导　　师： 李艳虹

学科专业： 020204

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 相对于已经经历了五次并购浪潮的西方世界，中国企业真正意义上开始跨国并购还是在本世纪开始的，伴随着中国经济跃居世界第二大经济体，外汇储备突破三万亿美元，中国企业跨国并购的热情也开始突显。 本文通过研究企业长期与短期绩效的方法进行了实证研究。首先本文采用事件研究法对并购样本企业做了短期绩效研究分析，通过在（-20,20）的窗口期中对企业的平均超额收益与累积平均超额收益计算本文做了整体研究，之后本文继续从不同行业、并购区位、并购主体方面对短期并购绩效进行了分类研究。其次本文从企业的盈利能力、偿债能力、营运能力、股东获利能力和发展能力五个方面出发建立中国企业跨国并购财务绩效的综合评价体系，然后运用因子分析法对其财务绩效进行分析，之后本文从行业、并购区位、并购主体方面进行财务绩效的分类研究，并且在之后做了线性回归。 本文力求在研究上有所创新。研究方式上同时采用了会计指标法与事件研究法，更加全面的做了分析研究；研究内容上没有考虑资源类国家战略企业的并购，样本集中在家电、机械、电子行业。目前我国企业跨国并购还不成熟，窗口期以及研究对象都需要进一步的完善，希望本人能在以后的研究中加以改进。 Relating to the western world that has experienced five waves of mergers, Chineseenterprises only in the21th century began to have cross-border mergers and acquisitions. But theenthusiasm of Chinese enterprises’ cross-border mergers begin to highlight as the China’seconomy ranked the world’s second largest economy and the foreign exchange reserves exceededthree trillion U.S. dollars. From the comprehensive study of long-term and short-term corporate performance this papertry to answer this question. Firstly, from the aspects of corporate profitability, solvency,operation ability, the shareholders' profitability and development capacity, the departure built thecomprehensive evaluation system of financial performance of cross-border mergers andacquisitions of Chinese enterprises. And then the departure used the factor analysis method toanalyze its financial performance. After that the departure began to make classification study ofthe financial performance. Furthermore, this article uses the event study to research the enterprise’s short-termperformance. This article examined the reaction of the market for mergers and acquisitions in thewindow time /(-20,20/) by calculating the average excess return and cumulative average excessreturn. After that the departure continued to make classification study of the financialperformance from the industry, location, mergers and acquisitions’ subject. In this article I try to do a more comprehensive analysis using the financial study and theevent study methodology. It is concentrated in home appliances, machinery, electronics industry.However, our country’s cross-border mergers and acquisitions are not mature, the window timeand the research content can be further improved, and I hope I can be improved in future research.

关 键 词： 跨国并购 绩效 影响因素

领　　域： [经济管理] [经济管理] [经济管理] [经济管理]