本文選題：制造業　切入點：上市公司　出處：《中國地質大學（北京）》2013年碩士論文　論文類型：學位論文

【摘要】：從19世紀末20世紀初開始，西方國家在短短的一百多年里先后發生了五次并購浪潮。總體而言，企業并購促進了財富的集中和資源的優化配置，是促進西方國家大型企業集團發展，推動其產業結構升級的重要力量。我國經濟體制改革的起步時間較晚，，證券市場的正式建立更是在進入90年代后，所以國內上市公司的并購活動發生時間也比較晚。從1993年深圳寶安集團收購上海延中算起，至今不超過二十個年頭。但隨著社會經濟的持續發展和企業管理體制的不斷進步，中國企業并購交易的數量和規模增長迅速，并購在中國的社會經濟發展和企業改革中發揮著越來越重要的作用。 并購是否能夠真正增加企業的效益以及股東的財富，這個問題始終被廣大學者和研究機構所關注。對此，中西方學者進行了深入的研究和分析，大部分學者認為并購活動對被并購企業的收益會產生積極的影響，而對主并購方企業的影響卻沒有形成一致結論。由此可見，并購的價值效應存在著較大的不確定性，對并購交易的研究仍需要加強，而研究的關鍵就是要明確并購活動能否為主并購方企業以及社會創造財富和價值。 在我國的國民經濟結構中，制造業處于不可動搖的優勢地位，近年來制造業領域內發生的并購交易更是如火如荼。統計資料顯示，2009年我國共發生并購交易1508筆，總交易金額超過335964億元人民幣，而其中制造業涉及的并購交易有561筆，金額達11667054萬元，無論在交易數量上還是金額上，制造業都居全部行業的首位。因此，本文將制造業上市公司的并購交易當作研究對象，以2009年發生并購交易且作為主并購方的24家制造業上市公司為研究樣本，在回顧國內外并購績效研究成果和相關并購理論的基礎上，運用八項企業財務指標構建因子分析模型和回歸分析模型，評價研究了企業并購的績效。研究結論表明，在制造業上市公司的并購活動中，主并購方可以獲得正效益。 最后，在評價研究結論的基礎上，本文分別站在政府和企業的角度為改善我國制造業上市公司的并購績效提出了建議，以推動企業并購交易的規范化和并購市場的健康有序發展。
[Abstract]:Since the end of 19th century and the beginning of 20th century, there have been five waves of mergers and acquisitions in western countries in a short period of more than 100 years. In general, corporate mergers and acquisitions have promoted the concentration of wealth and the optimal allocation of resources. It is an important force to promote the development of large enterprise groups in western countries and to promote the upgrading of their industrial structure. China's economic system reform started relatively late, and the formal establishment of the securities market entered into 90s. So the M & A activities of domestic listed companies also took place relatively late. Since 1993, when Shenzhen Baoan Group acquired Shanghai Yanzhong, it has not been more than 20 years. But with the sustained development of social economy and the continuous progress of the enterprise management system, The number and scale of M & A transactions in China are increasing rapidly. M & A plays a more and more important role in the social and economic development and enterprise reform in China. Whether M & A can really increase the benefits of enterprises and the wealth of shareholders has always been the concern of scholars and research institutions. For this, Chinese and Western scholars have carried out in-depth research and analysis. Most scholars believe that M & A activities will have a positive impact on the earnings of the M & A enterprises, but the impact on the main M & A enterprises has not reached a consistent conclusion. This shows that there is greater uncertainty about the value effect of M & A. The research on M & A transaction still needs to be strengthened, and the key of the research is to make clear whether M & A activities can be the main enterprise of M & A and whether the society can create wealth and value. In the national economic structure of our country, the manufacturing industry is in an unshakeable position. In recent years, M & A transactions in the field of manufacturing industry are in full swing. Statistics show that in 2009, 1508 M & A transactions occurred in China. The total amount of transactions is more than thirty-three trillion five hundred and ninety-six billion four hundred million yuan, of which 561 mergers and acquisitions involving the manufacturing industry amount to one hundred and sixteen billion six hundred and seventy million five hundred and forty thousand yuan. In terms of both the number of transactions and the amount of transactions, the manufacturing industry ranks first in all industries. In this paper, the M & A transaction of listed manufacturing companies is taken as the research object, with 24 listed manufacturing companies as the main M & A parties in 2009 as the research sample. On the basis of reviewing the research results of M & A performance and related M & A theories at home and abroad, using eight financial indexes to construct factor analysis model and regression analysis model, this paper evaluates and studies the performance of M & A. In the M & A activities of listed manufacturing companies, the main M & A parties can obtain positive benefits. Finally, on the basis of evaluating the research conclusions, this paper puts forward some suggestions to improve the M & A performance of listed manufacturing companies in China from the angle of government and enterprise respectively. In order to promote the standardization of M & A transactions and the healthy and orderly development of M & A market.
【學位授予單位】：中國地質大學（北京）
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F425

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本文編號：1625961