核心能力及交易特征对并购绩效影响实证研究

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1、西南交通大学硕士学位论文核心能力及交易特征对并购绩效影响实证研究姓名：李建惠申请学位级别：硕士专业：会计学指导教师：范莉莉20080501西南交通大学硕士研究生学位论文第lI页AbstractAsaeffectivemeansforenterprisestoimprovecompetenceandrealiseleap·forwarddevelopment，M&Abecomesthebestchoicetoexbandquickly．However，materialsshowthatthesuccessionrat

2、eofcorporateM&Akeepsverylowwhiletheyincreasesteadilyinnumber．Thepropositionofcorecompetencetheoryexplainedthephynomynonabove。ItmaintainsthatthemutualshiftofcorecompetencebetweentwocompaniesisthekeyfactorwhichdecidesthesuccessionofcorporateM&A．SodoM&Aactivities

3、reallysupportthetheoryofcorecompetence?AnddotheM&Aperformanceofthelistedcompaniesreallybeinfluencedbycorecompetence?AndwhatotherfactorsinfluenceM&Aperformanceexceptofcorecompetence?ThispaperwilltakeempiricalreserchtostudytherelativefactorsaboutM&Aperformance．T

4、hepapercomprisesfourchapters．Atfirstthebackgroundandthoughtsoftheresearcharedescribedintheintroductionwhichalsosummarizestheforeignanddomesticempiricalstudiesofrelativeissues；Secondly，thepaperintroducesthetheoryofCoreCompetenceandcorporateM&A，thentherelationsh

5、ipbetweencompany’SCorecompetenceandefficiencyisanalyzedbasedontherelativetheorywhichprovidesatheoreticalbasisforthe‘latterempiricalresearch，thenthetWOmethodsofperformancedescriptionareintroducedinthelastofthischapter．Inchapter3，asthecoreofthepaper，describesthe

6、designofempiricalresearchwhichcomprisesthehypothysis，variablesandthelinearregression．Thelastchapter，principalcomponentanalysisisusedtodescribetheperformance，thenistheanalysisofthetrendoftheperformanceandtheresultofmultipie—variableregression．Theresultoftherese

7、archsuggestthatmostoftheacquiringcompanies西南交通大学硕士研究生学位论文第1II页haveimprovedtheirefficienciesafterM&A，butthepropotionofpositivedropedbadlyaftertwoyearslatenTheproportionofintangibleassetsplayasignificentpositiveinfluencetOM&Aperformance，whichverifedthehypothysis

8、relatetothecorecompetencepromotedinthedesignofreserch．Industrialrelatedness，relativesizeandtradable—sharepropotionallplaysignificentinfluncetoM&Aperformance．KeyWords．M&Aperformance