企业并购整合效率比较分析

【摘要】：近些年，企业并购行为逐渐频繁，并且并购的规模也在逐步扩大，各种并购类型的并购案例也在逐步增多，然而在不同并购种类下企业并购后整合效率会有何不同，这也是个需要探讨的问题，本文采取因子分析法，借助财务指标构建横向并购效应、纵向并购效应、混合并购效应的财务指标综合得分模型，选择相应的样本和时间段进行实证研究，实证结果是，三者并购后当期绩效均有下滑，并购对企业当期的经营状况呈负面影响，通过短期整合，横向并购和纵向并购企业绩效有所提升，企业经营状况优于并购前，但是混合并购绩效仍旧不如并购前，短期整合效率：纵向并购>横向并购>混合并购；就长期整合绩效而言，仍然是纵向并购>横向并购>纵向并购。 63670

【毕业论文关键字】：企业并购并购整合价值效应效率比较

毕业论文中文摘要

毕业论文外文摘要

Title comparative analysis of enterprise merger and acquisition efficiency

Abstract

In recent years, the behavior of enterprise merger and acquisition becomes more and more frequent, and the scale of M & A has gradually expanded, Various types of merger cases are also increasing gradually, but in the enterprise merger under different types of M & A integration efficiency will be different, this question need us to discuss .In this paper , we will use factor analysis , With the help of the financial indicators to build the effect of horizontal M & A, vertical merger effect, effect of conglomerate M & a financial index score model, then select the appropriate sample and time period to do the empirical research .and the empirical result is ,the three type of M&A’s short-term current efficiency is generally low ,The M&A have a negative impact on the enterprise operation ,Through short-term integration ,the enterprise performance of Horizontal merger and Vertical merger all have improved ,better than the business of enterprise merger ,but the mixed M&A performance is still lower than before the merger .short-term integration efficiency : Vertical merger>Horizontal merger > Mixed M&A .In the terms of the long-term integration performance ,it is similar with the short-term integration efficiency : Vertical merger>Horizontal merger > Mixed M&A.

Keywords merger and acquisition Merger integration The value effect Comparison of efficiency

1 引言 5

2 文献回顾 5

3 理论分析和研究假设 7

3.1 理论分析 7

3.2 研究假设 9

4 实证分析 10

4.1研究方法 10

4.1.1 会计研究法 10

4.1.2本文采用的研究方法 10

4.3模型设计 11

4.3.1 财务指标的选取 11

4.3.2 建立综合得分模型 12

4.4 实证结果分析 13

4.4.1 数据结果与整体分析 13

4.4.2 并购前数据分析 14

4.4.3 并购后整合数据对比分析企业并购整合效率比较分析:http://www.751com.cn/kuaiji/lunwen_70314.html