發(fā)布時(shí)間：2018-01-05 05:09

  本文關(guān)鍵詞：旅游行業(yè)上市公司并購(gòu)績(jī)效實(shí)證研究　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來(lái),在我國(guó)加快推進(jìn)經(jīng)濟(jì)轉(zhuǎn)型和產(chǎn)業(yè)升級(jí),以可持續(xù)發(fā)展為目標(biāo)的大背景下,大力發(fā)展旅游產(chǎn)業(yè)成為我國(guó)很多地區(qū)的選擇。隨著我國(guó)人民生活水平的不斷提高以及我國(guó)國(guó)際地位的提升,旅游產(chǎn)業(yè)存在巨大的發(fā)展空間。作為旅游產(chǎn)業(yè)重要組成的旅游企業(yè)近年來(lái)高速成長(zhǎng),無(wú)論從企業(yè)的資產(chǎn)規(guī)模還是經(jīng)營(yíng)效率都比過(guò)去都有大幅度的提升,但與世界上優(yōu)秀旅游企業(yè)相比依然存在許多有待改善的地方。企業(yè)并購(gòu)既是企業(yè)發(fā)展的重要途徑,也是市場(chǎng)重新配置社會(huì)資源的有力手段。隨著我國(guó)市場(chǎng)經(jīng)濟(jì)體制的進(jìn)一步完善和現(xiàn)代企業(yè)制度的逐步建立,相關(guān)法規(guī)政策的出臺(tái),股權(quán)分置改革的全面開(kāi)展以及資本市場(chǎng)的國(guó)際化,旅游企業(yè)通過(guò)并購(gòu)實(shí)現(xiàn)快速擴(kuò)張將逐漸成為企業(yè)實(shí)現(xiàn)發(fā)展的主要途徑。但是對(duì)于國(guó)內(nèi)旅游行業(yè)企業(yè)并購(gòu)方面的研究尚不成熟,企業(yè)并購(gòu)績(jī)效的研究處于起步階段。本文在現(xiàn)有研究的基礎(chǔ)上,首先對(duì)我國(guó)旅游行業(yè)上市公司并購(gòu)的動(dòng)因和并購(gòu)績(jī)效進(jìn)行了理論分析,接下來(lái)以2006到2011年我國(guó)旅游行業(yè)上市公司所實(shí)施的14個(gè)并購(gòu)事件為樣本,使用由8個(gè)財(cái)務(wù)指標(biāo)組成的企業(yè)綜合績(jī)效財(cái)務(wù)指標(biāo)評(píng)價(jià)模型,以財(cái)務(wù)指標(biāo)評(píng)價(jià)法作為并購(gòu)績(jī)效研究方法,運(yùn)用因子分析法對(duì)相關(guān)數(shù)據(jù)進(jìn)行統(tǒng)計(jì)分析,對(duì)企業(yè)實(shí)施并購(gòu)前后的整體績(jī)效表現(xiàn)進(jìn)行了實(shí)證研究。研究的結(jié)果表明：首先,從整體上看旅游行業(yè)上市公司實(shí)施并購(gòu)當(dāng)年和并購(gòu)后一年公司的綜合績(jī)效得到了一定程度提升,但接下來(lái)績(jī)效普遍下滑；其次,目前我國(guó)旅游企業(yè)實(shí)施的并購(gòu)主要以橫向并購(gòu)和縱向并購(gòu)為主,從綜合績(jī)效表現(xiàn)來(lái)看橫向并購(gòu)績(jī)效優(yōu)于縱向并購(gòu)的績(jī)效表現(xiàn),但這種差異并不具有統(tǒng)計(jì)顯著性；最后,并購(gòu)雙方是否為構(gòu)成關(guān)聯(lián)交易對(duì)旅游企業(yè)并購(gòu)績(jī)效表現(xiàn)影響顯著,從整體上看非關(guān)聯(lián)交易的績(jī)效表現(xiàn)要好于關(guān)聯(lián)交易的績(jī)效表現(xiàn)。在論文的最后,結(jié)合實(shí)證研究的結(jié)果,從旅游企業(yè)發(fā)展戰(zhàn)略、并購(gòu)后的整合策略、并購(gòu)的外部市場(chǎng)環(huán)境等方面,深入分析了現(xiàn)階段旅游企業(yè)并購(gòu)過(guò)程中存在的問(wèn)題,提出了相關(guān)的對(duì)策和建議。
[Abstract]:In recent years, in our country to accelerate the economic transformation and industrial upgrading, with the goal of sustainable development as the background. Vigorously developing tourism industry has become the choice of many areas in China. With the continuous improvement of the living standards of our people and the promotion of our international status. Tourism industry has a huge space for development. As an important component of the tourism industry, tourism enterprises have grown rapidly in recent years, both in terms of the scale of assets and operating efficiency of enterprises have greatly improved compared with the past. However, compared with the excellent tourism enterprises in the world, there are still many areas to be improved. M & A is an important way for the development of enterprises. It is also a powerful means for the market to reconfigure social resources. With the further improvement of our market economy system and the gradual establishment of modern enterprise system, relevant laws and regulations have been issued. The overall development of the split share structure reform and the internationalization of the capital market. Tourism enterprises through mergers and acquisitions to achieve rapid expansion will gradually become the main way to achieve the development of enterprises, but the domestic tourism industry M & A research is not yet mature. The research of M & A performance is still in its infancy. On the basis of the existing research, this paper makes a theoretical analysis on the causes and performance of M & A of listed companies in the tourism industry in China. Then, based on the 14 M & A events carried out by listed companies in tourism industry from 2006 to 2011, we use the comprehensive performance financial index evaluation model which consists of 8 financial indicators. Taking the financial index evaluation method as the research method of M & A performance, using factor analysis method to carry on the statistical analysis to the related data. The overall performance of enterprises before and after the implementation of mergers and acquisitions is studied empirically. The results show that: first of all. On the whole, the comprehensive performance of the tourism industry listed companies in the year of merger and acquisition and one year after M & A has been improved to a certain extent, but the performance has generally declined; Secondly, at present, the tourism enterprises in China mainly implement horizontal mergers and vertical mergers and acquisitions, from the comprehensive performance of horizontal mergers and acquisitions performance than vertical mergers and acquisitions performance performance. But the difference is not statistically significant. Finally, whether the two sides of M & A has a significant impact on the performance of M & A performance of tourism enterprises as a whole, the performance of non-affiliated transactions is better than that of related party transactions. At the end of the paper. Combined with the results of empirical research, from the development strategy of tourism enterprises, the integration strategy after M & A, the external market environment of M & A, this paper deeply analyzes the existing problems in the process of M & A of tourism enterprises at this stage. The relevant countermeasures and suggestions are put forward.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F271;F592.6

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本文編號(hào)：1381678