我国上市公司海外并购路径及绩效研究

发布时间：2018-05-19 22:24

本文选题：上市公司 + 海外并购　；参考：《山东财经大学》2015年硕士论文

【摘要】：跨国并购是企业开展对外投资的重要方式之一,是企业通过外部扩张实现价值最大化和促进发展的有效的资本运作模式。跨国并购可以开拓国外市场和渠道,增强企业的国际竞争力,也可以整合双方优质资源,推动技术、管理创新,甚至可以快速进军新的领域,实现企业的多元化发展。中国经济经过三十多年的高速发展,培养出大批有实力的企业,他们拥有资金优势和国家政策支持,在新的宏观经济形势下开始谋求海外扩张以扩大其经营范围和影响力。特别是2008年金融危机以来,更多的中资企业开展了海外并购的筹谋或实际行动,他们的并购动机也更多的倾向于获得品牌技术、渠道及人力资源等战略性资源及不可再生的能源和矿产资源,这与我们国家转变经济发展方式、推动企业战略转型升级及能源安全战略相吻合,既反映了企业的现实成长需求也有利于国家经济的健康发展。然而中国企业的海外并购成功率很低,这使众多企业对跨国并购虽跃跃欲试却不敢采取实际行动,因此分析我国企业海外并购是否能够提高企业绩效,探讨企业并购过程中必须注意的关键环节具有重要意义。本文分析了08年以来我国企业开展海外并购的机遇和风险因素,并以2009-2013年我国108家开展海外并购的上市公司为研究样本,探讨近年来我国上市公司海外并购的现状及特点,采用因子分析的研究方法,对其中财务数据资料齐全的99起海外并购案例的绩效进行了实证研究,最后结合案例理顺企业海外并购过程,并分析在此过程中应注意的关键点。本文的主要结论如下:总体上来看,2009年以来,尽管我国企业海外扩张的热情高涨,但从上市公司海外并购的表现看,并购并未给上市公司带来经营绩效的改善,反而使其下滑。并购当年及并购后两年,企业的财务绩效持续下滑,但逐渐趋于平稳;并购控制权的取得影响并购绩效的发挥,同样在绩效下滑的情况下,取得控制权的上市公司抑制绩效下滑的能力较强,这是因为控制权代表了主并购方将外部资源内部化的能力,直接决定着企业在整合过程和未来经营中的话语权;上市公司采取直接并购相对于通过子公司开展并购能够有更好的绩效,且直接并购比间接并购更能抑制绩效的下滑。这可能是因为并购对并购主体的能力和人才储备要求较高,或子公司业绩不能纳入上市公司合并财务表。
[Abstract]:Cross-border M & A is one of the most important ways for enterprises to invest abroad. It is an effective capital operation mode for enterprises to maximize value and promote development through external expansion. Cross-border mergers and acquisitions can open up foreign markets and channels, enhance the international competitiveness of enterprises, integrate high quality resources of both sides, promote technology, management innovation, and even quickly enter into new fields to realize the diversified development of enterprises. After more than 30 years of rapid economic development, China has cultivated a large number of powerful enterprises, they have the advantages of capital and national policy support, in the new macroeconomic situation began to seek overseas expansion to expand its business scope and influence. In particular, since the 2008 financial crisis, more Chinese enterprises have carried out overseas M & A plans or practical actions, and their M & A motives are also more inclined to acquire brand technology. Strategic resources, such as channels and human resources, and non-renewable energy and mineral resources are in line with our country's transformation of its economic development mode, the promotion of strategic transformation and upgrading of enterprises and the strategy of energy security. Not only reflects the actual growth needs of enterprises, but also conducive to the healthy development of the national economy. However, the success rate of overseas M & A of Chinese enterprises is very low, which makes many enterprises dare not to take practical action on cross-border M & A although they are eager to do so. Therefore, this paper analyzes whether the overseas M & A of Chinese enterprises can improve the performance of enterprises. It is of great significance to discuss the key links in the process of enterprise merger and acquisition. This paper analyzes the opportunity and risk factors of overseas M & A by Chinese enterprises since 2008, and takes 108 listed companies in China from 2009-2013 as a sample to discuss the present situation and characteristics of overseas M & A of Chinese listed companies in recent years. By using the method of factor analysis, this paper makes an empirical study on the performance of 99 overseas M & A cases with complete financial data. Finally, it straightens out the process of overseas M & A and analyzes the key points that should be paid attention to in the process. The main conclusions of this paper are as follows: generally speaking, since 2009, although the enthusiasm of overseas expansion of Chinese enterprises is high, from the performance of overseas M & A of listed companies, M & A does not improve the operating performance of listed companies, but makes them decline. In the year of M & A and two years after M & A, the financial performance of the enterprise continues to decline, but gradually tends to be stable; the acquisition of M & A control rights affects the performance of M & A, also in the case of performance decline, The listed companies that have obtained the control rights have stronger ability to restrain the performance decline, which is because the control power represents the ability of the main merger and acquisition parties to internalize the external resources, which directly determines the right of the enterprise to speak in the process of integration and the future operation. Direct mergers and acquisitions by listed companies can have better performance than that through subsidiary mergers and acquisitions, and direct mergers and acquisitions can restrain the decline of performance more than indirect mergers and acquisitions. This may be because M & A requires higher ability and talent reserve of the main body of M & A, or the performance of its subsidiaries cannot be included in the consolidated financial statements of listed companies.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F832.51

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