论文标题:外资并购我国上市公司的绩效分析
Application of VaR in Risk Management of Open Funds
论文作者 付新
论文导师 桑百川,论文学位 硕士,论文专业 国际贸易
论文单位 对外经济贸易大学,点击次数 74,论文页数 48页File Size1058k
2004-04-01论文网 http://www.lw23.com/lunwen_81733312/ 外资并购,上市公司,绩效分析
VaR ; Stress Testing ; Extreme Value Theory
外资并购是把双刃剑，其在我国的不断发展必然会给我国国民经济带来正负两方面的影响，这也是各界人士争论的焦点。因此，研究外资并购对我国宏观经济乃至企业微观个体的绩效影响有重要的意义，它有助于我们对外资并购做出客观的评价，从而制定正确的政策建议，使外资并购真正为我国所用。本文的写作目的在于通过系统剖析外资并购我国上市公司的绩效，检验外资并购在我国的影响，从而为解决这一争论提供一些依据和建议。本文通过规范分析、实证分析以及案例分析相结合的方法对外资并购我国上市公司的绩效进行了全面的分析。在建模和案例分析方面进行了有别于以往学者的尝试，力求在实证分析上有所创新和突破。本文开篇阐述了外资并购我国上市公司在我国的发展历程，并归纳出了其特点。在此基础上首先使用规范分析的方法，归纳出外资并购我国上市公司对宏观经济、证券市场发展、国有企业改革等的作用。继而分析了外资并购上市公司在经营、管理、财务等方面的协同效应及其对上市公司技术改进的贡献。其后本文使用实证分析的方法，剖析了外资并购的短期绩效和长期绩效、影响外资并购经营绩效的因素以及影响外资并购成败的因素。论文通过宏微观的系统分析得出相应的结论：外资并购总体而言有利于国民经济的发展，有利于上市公司价值的提升和经营业绩的改善，其影响程度及成败受到多种因素的影响。最后，本文结合绩效分析的结果，给出了外资并购我国上市公司的政策性建议。
The development of Foreign-capital M&A, as a ‘two-edge Sword’, in china has been bringing both positive and negative effects on China’s economy, which accordingly leads to the controversy on this issue from all circles. Consequently it is significant to carry out research on the effect produced by Foreign-capital M&A upon both China’s macro-economy and the domestic individual enterprises. In-depth study on this issue can help us appraise Foreign-capital M&A objectively and thus draw up correct policies to make good use of it. The aim of this paper is to survey the effects on China in a whole aroused by Foreign-capital M&A through analyzing the performance of the domestic listed company after being merged by foreign capital and to provide some practical foundations and effective suggestions for solving the above mention controversy.This paper systematically analyzes the performance of the domestic listed company after Foreign-capital M&A through combining the standardization analysis, the empirical study and case study together. Furthermore, in order to make some innovation and breakthrough on empirical study, this paper does the case study and makes attempts at modeling in the way different from the former studies in this field. At the beginning, this paper portrays the developing course of Foreign-capital merging and acquiring listed companies in China and epurates its characteristics as well. Then this paper induces the influence of Foreign-capital M&A on macro-economy, development of the stock market and the reformation the state-owned enterprises etc. Subsequently this paper construes the operation, management and finance synergistic effect of Foreign-capital M&A, and the technical contributions made by Foreign-capital M&A by standardization analysis. Next, this paper dissects the short-term and long-term performance, the factors which affect the performance and result of the M&A by empirical study and modeling attempt. After macro and micro analysis systematically, this paper draws the conclusions as: Foreign-capital M&A makes more contribution than harm to the development of China’s economy as a whole; it can enlarge the value of the domestic listed company and improve the performance of operation; besides, the degree is determined by several factors. To the end, this paper proposes some useful and practical suggestions on this issue on the basis of before study.
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