發(fā)布時間：2018-03-17 18:34

  本文選題：制造業(yè)　切入點(diǎn)：上市公司　出處：《中國地質(zhì)大學(xué)（北京）》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：從19世紀(jì)末20世紀(jì)初開始，西方國家在短短的一百多年里先后發(fā)生了五次并購浪潮。總體而言，企業(yè)并購促進(jìn)了財(cái)富的集中和資源的優(yōu)化配置，是促進(jìn)西方國家大型企業(yè)集團(tuán)發(fā)展，推動其產(chǎn)業(yè)結(jié)構(gòu)升級的重要力量。我國經(jīng)濟(jì)體制改革的起步時間較晚，，證券市場的正式建立更是在進(jìn)入90年代后，所以國內(nèi)上市公司的并購活動發(fā)生時間也比較晚。從1993年深圳寶安集團(tuán)收購上海延中算起，至今不超過二十個年頭。但隨著社會經(jīng)濟(jì)的持續(xù)發(fā)展和企業(yè)管理體制的不斷進(jìn)步，中國企業(yè)并購交易的數(shù)量和規(guī)模增長迅速，并購在中國的社會經(jīng)濟(jì)發(fā)展和企業(yè)改革中發(fā)揮著越來越重要的作用。 并購是否能夠真正增加企業(yè)的效益以及股東的財(cái)富，這個問題始終被廣大學(xué)者和研究機(jī)構(gòu)所關(guān)注。對此，中西方學(xué)者進(jìn)行了深入的研究和分析，大部分學(xué)者認(rèn)為并購活動對被并購企業(yè)的收益會產(chǎn)生積極的影響，而對主并購方企業(yè)的影響卻沒有形成一致結(jié)論。由此可見，并購的價(jià)值效應(yīng)存在著較大的不確定性，對并購交易的研究仍需要加強(qiáng)，而研究的關(guān)鍵就是要明確并購活動能否為主并購方企業(yè)以及社會創(chuàng)造財(cái)富和價(jià)值。 在我國的國民經(jīng)濟(jì)結(jié)構(gòu)中，制造業(yè)處于不可動搖的優(yōu)勢地位，近年來制造業(yè)領(lǐng)域內(nèi)發(fā)生的并購交易更是如火如荼。統(tǒng)計(jì)資料顯示，2009年我國共發(fā)生并購交易1508筆，總交易金額超過335964億元人民幣，而其中制造業(yè)涉及的并購交易有561筆，金額達(dá)11667054萬元，無論在交易數(shù)量上還是金額上，制造業(yè)都居全部行業(yè)的首位。因此，本文將制造業(yè)上市公司的并購交易當(dāng)作研究對象，以2009年發(fā)生并購交易且作為主并購方的24家制造業(yè)上市公司為研究樣本，在回顧國內(nèi)外并購績效研究成果和相關(guān)并購理論的基礎(chǔ)上，運(yùn)用八項(xiàng)企業(yè)財(cái)務(wù)指標(biāo)構(gòu)建因子分析模型和回歸分析模型，評價(jià)研究了企業(yè)并購的績效。研究結(jié)論表明，在制造業(yè)上市公司的并購活動中，主并購方可以獲得正效益。 最后，在評價(jià)研究結(jié)論的基礎(chǔ)上，本文分別站在政府和企業(yè)的角度為改善我國制造業(yè)上市公司的并購績效提出了建議，以推動企業(yè)并購交易的規(guī)范化和并購市場的健康有序發(fā)展。
[Abstract]:Since the end of 19th century and the beginning of 20th century, there have been five waves of mergers and acquisitions in western countries in a short period of more than 100 years. In general, corporate mergers and acquisitions have promoted the concentration of wealth and the optimal allocation of resources. It is an important force to promote the development of large enterprise groups in western countries and to promote the upgrading of their industrial structure. China's economic system reform started relatively late, and the formal establishment of the securities market entered into 90s. So the M & A activities of domestic listed companies also took place relatively late. Since 1993, when Shenzhen Baoan Group acquired Shanghai Yanzhong, it has not been more than 20 years. But with the sustained development of social economy and the continuous progress of the enterprise management system, The number and scale of M & A transactions in China are increasing rapidly. M & A plays a more and more important role in the social and economic development and enterprise reform in China. Whether M & A can really increase the benefits of enterprises and the wealth of shareholders has always been the concern of scholars and research institutions. For this, Chinese and Western scholars have carried out in-depth research and analysis. Most scholars believe that M & A activities will have a positive impact on the earnings of the M & A enterprises, but the impact on the main M & A enterprises has not reached a consistent conclusion. This shows that there is greater uncertainty about the value effect of M & A. The research on M & A transaction still needs to be strengthened, and the key of the research is to make clear whether M & A activities can be the main enterprise of M & A and whether the society can create wealth and value. In the national economic structure of our country, the manufacturing industry is in an unshakeable position. In recent years, M & A transactions in the field of manufacturing industry are in full swing. Statistics show that in 2009, 1508 M & A transactions occurred in China. The total amount of transactions is more than thirty-three trillion five hundred and ninety-six billion four hundred million yuan, of which 561 mergers and acquisitions involving the manufacturing industry amount to one hundred and sixteen billion six hundred and seventy million five hundred and forty thousand yuan. In terms of both the number of transactions and the amount of transactions, the manufacturing industry ranks first in all industries. In this paper, the M & A transaction of listed manufacturing companies is taken as the research object, with 24 listed manufacturing companies as the main M & A parties in 2009 as the research sample. On the basis of reviewing the research results of M & A performance and related M & A theories at home and abroad, using eight financial indexes to construct factor analysis model and regression analysis model, this paper evaluates and studies the performance of M & A. In the M & A activities of listed manufacturing companies, the main M & A parties can obtain positive benefits. Finally, on the basis of evaluating the research conclusions, this paper puts forward some suggestions to improve the M & A performance of listed manufacturing companies in China from the angle of government and enterprise respectively. In order to promote the standardization of M & A transactions and the healthy and orderly development of M & A market.
【學(xué)位授予單位】：中國地質(zhì)大學(xué)（北京）
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F271;F425

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