企业并购动机-分析以与基于管理动机的并购绩效检验

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1、山东大学硕士学位论文由于并购前公司的管理能力和国有、法人股比例与并购绩效的负相关得到了验证。而高管持股比例和自由现金流假说对我国上市公司并购绩效具有一定的解释能力。研究了并购类型和采取的方式对绩效的影响之后，发现纵向并购最能够促进并购绩效提高，这与交易成本节约和产业链协同有关，而资产剥离方式进行的并购不能得到投资者的认可，表明目前以改善财务状况，美化财务报表为耳标的并昀不能创造价值。2关键词：并购，动机。收赡公司，管理动机，绩效坐变奎兰翌主兰竺兰兰ABSTRACTFromtheendof19thcenturytotheendof20tKthewesternnationshave

2、experiencedfiveM&Atides．Sincemorethancenturies，thewesternnationshaverealizedtheindustrialpromotionandtheresourcesoptimizedinthisway．AfterenteringtoWTO，China’Spromiseofopeningmakesthemarketcompetitionmoreintense．Inordertostriveforthesurvival，moreandmoresuperiori哆entewriseshavechosenthecapital

3、operation，thepropertyreorganization，wantedtoholdtheopportunityandmakeagreatleap．Innext5-10years，theremustbeapeakperiodofM&AofChina’Senterprises．neSuccessofM&Aliesin5aspects，namelythemotive，idealtargetfirms，advisabletrademethod，reasonablepriceandtheconformityafterM&A．Mayseethemotiveisthestart

4、ingpointandthestandpointofM&A，itwillradicallyaffecttheoccurrenceandthesuccessofM&A．ThisarticlewillanalyzethemotiveofM&Aonthebasisofhistoryandpractice．Aftercomparingtheforeignexperiencetocivilpractice，theauthorcheckstheeffectsofM&Aonchina'sstockmarket，especiallymeterstriggeredbymanagerialmoti

5、ve111efirstpartisallintroduction．explainstheresearchbackground．thecontentsandthesignificance,thenintroducestherelatedconceptsandthetypesinordertoestablishstandardanalysisfoundationandframe；ThesecondpartreviewstheoverseasM&Atideandthemotivesitembodied，thenmakesacomprehensivereviewoftheM&Athco

6、ries．111ethirdparttakestheperspectivesofwelfare．theminimumoftransactioncostandthediversificationtostudythehorizontal，verticalanddiversificationmergers．ItexplainstheM&AeventsbybasicmodelsandUseSclassiccasestoanalyzetheinnermotives．nefinalpartofarticleintroducesthehistoryofChina’SM&Aandcorresp

7、ondingcharacteristicmotives．Thenonthebasisoftheoreticreview,theauthorpicks51M&A3山东大学硕士学位论文samplesfrom2001to2004todoallempiricalanalysis．ThemainmethodiseventstudyregressionanalysisandcontrastoftwogroupsOnthebasisoffinancialtargets．Theresultdemonstra