2001年上市公司收購前后績(jī)效變化的實(shí)證分析.pdf

1、對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)碩士學(xué)位論文2001年上市公司收購前后績(jī)效變化的實(shí)證分析姓名：王頗申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：余恕蓮200504012001年上市公司收購前后績(jī)效變化的實(shí)證分析ABSTRACTThisarticleisanempiricalstudyabouttheperfmancemovementoflistedcompanieswithacquisitionsin2001.Theacquisitionsreferredi

2、nthisarticleincludetwocategies:acquisitionsofcontrolbypurchasingsharesofnonlistedcompaniesacquisitionsofassetsfromotherentities.ThelistedcompanysamplesftheempiricalstudyaremainlyobtainedfromChinaMergerssecondlycalculatet

3、hecomprehensivescesusingfactanalysisfinallyanalyzethemovementofaveragecomprehensivescesbefeaftertheacquisition.BesidessamplecompaniesarealsoanalyzedbyusingsinglefinancialindicatReturnOnEquity.Theresultofempiricalstudysho

4、wsthattheoperatingperfmanceofsamplecompaniesdeteriatedaftertheacquisitions.ThoughtheROEratiosfsomecompaniesincreasedontheyearofacquisitiontheypeddowninthenexttwoconsecutiveyears.Furtheranalysisconcludes:thosecompanieswhi

5、chacquiredassetstendedtohavebetterperfmancepritotheacquisitionthanthosewhichacquiredshares.acquisitionsbetweenaffiliatedcompaniestendedtohavemuchwseperfmancethanthosebetweenindependentcompanies.Theauthalsotriestoraisethe

6、conceptsofquasitransferofcpatecontrolrealtransferofcpatecontrol.Itisalsofoundthatthosequasitransfersofcpatecontrolmadelistedcompaniesperfmancedeteriatewhiletheimpactofrealtransferofcpatecontrolisnotobvious.Keywds:Acquisi