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標題: | 基於EVA視角的中國上市公司併購價值研究 An Empirical Study of the M&A Performance of Chinese Listed Companies from the Perspective of EVA |
作者: | Jun Zheng 鄭 軍 |
指導教授: | 劉啟群(Chi-Chun Liu) |
關鍵字: | 上市公司,經濟增加值,併購價值, listed companies,EVA,M&A performance, |
出版年 : | 2017 |
學位: | 碩士 |
摘要: | 改革開放30多年特別是進入21世紀以來,在引進外資的同時,伴隨國家層面“走出去”戰略的實施,中國企業海外投資規模不斷擴大,併購活動也日趨活躍。近幾年我國的企業併購交易不論在數量上還是規模上都屢創新高,然而許多企業的併購效果卻不甚理想。
梳理國內外學者有關上市公司併購績效的研究,發現相較於標的公司,併購方獲得的績效具有很高的不確定性。有別於事件研究法和財務指標分析法兩大傳統的企業併購價值研究方法,本文基於經濟增加值(EVA)視角,以2012年發生併購行為的A股上市公司為研究樣本,觀察其在2011-2015年,即併購前一年、併購當年和併購後連續三年的窗口期併購價值變化。構建模型並綜合運用相關性分析、回歸分析等方法,以檢驗股東性質、關聯交易和併購類型對於以EVA為評價指標的併購績效的影響,並通過繪製整體平均EVA值和行業平均EVA值的走勢圖展開行業分析,再次檢驗實證結果。 研究發現,國有控股對於上市公司併購績效沒有顯著影響但存在一定正向效應,關聯關係對企業併購活動具有負效應,橫向併購與併購績效之間存在顯著的正相關。根據研究結論對上市公司併購行為提出相應的策略建議,對今後資本市場上的併購活動和社會公眾的投資選擇,也具有一定啟發意義。 More than 30 years of China’s opening and reforming policy, especially since entering 21st century,Chinese enterprises continue to expand the scale of overseas investment, mergers and acquisitions have gradually become one of the common activities of capital market. In recent years, China's M&A transactions, both in terms of quantity or scale, have been record high, but many companies’ performance is not ideal as expected. Summarizing the domestic and foreign scholar on the performance of M&A, I find that compared with the acquired companies, the acquiring companies' performance is highly uncertain. Different from the method of event study and accounting research methods, this paper is based on the perspective of EVA. The research samples in this paper are the listed companies which conduct M&A in China’s equlity market(A-share), we measure their corporate performance changes during the period from 2011 to 2015. To test the influence of related party transactions, shareholders nature and M&A types on corporate performance which taking EVA as evaluation index, I build models, using regression with time-series data and regression analysis, etc. Finally, by drawing the overall average EVA and industry average EVA value trend illustrations, I test the empirical results once again.The research indicates: State ownership has no significant correlation on M&A performance, sometimes conducive to the improvement of M&A performance; related party transactions have a negative effect on M&A; horizontal M&A with corporate performance has a significant positive correlation. Based on my findings, some forward strategies are proposed, in order to further promote the development of mergers and acquisitions in the capital market. This paper also has certain implications to mergers and acquisitions in the capital market and public investment choices. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/59621 |
DOI: | 10.6342/NTU201700141 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
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