轉(zhuǎn)型期中國企業(yè)收購研究.pdf

1、浙江大學博士學位論文轉(zhuǎn)型期中國企業(yè)收購研究姓名：汪偉申請學位級別：博士專業(yè)：政治經(jīng)濟學指導教師：金祥榮20070501浙江大學博士學位論文轉(zhuǎn)型期中國企業(yè)收購研究AbstractThisthesiswasmade叩ofthreeessaysonmergersandacquisitionsinChinafromthemiddleof1990sBasedonthedetailedreviewofgreatmergerwavesinChinat

2、histhesistriedtodevelopthemerge岱andacquisitionstheorybyintrodudngtheidiographicbackgroundoftransitioneconomyintothetraditionalliteratureManagementbuyoutsweregenerallyregardedasrationalreactionstoStateOwnedEnterprisesinef

3、ficiencyThesecondsectorofthisthesisarguedthatmanagementbuyoutsmaycauseSOEs’performancedeteriorationfromthemiddleof1990sbyapplyingaman—agementbuyoutshypothesiswithdistortedmotivationThelectordeclaredthatmall—agementwouldc

4、hoosewritingdownSOEs’bookvalueinsteadofdestroyingtheiractualperformanceunderlowleveldevelopedlegalsystemandcapitalmarket，butSOEs’actualperformancewouldhedamagedartificiallywhenlegalsystemandcapitalmarketwereheRerstructur

5、edThethirdsectorprovidedanoriginalexplanationforwhythetargetsinregulatedindustrieswereoftenoverpaidinmergerandacquisitionactivitiesOnonehandtheregulationofentrymadethetargetsvaluableasqualifiedplayers；ontheotherhandthere

6、gulationofentryalsomadetheexistedplayersinefficientThis∞ctofalsodeclaredthatJ[heretoheSomedoserelationbetweentheregulationofentryandthemarketstructureofregulatedindustriesandadvancedBomenewviewpointsinlesseningthecompreh

7、ensiveregulationsintransitioneconomiesaswelLTheforthsectorprovidedapieceofcompetitiveliteratureonthelongtermperformanceofChinatslistedcompaniesbycalculatingthezerotofiveyearEVAindexafterthemergerandacquisitionactivitiesI

8、twasfoundthatthemergerandacquisitionactivitiescouldimprovethelistedcompanieslongtermperformanceintransitionalChinafromⅡ世m(xù)iddleof1990sTheforthsectoralsotestedsolmrelatedhypothesesbehVe眥吐虻longtermperformanceandthemergerand