并购融资方式与并购绩效的实证研究

发布时间：2018-06-18 21:36

本文选题：并购绩效 + 并购融资方式　；参考：《安徽工业大学》2017年硕士论文

【摘要】：成功的并购能够扩大企业的规模,节约交易成本,获得协同效应,是企业提升企业的经营业绩、实现经营目标的重要方式。而主并公司要想成功实施并购,必须要在较短的时间内支付一笔数额较大的资金,因此,并购融资是必须要考虑的重要问题。不同的并购融资方式会对主并公司的资本结构以及未来的经营和财务安排带来不同的影响,也会向外界传递出不同的信号。那么,并购融资方式对于并购绩效,具体会产生什么样的影响呢?在我国进行经济转型的过程当中,国有企业拥有相对较为特殊的地位,而国有企业的这种特殊性很可能会使并购融资方式对并购绩效的影响作用,在国有企业和非国有企业之间产生一些差异。我国幅员辽阔,因此,在我国的经济飞速发展的同时,也出现了十分突出的发展不均衡现象。不同地区的金融市场发展的不均衡又会给以上关系造成什么样的影响呢?随着金融发展水平的提高,国有企业的特殊性是否也会受到一定程度上的影响?以上这些问题都有待更加确切的经验证据来证明和解释。本文选取了2010-2012年我国沪深两市A股上市公司的1100个并购样本,将并购融资方式区分为股权融资和非股权融资,采用实证研究的方法,研究表明:相对于非股权融资,使用股权融资的上市公司在并购后的企业绩效会显著提高;在区分企业的产权性质后发现,非国有企业使用股权融资的并购绩效并未显著提高,而国有企业使用股权融资的并购绩效会显著提高;又进一步区分企业所处地区的金融发展环境后发现,在金融发展水平较高的地区,使用股权融资方式的企业绩效在并购后并未显著提高,而在金融发展水平较低的地区,企业使用股权融资的并购绩效会显著提高,并且随着金融发展水平的提高,国有企业使用股权并购融资方式带来的优势会下降。本文通过多组回归分析,不仅梳理了并购融资方式与并购绩效的关系,还考察了在我国特殊的制度背景下,公司所有权性质与金融发展水平对这种关系的影响作用。研究结果表明,企业通过股权融资方式进行并购对并购后的绩效有正面影响,但这种作用还会受到公司的所有权性质、所处地区的金融发展环境等因素的影响。
[Abstract]:Successful mergers and acquisitions can expand the scale of enterprises, save transaction costs, and achieve synergy, which is an important way for enterprises to improve their business performance and achieve business objectives. In order to implement M & A successfully, a large amount of capital must be paid in a short time. Therefore, M & A financing is an important issue to be considered. Different ways of M & A financing will have different effects on the capital structure, future management and financial arrangements of the main and merged companies, and will also send different signals to the outside world. So what kind of impact will the financing mode of M & A have on the performance of M & A? In the process of economic transformation in China, state-owned enterprises have a relatively special status, and this particularity of state-owned enterprises will probably make the impact of M & A financing methods on M & A performance. There are some differences between state-owned and non-state-owned enterprises. China has a vast territory, therefore, the rapid development of our economy at the same time, there is also a very prominent development imbalance. What impact will the uneven development of financial markets in different regions have on the above relations? With the improvement of the level of financial development, will the particularity of state-owned enterprises also be affected to a certain extent? These problems need to be proved and explained by more accurate empirical evidence. In this paper, 1 100 M & A samples of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2012 are selected, and the M & A financing methods are divided into equity financing and non-equity financing. The empirical study shows that: compared with non-equity financing, The corporate performance of listed companies using equity financing will be significantly improved after mergers and acquisitions, and after distinguishing the nature of property rights of enterprises, it is found that the performance of mergers and acquisitions of non-state-owned enterprises using equity financing has not been significantly improved. However, the performance of mergers and acquisitions of state-owned enterprises using equity financing will be significantly improved, and after further distinguishing the financial development environment of the regions in which the enterprises are located, it is found that in areas with a higher level of financial development, The performance of enterprises using equity financing has not improved significantly after M & A, but in the areas where the level of financial development is low, the performance of M & A with equity financing will be improved significantly, and with the improvement of financial development level, State-owned enterprises use equity M & A financing to bring advantages will decline. Through multiple regression analysis, this paper not only combs the relationship between M & A financing mode and M & A performance, but also examines the influence of the nature of corporate ownership and the level of financial development on this relationship under the special institutional background of our country. The results show that M & A through equity financing has a positive effect on the performance of M & A, but this effect will also be affected by the ownership nature of the company and the financial development environment of the region.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F271

【参考文献】