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1、-------上海交通大学硕士学位论文TMT行业快速和慢速成长型企业并购绩效实证分析THEM&APERFORMANCEEMPIRICALANALYSISOF
FASTANDSLOWGROWTHENTERPRISEINTMT
INDUSTRYABSTRACTMergersandacquisitionsappearedattheendofthe19thcentury,butthefirstrealworldwaveofmergersandacquisitionsoccurintheearly20thcentury.Duringthenextonehundredyears,inli
2、newiththepursuitofprofitmaximizationasthegoal,theproductivityandfinancedevelopment,theglobalbusinesshasexperiencedfivebigmergersandacquisitions,enhancingdevelopedcountrieseconomicstrengthandpositioninthedevelopmentoftheglobaleconomy.Atpresent,Chinaastheworld'ssecondlargesteconomy,isentering
3、atransitionalperiod,withtheurgentneedsofeconomicdevelopment,thepolicyofgraduallyopening,mergersandacquisitionsinChina'seconomicdevelopmentplaysanimportantrole.In2014,theChineseenterpriseM&Anumberis4003,involvestheamountmorethan$2.4949trillion,comparedwith2013M&Anumberis2069,andinvolvestheva
4、lueof1.5258trillionYuan,increasedby93.48%and93.48%respectively.ThispapertakestheTMTindustryinourcountrylistedcompanyastheresearchobject,byusingthecombinedmethodoftheoreticalresearchandempiricalresearch,toourcountryindifferentgrowthstagesoftheTMTindustry.TMTindustryinChinaasabuyerofmergersan
5、dacquisitionsoflistedcompaniesindifferentgrowthstage,andUSESthestatisticalmethod,analyzingthefactorsofinfluencetotheTMTindustryinourcountryenterprisetomakebetteruseofmergersandacquisitionsincreasethereturnonassetstoprovidethereference.6-----------上海交通大学硕士学位论文TMT行业快速和慢速成长型企业并购绩效实证分析Thisinnov
6、ationpointsmainly:first,thedomesticstudyofTMT
industrymergersandacquisitionspaymorefocusedontheoretical
researchandcaseanalysis,thispaperusestatisticalmethodsofTMTM&A
performanceanditsinfluencingfactors.Secondly,basedonthedifferent
growthstageofTMTgrouptostudytheperformanceoflistedcompanies
7、,
TMTenterpriseknowwhentousetheTMTcompanymergersand
acquisitionstoincreaseenterprisevalue.Finally,ontheperformance
evaluationindex,usetheenterpriseafterthemergerofthetotalreturnon
assetsvalueminusthereturnonassetsinthesameyearindustryaverage
asevaluation