公司纵向并购对资产管理效率的影响研究

发布时间：2018-07-24 08:03

【摘要】：并购为企业提供了产业整合与扩张的机会,随着全球经济发展步伐的加快和资本市场的逐渐崛起,并购已经成为企业发展壮大的一种重要途径。通过纵向并购,企业能够优化资源配置,控制市场风险,形成上下游产业链条,突破发展瓶颈与产业壁垒,形成强大的核心竞争力,在短时期内完成资本积累。同时,各个企业在快速扩张的过程中也带动了国家经济的高速增长,优化了国民经济产业结构。纵向并购扩大了企业经营边界,利用内部管理代替市场交易,从而能够节约交易成本,巩固企业的供销渠道,实现纵向一体化,提高企业绩效。由于并购交易的复杂性,仅仅研究绩效的变化并不能完全判断并购交易是否成功,资产管理效率也是企业运营的一大重要指标,可以衡量企业经营的盈利性和风险性。同时,本文利用投入产出表中反映各经济主体投入产出的经济系数来衡量部门间的纵向相关性,从而对纵向并购与收购公司的资产管理效率间的因果关系做出实证研究。本文以2004-2013年深沪两市A股制造业公司发生的并购交易事件为研究样本,构建了纵向一体化程度衡量指标,筛选出纵向并购交易数据。首先,运用t检验分析了纵向并购与收购公司的资产管理效率之间的关系,再运用多元线性回归模型研究了并购双方的纵向一体化程度、收购公司的资产专用性和市场化程度对资产管理协同效应的影响。本文结果表明,纵向并购能够降低收购公司的应收账款周转期、存货周转期、现金周转期和总资产周转期。其他条件不变时,并购双方的纵向一体化程度越高、收购公司的资产专用性程度越高和市场化程度越高,企业纵向并购交易带来的资产管理效率提升越明显。本文的研究结果为我国企业有效地进行纵向并购提供了理论和实证依据。
[Abstract]:M & A provides an opportunity for enterprises to integrate and expand. With the acceleration of the pace of global economic development and the gradual rise of the capital market, M & A has become an important way for enterprises to develop and expand. Through vertical mergers and acquisitions, enterprises can optimize the allocation of resources, control market risks, form upstream and downstream industrial chains, break through development bottlenecks and industrial barriers, form strong core competitiveness, and complete capital accumulation in a short period of time. At the same time, various enterprises in the process of rapid expansion also led to the rapid growth of the national economy, optimizing the industrial structure of the national economy. Vertical M & A expands the management boundary of enterprises and uses internal management to replace market transactions, thus saving transaction costs, consolidating supply and marketing channels of enterprises, realizing vertical integration and improving enterprise performance. Due to the complexity of M & A transactions, it is not possible to judge the success of M & A transactions simply by studying the change of performance. The efficiency of asset management is also an important indicator of the operation of enterprises, which can measure the profitability and risk of business operations. At the same time, this paper makes an empirical study on the causality between vertical M & A and asset management efficiency by using the economic coefficient of input-output table to measure the vertical correlation between departments. Based on the M & A transaction events of A share manufacturing companies in Shenzhen and Shanghai Stock Exchange from 2004 to 2013, this paper constructs a vertical integration index to screen out the vertical M & A transaction data. First, the relationship between vertical M & A and asset management efficiency is analyzed by using t test, and then the degree of vertical integration between M & A and M & A is studied by using multiple linear regression model. The effect of asset specificity and marketization on asset management synergy. The results show that vertical mergers and acquisitions can reduce the turnover of accounts receivable, inventory, cash and total assets. When other conditions are unchanged, the degree of vertical integration of both parties is higher, the degree of asset specificity and marketization of the acquisition company is higher, and the efficiency of asset management caused by vertical M & A is more obvious. The results of this paper provide theoretical and empirical basis for Chinese enterprises to carry out vertical mergers and acquisitions effectively.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F406.7;F425

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