文档介绍：河北经贸大学
硕士学位论文
我国房地产公司并购动因、模式及影响
姓名:吴蕊
申请学位级别:硕士
专业:金融学
指导教师:王重润
20080501
我国房地产公司并购动因、模式及影响

摘要

企业并购作为优化资源配置手段,在西方国家由来已久。我国随着市场化程度的加
深,以及经济体制改革的深化、产业结构的调整、国际竞争的加剧等多方面的原因,企
业并购成为其迅速发展壮大的重要方式。我国房地产业作为拉动国民经济增长的重要产
业,近年来保持了较高的发展速度,高速的发展使产业成长过程中分化、派生、融合与
扩张同时共存。随着房地产市场竞争的日益激烈,各项针对房地产市场的宏观调控出台,
客观上需要房地产企业扩大规模、降低成本快速提升竞争力,这促使大量房地产开发企
业通过并购等方式进行重组,尽快适应经济发展的需要,房地产企业并购在这种动力之
下快速发展。通过并购房地产企业自身规模得到扩大,更有能力控制自身成本、价格、
资金筹措以及客户的购买行为,同时通过并购,也有助于企业降低进入新市场的成本。
正是基于以上考虑,本文选择我国房地产并购为题,以一般企业并购理论和现代产
业组织理论作为理论依据,对企业并购这一市场行为综合地、全面地分析。本文首先对
国内外并购研究进行了梳理,并作了简要评价;继而对我国房地产市场并购的动因及模
式作了分析,揭示了当前我国房地产并购的现状和主要特征;其次对房地产公司并购产
生的宏观影响做了分析,同时利用产业组织理论考察了并购给房地产行业结构带来的影
响,并利用部分发生并购的房地产上市公司的财务数据对其并购绩效作了分析,得出结
论:我国房地产公司并购利于绩效的改善,一定程度上促进了房地产行业集中度的提高,
优化了房地产市场的结构,稳定宏观经济运行,促进了房地产市场的可持续发展。

关键词:房地产;绩效;企业并购;市场结构;影响
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河北经贸大学硕士学位论文

Abstract
As a method for optimizing allocation of resources, mergers and acquisitions (M&A) is
long-standing in the western countries. With the deepening of China’s marketization, and
because of further reform of economic system, adjustment of industrial structure, intensified
petition and so on, M&A is rapidly expanding as an important mode. In
recent years, the real estate, which is a pillar industry pulling the national economy, has
maintained a relatively high speed of development and the high-speed development of real
estate makes the differentiation, derivation, integration and expansion in the process of
industry growth coexist. With the real estate petition ing increasingly fierce,
all kinds of macro-control policies against the real estate market introduced, objectively, it
needs that enterprises of real estate enlarge the size, lower the cost to improve the
competitiveness quickly, which promotes plenty of enterprises of real estate development to
restructure through the ways of M&A .etc to adapt to the economic development as soon as
possible, under this motivation, M&A of real esta