中国上市公司关联并购绩效的实证研究

发布时间：2018-02-16 05:26

本文关键词： 上市公司关联并购并购绩效　出处：《重庆工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：2008年金融危机爆发，全球经济陷入了发展困境，而我国整体经济依然保持增长，资本市场运行的市场化水平不断提高，资本市场监管的有效性显著提高。金融危机导致世界经济格局的重新洗牌，在新一轮的竞争中，机遇与风险并存，我国政府希望本土企业能抓住这一历史机遇，优化我国的产业结构，实现我国经济的跨越式发展。在这样的经济形势和政治形势下，并购活动更加频繁，成为我国上市公司快速扩张和战略调整的一种重要形式。我国上市公司大多是由国企改制而来，上市公司与集团公司之间关系错综复杂，为了上市公司更好的发展集团公司可以暂时牺牲整体利益，同时上市公司发展到一定程度时，集团公司又会通过关联交易转移上司公司的利益。经过股改，我国资本市场实现了全流通，理论上讲同股同权，但是我国上市公司股权结构是股权集中，控股股东与中小股东在上市公司中的话语权存在明显差异，控股股东控制着上市公司的经营决策权，中小股东处于被动地位，缺乏影响力。大股东与中小股东的利益并非总是一致，尤其是在外部治理环境不够完善的条件下，大股东有动机也有能力通过关联交易获取私人收益。关联并购是关联交易的一种重要形式，，一般都是在控股股东的主导下发生的，在市场不规范、公司治理不完善的环境下，控股股东拥有上市公司的经营决策权，为了自身的发展利益，控股股东通过关联并购在并购双方之间进行利益输送或者转移，对上市公司有“支持行为”也有“掏空行为”，究竟哪种行为占主导地位根据形势而定。众多学者的研究表明，长期看来，控股股东的关联并购降低了公司的经营业绩，侵害了中小股东的利益。本文按照理论分析-实证检验-对策建议的思路展开。首先从国内外并购动机理论和控制权私人收益理论出发，充分借鉴国内外有关学者的研究成果，结合国内外经济形势的变化，认为现阶段无论是关联并购还是非关联并购，我国上市公司发生的并购更多倾向于战略调整型并购，属于实质性并购，即使是关联并购活动也会对公司绩效产生正向影响，即提高公司绩效，为股东创造价值。但实证结果发现关联并购依然是控股股东侵占中小股东利益的一种手段，关联并购发生后上市公司整体绩效持续下降，有一半以上的上市公司绩效是上升的，有将近一半的上市公司绩效是下降的。最后在实证的基础上提出了提高我国上市公司关联并购的对策建议。
[Abstract]:In 2008, when the financial crisis broke out, the global economy was caught in a difficult position, while the overall economy of our country remained growing, and the level of marketization of the capital market continued to improve. The financial crisis has led to a reshuffle of the world economic structure. In the new round of competition, opportunities and risks coexist. The Chinese government hopes that local enterprises will seize this historical opportunity. Under such economic and political situation, M & A activities become more frequent and become an important form of rapid expansion and strategic adjustment of listed companies in China. Most of the listed companies in our country come from the reform of state-owned enterprises, and the relationship between listed companies and group companies is complicated. In order to better the development group companies of listed companies, they can temporarily sacrifice the overall interests, while the listed companies develop to a certain extent. Group companies will also transfer the interests of their superior companies through related party transactions. After share reform, China's capital market has realized full circulation, theoretically speaking, the same shares and the same rights, but the equity structure of listed companies in our country is equity concentration. There are obvious differences between the controlling shareholders and the minority shareholders in the speaking rights of the listed companies. The controlling shareholders control the management decision-making power of the listed companies, and the minority shareholders are in a passive position. Lack of influence. The interests of large and small shareholders are not always the same, especially when the external governance environment is not perfect, Major shareholders have motivation and ability to obtain private income through related party transactions. Affiliated mergers and acquisitions are an important form of related party transactions, which generally take place under the control of controlling shareholders. The controlling shareholder has the management decision-making power of the listed company. For the sake of its own development, the controlling shareholder conveys or transfers the benefits between the two sides of the merger and acquisition through related mergers and acquisitions. There is "support behavior" and "tunneling behavior" for listed companies, which behavior dominates depending on the situation. Many scholars' studies show that, in the long run, the controlling shareholders' related mergers and acquisitions have reduced the company's operating performance. It infringes the interests of minority shareholders. This paper is based on the theoretical analysis, empirical test and countermeasures. Firstly, based on the theory of M & A motivation at home and abroad and the private income theory of control right, the author draws on the research results of domestic and foreign scholars. Considering the changes of economic situation at home and abroad, it is considered that at this stage, the M & A of listed companies in our country is more inclined to strategic adjustment M & A, which belongs to substantive M & A. Even related mergers and acquisitions can have a positive impact on corporate performance, that is, to improve corporate performance and create value for shareholders. But the empirical results show that affiliated mergers and acquisitions are still a means for controlling shareholders to encroach on the interests of minority shareholders. After the affiliated mergers and acquisitions, the overall performance of listed companies continues to decline, more than half of the listed companies' performance is rising, Nearly half of the listed companies' performance is declining. Finally, on the basis of empirical analysis, the author puts forward some countermeasures and suggestions to improve the related mergers and acquisitions of listed companies in China.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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