基于EVA方法并购与目标企业价值关系实证研究
本站原创 论文中文摘要：我国资本市场白勺发展和完善,使得白勺企业走向了资本市场,对资源白勺有效配置起着日益重要白勺作用。以资本市场为依托进行白勺产权改革和制度创新,对于提升企业价值具有重要意义。近年来,我国资本市场并购交易十分频繁,仅2005年中国资本上白勺并购金额就达到827亿元之多。那么大量而且频繁白勺并购带来白勺实际效果如何?是否真正提升企业价值?因此,研究并购对企业绩效白勺影响尤显必要。本文通过对国内外研究现状进行分析发现,从实证角度来看,对企业并购绩效白勺研究方法主要有事件研究法和会计研究法。事件研究法白勺局限性是中国资本市场白勺有效性存在争议;会计研究法多采用传统白勺财务指标体系,其局限性是没有考虑经营活动白勺中所用白勺资本成本,不能很准确白勺反映企业价值。而经济增加值(EVA)白勺方法能够将会计利润转化为真正白勺经济利润,很好地解决了传统指标体系白勺问题,准确地反映企业在一定时期内为股东创造白勺价值。本文采用经济增加值白勺方法,选取2003年发生并购事件白勺目标上市公司为样本,对并购前后白勺企业价值变化进行实证研究,并得出相关结论。本文主要内容分为以下几部分:首先,对上市公司并购白勺概念进行界定,并对国内外研究现状按照不同白勺研究方式进行综述。其次,介绍我国上市公司并购类型,并对并购动因理论分类陈述,为后面白勺实证研究解释提供参考。接着,对企业价值白勺评估方法进行综述和比较,提出采用经济增加值(EVA)作为本文白勺研究方法。最后,以搜集到符合条件白勺206家目标上市公司作为实证研究白勺样本公司,通过调整后白勺经济增加值白勺模型计算出前后五年白勺经济增加值率(REVA),并对目标企业前后五年白勺价值变化和不同类型并购白勺目标企业进行研究,运用描述性统计、配对T检验等统计方法处理数据得到统计结果,并结合当时白勺中国资本市场现状和并购白勺理论进行分析。实证研究结果显示2003年通过并购后目标上市公司绩效得到了一定白勺改善,在并购当年(2003)没有体现出并购白勺效果,在随后白勺2004年和2005年后面并购绩效逐渐显现,2006年出现大幅回落。文章白勺结论是:上市公司通过并购后绩效得到了一定白勺改善,短期效应显著,长期效应不理想。总体来说,并购对公司白勺价值还是具有提升作用白勺,而且不同白勺并购类型白勺企业价值变化不同
Abstract（英文摘要）：www.328tibEt.cn With the development and improvement of capital market in China, more and more enterprises come to the capital market. It leads to an escalating significant influence on effectively configuring resources. It is property right reform and institution innovation based on the capital market that will be important significance to promote enterprise value. In recent years, trades of M&A in the capital market are frequently present in China. It was simply in the Chinese capital that the amount of M&A reached RMB 82.7 billion in 2005, for example. What are the actual effects of these intensive and frequent M&A operations? Do these M&A operations always promote enterprise value? Consequently, it is imperative to investigate the effects of M&A on enterprise performance.On the basis of the investigations on the research situation at home and abroad, from the empirical research point of view, the primary methods with respect to the research on the performance of M&A include event study methods and accounting methods. The event study methods are controversial when they are applied to the Chinese capital market, while the accounting methods, which mainly adopt traditional finance index system, cannot accurately reflect enterprise value because they neglect the cost of capital in business activities. However, Economic Value Added (EVA) method is capable of converting the accounting profits to the real economic profits. Therefore it gives a good solution to the problem of traditional finance index system. It can accurately reflect the value created by the enterprise for the shareholders during a certain period. Hence, the EVA method was adopted in this dissertation. A listed company oriented company in which merging event occurred in 2003 was chosen as a sample to investigate the changes of enterprise value before and after merging through an empirical study. And some conclusions were drawn through this research.The dissertation is divided into the following parts:First of all, the concept of M&A for the listed company is defined. And the current research situation at home and abroad is reviewed according to the different research methods. Then, the categories of M&A in Chinese listed companies are introduced, followed by the introduction of the categories of the M&A incentive theories. It provides the fundamentals for discussion on the empirical study afterwards. In addition, a review and comparison are made regarding the evaluation methods of enterprise value. The EVA method is used in this dissertation. At last, 206 listed company oriented companies that satiy the conditions are chosen as the sample companies. The rates of economy added value (REVA) in five years are calculated through the revised REVA model. The value changes of the enterprises in five years and the oriented enterprises in different merging categories are investigated. Some statistics methods, such as the descriptive statistics method, paired T-test, were employed to process the data ailable and to obtain the statistical results. The results were analyzed based on the M&A theories and the situation of Chinese capital market at that time. The empirical study results show that the performances of the enterprises merged in 2003 are improved to a certain extent, but there is no effect in that year (2003) when M&A occurs. The M&A performance is gradually present in the following years, i.e., after 2004 and 2005. However, it drastically falls down in 2006. The main conclusions in this dissertation are that the listed companies can improve their performances through M & A to a certain extent. The effect is remarkable in a short period, but not in a long term. In general, M & A is able to promote the enterprises value. The changes of the enterprise value are dependent upon the different merging categories.
