【摘要】：近些年，企业并购行为逐渐频繁，并且并购的规模也在逐步扩大，各种并购类型的并购案例也在逐步增多，然而在不同并购种类下企业并购后整合效率会有何不同，这也是个需要探讨的问题，本文采取因子分析法，借助财务指标构建横向并购效应、纵向并购效应、混合并购效应的财务指标综合得分模型，选择相应的样本和时间段进行实证研究，实证结果是，三者并购后当期绩效均有下滑，并购对企业当期的经营状况呈负面影响，通过短期整合，横向并购和纵向并购企业绩效有所提升，企业经营状况优于并购前，但是混合并购绩效仍旧不如并购前，短期整合效率：纵向并购>横向并购>混合并购；就长期整合绩效而言，仍然是纵向并购>横向并购>纵向并购。 63670

【毕业论文关键字】：企业并购   并购整合   价值效应   效率比较

毕 业 论 文 中 文 摘 要

 毕 业 论 文 外 文 摘 要

Title  comparative  analysis  of  enterprise  merger  and  acquisition      efficiency  

 Abstract

In recent years, the behavior of enterprise merger and acquisition becomes more and more frequent, and the scale of M & A has gradually expanded, Various types of merger cases are also increasing gradually, but in the enterprise merger under different types of M & A integration efficiency will be different, this question need us to discuss .In this paper , we will use factor analysis , With the help of the financial indicators to build the effect of horizontal M & A, vertical merger effect, effect of conglomerate M & a financial index score model, then select the appropriate sample and time period  to do the  empirical research .and  the empirical result is ,the three type of M&A’s short-term current  efficiency is generally low ,The M&A have a negative impact on the enterprise operation ,Through short-term  integration ,the enterprise performance of Horizontal merger and  Vertical merger all have improved ,better than the business of enterprise merger ,but the mixed M&A performance is still lower than before the merger .short-term integration efficiency : Vertical merger>Horizontal merger > Mixed M&A .In the terms of  the long-term integration  performance ,it is similar with  the short-term integration efficiency : Vertical merger>Horizontal merger > Mixed M&A.

Keywords  merger and acquisition    Merger integration   The value effect        Comparison of efficiency

目录

1 引言 5

2  文献回顾 5

3  理论分析和研究假设 7

3.1 理论分析 7

3.2  研究假设 9

4 实证分析 10

4.1研究方法 10

4.1.1 会计研究法 10

4.1.2本文采用的研究方法 10

4.3模型设计 11

4.3.1  财务指标的选取 11

4.3.2  建立综合得分模型 12

4.4 实证结果分析 13

4.4.1  数据结果与整体分析 13

4.4.2  并购前数据分析 14

4.4.3  并购后整合数据对比分析