从产业集中看并购对上市公司绩效的影响

发布时间：2018-05-21 06:23

本文选题：并购 + 产业集中　；参考：《复旦大学》2012年硕士论文

【摘要】：兼并收购一直是贯穿资本市场发展和壮大的热点,是社会经济最为复杂的活动之一。欧美国家通过五次并购浪潮后,也就基本完成了自身产业完善和升级过程。并购活动在我国资本市场20多年的发展过程中也起了越来越重要的作用。当前我国企业做强做大,产业结构升级,经济转型都离不开并购这一环节,可以说并购已经成为经济发展不可或缺的角色。本文从产业集中角度出发对并购能否提升并购方绩效进行分析。文章首先讨论了并购和产业集中的内涵及其两者之间的内在联系。横向并购能够直接提升行业的产业集中度,但是集中度的提升又可能带来垄断的低效率,产生著名的“马歇尔两难”,即不能在获得规模经济的同时享受竞争效益。那么在当前我国经济结构下,并购能否提升企业及其所处行业的绩效呢? 本文经过严格的筛选,对2001年至2008年A股市场发生并购的251个样本进行了实证研究。在通过对17个原始绩效指标运用主成分法实证分析后,发现并购对企业绩效的影响不够显著。绩效改善的公司占总样本的50%左右,大部分上市公司的绩效在并购后两年之内未能得到实质性的改善,并购不能对企业的经营活动提供持久的积极影响。然而发生横向并购的公司在并购后的两年内比发生纵向并购和混合并购的公司的绩效要好。结合中国现有产业集中度低的情况,得出现阶段中国的产业并不普遍存在“马歇尔两难”的问题。中国应该鼓励实质性的横向并购,争取做强企业,提升产业的整体效益。最后也紧紧围绕产业集中和反垄断两个立足点,对当前的并购提出一些政策建议。
[Abstract]:Merger and acquisition is a hot spot through the development and expansion of capital market, and it is one of the most complicated social and economic activities. After five M & A waves, the European and American countries have basically completed their own industry improvement and upgrading process. M & A has played a more and more important role in the development of China's capital market for more than 20 years. At present, the enterprises of our country become stronger and bigger, the industrial structure is upgraded and the economic transformation is inseparable from the link of M & A. It can be said that M & A has become an indispensable role in economic development. This paper analyzes whether M & A can improve the performance of M & A from the angle of industrial concentration. This paper first discusses the connotation of M & A and industrial concentration and their internal relationship. Horizontal mergers and acquisitions can directly enhance the industrial concentration of the industry, but the increase of the concentration may bring about the low efficiency of monopoly, which leads to the famous "Marshall dilemma", that is, it can not enjoy the competitive benefits while obtaining economies of scale. So under the current economic structure of our country, can M & A improve the performance of enterprises and their industries? Through strict screening, this paper makes an empirical study on 251 samples of A-share market mergers and acquisitions from 2001 to 2008. Through the empirical analysis of 17 original performance indicators by principal component method, it is found that M & A does not have significant effect on enterprise performance. The performance of most listed companies can not be substantially improved within two years after the merger and acquisition can not provide a lasting positive impact on the business activities of the enterprises. However, the performance of horizontal M & A companies is better than that of vertical M & A and mixed M A companies in the two years after M & A. Combined with the low industrial concentration in China, it is concluded that the Marshall dilemma is not common in Chinese industry at present. China should encourage substantive horizontal mergers and acquisitions, strive to strengthen enterprises and enhance the overall efficiency of the industry. Finally, some policy suggestions on M & A are put forward closely around the two standpoints of industrial concentration and anti-monopoly.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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