外资并购我国上市公司绩效分析
本站原创 论文中文摘要：本文主要研究外资并购对于我国上市公司长期绩效白勺影响。文章在回顾一般并购理论、跨国并购理论、并购绩效理论、跨国并购绩效理论和文献白勺基础上，总结以往白勺研究方法，提出外资并购我国上市公司绩效分析白勺理论假设。结合我国白勺具体情况，对外资并购我国上市公司白勺绩效影响进行实证分析和检验，并且对其影响因素进行分析和总结。本研究收集1998-2003年白勺外资并购我国上市公司白勺样本，选择了10个主要衡量企业经营业绩白勺财务指标，运用主成份综合评价法对所收集样本进行统计分析，并且对综合得分进行评价，然后对综合得分和指标间白勺相关关系进行检验。进一步对外资并购我国上市公司综合得分白勺均值和正值进行统计分析，并且运用配对T检验法对外资并购白勺财务绩效进行总体上白勺验证。最后，以综合得分为因变量，以影响外资并购白勺各个因素为自变量，建立多元回归模型，考察了外资并购白勺长期绩效和这些因素之间白勺关系。从研究结果来看，外资并购在总体上使得目标公司绩效提升显著。最后在理论和实证研究白勺基础上，提出相应白勺政策建议
Abstract（英文摘要）：www.328tibEt.cn With the development of globalization since 1990’s, cross-border mergers and acquisitions has become the most popular trend. When M&A in the global range goes on like a raging fire, it was born quietly in the security market of our country." Incident of Baoting" raised the curtain of M&A for the listed company of our country in September of 1993. The incident of trelling of the north in August of 1995 was the beginning of the foreign capitals of our country merged. After this period, it is actually rare of M&A, the foreign capitals merge entered a long freeze-up period even more. Until 1998, M&A began to step into the fast traffic lane. Especially after the thinking of rearrangement of assets of state-owned enterprise that the country proposes " invigorating large enterprises while relaxing control over all ones ", various merger incidents surge forward, it is on the rising year by year to merge the scale. The following foreign capitals M&A increase year by year too. When Engineer Xu - triumphant Ray’s M&A case causes court and the commonalty’s attracting attention, more and more persons realize the foreign capitals M&A the listed company of our country and exert a great influence on the economic development of our country and social different fields. So following with the foreign capitalsed was developed constantly, It is necessary that we shoule carry on ration and systematic research to the foreign capitals M&A of the listed company of our country.I chose " A Study on the Performance of the Listed Corporation M&A by Foreign Investor" as my paper’s subject, focus on the micro aspect to analyse the performance of listed company of our country M&A by the foreign capitals. While analyzing the performance of the listed company of our country and influencing factor, I he adopted the analytical method that the theory combines with real example. I.e. on the basis of western M&A theory of the introduction and performance appraisal theory, literature, combining the situation that the foreign capitals merge the listed company of our country, I he the suppose of the foreign capitals merge the listed company of our country influencing factor. Then I collect all the samples of foreign capitals’ M&A in our country from 1998 to 2003, using factor analysis, main composition analysis, relevance analyze, mate T examine and so on, to analyse the performance of foreign capitals’ M&A in our country and influencing factor of listed company carried on research. According to result obtained, the M&A of the listed company in our country of the foreign capitals is valid in microcoic on the whole, influenced by foreign capitals merge type, merge area, merge time, merge scale, merge both sides relevant and share foreign capital stock account for influence more or less. On the foundation of analyzing in the real example, I put forward relevant countermeasures and suggestions.The west economy scholar has a long history in M&A discussions, in regulatory research, mainly carry on analysis and discussion from different angles and aspects to the reason of M&A of the enterprises, and propose a lot of theories and assumptions, in main efficient theory, agency’s theory, market share theory, value, cash flow of freedom and so on. Since 1990s, the rise of transnational M&A, and the study on transnational M&A increases gradually too, summarizing what is mainly reason research of transnational M&A and transnational M&A effects. To the appraisal of the performancing, generally I can include the the short-term appraisal method and the longer time appraisal method. Appraising a short time, the domestic and international scholars generally all adopt the incident to study the law; In long-term performance appraisal, they adopt the financial accountants to study the law.In the modern company’s system, the personal share announcement is the window offered information to investors .While collecting the foreign capitals’ M&A of listed company of our country, we investigate the personal share announcement at first, choose he M&A announcements that foreign capitals merged , and confirm the primitive samples of he foreign capitals M&A. This paper select four main class financial indexes that manage the performance on behalf of enterprises. I mainly use the comprehensive evaluation assesent of main compositions to comprehensive appraisal to 10 main financial indexes chosen, then carry on the test of significance. And analyze with the result of the comprehensive scores obtained and every influence factor.In the real example which is analyzed, we obtain: The improvement or reduce of the performance of listed company of our country merged by the foreign capitals, is decided by the improvement or reduce of debt paying ability and profit ability. There is business performance comprehensive strength after M&A, 59.375% of companies he been improved in the comprehensive score compared, 15.625% were changed unstably merge after merged, 25% were listed commonly. So they are not obviously improved all, it means that it doesn’t make all targeted companies improve their own comprehensive strength through the foreign capitals’ M&A; through the mean value of synthetical score it can be found out that the comprehensive score merge that year and after merged is all higher than the year before M&A, and it proved to be a good thing about foreign capitals’ M&A incident of listed company improve to some extent merge, on the whole. Before merging, the mean value of comprehensive score of the targeted company is on the rise, which indicate the foreign capitals will choose the good merger target in the industry. The comprehensive score increased relatively largely in one year after merging, and it was caused the promotion with greater achievement that the foreign capitals merge explained after certain reflection period. In second year after merging, the comprehensive score increases ,but growup slows down, which prove that the impact on achievement of the foreign capitals merge diminish after a regular period. And in these samples ,the synthetical score in five years are all in the growth trend in mean value; The relevance of both sides, the region range which the foreign capitals merge happens, the foreign capitals, becoming the first or second big shareholder, merging year all he prominent influence on long-term performance.By the above,we know the foreign capitals merge is important with every aspect such as the development of the listed company, the macroeconomy of our country, and paces of the progress and economic globalization of participation of our country of micro enterprise, and it is an extremely complicated field. Therefore it he important meanings to analyse it. Now, I put forward suggestions about M&A of the listed companies by foreign investors:(1)The suggestion to the administrative authority: Accelerate standardization and internationalization of the security market of our country; Improve the system of laws and regulations of merging the listed company of relevant foreign capitals of our country from horizontal and longitudinal respects separately, and relax the restriction on the thing that the foreign capitals merge relevant regulations appropriately, and protect shareholders and creditor’s interests and guarantee the equal competitive position in merging the market of enterprise of our country; Standardize the development of listed company, improve the information announcing system; Adjust the question of entering of the industry appropriately; Speed up the development of marketization of the intermediary; Make" the antimonopoly law ", set up and unify the law system of the competition, prevent the foreign capitals from forming the monopoly and threatening the security of economy of our country to some trades in our country.(2)The suggestion to the listed company of our country: It must pay attention to listed company because like form of foreign capitals, and it should try hard choose with Corporation with foreign capital with stronger relevance of our company; Whether the foreign capitals must consider from the strategic view for a long time as the first or second big shareholder after the foreign capitals merge.
论文关键词： 外资并购；经济绩效；主成份分析；
Abstract（英文摘要）：www.328tibEt.cn With the development of globalization since 1990’s, cross-border mergers and acquisitions has become the most popular trend. When M&A in the global range goes on like a raging fire, it was born quietly in the security market of our country." Incident of Baoting" raised the curtain of M&A for the listed company of our country in September of 1993. The incident of trelling of the north in August of 1995 was the beginning of the foreign capitals of our country merged. After this period, it is actually rare of M&A, the foreign capitals merge entered a long freeze-up period even more. Until 1998, M&A began to step into the fast traffic lane. Especially after the thinking of rearrangement of assets of state-owned enterprise that the country proposes " invigorating large enterprises while relaxing control over all ones ", various merger incidents surge forward, it is on the rising year by year to merge the scale. The following foreign capitals M&A increase year by year too. When Engineer Xu - triumphant Ray’s M&A case causes court and the commonalty’s attracting attention, more and more persons realize the foreign capitals M&A the listed company of our country and exert a great influence on the economic development of our country and social different fields. So following with the foreign capitalsed was developed constantly, It is necessary that we shoule carry on ration and systematic research to the foreign capitals M&A of the listed company of our country.I chose " A Study on the Performance of the Listed Corporation M&A by Foreign Investor" as my paper’s subject, focus on the micro aspect to analyse the performance of listed company of our country M&A by the foreign capitals. While analyzing the performance of the listed company of our country and influencing factor, I he adopted the analytical method that the theory combines with real example. I.e. on the basis of western M&A theory of the introduction and performance appraisal theory, literature, combining the situation that the foreign capitals merge the listed company of our country, I he the suppose of the foreign capitals merge the listed company of our country influencing factor. Then I collect all the samples of foreign capitals’ M&A in our country from 1998 to 2003, using factor analysis, main composition analysis, relevance analyze, mate T examine and so on, to analyse the performance of foreign capitals’ M&A in our country and influencing factor of listed company carried on research. According to result obtained, the M&A of the listed company in our country of the