并購對主并購公司效率影響研究.pdf

1、湖南大學(xué)碩士學(xué)位論文并購對主并購公司效率影響研究姓名：戴代強申請學(xué)位級別：碩士專業(yè)：企業(yè)管理指導(dǎo)教師：陳收雷輝20050929莖塑翌圭莖塑圭至竺旦鍪奎墅墮墮窒至塹塞。AbstractMerger&Acquisition(M&A)isabusinessmethodforcorporationstoexpandandrestructurebygettingotherassets’ownershiporequitycontrol，anditi

2、sexpectedtooptimizeM&AfinnsresourcedistributionChina’SstockmarketisgainingmorespacealongwiththedeepeningofreformpolicyandexpeditiousdevelopmentofeconomySimultaneouslymoreandmorelistedcompaniesadjusttheindustrialstructure

3、andoptimizetheresourcedistributionbyM&ASo，what’StheeffectofM&AinChina’SsecuritymarketAndhavesuchcompaniesgottheexcessincreasingbyM&ATheinvestigationwillbepropitioustealizemarketorientedandmaterialM&AinChinaThepapercompri

4、sesfivechaptersAtfirstthebackgroundandtrainofthoughtsoftheresearcharedescribedintheintroductionwhichalsosummarizestheforeignanddomesticem戽ricalstudiesofrelativeissues；SecondlythepaperintroducesthetheoryofM&Aandtheeffecto

5、fM&Aonthecompany’Sefficiencyisanalyzedbasedontherelativetheorywhichprovidesatheoreticalbasisforthelatterempiricalresearch；Chapter4，asthecoreofthepaperdescribesthedevelopmentoflistedcompanies’M&AinChina，confirmsthepedodof

6、M&AsampleschoseninthepaperandconductsanempiricalinvestigationintotheperformanceofM&AusingthemodelbuiltontheFinancialIndexesMethod；FinallytheimpactofdifferentM&ApatternsandequitycompositionsonM&AperformanceisanalyzedThere

7、sultsoftheresearchsuggestthatmostoftheprimaryacquiringcompanieshaveimprovedtheirefficienciesafterM&AandgotabetterperformancethanthatoftheindustrytheybelongtorespectivelyAndapositivekurtosisisachievedafteroneyearintegrati

8、on，theperformanceinthesecondyearafterM&AisbestAmongthethreeM&Apatterns，theverticalismostsignificant，thatofthemixedM&Apresentspositivebutnotsignificant，andtheparallelM&ApatternhasanegativerelationshipwiththeeffectofM&A，an

9、dthelongertheintervalofthesamplegets，themoresignificanttherelationshipbecomesAsaresult，weneedlongerperiodsamplestoverifyitseffectIntheequitycompositionresearch，wediscoverthatthecirculatingequitydominantcompaniesperformbe