股权结构、制度环境与多元化并购绩效

发布时间：2018-03-20 13:11

本文选题：股权结构　切入点：制度环境　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：多元化并购问题一直是学术界和实务界关注的焦点问题。近年来,多元化并购尽管层出不穷,但是仍然有许多无关并购的产生。目前大部分学者主要研究的是内部公司治理对多元化并购绩效的影响,却有较少的学者从外部治理如何影响内部股权结构与多元化并购绩效的关系进行研究。所以本文主要从这一方面进行文章的展开研究。本文首先从企业内部的治理结构中的股权结构为切入点分析不同的股权结构对于多元化并购的绩效表现产生的影响。同时,引入外部制度环境这一调节变量,综合考察企业所处的外部环境如何影响股权结构与多元化并购绩效的关系。本文在梳理相关研究文献的基础上,提出相应的假设。通过选取股权结构的三个典型指标以及对控制变量和被解释变量的测量指标,构建模型并进行回归分析,从而得出以下结论:股权结构不同能够影响企业进行多元化并购的绩效表现。同时得出股权集中度、管理层持股比例与多元化并购绩效呈正相关关系。即公司内部治理结构的改善,能够提升企业价值。同时,实证结果发现,完善的外部环境能够有利于提升多元化并购绩效。而且,完善的外部治理环境能够减弱股权结构于多元化并购绩效的影响。所以加强各地区的外部治理环境的建设有利于企业多元化并购绩效的提高,并由此提供相关政策建议。
[Abstract]:The issue of diversified mergers and acquisitions has always been the focus of attention in academic and practical circles. In recent years, diversified mergers and acquisitions have emerged in an endless stream. However, there are still many unrelated mergers and acquisitions. At present, most scholars mainly study the impact of internal corporate governance on the performance of diversified mergers and acquisitions. However, there are few scholars to study how external governance affects the relationship between internal ownership structure and the performance of diversified mergers and acquisitions. The equity structure in the structure is the starting point to analyze the impact of different ownership structure on the performance of diversified mergers and acquisitions. At the same time, By introducing the external institutional environment as a regulating variable, this paper comprehensively examines how the external environment of the enterprise affects the relationship between the ownership structure and the performance of diversified mergers and acquisitions. By selecting three typical indexes of ownership structure and measuring the control variable and the explained variable, the model is constructed and the regression analysis is carried out. The conclusions are as follows: different ownership structure can affect the performance of diversified mergers and acquisitions. There is a positive correlation between the proportion of management holding and the performance of diversified mergers and acquisitions, that is, the improvement of corporate internal governance structure can enhance the value of enterprises. At the same time, the empirical results show that, A sound external environment can help to improve the performance of diversified mergers and acquisitions. The perfect external governance environment can weaken the influence of ownership structure on the performance of diversified mergers and acquisitions, so strengthening the construction of external governance environment in various regions is conducive to the improvement of the performance of diversified mergers and acquisitions, and thus provides relevant policy recommendations.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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