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上海交通大学硕士学位论文我国上市公司并购绩效的研究姓名：毕克龙申请学位级别：硕士专业：会计学指导教师：陈亚民20070101IV200451V123VIRESEARCHONTHEPERFORMANCEOFM&AOFCHINESELISTEDCOMPANIESABSTRACTM&AoflistedcompanieshaslongbeenthefocusinmanycountriesandwhetherM&Acaneffectivelyimprovetheperformanceoflistedcompanieshasdrawngreatattentionbothintheforeignanddomesticacademia.NowadaystherehavebeenlargeamountoftheoreticalandempiricalstudiesonM&Aperformance.However,comprehensively,thereisgreatuncertaintyconcerningvalueeffectoftheM&A.Suchfactorsasthereformofseparatedstockright,theconsummationofrelatedM&Alawsandregulations,increasingnumberoflistedcompanies,theneedfordevelopmentofChineselistedcompanieshavecreatedprerequisitesforthelistedcompaniestodoM&A.WecanexpectthatM&AoflistedcompaniesinChinawillconstantlyemergeinthefuture.Inthiscontext,itisofgreatimportanceconsideringtheeffectsofM&Aanditsperformanceforourlistedcompanies.Thisarticleisbasedontheviewpointsofeconomicsandmanagement,summarizingtheM&AmotivationtheoriesinwesterncountriesandputforwardtheM&Amotivationofdomesticlistedcompanies.Then,theresearchprovidestheoreticalbasisfortheanalysisofM&Aperformanceofdomesticlistedcompanies.ThroughthecomparisonofthefinancialindicatorsandmarketreactionsbeforeandafterM&A,anobjectiveandfairVIIjudgmentontheM&Aeffectsoflistedcompaniescanbemade.TheresearchcanalsoshedlightonM&AstrategiesforlistedcompaniesinordertoavoidcertainextentofrisksandblindnessofM&A.BasedonthecriticalreviewofresearchmethodsandempiricaltheoriesofforeignanddomesticM&Aperformance,thisresearchutilizesthefinancialindexstudymethodandthefactor-analysismethodologytoformthecomprehensivegradingmodeltoevaluatetheperformanceoflistedcompanies.Theempiricalstudyanalyzes51samplelistedcompaniesthatmadeM&Ain2004andthenstudiesthechangesofoperatingperformancebeforeandafterM&Aaswellasthemarketresponsesbeforeandaftertheinitialannouncingdayforthesamesamplethroughevent-studymethodology.TheresultsshowsthatthelistedcompanieshavenotimprovedtheperformancesingeneralthroughM&A;intheprocessofM&A,thelistedcompanieswhichvoluntarilydisclosedstrategicinformationarebetterthanthosewhichrefusedtodiscloserelatedinformation;M&Aperformancesofdifferenttypesmanifestsignificantdifference,horizontalM&Aperformancewasimprovednotablyandthemarketresponseisverystable;theverticalM&Aperformanceincreasedatfirstandthendecreased,itdidn’tperformwellinthesecondarymarket;blendingM&Aexhibitsadecreasingtrendinfinancialperformance,butitgainsanextrabenefitinsecondarymarketswhichtheresearchtriestoexplainbysignalingtheory.WebelievethatthebetterperformanceinsecondarymarketsisduetothepsychologicalexpectationofthepublicbecauseofthedisclosureoftheM&Astrategicinformationofthelistedcompanies;thefinancialperformanceofthenon-affiliatedisbetterthanthatoftheaffiliatedwhileinthesecondarymarkettheperformanceoftheaffiliatedbetterthanthatofthenon-affiliated,whichprovesthattherearespeculatebubblesintheM&Abetweentheaffiliated.Basedontheabovefindings,theresearchprovidessomesuggestionstoenhancetheM&Aperformanceforthelistingcompaniesinourcountry.Theinnovationsofthispaperare:(1)AnalyzebothmarketreactionandM&AVIIIperformancebyamixingmethodofevent-studyandfactor-analysis;(2)ResearchthechangesofoperatingperformancebeforeandafterM&Aaswellasthemarketresponsesbeforeandaftertheinitialannouncingdayforthesamesample;(3)DoclassificationresearchintermsofM&Asamples’disclosureofstrategicinformation,andexplainM&Aperformancebysignalingtheories.KEYWORDS:M&A,performance,studymethodoffinancialindex,event-studymethodologyII2007110III20071820071101100[1]19202060208020901990111991719939WTO2200450052003ebay1.820051TOMTOM400049%1994CopelandKollerandMurrin1994[2]11661%2002121200691314231-151-1Fig.1-1theresearchstructureofthethesis20046EVAEVAEVAEconomicValueAdded90SternStewart1991[3]WACC[4][5]EVA=3.1EVAEVAEVA7EVA1EVAEVA2EVAEVEEVA[6]2001[7]//[8]8AbnormalReturnCumulativeAverageReturns,CAREVAMeeks1977[9]19641971164MeeksMeeksKumar1985[10]1984196719702411980CoshHughesSingh1980[11]19671970225HealyPalepuRuback1992[12]9197911984650MansonstarkThomas1994[13]1985198738MegginsonMoregan2000[14]19771996204310%9%1%4%1.2%1998[15]19974EPSROE2001[7]1995-19982012000[16]19981262002[17]2000801999[18]19985172102002[19]/2001[20]19971111602000[21]1994-19982002[22]AbnormalReturnsMandelker1974[23]Firth1980[24]196919754862.896%-6.396%JensenRuback1983[25]1320%30%4%FranksHarris1989[26]19551985114511022%Limmack1991[27]1977198646231%-0.2%Schwert1996[28]1975-1991181435%MaquieireMegginsonNail1998[29]1963-1996260LanceA.Nail1998[30]1999[31]1997102001998[32]19971471982000[33]1993-19951212[34][35][36]13121434Seth1990[37]5Bradley1980[38]15JensenMeckling1976[39]Manne1965[40]Jensen1986[41]Jensen1976[42]16[43]MuellerMueller1969[44]198033%20%1975[45]Roll1986[46]17[47]12318121920042004120043023200420022004200411200412312004201STST234511200426815111Wind22200220063=FX4.14.1PXFP20022[48]12223454-14-1Table4-1theevaluationindexesofM&A‘sperformanceX1/X2/X3/X4/X5/X6/X7/X8/X9/X10/X11/X12/X13/23P=FXFactor-ana