【文章內(nèi)容簡(jiǎn)介】 ........................................................................................................ 20 VI 4． 1 總體樣本綜合績(jī)效的實(shí)證分析 .............................................................................. 20 4． 1． 1 總體樣本的綜合績(jī)效的實(shí)證分析過(guò)程 ..................................................... 20 4． 1． 2 總體樣本的綜合績(jī)效的實(shí)證結(jié)論分析 ..................................................... 26 4． 2 不同財(cái)務(wù)視角下的績(jī)效分析 .................................................................................. 29 4． 3 績(jī)效結(jié)論分析的總結(jié) .............................................................................................. 30 4． 4 非并購(gòu)類(lèi)樣本公司的績(jī)效分析 .............................................................................. 31 4． 4． 1 非并購(gòu)類(lèi)公司的綜合得分函數(shù)公式 ......................................................... 31 4. 4． 2 非并購(gòu)類(lèi)公司的綜合得分函數(shù)和正值比率 ............................................... 31 4. 4. 3 并購(gòu)類(lèi)公司和非并購(gòu)類(lèi)公司的對(duì)比配對(duì)檢驗(yàn) ............................................. 32 5 上市公司并購(gòu)績(jī)效下滑的原因與對(duì)策 ............................................................................... 34 5． 1 上市公司并購(gòu)績(jī)效下滑的原因分析 ...................................................................... 34 5． 1． 1 并購(gòu)融資交易方式單一 ............................................................................. 34 5． 1． 2 并購(gòu)動(dòng)機(jī)不夠明確，缺乏長(zhǎng)遠(yuǎn)規(guī)劃 ......................................................... 34 5． 1． 3 并購(gòu)經(jīng)驗(yàn)不足，整合能力薄弱 ................................................................. 34 5． 1． 4 政府的越位與缺位 ..................................................................................... 35 5． 1． 5 并購(gòu)專(zhuān)業(yè)人才、機(jī)構(gòu)和法律的缺失 ......................................................... 35 5． 2 上市公司改善并購(gòu)績(jī)效的對(duì)策 .............................................................................. 36 5． 2． 1 探索并購(gòu)融資新模式，降低風(fēng)險(xiǎn)和成本 ................................................. 36 5． 2． 2 并購(gòu)應(yīng)是企業(yè)的長(zhǎng)遠(yuǎn)戰(zhàn)略目標(biāo)之一 ......................................................... 36 5． 2． 3 吸取經(jīng)驗(yàn)教訓(xùn)，提高整合能力和水平 ..................................................... 36 5． 2． 4 發(fā)揮政府對(duì)并購(gòu)的引導(dǎo)支持作用 ............................................................. 37 5． 2． 5 強(qiáng)化并購(gòu)人才、中介組織、法律、法規(guī)等配套服務(wù)的建設(shè)力度 ......... 37 總 結(jié) ........................................................................................................................................ 38 參考文獻(xiàn) .................................................................................................................................. 39 讀研期間學(xué)術(shù)成果 .................................................................................................................. 42 致 謝 ........................................................................................................................................ 43 附 錄 ........................................................................................................................................ 44 附錄 1 并購(gòu)類(lèi)樣本公司統(tǒng)計(jì)表 ....................................................................................... 44 附錄 2 非并購(gòu)類(lèi)樣本公司統(tǒng)計(jì)表 ................................................................................... 45 附錄 3 各年度并購(gòu)方公司績(jī)效綜合得分表 ................................................................... 46 附錄 4 不同財(cái)務(wù)視角下的各年度綜合得分函數(shù)公式 ................................................... 47 附錄 5 非并購(gòu)類(lèi)樣本公司各年度綜合得分統(tǒng)計(jì)表 ...................................................... 48 VII Table of Contents 1 Preface .................................................................................................................................... 1 1． 1 Research Background and Significance ..................................................................... 1 1． 1． 1 Research Background .................................................................................... 1 1． 1． 2 Research Significance ................................................................................... 1 1． 2 Literature Review from Home and Abroad ................................................................ 2 1． 2． 1 Overseas Review ......................................................................................... 2 1． 2． 2 Domestic Review ........................................................................................ 3 1． 2． 3 Problems Presenting ...................................................................................... 5 1． 3 Research Thought and Arrangement of Main Content ............................................... 5 1． 3. 1Research Thought ............................................................................................. 6 1． 3． 2Arrangement of Main Content ....................................................................... 6 1． 4 Innovation and Shorting Points of the Article ..................................................... 7 1． 4． 1 Innovation Points of the Article..................................................................... 7 1． 4． 2 Shorting Points of the Article ................................................................. 7 2 Theory of Company Performance on Mamp。A ....................................................................... 9 2． 1 Concepts Definition of Mamp。A, Classification and Mamp。A Motivation Theory ............ 9 2． 1． 1 Relevant Concepts of Mamp。A and Classification ............................................ 9 2． 1． 2 Mamp。A Motivation Theory ............................................................................ 10 2． 2 Company Performance Theory................................................................................. 11 2． 2． 1 Meaning of Companies Performance and Classification ............................ 11 2． 2． 2 The Level of Performance Mamp。A ................................................................ 12 3 Research Methods, Performance Evaluation Model and Research Design ................... 13 3． 1 Study Methods .......................................................................................................... 13 3． 1． 1 Study Meth