跨区域并购行为对我国石化上市公司经营绩效的影响研究

发布时间：2018-04-20 10:20

本文选题：石化上市公司 + 跨区域并购行为　；参考：《合肥工业大学》2017年硕士论文

【摘要】：跨区域并购是企业改善经营绩效的重要战略活动。因为它有助于企业发挥规模化效应,并促进地区间资源流动,改善地区资源禀赋,调整产业布局和缩小地区发展差距。并购行为作为企业通过跨区域并购活动实现并购战略目标的有效手段,对企业经营绩效的影响不可忽视。石化行业是推动国民经济发展的支柱产业,但在我国经济发展新常态时期,石化行业发展速度放缓,产能过剩问题凸显,行业结构亟需调整。因此,研究跨区域并购行为对石化企业绩效产生何种影响,具有现实性的研究意义。本文依据我国石化上市公司跨区域并购行为特征和并购行为与绩效关系的相关理论,实证研究跨区域并购前后石化上市公司绩效差异和跨区域并购行为对绩效的影响。与跨区域并购前绩效相比,我国石化上市公司经营绩效没有显著提升。并购后第2年与第3年综合绩效和盈利能力绩效比并购前明显下降,偿债能力和营运能力绩效下降不明显;并购后1-3年间的绩效相比,从并购后第2年开始,综合绩效、盈利能力及偿债能力绩效有小幅上升,且绩效提升的样本比例超过50%。并购行为影响因素中,支付方式、交易双方之间地理距离、交易相对规模与石化上市公司并购后绩效负相关。现金支付方式显著地负向影响并购后第2年与第3年绩效;交易双方地理距离越大,并购后第1年与第2年绩效越差;交易相对规模越大,并购后第2年与第3年绩效越差。实证分析结果反映,我国石化上市公司总体绩效不及并购前,但在并购后的年份中有超过半数的石化上市公司绩效逐步提升,从侧面折射出当前我国经济发展速度整体放缓的市场环境。地理距离及交易相对规模对绩效的负向影响,会随着并购方对目标企业资源的不断整合而慢慢减弱。现金支付方式对绩效的负向影响不可忽视。最后根据研究结论得到一些我国石化企业实施并购的启示,并提出相关的政策建议。
[Abstract]:Cross-regional M & A is an important strategic activity for enterprises to improve their business performance. Because it is helpful for enterprises to play a large-scale effect, and promote the flow of resources between regions, improve regional resource endowment, adjust the industrial distribution and reduce the regional development gap. As an effective means for enterprises to achieve the strategic goal of M & A through cross-regional M & A activities, M & A can not be ignored. Petrochemical industry is the pillar industry to promote the development of national economy, but in the new normal period of economic development of our country, the development speed of petrochemical industry is slowing down, the problem of overcapacity is prominent, and the structure of industry needs to be adjusted urgently. Therefore, it is of practical significance to study the impact of cross-regional M & A on the performance of petrochemical enterprises. Based on the characteristics of cross-regional M & A behavior of Chinese petrochemical listed companies and the relationship between M & A behavior and performance, this paper empirically studies the effect of cross-regional M & A behavior on the performance of listed companies before and after cross-regional mergers and acquisitions. Compared with the cross-regional pre-merger performance, there is no significant improvement in the operating performance of listed petrochemical companies in China. In the second year and the third year after the merger, the performance of comprehensive performance and profitability is obviously lower than that of before merger, but the performance of solvency and operation ability is not obvious, the performance of 1-3 years after the merger and acquisition, from the second year after the merger, the comprehensive performance, the comprehensive performance, Profitability and solvency performance increased slightly, and the sample proportion of performance improvement was more than 50%. Among the influencing factors of M & A behavior, payment mode, geographical distance between the two parties and the relative scale of transaction are negatively correlated with the post-merger performance of listed companies. Cash payment significantly negatively affects the performance of the second year and the third year after the merger; the bigger the geographical distance between the two parties, the worse the performance in the first year and the second year after the merger; the larger the relative scale of the transaction, the worse the performance of the second and the third year after the merger. The results of empirical analysis show that the overall performance of Chinese petrochemical listed companies is not as good as that before M & A, but more than half of the listed companies in the year after M & A gradually improve their performance. Refraction from the side of the current pace of economic development in China as a whole slowed down the market environment. The negative effect of geographical distance and relative scale of transaction on performance will weaken with the merger and acquisition parties' continuous integration of the target enterprise resources. The negative effect of cash payment on performance can not be ignored. Finally, according to the conclusion of the research, some enlightenment of the merger and acquisition of petrochemical enterprises in China are obtained, and some relevant policy suggestions are put forward.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F426.72

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