文档介绍：华北电力大学(保定)
硕士学位论文
基于财务指标评价法的中国上市公司并购绩效实证研究
姓名:吴忠仁
申请学位级别:硕士
专业:工商管理;会计学
指导教师:李永臣
2011-03
摘要
摘要
近年来,中国经济迅速发展,世界经济一体化进程加速,为了增强市场竞争力
和获取更为丰厚的利润,中国上市公司并购浪潮风起云涌。理论研究认为,并购作
为企业配置资源的手段,从企业微观发展方面,有利于企业实现规模效应,降低交
易费用,开展多元化经营;从国家宏观调控方面,有利于产业结构调整,合理配置
资源,提升企业绩效。
但是,中国资本市场有效性明显不足,发展不够成熟,上市公司并购带有很强
的投机性,频繁发生的上市公司并购活动是否能提升企业的绩效和增加股东的财
富?如何检验上市公司的绩效是否提升?如何分析影响中国上市公司并购绩效的
因素?这些都是值得理论界和实践界密切关注和深入研究的问题,也是本文努力探
讨的问题。
本文在大量阅读国内外相关文献基础上,以企业并购绩效理论为基础,以沪深
两市经过剔除筛选得到的有效并购事件作为研究样本,选用中国上市公司年报财务
数据,采用财务指标评价法,构建中国上市公司财务指标体系,然后利用主成分分
析法,构建中国上市公司并购绩效综合得分模型,根据所有样本并购绩效的综合得
分、综合得分差值的均值和正值比例,分别分析样本公司并购后经营业绩的改善情
况、中国上市公司并购整体绩效提升情况和通过并购实现经营业绩改善的上市公司
数量比例情况。最后本文对实证结果进行了理论解释,并对如何提升中国上市公司
并购绩效提出了建议。

关键词:中国上市公司;并购绩效;财务指标评价法;综合得分模型;实证研究
I
Abstract

Abstract
In recent years , with the rapid development of China's economic and the
acceleration of the world economic integration, in order to enhance market
competitiveness and get more profit , mergers and acquisitions of panies in
China have great growth. Theoretical studies suggest that as a means of allocating
resources, to the development of enterprises, M&A can help enterprises to achieve
economies of scale, to lower transaction costs, to carry out diversification. To the national
macro-control, M&A is conducive to industrial restructuring and enterprise performance
improving.
However, as China's securities market has not yet matured perfect, M&A of listed
companies has seen an obvious speculation, so whether frequent M&A of listed
companies can enhance corporate performance and increase shareholder wealth? How to
test whether the performance of panies has enhanced? How to analyze the
factors of the performance of panies in China? It is worth to concern and study
these issues to munity of theory and practice.
This paper is based on the theory of M & A performance by referring a lot of
relevant literature. It selects effective M & A events by filtering in Shanghai and
Shen