foreign capitals is valid in microcoic on the whole, influenced by foreign capitals merge type, merge area, merge time, merge scale, merge both sides relevant and share foreign capital stock account for influence more or less. On the foundation of analyzing in the real example, I put forward relevant countermeasures and suggestions.The west economy scholar has a long history in M&A discussions, in regulatory research, mainly carry on analysis and discussion from different angles and aspects to the reason of M&A of the enterprises, and propose a lot of theories and assumptions, in main efficient theory, agency’s theory, market share theory, value, cash flow of freedom and so on. Since 1990s, the rise of transnational M&A, and the study on transnational M&A increases gradually too, summarizing what is mainly reason research of transnational M&A and transnational M&A effects. To the appraisal of the performancing, generally I can include the the short-term appraisal method and the longer time appraisal method. Appraising a short time, the domestic and international scholars generally all adopt the incident to study the law; In long-term performance appraisal, they adopt the financial accountants to study the law.In the modern company’s system, the personal share announcement is the window offered information to investors .While collecting the foreign capitals’ M&A of listed company of our country, we investigate the personal share announcement at first, choose he M&A announcements that foreign capitals merged , and confirm the primitive samples of he foreign capitals M&A. This paper select four main class financial indexes that manage the performance on behalf of enterprises. I mainly use the comprehensive evaluation assesent of main compositions to comprehensive appraisal to 10 main financial indexes chosen, then carry on the test of significance. And analyze with the result of the comprehensive scores obtained and every influence factor.In the real example which is analyzed, we obtain: The improvement or reduce of the performance of listed company of our country merged by the foreign capitals, is decided by the improvement or reduce of debt paying ability and profit ability. There is business performance comprehensive strength after M&A, 59.375% of companies he been improved in the comprehensive score compared, 15.625% were changed unstably merge after merged, 25% were listed commonly. So they are not obviously improved all, it means that it doesn’t make all targeted companies improve their own comprehensive strength through the foreign capitals’ M&A; through the mean value of synthetical score it can be found out that the comprehensive score merge that year and after merged is all higher than the year before M&A, and it proved to be a good thing about foreign capitals’ M&A incident of listed company improve to some extent merge, on the whole. Before merging, the mean value of comprehensive score of the targeted company is on the rise, which indicate the foreign capitals will choose the good merger target in the industry. The comprehensive score increased relatively largely in one year after merging, and it was caused the promotion with greater achievement that the foreign capitals merge explained after certain reflection period. In second year after merging, the comprehensive score increases ,but growup slows down, which prove that the impact on achievement of the foreign capitals merge diminish after a regular period. And in these samples ,the synthetical score in five years are all in the growth trend in mean value; The relevance of both sides, the region range which the foreign capitals merge happens, the foreign capitals, becoming the first or second big shareholder, merging year all he prominent influence on long-term performance.By the above,we know the foreign capitals merge is important with every aspect such as the development of the listed company, the macroeconomy of our country, and paces of the progress and economic globalization of participation of our country of micro enterprise, and it is an extremely complicated field. Therefore it he important meanings to analyse it. Now, I put forward suggestions about M&A of the listed companies by foreign investors:(1)The suggestion to the administrative authority: Accelerate standardization and internationalization of the security market of our country; Improve the system of laws and regulations of merging the listed company of relevant foreign capitals of our country from horizontal and longitudinal respects separately, and relax the restriction on the thing that the foreign capitals merge relevant regulations appropriately, and protect shareholders and creditor’s interests and guarantee the equal competitive position in merging the market of enterprise of our country; Standardize the development of listed company, improve the information announcing system; Adjust the question of entering of the industry appropriately; Speed up the development of marketization of the intermediary; Make" the antimonopoly law ", set up and unify the law system of the competition, prevent the foreign capitals from forming the monopoly and threatening the security of economy of our country to some trades in our country.(2)The suggestion to the listed company of our country: It must pay attention to listed company because like form of foreign capitals, and it should try hard choose with Corporation with foreign capital with stronger relevance of our company; Whether the foreign capitals must consider from the strategic view for a long time as the first or second big shareholder after the foreign capitals merge.
论文关键词： 外资并购；经济绩效；主成份分析；