but in the medium and long term, it is difficult for non-manufacturing enterprises to improve their own performance in the short term. Cross-border M & A can effectively improve the overall performance of non-manufacturing enterprises. According to the countries and regions where the acquired enterprises belong, M & A enterprises in developed countries have, in the short term, resulted in a decline in the performance of M & A enterprises. But in the medium and long term, it will help to improve the performance of M & A enterprises in developing countries, and in one or two years after M & A, it will help to improve the overall performance of M & A enterprises. However, in the third and fourth years after M & A, the corporate performance declined, and its overall performance was lower than that of the M & A enterprises before M & A.) from the perspective of sub-enterprise ownership, the central enterprises after cross-border mergers and acquisitions. The overall performance of the local state-owned enterprises has declined considerably, and transnational M & A is not conducive to the improvement of the overall performance of the central enterprises, and the performance of local state-owned enterprises has declined within four to five years after the M & A. But after this, its overall performance has obviously improved compared with that before M & A. The change of performance of private enterprises after cross-border M & A is basically the same as that of local state-owned enterprises.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F279.23

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