我国上市公司并购财务协同效应的现状及影响因素分析

发布时间：2018-08-26 10:29

【摘要】：随着世界经济和资本市场的发展，并购成了企业优化资源配置和寻求扩张的重要途径。在世界并购浪潮的影响下，我国的许多上市公司凭借其稳定的地位和雄厚的资金实力在境内外频繁实施并购活动，将其作为快速成长的一种有效途径。财务协同效应即为并购给财务方面带来的效应，是协同效应关键的组成部分，追求财务协同效应是近年我国上市公司并购的主要动机之一，也是衡量并购成功与否的关键因素。因此对于我国上市公司并购财务协同效应的研究有利于促进我国上市公司并购战略的实施，增强我国上市公司的竞争力。本文采用理论研究和实证研究相结合的研究方法，主要针对我国上市公司近年来并购财务协同效应的实现情况及影响因素进行分析。本文从结构上来看主要分为五部分。第一部分，，主要介绍了选题的背景及意义，相关国内外文献综述，及本文的研究内容、研究方法和主要的创新点；第二部分，主要介绍了并购的概念，财务协同效应的概念，财务协同效应的主要表现，与财务协同效应相关的并购动因理论，为下文实证分析奠定理论基础；第三部分，主要介绍了目前我国上市公司并购财务协同效应的实现状况及结合我国上市公司并购实际状况研究七个因素对财务协同效应的影响，以此为基础形成了实证假设；第四部分，主要采用了因子分析和多元回归分析，对于并购后是否产生财务协同效应，以及财务协同效应的影响因素分析两个角度来展开；第五部分，结论和建议。通过以上研究得出以下结论：第一，从总体上来看，近年来我国上市公司并购短期内可以实现财务协同效应，但是从长期来看这种财务协同效应没有实现；第二，主并公司购买前的盈利能力、并购的类型对于并购财务协同效应的影响是显著的，表现为正相关；第三，并购是否同属管辖，第一大股东的持股比例，支付方式的选择，并购的规模，是否为关联方并购对于企业并购财务协同效应的影响不显著。
[Abstract]:With the development of the world economy and capital market, mergers and acquisitions have become an important way for enterprises to optimize the allocation of resources and seek expansion. Financial synergy effect is the effect on finance brought by M&A. It is the key component of synergy effect. The pursuit of financial synergy effect is one of the main motives of M&A of Listed Companies in China in recent years. It is also the key factor to measure the success of M&A. To promote the implementation of M & a strategy of Listed Companies in China and enhance the competitiveness of Listed Companies in China.
This paper adopts the method of combining theoretical research with empirical research to analyze the realization and influencing factors of financial synergy in M&A of Listed Companies in China in recent years.This paper is divided into five parts from the structural point of view. The second part mainly introduces the concept of mergers and acquisitions, the concept of financial synergy, the main performance of financial synergy, and the motivation theory of mergers and acquisitions related to financial synergy, which lays a theoretical foundation for the following empirical analysis; the third part mainly introduces the current situation in China. The realization of the financial synergy effect of listed companies'mergers and acquisitions and the influence of seven factors on the financial synergy effect of listed companies' mergers and acquisitions in China are studied. Based on this, an empirical hypothesis is formed. In the fourth part, factor analysis and multiple regression analysis are used to analyze whether the financial synergy effect is produced after mergers and acquisitions. The influence factors of financial synergy are analyzed from two angles: the fifth part, conclusions and suggestions.
Through the above research, the following conclusions can be drawn: first, in general, in recent years, China's listed companies can achieve financial synergy effect in the short term, but in the long term this financial synergy effect has not been achieved; second, the profitability of the main merger company before the purchase, the type of merger and acquisition on the financial synergy effect of mergers and acquisitions are Thirdly, whether mergers and acquisitions belong to the same jurisdiction, the proportion of the largest shareholders, the choice of payment methods, the scale of mergers and acquisitions, whether related party mergers and acquisitions have a significant impact on the financial synergy effect of mergers and acquisitions is not significant.
【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】：F832.51;F271;F275;F224

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