市场分割背景下上市公司并购行为与绩效的关系研究

发布时间：2018-07-01 11:34

本文选题：并购 + 并购绩效　；参考：《华南理工大学》2012年硕士论文

【摘要】：并购是企业迅速扩大规模的一种资源配置方式，但是学者们对并购是否给企业创造财富，对并购行为与并购绩效之间的关系的研究结论却不一致，甚至完全相反，主要原因是研究变量、方法，所处的环境假设前提不一致。改革开放三十年以来，我国的市场经济取得了举世瞩目的成绩。然而，由于中央行政性分权和政府的地方保护主义，造成中国市场是一个分割的市场。因此，本文结合我国市场分割背景下，分析上市公司并购的动因，研究企业并购行为和特征与并购绩效的关系，以及市场分割对企业并购行为和特征对并购绩效之间关系的调节作用。通过研究结论，对当前企业并购以及市场分割这一状态的存在提出相应的建议。本文以我国2006年发生并购的174家上市公司为研究样本，考察不同地区间市场分割背景下，以总资产净利率来衡量和检验并购后的绩效，以及采用多元回归分析方法检验影响上市公司并购绩效的因素。通过文献整理和假设检验发现，上市公司的并购当年绩效有所提升，对比并购前后企业总资产收益率，企业并购后并购后总资产收益率有显著的提高。因此，本文认为并购提高了上市公司的（财务）经营绩效。企业并行为与自身特征是影响企业并购绩效的主要因素，如企业性质，并购类型、关联交易、并购相对规模，这些因素可以解释并购后绩效的变化，而且在市场分割背景下，市场分割程度调节这些影响因素对并购绩效的变化。研究表明，，企业性质对并购绩效的显著负向相关，支持了市场分割背景下，企业的并购行为受到政府的干预和影响，而且市场分割对企业性质与并购绩效之间的关系具有负向调节作用。横向并购、纵向并购显著好于混合并购。是否关联交易对并购绩效没有显著的影响，市场分割对关联交易与并购绩效之间的关系没有调节作用。并购交易价格占总资产比例对并购绩效具有显著正向影响，而且在市场分割背景下，市场分割对并购交易价格占总资产比例与并购绩效之间的关系具有正向调节作用。通过本文的研究结论，认识到市场分割对企业并购及其并购绩效的影响，因此必须打破目前存在的市场分割状态，为企业提供更广阔的发展空间。
[Abstract]:M & A is a kind of resource allocation method which expands the scale of enterprise rapidly. However, scholars' conclusions on whether M & A creates wealth and the relationship between M & A behavior and M & A performance are inconsistent, even completely opposite. The main reason is that the research variables, methods, the premise of the environmental assumptions are inconsistent. Since the reform and opening up 30 years ago, China's market economy has made remarkable achievements. However, due to central administrative decentralization and local protectionism, the Chinese market is a fragmented market. Therefore, under the background of market segmentation in China, this paper analyzes the motivation of M & A of listed companies, and studies the relationship between M & A behavior and M & A performance. And the effect of market segmentation on the relationship between M & A behavior and M & A performance. Through the conclusion of the research, this paper puts forward the corresponding suggestions on the existence of the current state of M & A and market segmentation. Based on 174 listed companies in 2006, this paper investigates the performance of M & A based on the net interest rate of total assets under the background of market segmentation among different regions. And the multiple regression analysis method is used to test the factors that affect the M & A performance of listed companies. Through literature collation and hypothesis test, it is found that the performance of listed companies in M & A has been improved, compared with the total return rate of assets before and after M & A, the total return rate of assets after M & A has been significantly improved. Therefore, this paper argues that M & A improves the (financial) operating performance of listed companies. Merger behavior and its own characteristics are the main factors that affect the performance of M & A, such as the nature of the enterprise, the type of M & A, the related transaction, the relative scale of M & A. These factors can explain the change of the performance after M & A, and under the background of market segmentation. Market segmentation regulates the changes of M & A performance caused by these factors. The research shows that the nature of the enterprise has a significant negative correlation with the M & A performance, which supports the intervention and influence of the government on the M & A behavior under the background of market segmentation. Moreover, market segmentation plays a negative role in regulating the relationship between enterprise nature and M & A performance. Horizontal mergers and acquisitions, vertical mergers and acquisitions are significantly better than mixed mergers and acquisitions. Whether related party transactions have no significant effect on M & A performance, and market segmentation has no effect on the relationship between related party transactions and M & A performance. The proportion of M & A transaction price to total assets has a significant positive impact on M & A performance, and under the background of market segmentation, market segmentation plays a positive role in regulating the relationship between M & A transaction price and M & A performance. Through the conclusion of this paper, we recognize the influence of market segmentation on M & A and M & A performance, so we must break the existing market segmentation state and provide a broader development space for enterprises.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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