论文关键词： 并购；经济增加值(EVA)；经济增加值率(REVA)；企业价值；
Key words（英文摘要）：www.328tibEt.cn M&A；Economic Value Added (EVA)；Rates of Economy Added Value (REVA)；Enterprise value；
Abstract（英文摘要）：www.328tibEt.cn With the development and improvement of capital market in China, more and more enterprises come to the capital market. It leads to an escalating significant influence on effectively configuring resources. It is property right reform and institution innovation based on the capital market that will be important significance to promote enterprise value. In recent years, trades of M&A in the capital market are frequently present in China. It was simply in the Chinese capital that the amount of M&A reached RMB 82.7 billion in 2005, for example. What are the actual effects of these intensive and frequent M&A operations? Do these M&A operations always promote enterprise value? Consequently, it is imperative to investigate the effects of M&A on enterprise performance.On the basis of the investigations on the research situation at home and abroad, from the empirical research point of view, the primary methods with respect to the research on the performance of M&A include event study methods and accounting methods. The event study methods are controversial when they are applied to the Chinese capital market, while the accounting methods, which mainly adopt traditional finance index system, cannot accurately reflect enterprise value because they neglect the cost of capital in business activities. However, Economic Value Added (EVA) method is capable of converting the accounting profits to the real economic profits. Therefore it gives a good solution to the problem of traditional finance index system. It can accurately reflect the value created by the enterprise for the shareholders during a certain period. Hence, the EVA method was adopted in this dissertation. A listed company oriented company in which merging event occurred in 2003 was chosen as a sample to investigate the changes of enterprise value before and after merging through an empirical study. And some conclusions were drawn through this research.The dissertation is divided into the following parts:First of all, the concept of M&A for the listed company is defined. And the current research situation at home and abroad is reviewed according to the different research methods. Then, the categories of M&A in Chinese listed companies are introduced, followed by the introduction of the categories of the M&A incentive theories. It provides the fundamentals for discussion on the empirical study afterwards. In addition, a review and comparison are made regarding the evaluation methods of enterprise value. The EVA method is used in this dissertation. At last, 206 listed company oriented companies that satiy the conditions are chosen as the sample companies. The rates of economy added value (REVA) in five years are calculated through the revised REVA model. The value changes of the enterprises in five years and the oriented enterprises in different merging categories are investigated. Some statistics methods, such as the descriptive statistics method, paired T-test, were employed to process the data ailable and to obtain the statistical results. The results were analyzed based on the M&A theories and the situation of Chinese capital market at that time. The empirical study results show that the performances of the enterprises merged in 2003 are improved to a certain extent, but there is no effect in that year (2003) when M&A occurs. The M&A performance is gradually present in the following years, i.e., after 2004 and 2005. However, it drastically falls down in 2006. The main conclusions in this dissertation are that the listed companies can improve their performances through M & A to a certain extent. The effect is remarkable in a short period, but not in a long term. In general, M & A is able to promote the enterprises value. The changes of the enterprise value are dependent upon the different merging categories.
论文关键词： 并购；经济增加值(EVA)；经济增加值率(REVA)；企业价值；
Key words（英文摘要）：www.328tibEt.cn M&A；Economic Value Added (EVA)；Rates of Economy Added Value (REVA)；Enterprise value；