基于事件研究法的企业并购绩效及影响因素实证分析——以万达集团并购传奇影业为例

基于事件研究法的企业并购绩效及影响因素实证分析——以万达集团并购传奇

影业为例

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专业：

年级：

学生姓名：

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导师及职称：

2018年4月

An empirical analysis on the performance and influencing factors of enterprise merger and acquisition based on event research：a case study of the legendary mergers and acquisitions of Wanda Group Department：

Major：

Grade：

Student’s Name：

Student No.：2

Tutor：

Finished by April，2018

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摘要

由于中国企业并购事件的增多，企业并购逐渐成为中国资本市场的重要问题，如何利用并购行为完成企业的发展，增强资本市场的微观活力，逐渐得到了中国理论界和相关政府部门的重视。针对我国企业并购成功率低的现实，我通过比较中西方企业并购动机，结合本国国情，分析影响我国企业并购绩效的因素，提出了提高企业并购绩效的对策措施，希望为今后上市公司的并购提供借鉴，对从事企业并购实际操作与理论研究的人士有所帮助。国内外的理论和实践反复证明，依托资本市场的上市公司并购是现代企业成长的必由之路，是实现技术创新和产业升级的有效途径。研究中国上市公司的并购绩效，找出影响并购成败的各种因素并加以定量和定性分析，力求为中国上市公司的并购提供借鉴是我国经济学界所面临的一个重要课题，具有重要的现实意义。

关键词：事件研究法；企业并购；并购绩效

ABSTRACT

Due to the increasing number of mergers and acquisitions in China，mergers and acquisitions have become an important issue in China's capital market. How to make full use of M &；A activities to complete the development of enterprises and enhance the vitality of the capital market has gradually received the attention of Chinese theorists and relevant government departments. In view of the low success rate of M &；a reality，I through the western enterprise merger motivation comparison，combined with national conditions，analysis of factors influencing the performance of mergers and acquisitions in China，put forward the measures to improve the performance of mergers and acquisitions，hoping to provide a reference for future mergers and acquisitions of listed companies，for those engaged in the practical operation and theoretical research on mergers and acquisitions help. The theory and practice at home and abroad have repeatedly proved that the acquisition of listed companies based on capital market is the only way for the growth of modern enterprises，and an effective way to achieve technological innovation and industrial upgrading. Studying the M &；a performance of Chinese listed companies，finding out all kinds of factors that influence the success or failure of mergers and acquisitions，and making quantitative and qualitative analysis，strive to provide reference for Chinese Listed Companies' Mergers and acquisitions，which is an important topic facing the economic circles in China，and has important practical significance.

Key words：event study method；enterprise merger and acquisition；Performance of M & A