制造业上市公司并购对企业价值创造影响的实证研究

发布时间：2018-01-04 23:14

本文关键词：制造业上市公司并购对企业价值创造影响的实证研究　出处：《辽宁大学》2012年硕士论文　论文类型：学位论文

【摘要】：自20世纪90年代全球发生首个并购案例以来，全球并购已走过百年。我国正在大力推进国有经济布局和结构的战略调整，企业并购是国家进行产业结构调整和合理配置资源的重要手段，，同时也是企业迅速做强、做大的一条捷。企业进行并购的目的是为企业创造价值，只有为企业创造了价值才能说这项并购是成功的。制造业是国民经济的支柱，直接体现了一个国家的综合国力水平和生产力水平，也是我国并购市场上的热门地带。制造业上市公司的并购，在我国并购行业中居首位，在我国的并购案例中占据着很大的比重。因此研究制造业上市公司的并购是有意义的。本文站在并购公司的角度，结合我国制造业上市公司并购现状，以2008年发生并购的148家制造业上市公司为样本公司，以这些公司2007 2011年的财务报表数据为依托，对我国上市公司并购价值创造问题进行实证研究。采用因子分析，对并购是否创造价值这一问题进行研究，得出并购为企业创造了价值。通过因子得分模型得出样本公司各年的综合得分，接着采用两配对样本的Wilcoxon检验和Sign检验相结合的非参数检验，通过正值比率比较并购前后公司价值的变化，发现并购为企业创造了价值，但有一定的波动性。采用多元线性回归模型对并购价值创造的影响因素进行研究，结果发现是否是关联并购与企业价值创造显著相关，且关联并购优于非关联并购。而行业相关度、股权集中度、国有股比例、并购规模、收购比例与并购价值创造无显著相关关系。
[Abstract]:Since the first M & A case occurred in the world in 1990s, global M & A has passed a hundred years. China is vigorously promoting the strategic adjustment of the layout and structure of state-owned economy. M & A is an important means for the country to adjust the industrial structure and allocate resources reasonably. At the same time, it is also a quick and large enterprise. The purpose of M & A is to create value for the enterprise. The manufacturing industry is the pillar of the national economy, which directly reflects the level of comprehensive national strength and productivity of a country. It is also a hot spot in the M & A market of China. The M & A of listed manufacturing companies is the first in the M & A industry in China. Therefore, it is meaningful to study the M & A of listed manufacturing companies. In this paper, from the perspective of M & A companies, combined with the current situation of M & A of manufacturing listed companies in our country, taking 148 listed manufacturing companies as the sample companies which occurred in 2008. Based on the financial report data of these companies in 2011, this paper makes an empirical study on the value creation of mergers and acquisitions of listed companies in China. Using factor analysis, this paper studies whether M & A creates value, and draws the conclusion that M A creates value for enterprises. Through factor score model, the comprehensive score of each year of sample company is obtained. Then we use the Wilcoxon test and Sign test of two matched samples to compare the change of company value before and after M & A through the positive ratio, and find that M A creates value for enterprises. But there is some volatility. The multiple linear regression model is used to study the influencing factors of M & A value creation, and the results show that there is a significant correlation between M A and enterprise value creation. However, there is no significant correlation between industry correlation, equity concentration, state-owned share ratio, M & A scale, acquisition ratio and M & A value creation.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F425;F832.51;F224

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