我国中小板上市公司的并购绩效研究

发布时间：2018-01-04 20:13

本文关键词：我国中小板上市公司的并购绩效研究　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：在全球经济迅猛发展的过程中,企业的并购活动永远是其中亮丽的风景。在西方的发达主义国家,企业并购至今已经延续了一百多年,经历了五次大的并购浪潮后,一大部分大型企业集团迅速崛起。并购是市场经济高度发展的产物,已成为当代企业经营的有效手段,也极大地推动了全球经济的发展乃至腾飞。在市场经济条件下,现代企业发展的重要途径便是并购,企业获得外部资源、扩大经营规模大多都是通过并购来实现的。改革开放以来,我国的中小企业数量激增,这些企业大多科技含量高、成长性好,越来越明显地推动着我国经济的发展。但是,中小企业成长到一定阶段,由于受到自身规模的限制,必然会遇到发展的瓶颈,此时,出于长期发展规划的考虑,越来越多的中小企业会选择并购来实现跨越发展。因此,并购活动不仅仅活跃在大公司的继续发展壮大过程中,越来越多的中小企业也选择并购来扩大生产规模,实现企业做大做强。全球大约有三分之一的小公司是在并购中成长起来的。我国中小板市场的发展开始于2004年,该板块的上市公司是众多中小企业的典型代表,这些企业大多业绩表现好,自身的经营管理水平优于一般企业,实力较强,因而表现出转型为大型企业的势头,并且由于可以在资本市场上融资,因而比一般的中小企业更易于筹集到并购所需资金。鉴于以上主观与客观两方面的原因,我国中小板上市公司近些年来参与的并购活动与日俱增。并购能够为中小板上市公司提供一条快速发展的道路,但是同时也应该注意到,这些公司实施并购也会遇到很多问题。因为其中大部分是民营企业,政府扶持力度小,实施并购大多具有自发性,也表现出一定的盲目性,并且由于长期的小规模经营难以驾驭规模迅速扩张后的局面,因此整合的效率和效果也堪忧,这些外部的不利因素都会在一定程度上影响并购后公司的绩效。对于该板块企业绩效的考察可以评判并购效果的优劣,因而研究中小板上市公司的并购绩效具有充分的现实意义。在确定了研究方向和研究对象后,本文选取了2008年发生重大并购行为的我国中小板上市公司为研究样本,因为该年度中小企业板块发生的并购行为多,而且并购事件的发生时点距离本文开始创作的时点大约有三年,便于追踪中长期的并购绩效情况。具体而言,本文是在回顾和总结了并购动因理论和国内外实证研究的基础上,结合我国中小板上市公司的发展现状以及目前并购的情形,展开了实证研究。一方面,选取了目前研究企业中长期并购绩效最成熟的方法——会计研究法来判断并购前后绩效的总体变化情况,发现并购方在实施并购后总体绩效较并购前有所改善,但是并购绩效在并购后急速上升后出现了逐年的下滑态势；另一方面,本文检验了并购绩效和公司财务指标的相关关系,同时,对各项财务能力的变动趋势与并购绩效的变动趋势进行了一一对比,发现中小板上市公司的盈利能力因素、营运能力因素和偿债能力因素与并购绩效的相关性较强,而成长性因素、扩张能力因素以及现金流能力因素与并购绩效的相关性较弱。最后,针对实证研究的结论提出了政策建议,即中小板上市公司应该致力于巩固和提升前三方面的财务能力,可以从生产经营、并购决策和财务管理等角度采取相应的措施,而对于后三方面财务能力的提高也同样不可以轻视,以增强中小板上市公司继续成长扩张的潜力。具体而言,本文是从以下六个方面展开了研究：第一章是导论部分,主要是用于明确我国中小板上市公司并购绩效研究的背景、目的和意义、思路与内容框架,为接下来的深入研究奠定了基础。第二章是理论和文献综述部分,在明确了并购和并购绩效相关概念的基础上,对经典的企业并购动因理论做了简短的回顾,然后对国内外并购绩效的实证研究方法以及结论进行了分类总结,得出了现有研究的不足,明确了本文应该弥补的缺陷。第三章是现实基础部分。对目前我国中小板上市公司的发展现状,并购情况和环境特点进行了简单的说明,为后文的研究提供了现实的背景。第四章是实证研究设计部分。该部分首先说明了本文进行实证研究的对象,然后根据中小板上市公司并购的现实情况和已有的研究结论提出了两点研究假设：假设一是中小板上市公司并购前后综合绩效会发生显著的变化,是一个先升后降的过程；假设二是并购后,并购方的各项财务指标因素会发生起伏变化,但是与并购绩效的相关性有差异。接着阐述了实证研究的样本选择,然后对绩效评价指标的选取情况和原因进行了说明。最后演示了本文实证模型构建和数据处理过程。第五章是实证结果分析部分。在对我国中小板上市公司并购总体绩效进行评价之后,又进行了财务指标因素与并购绩效的相关性检验,对比分析了财务能力变动趋势与并购绩效的变动趋势,挖掘出了影响绩效变化的主要财务能力因素。第六章是研究结论、主要贡献和建议部分,该部分首先对论文的研究结论进行了总结,然后归纳出了本文的主要贡献和研究的不足之处,最后结合我国中小板上市公司的并购现状,从企业的生产经营、财务管理、并购决策等方面提出了优化绩效的建议。本文的主要贡献可以归结为以下几点： (1)研究对象和内容的开拓性一方面,本文选取的并购绩效的研究对象为我国的中小板上市公司,而以往并购绩效的研究对象多数为不细分板块的全体上市公司或是某一行业(比如医药行业)的企业,因此本文所选取的研究对象具有开拓性；另一方面,针对中小企业尤其是中小板上市公司的并购活动,目前我国学术界的研究热点一直都集中在并购动因、并购策略、并购风险以及并购融资问题上,对于中小企业并购绩效的研究很少,今后将会是一个研究的热点问题,因为随着中小板上市公司的数量激增,该板块的并购活动会越来越活跃,对绩效的研究能够为这些企业乃至全体中小企业的并购整合提供一定的参考价值。 (2)样本选取方法的严谨性在研究我国中小板上市公司的并购绩效时,本文采用了同一年的样本公司展开研究。但是过去的大多数并购绩效的研究是将连续几年中发生重大并购事件的公司笼统地纳入样本范围进行研究,这样就会产生不同年度,由于不一样的外部条件影响研究结论得出的弊端。