1、 毕 业 设 计（论 文） 设计（论文）题目： 并购行为对收购方公司绩效影响研究 以雅戈尔并购新马为例 学 院 名 称： 经济与管理学院 专 业： 会计学 定稿日期：2015 年 05 月 18 日 摘 要 在 1984 年，中国出现了首例并购和产权转让，到现在为止已经有 31 年的历 史了。在所有的并购里，我国经历了初期阶段，两次高潮和一次低谷。我国的第 二次并购高潮发生于 1992 年，这明确了社会主义市场经济体制在我国的发展方 向，产权改革再次成为公司的招牌，证券市场得到了快速发展，并购的全球浪潮 对我国的冲击已经越来越明显，更多的外资并购活动出现。由于我国各方面的条 件特殊，使得公司并
2、购出现了许多的未知因素和困难。同时，由于其采集的范围 很广，从而影响了证券市场的重组，而且还使用了大量的社会资源，这关乎到了 整个社会资源各相关利益群体的再分配。因次，本文就宁波雅戈尔集团的并购为 例对此进行分析。分析雅戈尔并购新马的动因，并购类型，并购的支付方式，以 及并购对雅戈尔绩效的影响， 从而就并购行为对收购方绩效的影响进行一个总体 的分析。 关键词：并购行为；收购方；绩效影响；雅戈尔并购新马 英文摘要 ABSTRACT Chinese companies m&a and property transfer activity first appeared in 1984, has be
3、en nearly 20 years of history. Company merger and acquisition process found throughout China, Chinese companies experienced infancy and two business wave and a trough. The second high tide since 1992 are a companys merger and acquisition (m&a). This period has been clear about the direction of devel
4、opment of the socialist market economy in China, once again become a company, the reform of property rights reform of the securities market got rapid development, opening to the outside world further, the impact of the global wave of mergers and acquisitions in China, foreign m&a events. Because Chi
5、nas special economic and social environment, the listed company m&a motivation becomes very complex, leading to m&a performance there is a big uncertainty. Merger, acquisition and reorganization of the scope is very wide, not only affect the securities market, but also the use of a variety of social
6、 resources, involving the whole social resources in the redistribution of each related interest groups. Thereby, in this paper, the ningbo youngor group as an example for analysis of mergers and acquisitions. Analysis of youngor merger new horse, type of mergers and acquisitions, mergers and acquisitions, and the influence of m&a performance of youngor, m&a impact on the performance of the acquiring firm thereby ma
