我国上市公司并购动因与并购绩效关系研究

发布时间：2018-11-19 19:43

【摘要】：我国企业并购活动的日益增多表明，并购在我国社会经济活动中发挥着越来越重要的作用。并购动因明确是保证并购成功的首要因素，因此，本文研究目的在于找出我国上市公司进行并购的动因所在，建立回归模型对并购动因与并购绩效之间的相关性进行验证，并采用EVA经济增加值评价指标体系对各个并购动因下上市公司并购绩效变化趋势进行研究，分析其并购绩效改善或者恶化的原因，为上市公司并购重组提供一定的借鉴，为改善我国上市公司整体并购绩效提供一定的参考。首先，本文在对国内外学者关于并购绩效研究的基础上，从并购和并购绩效概念的角度出发，提出本文的研究内容和结构框架。其次，在各并购绩效理论的基础上，并结合我国企业的实际并购状况，从主要和次要两个方面分析了我国上市公司的并购动因，并针对其中3个最主要动因提出相应的研究假设和回归模型，以期得到较理想的并购绩效。再次，本文实证研究部分以2006-2007年发生的并购事件为研究样本，首先验证EVA指标法的有效性，其次从上市公司并购绩效的整体变化趋势角度，对各并购动因与并购绩效之间的相关性进行实证分析，最后采用EVA指标对各并购动因与并购绩效之间的关系进行实证研究，并得到以下结论：（1）并购使得上市公司整体并购绩效得到改善且效果较为显著；（2）规模经济动因下，上市公司并购绩效较并购前得到显著改善；（3）多元化经营动因下，上市公司并购绩效较并购前有所改善，但不如规模经济动因下的并购绩效改善显著；（4）拓宽融资渠道动因下，上市公司并购绩效恶化，较并购前相比，企业并购绩效出现负增长现象。最后，从并购企业和政府监管部门两个角度，提出了规范并购可行性分析、加强并购企业整合力度、适当减少政府不当干预、强化上市公司信息披露制度等建议，，以期改善上市公司并购绩效。
[Abstract]:The increasing number of M & A activities in China indicates that M & A plays a more and more important role in China's social and economic activities. The clear motivation of M & A is the primary factor to ensure the success of M & A. Therefore, the purpose of this study is to find out the motivation of M & A of listed companies in China, and to establish a regression model to verify the correlation between M & A motivation and M & A performance. And using the EVA economic value added evaluation index system to study the trend of M & A performance of listed companies under various M & A motivation, analyze the reasons for the improvement or deterioration of M & A performance, and provide a certain reference for M & A restructuring of listed companies. In order to improve the overall M & A performance of listed companies in China to provide a certain reference. First of all, based on the domestic and foreign scholars' research on M & A performance, from the perspective of M & A and M & A performance concept, this paper puts forward the research content and structure framework of this paper. Secondly, on the basis of the theories of M & A performance and the actual situation of M & A of Chinese enterprises, this paper analyzes the causes of M & A of listed companies in China from two aspects: main and secondary. The corresponding research hypotheses and regression models are put forward according to the three main motivations in order to get the ideal M & A performance. Thirdly, the empirical research part of this paper takes the M & A events in 2006-2007 as the research sample, first validates the effectiveness of the EVA index method, and secondly, from the perspective of the overall trend of M & A performance of listed companies. The correlation between M & A motivation and M & A performance is analyzed empirically. Finally, the relationship between M & A motivation and M A performance is studied by using EVA index. The conclusions are as follows: (1) M & A improves the overall M & A performance of listed companies and the effect is significant; (2) under the motivation of scale economy, the M & A performance of listed companies has been improved significantly compared with that before M & A; (3) the M & A performance of listed companies is better than that of before M & A, but the M & A performance of listed companies is less significant than that of economies of scale. (4) under the motivation of widening the financing channels, the M & A performance of listed companies deteriorates, compared with that before M & A, the performance of M & A shows negative growth. Finally, from two angles of M & A enterprise and government supervision department, the paper puts forward some suggestions, such as standardizing the feasibility analysis of M & A, strengthening the integration of M & A enterprises, appropriately reducing the improper government intervention, strengthening the information disclosure system of listed companies, and so on. In order to improve the performance of mergers and acquisitions of listed companies.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

【参考文献】