文档介绍：山西财经大学
硕士学位论文
外资并购我国上市公司的绩效与效应研究
姓名:宋洁如
申请学位级别:硕士
专业:金融学
指导教师:王森
2006-03-30
摘要
在经济全球化的新形势下,国际资本流动出现新的趋势,跨国并购成为外
国直接投资的主要方式。九十年代以来,随着外商对华投资的不断增长,外资
并购己悄然兴起,中国入世后,国家有关部门相继出台了旨在规范和鼓励外商
投资活动的系列法规,这进一步促使外资并购国内上市公司成为经济生活中的
一个热门话题。外资并购是把双刃剑,其在我国的不断发展必然会给我国国民
经济带来正负两方面的影响,因此,研究外资并购对我国经济及企业微观个体
的绩效影响有着重要的意义,它有助于我们对外资并购做出客观的评价,从而
制定正确的政策建议,使外资并购真正为我国所用。
本文结构大致为:首先,开篇阐述了外资并购相关主要理论,并归纳了外
资并购我国上市公司的动因理论。其次,在概括美国跨国并购的基础上,归纳
出外资并购在我国的现状及特征。其后,本文使用典型案例分析与财务指标分
析相结合的方法,比较了外资并购我国上市公司的前后两年的绩效及影响外资
并购经营绩效的因素。最后,本文结合绩效分析的结果,分析由此所引发的各
种正负效应,并给出了应对外资并购我国上市公司的政策性建议。
国家逐步出台的政策预示着外资进入中国的道路将越来越顺畅。因此,一
方面我们应积极促进外资并购在国内的健康发展,另一方面也要通过对各种有
关外资并购的法律法规进行完善,不断规范外资并购活动。

【关键词】外资并购上市公司并购绩效效应

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Abstract
The development of Foreign-capital M&A, as a “two-edge Sword”, in
china has been bringing both positive and negative effects on China's
economy, which accordingly leads to the controversy on this issue from all
circles. Consequently it is significant to carry out research on the effect
produced by Foreign-capital M&A upon both China's economy and the
domestic individual enterprises. In-depth study on this issue can help us
appraise Foreign-capital M&A objectively and thus draw up correct
policies to make good use of it. The aim of this paper is to survey the
effects on China in a whole aroused by Foreign-capital M&A through
analyzing the performance of the domestic pany after being
merged by foreign capital and to provide some practical foundations and
effective suggestions for solving the above mention controversy.
This paper systematically analyzes the performance of the domestic
pany after Foreign-capital M&A bining the
empirical study and case study together. In this paper, we review the
common M&A motivation and operation performance theory, international
M&A motivation and operation performance theory and relevant empirical
result. On the base of the review, considering the specific situation of
Chinese securiti