摘要
投资作为促进我国经济增长的众多因素中最重要的环节,对我国经济和社
会的影响是显而易见的。一方面,投资对于国家的经济总量和资本配置起到了
优化作用,另一方面,投资行为也对企业的价值实现起到不可或缺的作用。而
对企业的投资效率的研宄,可以直观分析投资行为的有效性,有利于帮助管理
者进行科学的投资分析和投资决策。
自2000年以来,随着国民经济结构的战略性调整,企业采取了多重方式进
行资源的优化配置。在这个过程中,并购重组作为最主要的战略性方法,对企
业的价值实现起到r非常重要的作用。并购重组对于并购方来说,是一项投资-
行为。由于我国证券市场发展较晚,各种政策及制度不够健全,并购重组的发
展一直较为坎坷。但随着市场经济的发展以及证券市场的规范,并购重组也日
益发挥出自身的作用,对企业的产业扩张、结构优化、资本集中等方面产生了
不容忽视的影响。
H前,国内外对丁投资效率及并购重组的研究己较为成熟,但是,针对上
市公mJ并购重组行为与企业投资效率之间相关性的研究却极为罕见。并购重组
对丁企业的长期发展能力影响重大,是企业投资行为中极为重要的一部分,因
此,分析进行并购重组的上fl丨公司投资效率,并寻找着两者之间的影响和关系,
对研宄企、Ik投资行为的有效性有着屯要的意义。
基尸我国现在的国怙以及资本il丨场的现状,本文以屮国电力、热力生产和
供应、丨k行、Ik丨丨丨公…20072011年期间并购重组活动为研宄对象,运用非参数
包络分析法对投资效牛.进行研究,并分析并购重组和投资效率之间的影响关系。
本文旨在通过对上|丨丨公司并购重组对其投资效率影响的实证研宄,为上交所、
深交所上市的公⑷并购重组活动提供相关建议。
通过研宄,本文待出如K结论:(1)我国电力、热力生产和供应业行业的
企业投资效率处在增长的状态屮,相对效率较高,说明了较高的投资水平;(2)
产业结构通过优化配置对决策电元产生的影响较大;(3)并购重组对企业的投
资效率有正的影响。
关键词:投资效中:;并购重组;数据包络分析
Abstract
As the most important part of factors that promote China's economy, investment is
obviously important to China's economic and society. On the one hand, investment
plays an important role in optimizing the economic output and capital allocation, on
the other hand, the investment behavior plays an essential role in enterprise value
realization. So studying investment efficiency is helpful for the enterprises to analysis
and makes investment decisions.
Since 2000, with the strategic adjustment of economic structure, enterprises adopt
a multi-way to optimize allocation of resources. In this process, as the most important
strategic, mergers & acquisitions play a very important role in enterprise's value
realization. Mergers & Acquisitions is an investment behavior for the acquirer. Since
the securities market started late, a variety of policies and systems are inadequate, the
development of mergers and acquisitions has been relatively rough. But nowadays,
with the development of economy market and the stock market norms, Mergers &
Acquisitions cannot be ignored in the enterprise's industrial expansion, structural
optimization, and capital intensive and so on.
At present, the research of、Mergers & Acquisitions and investment efficiency in
foreign countries has been mature, but the study in the correlation between mergers &
acquisitions and investment efficiency is still rare. Mergers & acquisitions will
influence the long-term development ability, so it is of significance to study the
correlation between Mergers & Acquisitions and investment efficiency.
Based on current situation of capital market in China, this thesis focuses on the
Power industry companies which had occurred Mergers & Acquisitions during
2007-2011,and analyses the relationship between investment efficiency and Mergers
& Acquisitions by using the non-parametric envelopment analysis. This thesis aims to
provide recommendations to listed companies in Shanghai Stock Exchange and the
Shenzhen Stock Exchange.
Through the research, we draw the following conclusions: (1) investment
efficiency of China's power industry enterprises keeps growing in 2007 to 2011; the
relative efficiency is still high, which indicates a higher level of investment; (2) the
scale efficiency is the most important factor that affects the investment efficiency of
China's power industry enterprises;(3) the merger & reorganization of enterprises
have a positive impact on investment efficiency.
Keywords: Investment efficiency; Mergers & Acquisitions; DEA,