文档介绍：首都经济贸易大学
硕士学位论文
从EVA视角看我国上市公司并购绩效
姓名:周凤丹
申请学位级别:硕士
专业:会计
指导教师:张淑焕
20080501
首都经济贸易大学硕士学位论文《从 EVA 视角看我国上市公司并购绩效》

摘要
当前国内外不断涌现的大量并购活动,无疑快速地扩大了企业的规模,但是并购
是否真实地为股东增加了收益,为企业创造了效益,为社会带来了价值呢?
在过去的 30 多年里,西方成熟市场对并购价值效应方面进行了大量的学术研究,
但综合起来看,并购的价值效应存在很大的不确定性。我国目前仍处于转轨经济时期,
并购市场的发展显得尤其重要,因此需要加强对并购活动的研究,其中最关键的就是
研究并购是否创造了价值。针对并购事件给我国上市公司绩效带来的影响,以 2004
年并购事件为样本,运用经济增加值(EVA)建立分析模型,对并购绩效进行了实证研
究。
实证结果表明:并购价值效应方面。第一,我国大部分样本公司发生的并购行为
短期对公司创造价值的能力是有影响的。中长期来看,并购的协同效应开始发挥作用,
但是有一定的时滞。第二,我国上市公司对资本的利用率不够理想。并购重组对收购
公司绩效有一定的正影响效应,但总体上我国并购重组市场的效率较低。为改善并购
企业的绩效,针对我国并购市场存在的问题,提出了如何提高并购企业绩效的一些政
策措施和建议。
关键词:并购上市公司绩效经济增加值

I
首都经济贸易大学硕士学位论文《从 EVA 视角看我国上市公司并购绩效》

ABSTRACT
Nowadays, a large amount of domestic and international M&A happened
constantly. It had undoubtedly expanded the scale of enterprises at a fast speed. But
whether had it increased es for the shareholders, created benefit for enterprises and
brought value to the society?
Over the past 30 years, western scholars had carried on lots of academic researches in
the value effect of M&A, but great uncertainty exists in general. Since our country is still
in economic transition period, the development of M&A market seems extremely
important. We need to strengthen the study on takeover. Therefore study on whether M&A
creates value or not is the most important thing. To study the effect on the
performance of M&A of panies in China, firstly, selecting the listed
companies, whose M&A happened in 2004 as samples, analytic models are established by
EVA; then, empirical tests of sample are done.
Empirical results show: Value effect side,firstly, the M&A activities by most of
sample firms in our country have the negative influence to their capability, which is to
create value in short term. From the long-term point of view, M&A synergy start e
into play, but it has a certain time lag. Secondly, the capital utilization rates of the