企业并购绩效研究分析 第2页

本文采用规范分析和实证分析相结合的研究方法，有针对性的选取了2005年实施了并购的61家上市公司为研究样本，并根据样本公司2003-2007年业绩数据，对上市公司基于资源相关性并购绩效的持续性进行研究。www.751com.cn
在规范分析部分，本文首先对资源相关性并购的动因、研究方法和绩效变化3个方面的研究成果进行了系统综述，在此基础上，对现阶段我国并购的特点和动因进行分析，并把2005年我国企业实施的资源相关性并购分为以下4类：纵向并购、横向并购、产业链中的上游并购及下游并购。
在实证研究部分，本文分别从并购的市场绩效、经营绩效和横向分类分析三个方面对样本公司的绩效进行统计研究分析。
在市场绩效的研究中，本文以并购公告日前后各10个交易日为事件窗，运用累积超额收益法计算出总体样本在事件期内的超额收益，并进行了相关统计分析。结果显示：资源相关性并购与非资源相关性并购对股价的推动进行比较，发现：资源相关性并购的累积超额收益明显优于非资源相关性并购的累积超额收益。在经营绩效的研究中，本文以样本企业并购后2年和并购前2年的财务数据为基础，对样本企业经营绩效的持续性进行研究发现：现阶段的资源相关性并购绩效明显具有一定的持续性。
对经营绩效分类研究中发现：资源相关性并购的经营绩效明显优于非资源相关性并购的经营绩效；对资源相关性并购的样本企业按照纵向并购与横向并购进行分类，纵向资源相关性并购的市场绩效显著优于横向资源相关性并购的经营绩效；在纵向资源相关并购中，前向的资源相关性并购的经营绩效优于后向的资源相关性并购。pro系统课程设计报告+PPT

关键词：资源相关性并购，并购动因，并购绩效
ABSTRACT

The global deal-making of M&A becomes active again, which is called the sixth global wave of M&A.The new wave of M&A keeps annually 29% growth rate .According to this, the thesis will systematically and deeply study on the resource relativity behaviors of M&A in the listed companies in the new period.
The thesis uses both the tools of empirical and of normative analysis, and extracts 61 research samples happened M&A Enterprises in 2005. Also, according to the 2003-2007 ’performance of these sample companies, we research on performance persistence of resource relativity of these listed companies.
In the normative analysis part , first, the thesis systematically overviews the research results from three aspects :the reasons of resource relativity M&A、study methods、performance change. On this basis ,the thesis analyses domestic M&A characteristic、reason of M&A . It divides resource relativity behavior of M&A carried out by these listed companies into four classifications: vertical merger、horizontal merger、upstream M&A in domain-chain、downstream M&A in domain-chain.
In the empirical analysis part, the article statistically researches the performance of sample companies from three aspects : the market performance of Acquisition、business performance、horizontal classification.
In market performance study, the thesis takes 10 days which is before and after announce date of M&A for the event window. We use the method of cumulative abnormal return to calculate population‘s cumulative abnormal in the event period , and carry out relevant statistical analysis.Compared the effect of stock promoted by resource  relativity  M&A  with by not- resource  relativity  M&A, the result shows that the cumulative abnormal return from resource relativity M&A obviously excel the cumulative abnormal return from not-resource relativity M&A. In the business performance research ,the thesis is based on finance database before mergering 2 years and after mergering 2 years in the sample companies. Through studying on the persisitence of business performance for sample companies, we find that resource relativity performance has obvious persistence at the present stage.
In the business performance of classification research,we find that the business performance from resource relativity M&A obviously excels the performance from not-resource relativity M&A. If we classify the sample companies of resource relativity M&A according to the vertical and horizontal mergers, market performance from vertical resource relativity M&A obviously excel business performance from horizontal resource relativity M&A ; In the vertical resource relativity M&A, the business performance from forward resource relativity M&A obviously excel the one from backward resource relativity M&A.

Keywords: resource relativity M&A, M&A reason, M&A performance.

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