我国民族地区上市公司并购绩效研究

发布时间：2018-11-16 19:42

【摘要】：并购是实现生产和资本迅速集中的重要的资本运作手段，目前，我国的上市公司也越来越重视利用这一手段来实现扩大生产经营规模和扩张资本的目的。而学术界对于并购活动是否创造价值，是否提升企业绩效更为关注，对并购绩效的问题进行了广泛的研究。但是由于研究样本、研究方法、研究事件窗口等的差别，国内外学者关于并购绩效的研究并没有得出一致的研究结论。我国由于地区经济发展的不平衡，东部、中部和西部地区市场经济的进程存在阶梯状的发展态势，普遍存在东部先进，西部较落后的情况。我国也是多民族的国家，民族地区的政治、经济、文化环境有着自身的特点，并且民族地区普遍集中于西部地区，这就突出了民族地区既具有自己的民族特色，又兼具西部市场经济较为落后的特点。目前,我国关于上市公司并购绩效的研究，鲜有分别针对不同地区进行分类研究的，甚至还没发现对于民族地区上市公司并购绩效的研究，这与我国实际的地区市场经济发展程度的状态不相符。市场化程度会在一定程度上影响并购决策的科学性、并购整合的效率等，进而影响并购的绩效，因此，专门针对少数民族地区上市公司进行并购绩效研究就非常有必要。本文以2005年股权分置改革之后2006-2008年间民族地区发生并购的上市公司作为样本，采用财务指标法，通过构造综合评价指标体系，计算样本公司并购前后五年的财务指标综合得分和年均差值，并从并购是否是关联活动、并购双方是否同属于一个省份、并购的行业相关性和收购企业的股权集中度四个方面进行具体分析，研究我国民族地区上市公司并购绩效的优劣状况，分析影响并购绩效的原因，并提出提高我国民族地区上市公司并购绩效的建议。本文的实证研究结果表明：我国民族地区上市公司并购活动总体来说，短期内没有产生并购绩效，而长期来看，有显著的并购绩效，，多数公司并购后长期业绩得到提升；关联并购较非关联并购有较好的并购绩效；同属地并购短期并购绩效为负，长期为正，而非同属地并购表现相反；相关并购对经营业绩产生正效应，非相关并购产生负效应；股权集中的上市公司并购活动的绩效提升较为显著。通过对研究结果的进一步分析，笔者发现造成这一结果，既有外部环境的原因，也有企业自身管理的问题，因此，针对产生的原因，提出了一些合理化建议。
[Abstract]:M & A is an important means of capital operation to realize rapid production and capital concentration. At present, listed companies in our country pay more and more attention to the use of this means to achieve the purpose of expanding the scale of production and operation and expanding capital. However, the academic circles pay more attention to whether M & A activities create value and whether to improve the performance of enterprises, and has carried on extensive research on the issue of M & A performance. However, due to the differences of research samples, research methods, research event window, domestic and foreign scholars on M & A performance research has not reached a consistent conclusion. Due to the imbalance of regional economic development, the process of market economy in the eastern, central and western regions of China has a ladder state of development, and there is generally the situation that the eastern part is advanced and the western part is relatively backward. Our country is also a multi-ethnic country, and the political, economic and cultural environment of the ethnic areas has its own characteristics, and the ethnic areas are generally concentrated in the western region, which highlights that the ethnic areas have their own national characteristics. Also has the western market economy relatively backward characteristic. At present, the research on the performance of M & A of listed companies in China is seldom classified in different regions, or even the research on the performance of M & A of listed companies in ethnic regions has not been found. This with our country actual area market economy development degree of state does not accord with. The degree of marketization will affect the scientific nature of M & A decision and the efficiency of M & A integration to some extent, and then affect the performance of M & A. Therefore, it is very necessary to study the M & A performance of listed companies in minority areas. This paper takes the listed companies in the minority areas from 2006 to 2008 after the reform of the split share structure in 2005 as a sample, adopts the financial index method, and constructs a comprehensive evaluation index system. To calculate the comprehensive score and average annual difference of the financial indicators of the sample companies before and after M & A, and from whether the M & A is a related activity, and whether both sides belong to the same province, This paper makes a specific analysis of the industry relevance of M & A and the ownership concentration of the purchasing enterprises, studies the merits and demerits of the M & A performance of listed companies in the minority areas of China, and analyzes the reasons that affect the M & A performance. And put forward some suggestions to improve the M & A performance of listed companies in minority areas of our country. The empirical results of this paper show that: generally speaking, there is no M & A performance in the short term, but in the long run, there are significant M & A performance, and the long-term performance of most companies has been improved after M & A; Relative M & A has better M & A performance than non-affiliated M & A; Short-term M & A performance is negative, long term M & A performance is negative, but not affiliated M & A performance is opposite; related M & A has positive effect on business performance, non-related M & A has negative effect; The performance of M & A of listed companies with concentrated equity is more significant. Through the further analysis of the research results, the author finds that the reasons for this result are not only the external environment but also the problems of the enterprise's own management. Therefore, some reasonable suggestions are put forward in view of the causes.
【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F271;F224

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