本文所采用的样本选取方法能够在一定程度上减小这一影响,因而加强了研究结论的准确性。 (3)研究结论对中小板上市公司的指导性本文针对我国中小板上市公司的并购绩效,从两个方面展开了实证研究,一方面从并购前后绩效变化情况的考察入手,另一方面从寻找绩效变化的财务能力因素出发,得到的研究结论不仅显示了我国中小板上市公司并购的长期效果,而且也挖掘到了主要的影响因素,因而可以为中小板上市公司今后进行并购决策提供参考,也为已经实施了并购的企业提高绩效提出了一点建议。但是,本文由于受到研究条件的限制以及作者的研究水平有限的影响,还有很多不足之处以待今后的进一步研究来弥补,表现在： (1)研究样本的数量有限本文在研究中小板上市公司并购绩效时,由于受到资料和研究时间的限制等原因,并没有将中小板自成立以来各个年度所发生的重大并购事件都纳入研究范围,而仅以2008年度的样本公司做研究,这样虽然减小了外部因素在不同年度所发生的变化对并购绩效带来的不确定的影响,但也会由于研究样本较少使得研究的结论缺乏普遍性,因而在样本选取的问题上,存在两难。 (2)研究“窗口期”的选取对于研究“窗口期”的选取,本文的研究时限只考虑到并购行为发生后的第二年,样本数据不够大,很多情况下,并购对绩效的影响在两年的时间内还无法体现,这在一定程度上可能会影响结论的准确性。但是如果将时间跨度做进一步的延长,就不能避免更多不相干的外部因素造成干扰,影响结论的准确性。所以在财务数据的时间跨度选取问题上,也需要考虑到这一矛盾,将不相关的影响降至最小。 (3)外部因素的干扰本文在研究过程中,将并购认为是影响中小板上市公司绩效发生变化的主要因素,没有剔除宏观经济环境、不同的行业状况、政府政策等相关外部因素的影响,这些方面的因素也会在一定程度上影响企业的并购绩效,因而在今后的研究中应该进一步考虑如何将这些因素的影响降到最低。
[Abstract]:In the process of rapid development of the global economy, corporate mergers and acquisitions activity is always the beautiful scenery. In the western developed countries, mergers and acquisitions has already lasted more than 100 years, has experienced five major waves of mergers and acquisitions, most large enterprises rapid rise. Mergers and acquisitions is a product of the development of market economy, has been an effective means of contemporary business, but also greatly promote the development of the global economy and development. Under the condition of market economy, an important way to the development of modern enterprise is the enterprise merger and acquisition, access to external resources, expand the scale of operation are realized through mergers and acquisitions. Since the reform and opening up, the number of SMEs in China in most of these enterprises, high technology content, good growth, more and more obvious impetus to China's economic development. However, to grow to a certain stage of small and medium-sized enterprises, due to their own The size of the limit, will inevitably encounter development bottleneck, at this time, for the long term development planning considerations, more and more small and medium-sized enterprises will choose mergers and acquisitions to achieve leapfrog development. Therefore, mergers and acquisitions activities not only active in the development of large companies continue to grow in the process, more and more small and medium-sized enterprises also choose mergers and acquisitions to expand the scale of production, the realization of enterprise bigger and stronger. Around 1/3 of the global small company grew up in mergers and acquisitions.
