基于产业周期阶段划分的三种上市公司并购方式选择研究

发布时间：2019-05-17 05:20

【摘要】：本文通过对处于不同产业周期阶段的企业绩效进行研究，通过实证分析，找出各个产业周期阶段的企业选择哪种并购方式可以使得公司的绩效有比较明显的改善。本文先是介绍了企业并购的概念和相关理论，然后介绍了企业并购绩效的研究方法和企业产业周期的概念，然后对不同类型行业与不同类型企业并购方式之间可能存在的联系进行了假设。接下来，建立了我国上市公司并购绩效综合评价指标体系，设立了5个维度，10个指标，通过对从2005年到2009年430家企业样本的相对应的从2003年到2011年的企业财务数据进行主成分分析和因子分析，得到各个企业的并购前一年，并购当年，并购后一年，并购后两年的并购绩效综合得分。按照增长率产业分类法，将各企业所属的行业分为成长型行业、成熟型行业和衰退型行业三类，在各类型行业内，对采取了三种企业并购方式的企业绩效进行分析和研究，从而验证本文提出的假设是否成立，并分析实证结果的理论和实际原因。本文的创新之处在于，使用了最新的企业数据为研究样本，比如说用到了2012年发布的企业2011年的年报，可谓具有时效性，也更能反映出所研究的问题的现实状况。另外引入了产业周期概念，使得产业周期与企业并购间建立了联系，研究的结果对企业并购有着一定的实际指导意义。最后，，我们通过对实证结果的分析，总结出本文的几点结论，并分析本文存在的不足和对今后研究这一领域的学者的期望。
[Abstract]:Through the study of enterprise performance in different industrial cycle stages, through empirical analysis, this paper finds out which M & A mode can improve the performance of enterprises in each industrial cycle stage. This paper first introduces the concept and related theories of M & A, and then introduces the research methods of M & A performance and the concept of enterprise industrial cycle. Then the possible relationship between different types of industries and different types of mergers and acquisitions is assumed. Next, the comprehensive evaluation index system of M & A performance of listed companies in China is established, and five dimensions and 10 indicators are established. Through principal component analysis and factor analysis of the financial data of 430 enterprises from 2005 to 2009 corresponding to the financial data from 2003 to 2011, it is concluded that the year before the merger and acquisition, and the year after the merger and acquisition, The comprehensive score of M & A performance in the two years after M & A. According to the classification of growth rate industry, the industries to which each enterprise belongs are divided into three categories: growth industry, mature industry and declining industry. In each type of industry, the enterprise performance of three kinds of M & A mode is analyzed and studied. In order to verify whether the hypothesis put forward in this paper is valid, and analyze the theoretical and practical reasons of the empirical results. The innovation of this paper is that the use of the latest enterprise data as research samples, for example, the 2011 annual report of the enterprise released in 2012, can be described as timeliness, but also can better reflect the reality of the problems studied. In addition, the concept of industrial cycle is introduced, which makes the relationship between industrial cycle and mergers and acquisitions established, and the results of the study have certain practical guiding significance for mergers and acquisitions. Finally, through the analysis of the empirical results, we summarize some conclusions of this paper, and analyze the shortcomings of this paper and the expectations of scholars in this field in the future.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F271;F224

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