中国计算机行业上市公司并购动因及并购绩效研究
发布时间：2018-09-12 17:18
【摘要】：进入21世纪，全球正在经历第五次并购浪潮，而中国也正在经历第三次并购浪潮。并购包含兼并和收购，并购可以带来企业发展和产业结构调整。计算机行业是目前并购活动最活跃的三大产业之一，但是每一个行业的并购都有各自不同的特征。并购理论的发展历史较长，两个主要的核心理论是：并购动因研究，即企业出于什么原因实施并购；并购绩效研究，即企业绩效由于并购的影响会发生什么变化。按照并购动因和并购绩效理论，中国计算机行业上市公司的并购有什么样的具体特征，是本文想要回答的问题。 本文在研学了大量并购理论文献资料、整体把握中国计算机行业发展及并购情况的基础上，选取主营业务为生产或开发计算机硬件或计算机软件的中国计算机行业上市公司为样本，从主并方角度，考察了中国计算机行业上市公司的并购动因及并购绩效；本文接着以联想并购IBM个人电脑业务为典型案例，综合考察了个别计算机行业上市公司的并购动因以及并购绩效；最后从政府和企业双重角度为国内计算机行业的发展和计算机企业并购的成功提供可行的政策建议，以克服单一角度的片面性，其中政府角度侧重并购环境的营造，企业角度侧重并购的内部整合。 本文第三章和第四章对并购动因和并购绩效的分析都是基于行业整体角度的。在中国计算机行业的并购动因方面，本文采用了实证研究方法，在并购动因理论基础上，以并购与否作为因变量，同时选取多个自变量进行Logistic回归模型分析，结果发现自主创新战略、市场战略、销售费用和所得税都对计算机上市公司主并方的并购参与有显著影响，，意味着当上市公司倾向于技术外购、市场扩张或拓展、代表交易成本的销售费用越高、所得税税负越重时，其发生主动并购的概率越高。在中国计算机行业的并购绩效方面，本文同样采用实证研究方法，以财务数据为基础，对发生并购的计算机上市公司主并方并购前后的盈利能力、偿债能力和资产管理能力进行考察，结果发现主并方并购以后的绩效整体上不存在一致变化趋势，但是更短的时期内存在占优势地位的变化方向；主并方的平均绩效基本保持平稳，并购对平均绩效的影响很小。
[Abstract]:In the 21st century, the world is experiencing the fifth wave of mergers and acquisitions, and China is also experiencing the third wave of mergers and acquisitions. M & A includes merger and acquisition. M & A can bring about enterprise development and industrial structure adjustment. The computer industry is one of the three most active M & A industries, but each industry has its own characteristics. The development of M & A theory has a long history. The two core theories are as follows: M & A motivation research, that is, M & A performance research, that is, what changes will take place in corporate performance because of the influence of M A. According to the theory of M & A motivation and M & A performance, what kind of specific characteristics of M & A of listed companies in Chinese computer industry is the question this paper wants to answer. On the basis of studying a great deal of literature on M & A theory and grasping the development of Chinese computer industry and the situation of M & A as a whole, The listed companies of Chinese computer industry which are mainly engaged in producing or developing computer hardware or software are selected as samples, and the M & A motivation and M & A performance of listed companies in Chinese computer industry are investigated from the point of view of master and merger. Then, taking Lenovo M & A IBM personal computer business as a typical case, this paper comprehensively investigates the M & A motivation and M & A performance of individual listed companies in computer industry. Finally, from the angle of government and enterprise, it provides feasible policy suggestions for the development of domestic computer industry and the success of M & A of computer enterprises, in order to overcome the one-sidedness of single angle, in which the government pays more attention to the construction of environment of merger and acquisition. Enterprise perspective focuses on the internal integration of mergers and acquisitions. The analysis of M & A motivation and M & A performance in Chapter 3 and Chapter 4 is based on the industry as a whole. In the aspect of M & A motivation in Chinese computer industry, this paper adopts the empirical research method, on the basis of M & A motivation theory, takes M & A as dependent variable, and selects several independent variables to analyze the Logistic regression model at the same time. The results show that independent innovation strategy, market strategy, sales expenses and income tax all have a significant impact on the M & A participation of computer listed companies, which means that when listed companies tend to outsource technology, market expansion or expansion, The higher the sales expense representing the transaction cost and the heavier the income tax burden, the higher the probability of active merger and acquisition. In the aspect of M & A performance of Chinese computer industry, this paper also adopts empirical research method, based on financial data, to analyze the profitability of computer listed companies before and after mergers and acquisitions. The results show that there is no consistent change trend in the performance after merger and acquisition, but there is a dominant direction of change in a shorter period. The average performance of merger and acquisition is stable, and M & A has little effect on average performance.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F426.671
本文编号：2239692
[Abstract]:In the 21st century, the world is experiencing the fifth wave of mergers and acquisitions, and China is also experiencing the third wave of mergers and acquisitions. M & A includes merger and acquisition. M & A can bring about enterprise development and industrial structure adjustment. The computer industry is one of the three most active M & A industries, but each industry has its own characteristics. The development of M & A theory has a long history. The two core theories are as follows: M & A motivation research, that is, M & A performance research, that is, what changes will take place in corporate performance because of the influence of M A. According to the theory of M & A motivation and M & A performance, what kind of specific characteristics of M & A of listed companies in Chinese computer industry is the question this paper wants to answer. On the basis of studying a great deal of literature on M & A theory and grasping the development of Chinese computer industry and the situation of M & A as a whole, The listed companies of Chinese computer industry which are mainly engaged in producing or developing computer hardware or software are selected as samples, and the M & A motivation and M & A performance of listed companies in Chinese computer industry are investigated from the point of view of master and merger. Then, taking Lenovo M & A IBM personal computer business as a typical case, this paper comprehensively investigates the M & A motivation and M & A performance of individual listed companies in computer industry. Finally, from the angle of government and enterprise, it provides feasible policy suggestions for the development of domestic computer industry and the success of M & A of computer enterprises, in order to overcome the one-sidedness of single angle, in which the government pays more attention to the construction of environment of merger and acquisition. Enterprise perspective focuses on the internal integration of mergers and acquisitions. The analysis of M & A motivation and M & A performance in Chapter 3 and Chapter 4 is based on the industry as a whole. In the aspect of M & A motivation in Chinese computer industry, this paper adopts the empirical research method, on the basis of M & A motivation theory, takes M & A as dependent variable, and selects several independent variables to analyze the Logistic regression model at the same time. The results show that independent innovation strategy, market strategy, sales expenses and income tax all have a significant impact on the M & A participation of computer listed companies, which means that when listed companies tend to outsource technology, market expansion or expansion, The higher the sales expense representing the transaction cost and the heavier the income tax burden, the higher the probability of active merger and acquisition. In the aspect of M & A performance of Chinese computer industry, this paper also adopts empirical research method, based on financial data, to analyze the profitability of computer listed companies before and after mergers and acquisitions. The results show that there is no consistent change trend in the performance after merger and acquisition, but there is a dominant direction of change in a shorter period. The average performance of merger and acquisition is stable, and M & A has little effect on average performance.
【学位授予单位】：中国政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F426.671
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