密级
硕士学位论文
（全日制专业学位硕士）
题目：外资企业并购绩效研究——以Token 并购 BK 过程为例
（英文）：Research on the performance of foreign-funded enterprises; M &
A -- taking the process of Token M & A BK as an example
研究生学号： 20132301001
研究生姓名： 戴梦秀
指导教师姓名、职称：张发明教授
申请学位类别： 工商管理硕士（MBA）
专业名称： 工商管理
论文答辩日期： 2022 年 6 月 4 日I 摘 要
摘 要
在持续推进供给侧改革背景下，并购不仅助力企业实现跨越式发展，而且有助于
企业在供应链上实现生产协同、价值创造协同等。为提升企业所处行业的价值链位置，
国内上市公司不惜“走出去”寻找并购标的，A 股外资上市企业是否乐于“走出去”
还是在国内市场上寻找并购标的？A 股外资上市通过并购是否获市场了价值创造？
为回答这些问题，本研究以Token 并购 BK 的并购过程为例子，采取短期事件法、
会计研究方法，从并购过程出发来度量其带来的投机效应、价值创造效应、财务效应
和市场反馈效应。为从财务上反映并购过程的价值创造效应，引入了会计研究中的每
股收益、净资产收益率和主业利润率三个指标度量并购前后三面母公司的财务状况。
此外，还借鉴葛结根方法，从五个维度构建能力指标，分别从发展能力、现金流量能
力、资产运营能力、盈利能力和偿债能力刻画 Token 并购过程中的财务效应。从并购
过程角度揭示Token 并购 BK 的价值创造效应，得出以下结论：
首先在 Token 并购 BK 过程中的投资效应存在阶段性特征。在并购接触阶段和并
购谈判阶段，并购的各个时间窗口内获得的相对收益和超额收益区别明显。其次，并
购带来的价值创造效应比较明显。在并购接触阶段，5个窗口期内均获得正向收益；
在并购谈判阶段，5 个窗口期内获得的收益差异性较大；在并购商谈阶段，5 个窗口
期内均获得正向收益。再次，并购使得Token 的财务效应显现，并购谈判和并购商谈
过程中两个阶段财务指标比并购前呈现了反转。最后，根据 Token 对 BK 发起的三次
并购过程，从并购事件窗口期内的市场反馈数据来看，其结果表明市场反馈效应差异
较大。
关键词：并购过程 价值创造市场反馈短期事件分析法
II Abstract
Abstract
In the context of continuous supply-side reform, MERGERS and acquisitions not only
help enterprises to achieve leapfrog development, but also help enterprises to achieve
synergies in production and value creation in the supply chain. In order to improve their
position in the value chain of the industry, domestic listed companies do not hesitate to "go
out" to look for m&a targets. Are A-share foreign listed companies willing to "go out" or
look for M&A targets in the domestic market? A - share foreign listing through mergers
and acquisitions to create market value?
In order to answer these questions, this study takes the BK process of Token
acquisition as an example, adopts methods such as yield rate, short-term event method and
accounting research method, and measures the speculative effect, value creation effect,
financial effect and market feedback effect brought by the process of merger and
acquisition. In order to reflect the value creation effect of M&A financially, three indicators
of earnings per share (EPS), return on equity (ROE) and Margina in accounting research
are introduced to measure the financial effect of the three years before and after M&A. In
addition, using The method of Ge Jiegen (2015) for reference, capacity indicators are
constructed from five dimensions to describe the financial effects of Token m&a from the
perspectives of development capacity, cash flow capacity, asset operation capacity,
profitability and debt paying capacity respectively. The value creation effect of Token
acquisition of BK is revealed mainly from the perspective of m&a process, and the
following conclusions are drawn:
First of all, the investment effect in the process of Token merger and acquisition of
BK has periodic characteristics. In the merger contact stage and merger negotiation stage,
the difference between the relative returns and excess returns in each time window is
obvious.Secondly, the value creation effect brought by M&A is obvious. In the m&a
contact stage, positive returns were obtained in all 5 window periods. In the negotiation
stage of MERGER and acquisition, the income of the five window period has a great
difference; In the m&a negotiation stage, positive returns were obtained in all 5 window
III Abstract
periods.Thirdly, the financial effect of Token is revealed by M&A. The financial indicators
in the two stages of M&A negotiation and negotiation are reversed compared with those
before M&A.Finally, according to the three m&a processes initiated by Token to BK, the
market feedback data during the window period of M&A events show that the market
feedback effects are quite different.
Keywords: M&A process；Value Creation；Market Feedback；Short-Term Event
Analysis
IV