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发现在并购前一年，所有并购类型的并购方的绩效都出现不同幅度的上升，这可能
是由于在并购前一年并购方宣告并购，导致市场预估并购方绩效良好，对并购方股市持
乐观态度，使得并购方的绩效大幅度提升。但是并购后，横向并购后绩效下降且下降速
度变快，纵向并购后绩效先下降后又上升，混合并购后绩效下降且下降速度趋缓。这可
能是由于不管是哪种类型的并购，政府的非市场行为严重干扰了国有控股上市公司的经
营绩效。尤其在企业并购时，承载了过多的政治诉求，导致企业忽略了绩效。我国中介
机构发展并不完全，在政府-国有资本投资公司-国企的三层架构中，国有资本投资公司
并没有完全发挥出作用。并购类型过于集中和并购后的整合没有得到重视等。为此，认
为应减少政府的非市场行为、加强国有资本投资公司职能、减少横向并购数量和注重并
购后的整合等等
关键词：国有控股上市公司；并购绩效；财务指标；并购类型iii
Abstract
In 2016, the number of M&A in China increased by 53%, the amount of M & A rose by
90%,Showing explosive growth. However, the conclusions of the research on M&A
efficiency are not consistent. Therefore, the paper takes our country state-owned listed
companies 75 cases of M&A events in 2013 as sample, the methods used in the paper
including the financial index method and factor analysis method; The paper selects 12
financial indicators which represent the company profit ability, debt paying ability, growth
ability, operation ability and capital stock expansion ability five aspects of return on net assets,
operating profit margin, net interest rate of the total assets, current ratio, quick ratio, net profit
growth rate, earnings per share and revenue growth rate. And these 12 financial indicators
reflect corporate performance as the basis of the index system of data, establishing
comprehensive performance score model, calculating comprehensive score, studying the
change of the M&A performance in accordance with different types of M&A state-owned
holding companies in our country from 2010 to 2015.
The paper reaches a conclusion that all type of M&A performance have different
amplitude rise in declared a year before M&A from the point of M&A types, however,
different M&A ways shows different situation after the merger; for example horizontal
mergers M&A performance decline after M&A, vertical M&A performance decline in the
short term, but the merger performance significantly increased after the third year or the
second year of the merger, compared with other two types of M&A performance lag. vertical
M&A is better than the other two types of mergers and acquisitions from the point of
performance’s improvement.Mixed M&A performance decline in the short term, but more and
more slowly. This may be because, no matter what kind of mergers and acquisitions, the
government&39;s non market behavior seriously interferes with the performance of
state-controlled listed companies. Especially in the process of mergers and acquisitions, it
carries too many political demands, which leads to the neglect of performance. The
development of China&39;s intermediary institutions is not complete, and the state-owned capital
investment companies have not fully played a role in the three tier of the State - owned capital
investment company - state-owned enterprises. The types of M & A are too concentrated and
the integration after merger has not been paid attention to. Therefore, we should reduce the
non market behavior of the government, strengthen the function of state-owned capital
investment companies, reduce the amount of horizontal M&A, and pay attention to the
integration after M&A, etc.
Key words: state-owned enterprises;M&A performance; financial indicators ; M&A
types湖南科技大学硕士学位论文
目 录
摘要.... ii
Abstract..iii
第一章 绪 论......- 1 -
1.1 研究背景和意义....- 1 -
1.2 国内外研究文献综述........- 2 -
1.2.1 并购能够增加目标公司股东的收益..........- 2 -
1.2.2 并购不能给并购方股东带来收益..- 3 -
1.2.3 并购方的绩效先上升后下降..........- 3 -
1.3 研究内容和研究方法........- 5 -
1.4 创新和不足- 7 -
第二章 并购的相关概念及理论基础........- 9 -
2.1 相关定义和并购类型........- 9 -
2.1.1 并购的定义..- 9 -
2.1.2 国有控股的定义......- 9 -
2.1.3 并购的类型..- 9 -
2.2 并购动因..- 10 -
2.2.1 提高竞争优势........- 10 -
2.2.2 加快企业发展速度- 11 -
2.2.3 降低企业财务成本- 12 -
2.2.4 管理层欲望- 12 -
2.3 并购相关理论......- 13 -
2.3.1 协同理论....- 13 -
2.3.2 再分配理论- 14 -
2.3.3 信号理论....- 14 -
2.3.4 委托代理理论........- 15 -
2.3.5 自大理论....- 15 -
2.4 小结..........- 16 -
第三章 国有控股上市公司并购绩效测算- 17 -
3.1 样本选取与数据来源......- 17 -
3.1.1 样本的选取- 17 -
3.1.2 数据的来源- 17 -湖南科技大学硕士学位论文
3.2 国有控股上市公司并购绩效测算......
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