....................................................................................................................................................................I ABSTRACT.......................................................................................................................................................II 第1章绪论..................................................................................................................................................1 1.1研究背景及意义......................................................................................................................................1 1.1.1研究背景......................................................................................................................................1 1.1.2研究意义......................................................................................................................................3 1.2国内外文献综述......................................................................................................................................4 1.2.1并购动因......................................................................................................................................4 1.2.2连续并购......................................................................................................................................5 1.2.3并购绩效......................................................................................................................................6 1.2.4连续并购绩效............................................................................................................................7 1.2.5文献述评......................................................................................................................................7 1.3研究内容与方法......................................................................................................................................8 1.3.1研究内容......................................................................................................................................8 1.3.2研究思路......................................................................................................................................9 1.3.3研究方法...................................................................................................................................10 第2章相关概念与理论基础..................................................................................................................11 2.1并购相关概念.........................................................................................................................................11 2.1.1并购.............................................................................................................................................11 2.1.2连续并购...................................................................................................................................12 2.1.3并购绩效...................................................................................................................................12 2.2并购动因理论........................................................................................................................................13 2.2.1规模经济理论.........................................................................................................................13 2.2.2协同效应理论.........................................................................................................................14 2.2.3市场势力理论.........................................................................................................................14 2.2.4管理者过度自信理论..........................................................................................................15 2.3并购绩效评价方法...............................................................................................................................15 2.3.1文献研究法..............................................................................................................................15 2.3.2事件研究法..............................................................................................................................16 2.3.3数据包络分析（DEA）法...................................................................................................16 2.3.4财务指标法..............................................................................................................................16 第3章万丰奥威连续并购及其动因...................................................................................................18 3.1万丰奥威及所处行业简介................................................................................................................18 3.1.1汽车零部件行业简介..........................................................................................................18 3.1.2万丰奥威公司简介...............................................................................................................21 3.2万丰奥威连续并购历程.....................................................................................................................22 3.2.1收购万丰摩轮75%股权......................................................................................................22 3.2.2收购万丰镁业68.8%股权.................................................................................................22 3.2.3收购上海达克罗和宁波达克罗......................................................................................23 3.2.4收购镁瑞丁..............................................................................................................................23 3.2.5收购无锡雄伟精工...............................................................................................................24 3.3万丰奥威连续并购动因.....................................................................................................................25 3.3.1实现产业布局.........................................................................................................................25 3.3.2促进技术创新.........................................................................................................................25 3.3.3提升行业地位.........................................................................................................................26 3.3.4取得协同效应.........................................................................................................................26 第4章万丰奥威连续并购短期绩效...................................................................................................27 4.1事件研究法的计算过程..................................................................................................................27 4.2计算结果及分析.................................................................................................................................28 第5章万丰奥威连续并购长期绩效...................................................................................................31 5.1基于DEA的投入导向..........................................................................................................................31 5.1.1模型和数据的选取...............................................................................................................31 5.1.2DEA纵向对比..........................................................................................................................31 5.2基于DEA的行业比较..........................................................................................................................33 5.2.1同行业公司类比....................................................................................................................33 5.2.2DEA横向对比.................................................................................................