零售业上市公司并购类型与绩效关系的研究

发布时间：2018-04-05 01:21

本文选题：零售业　切入点：并购类型　出处：《西华大学》2017年硕士论文

【摘要】：并购已成为当代企业谋求快速发展的一种主要方式,近年来国内外企业普遍采用并购这一重要途径来改善现状和提升绩效,在企业战略发展过程中处于举足轻重的地位。随着我国零售行业的逐渐发展,零售业的并购事件也在频繁发生。为了能够更好地深入分析零售业的并购绩效,把零售业并购事件作为研究对象,研究了收购方企业的并购类型与并购绩效的关系,以此对企业并购活动过程中的选择提供理论参考。我国资本市场起步相对较晚,但随着资本市场的逐渐发展,并购浪潮也在持续出现。从具体某一行业为出发点,研究企业并购类型的选择对并购绩效的影响,具有一定的理论意义,也可为企业提高并购绩效提供参考意见。通过大量阅读企业并购的相关文献,总结分析了国内外并购的研究现状。以我国沪深两市A股零售业上市公司为例,以并购类型为自变量,企业规模、资产负债率、目标企业控制权转移情况、关联交易情况和并购支付方式为控制变量,提出了相关并购绩效的假设,建立了多元回归模型,着重研究并购类型这一影响因素与企业绩效的关系。通过整理零售业2008-2012年共5年时间发生的并购事件,比较并购前三年平均绩效,当年绩效,后三年平均绩效,即让并购前后的时间段具有可比性,并购样本的财务数据指标跨度为2005-2015年共11年,研究公司的财务绩效指标,纵向比较并购前后财务绩效指标变化,以此来研究并购与企业绩效的相关性;横向比较并购类型与企业绩效的关系。采用实证研究的方法,运用EXCEL软件进行相关数据分析处理、SPSS17.0软件进行描述性统计分析、相关分析和回归分析,对我国零售业上市公司并购事件进行具体的研究,从而为我国零售行业今后的并购活动提供参考依据。通过设计实证研究,得出的主要研究结论有:(1)总体上零售企业并购后的绩效与并购前的绩效相比有所提高;(2)并购类型这一因素对零售企业绩效有显著的影响;(3)横向并购的企业绩效比多元化并购的企业绩效更好。企业选择并购时应该首先考虑横向并购类型;企业应在规模较大的时候进行并购;尽量避免企业在关联交易方式下进行并购。与同类研究成果相比,突出并购类型要素在零售行业中对企业绩效的影响分析。但也存在一些不足,如没有考虑非财务指标、样本偏少等。
[Abstract]:M & A has become a main way for modern enterprises to seek rapid development. In recent years, M & A has been widely adopted by domestic and foreign enterprises to improve the status quo and improve performance, which plays an important role in the strategic development of enterprises.With the development of retail industry in China, M & A of retailing also occurs frequently.In order to better analyze the M & A performance of retailing industry, this paper studies the relationship between M & A type and M & A performance of the acquirer enterprise, taking the M & A event of retail trade as the research object.This provides a theoretical reference for the selection of M & A activities.The capital market of our country starts relatively late, but with the development of the capital market, the wave of M & A appears continuously.From a specific industry as the starting point, it is of theoretical significance to study the impact of the choice of M & A types on M & A performance, and can also provide reference for enterprises to improve the M & A performance.This paper summarizes and analyzes the current situation of M & A research at home and abroad by reading a lot of related documents on M & A.Taking A share retail listed companies in Shanghai and Shenzhen stock markets as an example, taking M & A type as independent variable, enterprise size, asset-liability ratio, transfer of control rights of target enterprises, related transactions and M & A payment methods as control variables.The hypothesis of M & A performance is put forward and the multiple regression model is established. The relationship between the type of M & A and the enterprise performance is studied.Through sorting out the M & A events that occurred in the retail trade from 2008 to 2012, the average performance of the previous three years, the current year and the latter three years were compared, that is to say, the time period before and after the merger was comparable.The financial data of M & A samples span 11 years from 2005 to 2015. The financial performance index of the company is studied, and the changes of the financial performance index before and after M & A are compared in order to study the correlation between M & A and enterprise performance.The relationship between M & A type and enterprise performance is compared horizontally.Using the method of empirical research, using EXCEL software to carry on the related data analysis and processing. SPSS 17.0 software carries on the descriptive statistical analysis, the correlation analysis and the regression analysis, carries on the concrete research to the retail trade listed company M & A event in our country.So as to provide a reference for the future M & A activities of the retail industry in China.Through the design of empirical research,The main conclusions are as follows: 1) the overall performance of retail enterprises after M & A is higher than that of M & A. 2) the type of M & A has a significant effect on the performance of retail enterprises.Diversified mergers and acquisitions have better performance.When enterprises choose mergers and acquisitions, they should first consider the type of horizontal mergers and acquisitions; enterprises should conduct mergers and acquisitions when the scale is large; try to avoid mergers and acquisitions under the mode of related party transactions.Compared with the similar research results, it emphasizes the impact of M & A type factors on enterprise performance in the retail industry.But there are also some shortcomings, such as not considering the non-financial indicators, the sample is small and so on.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F724.2

【参考文献】