营销活动对被并购公司价值的影响研究
发布时间：2018-08-17 20:12
【摘要】：营销作为企业和投资者间信息传播的桥梁,不仅仅是传播既有信息,加工信息,挖掘新信息,而且对上市公司起到了重要的宣传作用,以此增加企业知名度,一方面有助于提高消费者认可度从而使公司业绩提升;另一方面也会影响投资者决策,使分析师们更加注重企业的无形资产等账面数字看不到的价值。营销活动对公司价值的影响近年来成为国内外学者研究的热门课题。但目前研究营销活动与公司价值的关系都是基于公司整体绩效进行研究,但鲜有文献关注公司营销活动之外的其他重大事件如并购、重大债务、重大诉讼对结果产生的影响。本文选择通过被并购方的视角分析营销活动对企业价值的影响。因为并购通常涉及到巨大的资金是企业最重要的活动之一,且随着监管的愈加严格,有充足的数据作为支撑,所以本文通过研究并购事件来分析营销活动对公司价值的影响。本文以2007年到2016年发生于我国交易市场的上市公司的并购事件为研究样本,通过用一阶最小二乘法和二阶最小二乘法,排除内生性的问题,提供准确的数据分析,来说明营销战略是怎样影响公司价值的。采用事件研究法对被并购方并购首个公告日前后5天的股票累计异常收益率进行计算。其次,引入广告费用变量作为衡量营销活动的代理变量,用并购溢价来衡量被并购公司价值,同时使用公告前后的累计超常收益率(CARs)衡量公司价值。用广告费用及其他控制变量,建立公司价值即并购市场绩效影响因素回归模型。实证研究结果表明:并购交易前被并方企业积极的营销活动并不总是具有更高的溢价补偿,反而更好的市场反映可能存在粉饰行为。进一步的分析表明,营销活动和交易绩效之间的正相关关系是有条件的,体现在交易前的机构所有权的比例方面,然而被并方是否是国有企业的公司性质并没有对结果产生明显的影响。这表明机构投资者会筛选真正通过营销增加价值的企业。本文将营销活动这一变量纳入并购市场绩效的影响因素中探讨,实证结果验证了营销活动对我国市场的信息传导作用,拓宽了营销活动与公司价值相关领域的研究,为今后的研究提供新视角。本文的研究对营销活动怎样提高公司价值的问题提供了直接的证据。
[Abstract]:As a bridge of information dissemination between enterprises and investors, marketing not only disseminates existing information, processes information and excavates new information, but also plays an important role in publicizing listed companies, thus increasing the visibility of enterprises. On the one hand, it helps to increase consumer acceptance, thereby boosting corporate performance; on the other, it also influences investors' decisions, making analysts pay more attention to the invisible value of books such as the company's intangible assets. The influence of marketing activities on company value has become a hot topic for scholars at home and abroad in recent years. However, at present, the relationship between marketing activities and corporate value is based on the overall performance of the company, but there is little literature on the impact of other major events such as mergers and acquisitions, major debts and major litigation on the results. This paper chooses to analyze the impact of marketing activities on enterprise value from the perspective of the acquired party. Because M & A usually involves huge capital is one of the most important activities of the enterprise, and with the increasingly strict supervision, there are sufficient data as the support, so this paper analyzes the impact of marketing activities on the value of the company by studying M & A events. Based on the M & A events of listed companies in China's trading market from 2007 to 2016, this paper uses the first order least square method and the second order least square method to eliminate the endogenous problems and provide accurate data analysis. To explain how marketing strategies affect the value of the company. This paper calculates the accumulated abnormal return rate of stock in 5 days before and after the first announcement date of M & A by the method of event study. Secondly, the advertising cost variable is introduced as the proxy variable to measure the marketing activity, and the M & A premium is used to measure the value of the acquired company, and the cumulative extraordinary rate of return (CARs) before and after announcement is used to measure the value of the company. By using advertising cost and other control variables, a regression model of the factors affecting the market performance of M & A is established. The empirical results show that the positive marketing activities of the merged enterprises before M & A transactions do not always have a higher premium compensation, but better market response may have whitewash behavior. Further analysis shows that the positive correlation between marketing activities and transaction performance is conditional, as reflected in the proportion of pre-transaction institutional ownership, However, the nature of whether the merger is a state-owned enterprise does not have a significant impact on the outcome. This suggests that institutional investors screen companies that really add value through marketing. In this paper, the variable of marketing activity is brought into the influence factors of M & A market performance. The empirical results verify the effect of marketing activities on the information transmission of China's market, and broaden the research of marketing activities and corporate value related fields. To provide a new perspective for future research. The research in this paper provides direct evidence on how marketing activities improve the value of the company.
【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】：F274;F271
本文编号：2188770
[Abstract]:As a bridge of information dissemination between enterprises and investors, marketing not only disseminates existing information, processes information and excavates new information, but also plays an important role in publicizing listed companies, thus increasing the visibility of enterprises. On the one hand, it helps to increase consumer acceptance, thereby boosting corporate performance; on the other, it also influences investors' decisions, making analysts pay more attention to the invisible value of books such as the company's intangible assets. The influence of marketing activities on company value has become a hot topic for scholars at home and abroad in recent years. However, at present, the relationship between marketing activities and corporate value is based on the overall performance of the company, but there is little literature on the impact of other major events such as mergers and acquisitions, major debts and major litigation on the results. This paper chooses to analyze the impact of marketing activities on enterprise value from the perspective of the acquired party. Because M & A usually involves huge capital is one of the most important activities of the enterprise, and with the increasingly strict supervision, there are sufficient data as the support, so this paper analyzes the impact of marketing activities on the value of the company by studying M & A events. Based on the M & A events of listed companies in China's trading market from 2007 to 2016, this paper uses the first order least square method and the second order least square method to eliminate the endogenous problems and provide accurate data analysis. To explain how marketing strategies affect the value of the company. This paper calculates the accumulated abnormal return rate of stock in 5 days before and after the first announcement date of M & A by the method of event study. Secondly, the advertising cost variable is introduced as the proxy variable to measure the marketing activity, and the M & A premium is used to measure the value of the acquired company, and the cumulative extraordinary rate of return (CARs) before and after announcement is used to measure the value of the company. By using advertising cost and other control variables, a regression model of the factors affecting the market performance of M & A is established. The empirical results show that the positive marketing activities of the merged enterprises before M & A transactions do not always have a higher premium compensation, but better market response may have whitewash behavior. Further analysis shows that the positive correlation between marketing activities and transaction performance is conditional, as reflected in the proportion of pre-transaction institutional ownership, However, the nature of whether the merger is a state-owned enterprise does not have a significant impact on the outcome. This suggests that institutional investors screen companies that really add value through marketing. In this paper, the variable of marketing activity is brought into the influence factors of M & A market performance. The empirical results verify the effect of marketing activities on the information transmission of China's market, and broaden the research of marketing activities and corporate value related fields. To provide a new perspective for future research. The research in this paper provides direct evidence on how marketing activities improve the value of the company.
【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】：F274;F271
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