中国企业海外并购的经营绩效研究

发布时间：2018-05-02 21:19

本文选题：海外并购 + 并购绩效　；参考：《山东大学》2013年硕士论文

【摘要】：进入21世纪特别是2008年全球金融危机之后,中国企业的国际化战略进入一个新的阶段,大量中国企业“走出去”对外直接投资,在我国企业的对外直接投资中,跨国并购所占比例逐步提高,中国企业海外并购后的经营情况越来越受到政府和企业界的重视,为此,中国企业海外并购的经营绩效成为学术界深入研究的重要课题。本文归纳和总结了对外直接投资理论和企业跨国并购理论,在此基础上展开了对中国企业海外并购的研究。首先本文对中国企业跨国并购的概况进行了较为细致的描述和统计,本文搜集了大量的数据资料统计分析了我国企业海外并购的现状和特征,通过这些资料的统计,我们发现,就行业分布来看,能源、资源及制造业是我国企业海外并购较为集中的行业,但全球跨国并购居主导的行业则是服务业；就并购目标地区来看,北美是我国企业并购投资钟爱的地区；就并购主体来看,大型国企仍然主导我国企业的海外并购,但民营企业的海外并购日趋活跃；就并购动机来看,我国企业的并购动机经历了获取资源、获取品牌、获取知识产权的变化。本文借助SPSS17.0软件采用因子分析法对23家发生了海外并购事件的中国上市企业的14项财务指标进行了主成分分析,考察了各样本企业各年的综合得分,通过差值分析比较了这些企业并购前后的绩效变化,本文得出了如下结论：(1)总体而言,中国企业跨国并购短期内绩效变化不大,甚至出现了下降,但是从长期来看有利于我国企业绩效的改善；(2)从分行业的角度来看,制造业企业的跨国并购在短期内可以有效的改善企业绩效,但在长期中却出现了绩效的下降,反而低于并购前的企业绩效：非制造业企业通过跨国并购在短期内难以改善企业自身的绩效,反而出现了绩效的下降,但在中长期内,跨国并购可以有效的改善非制造业企业的整体绩效；(3)按照被收购企业所属国家和地区来看,并购发达国家企业在短期内反而使得并购企业出现了绩效的下降,但中长期内却有助于改善并购企业的绩效；并购发展中国家的企业在并购后的一两年内有利于改善并购企业的整体绩效,但是在并购后的第3年和第4年却出现了企业绩效的下滑,其整体绩效反而低于并购前的并购企业整体绩效；(4)从分企业所有制的角度来看,中央企业在跨国并购后,其整体绩效出现了较大幅度下降,跨国并购不利于中央企业整体绩效的改善；地方性国有企业在并购后四五年内出现了企业绩效的下降,但在此之后其整体绩效相比于并购前却有了明显的改善；民营企业跨国并购后其绩效变化大体上与地方性国有企业相同。
[Abstract]:In the 21st century, especially after the global financial crisis in 2008, the internationalization strategy of Chinese enterprises has entered a new stage. A large number of Chinese enterprises "go out" to make foreign direct investment, and in the foreign direct investment of Chinese enterprises, The proportion of transnational M & A has gradually increased, and the management of Chinese enterprises overseas M & A has been paid more and more attention by the government and the business community. Therefore, the performance of overseas M & A of Chinese enterprises has become an important research topic in academic circles. This paper summarizes the theory of foreign direct investment (FDI) and transnational M & A (M & A), and studies the overseas M & A (M & A) of Chinese enterprises. First of all, this paper makes a detailed description and statistics on the general situation of cross-border mergers and acquisitions of Chinese enterprises. This paper collects a lot of data and analyzes the current situation and characteristics of overseas mergers and acquisitions of Chinese enterprises. Through the statistics of these data, we find that, In terms of industry distribution, energy, resources and manufacturing industries are relatively concentrated in overseas M & A of Chinese enterprises, but the leading industries in global cross-border M & A are the service industry. In terms of the target areas of M & A, North America is the favorite area for Chinese enterprises to invest in M & A; in terms of the subject of M & A, large state-owned enterprises still dominate the overseas M & A of Chinese enterprises, but the overseas M & A of private enterprises is becoming more and more active; in terms of the motive of M & A, The M & A motivation of Chinese enterprises has experienced the change of acquiring resources, acquiring brands and acquiring intellectual property. In this paper, the principal component analysis (PCA) of 14 financial indexes of 23 Chinese listed companies with overseas M & A events is carried out with the help of SPSS17.0 software, and the comprehensive scores of each sample enterprise in each year are investigated. This paper compares the performance changes of these enterprises before and after M & A by difference analysis, and draws the following conclusion: (1) overall, the performance of cross-border M & A in China does not change much in the short term, or even decline in the short term. However, in the long run, it is beneficial to the improvement of enterprise performance in our country. From the perspective of sub-industry, the cross-border mergers and acquisitions of manufacturing enterprises can effectively improve the performance of enterprises in the short term, but in the long run there has been a decline in performance. In the short term, it is difficult for non-manufacturing enterprises to improve their own performance, but in the medium to long term, there is a decline in performance, but in the medium and long term, it is difficult for non-manufacturing enterprises to improve their own performance in the short term. Cross-border M & A can effectively improve the overall performance of non-manufacturing enterprises. According to the countries and regions where the acquired enterprises belong, M & A enterprises in developed countries have, in the short term, resulted in a decline in the performance of M & A enterprises. But in the medium and long term, it will help to improve the performance of M & A enterprises in developing countries, and in one or two years after M & A, it will help to improve the overall performance of M & A enterprises. However, in the third and fourth years after M & A, the corporate performance declined, and its overall performance was lower than that of the M & A enterprises before M & A.) from the perspective of sub-enterprise ownership, the central enterprises after cross-border mergers and acquisitions. The overall performance of the local state-owned enterprises has declined considerably, and transnational M & A is not conducive to the improvement of the overall performance of the central enterprises, and the performance of local state-owned enterprises has declined within four to five years after the M & A. But after this, its overall performance has obviously improved compared with that before M & A. The change of performance of private enterprises after cross-border M & A is basically the same as that of local state-owned enterprises.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F279.23

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