The development of China's small and medium-sized board market began in 2004, the board of listed companies is a typical representative of many small and medium enterprises, these enterprises are mostly good performance, their management level is better than the general enterprise, strong strength, so that the transition to the momentum of large enterprises, and due to the financing in the capital market, and it is easier to raise funds required for mergers and acquisitions than the general small and medium-sized enterprises. In view of the above two aspects of subjective and objective, listed companies involved in mergers and acquisitions in recent years grow with each passing day.
Mergers and acquisitions of listed companies can provide a way for the rapid development of small and medium-sized board, but at the same time, it should be noted that these mergers will encounter many problems. Because most of them are private enterprises, government support, the implementation of mergers and acquisitions are mostly spontaneous, also showed a certain blindness, and because of the long-term small scale business is difficult to control the rapid expansion of the scale of the situation, so the efficiency and effectiveness of the integration is also worrying, disadvantage of these external factors will affect the performance of the company after the merger in a certain extent. You can judge the effects of mergers and acquisitions in the sector enterprise performance advantages and disadvantages, have sufficient practical significance and Research on M & a performance of listed companies on SME.
In determining the research direction and the research object, this paper selects China's small and medium-sized board in 2008 major mergers and acquisitions of listed companies as research samples, because of mergers and acquisitions this year the SME sector occurred, and merger events at the beginning of this thesis, a point distance point for about three years, for the long-term performance of mergers and acquisitions track.
Specifically, this paper is reviewed and summarized domestic and international M & a theory and empirical research, combining the development status quo of China's SME board listed companies as well as the current situation of mergers and acquisitions, empirical research is carried out. On the one hand, the current study on corporate long-term purchase and performance of the most mature accounting research method to determine the overall performance changes before and after the acquisition, found the acquirer in the implementation of M & A after the overall performance is improved before the merger, but the merger performance rapid rise after the merger occurred after declining trend year by year; on the other hand, this paper examines the correlation between performance of mergers and acquisitions and corporate financial indicators at the same time, changing trend and M & a performance on the financial ability of the one by one comparison, found that the profitability factors of SME board listed companies, operating ability and debt paying ability for With the performance of mergers and acquisitions strong correlation, and growth factors, correlation factors of expansion ability and cash flow ability factors and the performance of mergers and acquisitions is weak. Finally, according to the empirical research conclusions and put forward policy recommendations, namely the SME board listed companies should strive to consolidate and enhance the three aspects of the financial ability, from the production perspective M & a decision-making and financial management and take corresponding measures, and to improve the financial ability after three also can not be ignored, in order to enhance the SME board listed companies continue to grow and expand potential. Specifically, this study is carried out from the following six aspects:
The first chapter is the introduction part, which is mainly used to clarify the background, purpose and significance, train of thought and content framework of the research on M & a performance of China's small and medium board listed companies, laying the foundation for further research.
The second chapter is the theory and literature review, based on the merger and acquisition performance related concepts, the classical enterprise merger theory made a brief review and empirical research methods at home and abroad the performance of mergers and acquisitions conclusion are summarized, the shortcomings of existing research, this paper clarifies the defects should be for it.
The third chapter is the basic part of reality. The development status, acquisition and environmental characteristics of small and medium-sized listed companies in China are briefly explained, which provides a realistic background for later research.
