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我国上市公司跨国并购的绩效评估----以汽车行业为例摘要随着中国加入WTO已经走过了第十个年头，而经济也继续飞速发展，越来越多的中国企业开始通过“走出去”跨国并购战略，进行海外扩张。特别是在金融风暴后全球资本市场市值大幅缩水时，许多中国企业更希望能抓住这一难得的机会在跨国并购中有所收获。然而，中国企业的跨国并购能否真正提高中国企业的绩效水平呢？这一课题引发了实务界和学术界的强烈关注。对此，本文将以汽车行业为代表，对中国上市公司跨国并购的绩效水平进行一定的研究和分析。本文第一部分，介绍了企业并购的基本概念以及重要的绩效分析方法。第二部分，介绍了中国汽车行业上市公司进行企业跨国并购的历史进程、发展现状及特点。第三部分，运用会计研究法，采用具有典型意义的财务指标，考核企业跨国并购前一年、并购当年、并购后一年绩效水平的变化情况，发现跨国并购发生后绩效水平出现了下降。第四部分，本文分析了导致企业并购绩效较低的原因。第五部分，根据企业跨国并购中存在的实际问题，对企业和政府提出了相关的对策建议。第六部分，对全文进行了总结。西南财经大学天府学院我国上市公司跨国并购的绩效评估----以汽车行业为例2关键词：跨国并购绩效对策建议AbstractChinahasjoinedtheWTOtenyears,withChina’srapideconomicdevelopment,moreandmoreChineseenterpriseshavebeenexpandingoverseasthroughcross-bordermergersandacquisitions．Especiallyaftertheglobalcapitalmarkethasshrunkdramatically,anumberofChineseenterpriseswanttotakethisopportunitytogainincross-borderM&A.However,thecross-borderM&AofthoseChineseenterprisescanreallyimprovetheperformanceverywell?Thispaperwillberepresentedbytheautomotiveindustry,researchandanalysisontheperformanceofcross-borderM&AofChineselistedcompany.ThefirstpartintroducesthebasicconceptofM&Aaswellasimportantperformanceanalysismethod.ThesecondpartdescribestheevolutionprocessofChina'sautomobileindustrycompaniescross-borderM&A,developmentstatusandcharacteristics.Thethirdpart,usingthemethodofaccountingresearch,assessedcross-borderM&Aofenterprisesthepreviousyear,M&Ayear,yearpost-merger.Throughtheassessment,theperformancehasshownaftercross-borderM&A.Infourthparts,analyzesthereasonsforthelowperformance.Thefifthparts,accordingtotheproblemsincross-borderM&A,thepapergivingenterprisesandgovernmentrecommendations.Thesixthpartssummarizedofthefulltext.Keywords：M&APerformancerecommendation西南财经大学天府学院我国上市公司跨国并购的绩效评估----以汽车行业为例3目录摘要...........................................................................................................................................................1Abstract....................................................................................................................................................2一、前言...................................................................................................................................................5（一）、相关概念的界定..................................................................................................................51、跨国并购的概念..................................................................................................................52、跨国并购的绩效分析..........................................................................................................5(二)、绩效评估的方法....................................................................................................................61、事件研究法..........................................................................................................................62、会计研究法..........................................................................................................................6二、我国汽车行业的跨国并购..............................................................................................................7（二）、我国汽车行业跨国并购的特点..........................................................................................81、跨国并购的规模巨大..........................................................................................................82、我国汽车行业跨国并购处于初级阶段............................................................................9（三）、汽车行业跨国并购绩效分析的现实意义........................................................................10三、我国汽车行业并购绩效分析..........................................................................................................10（一）、债务比率指标分析............................................................................................................10（二）、偿债能力指标分析........................................................................................................12（三）、运营能力指标分析............................................................................................................15（四）、市场价值分析....................................................................................................................16四、提高我国汽车行业跨国并购绩效的对策......................................................................................19（一）、企业的相关对策................................................................................................................191、理性选择跨国并购避免陷入财务危机............................................................................192、以并购为契机提高运营能力............................................................................................213、提高并购后整合的质量....................................................................................................21（二）、政策建议............................................................................................................................221、宏观指导和政策支持........................................................................................................222、相关法律和制定的完善....................................................................................................23五、结