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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研究THEM&APERFORMANCEEMPIRICALANALYSISOFFASTANDSLOWGROWTHENTERPRISEINTMTINDUSTRYABSTRACTMergersandacquisitionsappearedattheendofthe19thcentury,butthefirstrealworldwaveofmergersandacquisitionsoccurintheearly20thcentury.Duringthenextonehun
2、dredyears,inlinewiththepursuitofprofitmaximizationasthegoal,theproductivityandfinancedevelopment,theglobalbusinesshasexperiencedfivebigmergersandacquisitions,enhancingdevelopedcountrieseconomicstrengthandpositioninthedevelopmentoftheglobaleconomy.Atpresent,Chinaasthew
3、orld'ssecondlargesteconomy,isenteringatransitionalperiod,withtheurgentneedsofeconomicdevelopment,thepolicyofgraduallyopening,mergersandacquisitionsinChina'seconomicdevelopmentplaysanimportantrole.In2014,theChineseenterpriseM&Anumberis4003,involvestheamountmorethan$2.4
4、949trillion,comparedwith2013M&Anumberis2069,andinvolvesthevalueof1.5258trillionYuan,increasedby93.48%and93.48%respectively.ThispapertakestheTMTindustryinourcountrylistedcompanyastheresearchobject,byusingthecombinedmethodoftheoreticalresearchandempiricalresearch,toourc
5、ountryindifferentgrowthstagesoftheTMTindustry.TMTindustryinChinaasabuyerofmergersandacquisitionsoflistedcompaniesindifferentgrowthstage,andUSESthestatisticalmethod,analyzingthefactorsofinfluencetotheTMTindustryinourcountryenterprisetomakebetteruseofmergersandacquisiti
6、onsincreasethereturnonassetstoprovidethereference.6万方数据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研究Thisinnovationpointsmainly:first,thedomesticstudyofTMTindustrymergersandacquisitionspaymorefocusedontheoreticalresearchandcaseanalysis,thispaperusestatisticalmethodsofTMTM&Aperfo
7、rmanceanditsinfluencingfactors.Secondly,basedonthedifferentgrowthstageofTMTgrouptostudytheperformanceoflistedcompanies,TMTenterpriseknowwhentousetheTMTcompanymergersandacquisitionstoincreaseenterprisevalue.Finally,ontheperformanceevaluationindex,usetheenterpriseaftert
8、hemergerofthetotalreturnonassetsvalueminusthereturnonassetsinthesameyearindustryaverageasevaluationstandard,tofindouttheente