The fourth chapter is the empirical research. The first part explains the object of the empirical research, then based on the reality of SME mergers and acquisitions of listed companies and the existing conclusions put forward two hypotheses: one is that small and medium-sized board before and after the mergers and acquisitions of listed companies comprehensive performance will change significantly, is a first rise after the fall of the process; hypothesis two is after the merger, the financial factors the acquirer will occur ups and downs, but the correlation with the performance of mergers and acquisitions are different. Then discusses the selection of empirical research samples, and then the evaluation index of the performance and reasons of selection are described. Finally, this paper demonstrates the empirical model and the process of data processing.
The fifth chapter is the empirical results section. After the mergers and acquisitions of Listed Companies in China's SME board overall performance evaluation, and the correlation test of financial index factors and the performance of mergers and acquisitions, comparative analysis of the financial capability change trend and the performance of mergers and acquisitions, dig out the main influence factors of financial capacity performance changes.
The sixth chapter is the conclusion of the study, the main contributions and suggestions, conclusion the first part of the research are summarized, and then summarizes the main contributions and shortcomings of this thesis, combining the current situation of MampA of listed companies, from the production and operation of enterprises, financial management, put forward the optimization performance suggestions on the merger decision.
The main contributions of this article can be attributed to the following points:
(1) the exploration of the object and content of the study
On the one hand, the object of study in this paper the performance of M & a board for small and medium-sized listed companies, while most previous studies focus on the performance of mergers and acquisitions for the majority of listed companies is not sub sector or an industry (such as the pharmaceutical industry) of the enterprise, so the research object of this paper selected the pioneering; on the other hand, in view of the small and medium-sized enterprises especially small and medium sized listed companies mergers and acquisitions, current research focus in the academic circle of our country has been focused on mergers and acquisitions strategy, mergers and acquisitions and mergers and acquisitions, the risk of financing for small and medium-sized enterprises, little research on the performance of mergers and acquisitions, the future will be a hotspot, because with the small number of listed the company in the sector mergers and acquisitions will be more active, to provide a reference price for these enterprises and the small and medium-sized enterprise merger integration on Performance Value.
(2) the rigor of the sample selection method
M & a performance in the study of China's small and medium sized listed companies, the same year the Sample Firms research. But in the past most of the research on the performance of mergers and acquisitions is for several years in major mergers and acquisitions companies generally included in the sample range studied, it will produce different year, due to the disadvantages influence research conclusion not the same as the external conditions are obtained. This paper uses a sample selection method can reduce the influence to a certain extent, thus strengthening the accuracy of the conclusions of the study.
(3) the guidance of the research conclusions to the listed companies of small and medium sized boards
In this paper, the performance of merger for China's small and medium sized listed companies, empirical research is carried out from two aspects, on the one hand from the start on the performance changes before and after the acquisition, on the other hand, from the perspective of financial ability factors to find performance changes, we can get the result not only shows the long-term effects of mergers and acquisitions of Listed Companies in China's SME board. But also dig into the main factors, which can be as small board of Listed Companies in the future to provide the reference for the merger decision, has implemented a merger to propose some suggestions to improve enterprise performance.
However, due to the limitation of research conditions and the limited influence of the author's research level, there are still many shortcomings to be compensated for further research.
(1) the number of research samples is limited
Based on the study of small and medium-sized board acquisition performance of listed companies, due to the limitations of time and materials, and no major acquisitions since the establishment of small and medium-sized board will each year have included in the study, but only in the 2008 year of the Sample Firms to do research, although this change reduced happened in different year outside the factors on the performance of uncertain influence, but also because of the small sample size makes the conclusion of the study is lack of universality, so there is a dilemma in the sample selection on the issue.
(2) the study of the selection of "window period"
For the selection of the "window period", this study only considering mergers and acquisitions occurred after second years, the sample data is not big enough, in many cases, the influence on the performance of mergers and acquisitions is not reflected in the two years, the accuracy of which to some extent may affect the conclusion. But if the time span a further extension, cannot avoid more external factors do not cause interference, influencing the accuracy of the conclusion. So in the financial data of the time span selection problem, also need to take into account this problem, will not affect related to a minimum.
(3) interference from external factors
In the process of research, the mergers and acquisitions that are the main factors that influence the performance of the listed companies in SME board changes, not excluding the macroeconomic environment, different industry conditions, effects of external factors related government policy, these factors will affect the performance of enterprises in a certain extent, thus further consider how to influence these factors should be minimized in the future research.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

【参考文献】