我国上市公司多元化并购绩效的实证研究

发布时间：2018-11-21 14:47

【摘要】：多元化并购是企业进行规模扩张、实现多元化发展战略的重要手段之一。多元化并购如何影响企业并购绩效，是理论界与实务界一直探讨的问题。按照与企业现有经营业务的关联程度，可将多元化具体划分为相关多元化与不相关多元化两种类型。不同类型的多元化并购，其内在机理是不同的，并购决策时企业潜藏的动机也有着很大的差别，，导致对并购绩效的影响不同。本文首先对国内外关于多元化并购绩效与并购动因的主要研究成果进行了较为全面的梳理，提出多元化并购的理论适用，为并购绩效研究建立理论依据；并且从中国资本市场不同发展阶段多元化并购的市场环境特征、多元化并购的发展趋势以及上市公司多元化并购的行业分布情况三方面描述国内上市公司多元化并购市场的现状，将理论与现实紧密结合。在此基础上，选取2006至2008年沪深两市多元化并购样本并对其分类，运用主成分分析法构建绩效评价体系，测度相关多元化并购和不相关多元化并购的长期绩效。研究发现：相关多元化并购由于经营关联性较强，较易发挥协同效应，获得并购绩效；而不相关多元化并购由于经营关联性弱，大大增加了管理成本，且管理层盲目做大的动机增加了代理成本，长期来看有损并购绩效。因此企业在进行多元化并购时，应充分考虑多元化并购的风险和收益，考量主并方与并购标的的行业相关度和战略匹配程度，从而做出理性的并购决策。
[Abstract]:Diversified M & A is one of the important means for enterprises to expand their scale and realize diversified development strategy. How multiple mergers and acquisitions affect the performance of mergers and acquisitions has been discussed by both theoretical and practical circles. According to the degree of association with the existing business, diversification can be divided into two types: related diversification and unrelated diversification. The internal mechanism of different types of diversified M & A is different, and the underlying motivation of M & A decision is also very different, which leads to different influence on M & A performance. In this paper, the main research results on the performance and motivation of M & A at home and abroad are summarized, and the theoretical application of M & A is put forward to establish the theoretical basis for the study of M & A performance. And from the market environment characteristics of diversified M & A in different stages of development of Chinese capital market, The development trend of diversified mergers and acquisitions and the industry distribution of diversified mergers and acquisitions of listed companies describe the present situation of the market of diversified mergers and acquisitions of listed companies in China and closely combine theory with reality. On this basis, we select and classify the samples of diversified mergers and acquisitions in Shanghai and Shenzhen stock markets from 2006 to 2008, and use principal component analysis to construct a performance evaluation system to measure the long-term performance of related diversified mergers and acquisitions and unrelated diversified mergers and acquisitions. The research finds that: the diversification M & A is easy to play a synergistic effect because of its strong business relevance to obtain the performance of M & A; However, the management cost is greatly increased because of the weak correlation of management, and the motivation of management blindly increasing the agency cost, which is harmful to the performance of M & A in the long run. Therefore, enterprises should fully consider the risks and benefits of diversified mergers and acquisitions, and consider the industry correlation and strategic matching degree between the main and merger parties and the target of M & A, so as to make rational M & A decisions.
【学位授予单位】：苏州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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