- 上一篇：内部审计的独立性研究
- 下一篇：上市公司财务报表的分析评价
摘要：随着中国资本市场的不断壮大、国有企业改革的稳步进行，上市企业并购活动日益频繁。并购能否带来企业绩效的提高，影响并购的因素又有哪些，是企业管理者、股东以及企业股票投资者都极为关心的问题。文章尝试研究影响中国上市企业并购后绩效的因素，以2010年到2014年沪、深证券市场99起上市企业并购重组事件为研究样本，采用多元回归模型、运用最小二乘法分析了现金支付方式、并购双方文化差异、并购双方行业差异、政府关联度和企业规模五个因素对企业并购绩效的具体影响。通过一系列的理论分析与实证分析后得出以下结论：（1）现金支付方式短期内与企业绩效显著正相关，从长期来看二者没有显著关系；（2）并购双方企业文化差异对主并购企业绩效没有显著影响；（3）并购双方企业行业差异对主并购企业绩效没有显著影响；（4）并购企业的政府关联度与并购绩效显著正相关；（5）并购企业的规模短期内对并购绩效无显著影响。但在并购后第二年两者关系变为显著正相关。50488
毕业论文关键词：企业并购，政府关联度，企业规模
An Empirical Research on Domestic Listed Companies M & A Performance Influencing Factors
Abstract:With steadily growing of China's capital market and the reform of state-owned enterprises, the listed companies mergers and acquisitions activity is increasingly frequent. Merger will lead to improvements in business performance, the influence factors of mergers and acquisitions is the issue which enterprise managers, shareholders and corporate equity investors are concerned about. This paper tries to resrarch factors influences the performance of listed Chinese companies after m&a.This paper uses multivariate regression model, uses the least square method, with 2008 to 2015 in Shanghai, Shenzhen enterprise merger, acquisition and reorganization of listed securities market 99 events as the research sample, and analyzed the cash payment, mergers and acquisitions both sides cultural difference, the difference of mergers and acquisitions both sides industry, the government correlation degree and enterprise scale of five factors on the specific impact of m&a performance.Through a series of theoretical analysis, comes out the following conclusions: (1) after the cash payment and significantly positively related to corporate performance in the short term, in the long run no significant relationship between the two. (2) the merger and acquisition enterprise culture differences between the main m&a no significant impact on corporate performance.(3) both sides m&as industry difference is no significant influence on the main m&a performance.(4) the main m&a and m&a performance significantly positively related to the government correlation.(5) the scale of mergers and acquisitions in the short term has no significant effect on m & a performance. But second years after the merger between into a significant positive correlation
Key words: mergers and acquisitions, the government correlation degree, the enterprise scale
目 录
一、 绪论 1
（一）研究背景与意义 1
（二）研究问题与方法 2
（一） 现金支付方式对并购公司绩效的影响 3
（二） 文化差异对并购公司绩效的影响 4
（三） 行业差异对并购公司绩效的影响 4
（四） 政府关联度对并购公司绩效的影响 6
（五） 企业规模对并购公司绩效的影响