中国地区市场化进程对企业并购绩效影响的实证分析

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2、东大学硕士学位论文ABSTRACTWiththedevelopmentofworldeconomicintegration，globalmergersandacquisitionshavebeenintensified．moreandmoremultinationalcompaniesusemergersandacquisitionstoexpandtheirterritory．SimilarlyChina’Slistedcompaniesbegintoupgradetheirownindustriesandimprovet

3、heircompetitivenessthroughmergersandacquisitions．Inaway,theywillbemoreactiveinglobalcompetition．Accordingtostatistics．thenumberofmergersandacquisitionshasincreasedfrom150psin1997to3555psin2012．eachtransactionamounthasalsoincreasedsignificantlyfromlessthanmillionyuanto

4、morethantriIlionyuanatpresent．Consequently,mergersandacquisitionsisbooming．MergersandAcquisitionsplaysavitalroleinourlistedcompanies’development．whichiSalsoallimportantresearchsubjectforourscholars．TheperformanceiSthecoreissueofM&AandiSthestandardtoiudgethesuccessofM&

5、A．Inthisperspective，theperformanceresearchismuchmorepractical，SOithasalsobecomethefocusofthisPaper．AstheinstitutionandmarketfactorofM&A．themarketizationprocessplaysanimportantroletotheperformance．Ourcountryhasbeguntheshuntofmarketeconomicsince1978．AIthoughwehavegetagr

6、eatachievementintheprocess，themarketizationprocessofeachregionisn’tbalancedforChina(FanGang，WangXiaolu，2004)，whichisabroadcountry．Thecompaniesindifferentregionsfacedifferentinstitutionenvironments．Itleadstoaquestionthatthemarketizationprocesswillhavewhateffectontheper

7、formance．Thispaperselects419companiesofShanghaiandShenzhenstateholding1istedcompaniesin2009assamples．Wreuseprincipalcomponentanalysistomakeananalysistotheperformanceofthesamplestocalculatetheirtotalscores．Thenweregardperfclrmanceasthedependentvariable，themarketization

8、processastheexplanatoryvariables，andwealsochoosesomefactorsascontrolledvariablessuchasrelatedtransaction，theproportionofstate．ownedshares，belongtotheiurisdiction，themergerandacquisitionscale，patternofpaymerit，IndustryAssociation．Theresultshoethatthemarketizationproces

9、sandperformancehaveasignificantpositiverelationship．Atlast，basedontheconclusion，wegivesomepolicysuggestionstoimprovetheperfo