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【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
目录
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