文档介绍：Classified Index: .: for the Master Degree in Management EXAMINING THE PERFORMANCE OF PANGY ACQUISITIONS BASED ON THE MOTIVE FOR THE ACQUISITONCandidate: Wang YoushunSupervisor: Associate Prof. Liu Yushan Academic Degree Applied for: Master Degree of ManagementSpecialty: Management Science & Engineering Affiliation: BeiJing HaoCheng Investment Management Co.,Ltd. Date of Defense: December, 2007 Degree-Offering-Institution: Harbin Institute of Technology哈尔滨工业大学管理学硕士学位论文摘要随着资本市场的发展,上市公司并购活动日益频繁,如何提高上市公司并购绩效,不仅是各国学者一直研究和关注的重点问题,也是企业并购中面临的重要课题。不同的并购动机会产生不同的并购绩效,发挥现代公司的治理机制,树立合理的并购动机,是上市公司提高并购绩效的有效手段。本文从并购动机分析和并购绩效评价入手,对国内外并购动机和并购绩效的研究现状进行了综述,借鉴国内外并购绩效评价理论,对基于不同并购动机的我国上海A股市场2004-2005年并购样本进行了归类,然后针对各样本中上市公司并购的长期绩效进行了分析,实证结果表明代理动机并购组占并购的绝大部分,协同效应为动机的并购长期绩效要优于代理动机的并购,同时协同效应为动机的并购提高企业的并购绩效,而代理动机型的并购则降低企业的并购绩效。目前的资本市场环境下,并购活动并不能真正提高上市公司的绩效,而只是其摆脱当前经济不景气的一种手段,虽然短期的财务状况得到了改善,但是从长期来看,经营业绩仍然呈现下滑趋势。在实证分析的基础上,针对企业并购协同效应难以体现的原因,提出了完善上市公司并购外部环境的建议和加强上市公司并购控制能力等提高我国上市公司并购绩效的对策建议。关键词并购动机;并购绩效;上市公司- I - 哈尔滨工业大学管理学硕士学位论文Abstract pany M&A have been mon along with the development of the capital market. How to improve the performance of the pany M&A, which is not only a very important problem pany performance for many scholars in different countries, but also a very important problem for the manger in the M&A activity. Different M&A motives can produce different M&A performances. The pany corporate governance and the building rational M&A motive are the effective methods. This paper firstly analyzes the M&A motive and the M&A performance evaluation, then summarize the research actuality both at home and merger motives to partition the sample of acquisitions, I distinguish between value-enhancing mergers (conjectured as motivated by synergy) and value-reducing mergers (inferred as motivated by agency).These two merger sub-samples are then analyzed to study the long-term performance of the firms in each group. Res