横向并购行为的上下游产业传染效应研究

发布时间：2018-06-25 14:30

本文选题：横向并购 + 传染效应　；参考：《东北财经大学》2014年硕士论文

【摘要】：在国家并购重组政策的指导下,并购成为企业实现低成本快速扩张的重要战略性举措。2006年以来,《上市公司收购管理办法》和《反垄断法》草案的出台为国内并购交易设立交易程序,推动并购市场活跃。上市公司积极通过横向并购进行整合优质资产和消化过剩产能,造成横向并购行为在很多产业竞相发生。理论界对横向并购现象早已进行广泛而深入的研究,从规模经济和效率理论视角解释横向并购的动因,但已有研究多以企业作为研究主体,没有从产业网络视角做出比较权威的解释。针对横向并购行为在诸多产业出现的现象,本文以2003-2012年中国上市公司并购重组数据作为研究样本,结合中国2007年投入产出数据,从复杂网络分析出发,通过大样本数据的回归分析考察横向并购行为的上下游产业传染效应,以及产业关联程度和产业管制特征对横向并购行为的纵向传染效应的影响。本文研究发现：(1)横行并购行为对上下游产业的横向并购行为有正向影响。即横向并购行为在上下游产业存在传染效应。(2)如果上下游产业与目标产业关联程度越强,那么横向并购的纵向传染效应越强。(3)目标产业和上下游产业均属于管制性产业时,横向并购行为对上下游产业横向并购行为无正向影响。当目标产业和上下游产业都属于非管制性产业时,横向并购行为对上下游产业的传染效应具有显著影响。研究结果表明,目标产业衡向并购行为是作为应对产业环境的反应机制而存在,部分地跟随关联产业的横向并购行为而出’现。于是,横向并购行为现象在产业网络中实现传染和传播。上述研究不仅在理论上验证和丰富企业并购动机理论和并购传染机制,而且在实践方面为相关政策制定提供有价值的参考和指导。横向并购行为传染效应的提出有利于指导政府在制定产业兼并重组政策时考虑产业网络的作用。在考虑目标产业的规模和升级前提下,依据其上下游产业的横向资源整合活动情形,以及产业的管制特征等因素,政府便于有效地制定和执行产业调整规划和政策,充分利用市场在淘汰落后产业的作用,推动产业结构调整和优化升级。
[Abstract]:Under the guidance of the national Merger and reorganization policy, merger and acquisition has become an important strategic measure for enterprises to achieve rapid and rapid expansion of low cost. Since.2006, the introduction of the purchase management method of listed companies and the draft of "antitrust law" has set up a transaction procedure for domestic mergers and acquisitions to promote the leap of the M & a market. The combination of high quality assets and excess capacity has resulted in the occurrence of horizontal mergers and acquisitions in many industries. The theoretical circle has already carried out extensive and in-depth research on horizontal mergers and acquisitions, explaining the motivation of horizontal mergers and acquisitions from the perspective of scale economy and efficiency theory. However, many studies have taken enterprises as research subjects, not from the perspective of industrial network. A more authoritative explanation.
In view of the phenomenon of horizontal mergers and acquisitions in many industries, this paper takes 2003-2012 years Chinese Listed Companies' Merger and acquisition data as the research sample, combined with the input and output data of China in 2007, starting from the complex network analysis, through the regression analysis of large sample data to investigate the upstream and downstream industrial infection effects of horizontal merger and acquisition, and the production. The influence of industry correlation and industry regulation on vertical contagion effect of horizontal mergers and acquisitions.
The study found that: (1) horizontal merger and acquisition behavior has a positive impact on horizontal mergers and acquisitions of upstream and downstream industries. That is, lateral mergers and acquisitions have an infectious effect in the upstream and downstream industries. (2) the stronger the correlation between the upstream and downstream industries and the target industry, the stronger the vertical transmission effect of horizontal mergers and acquisitions. (3) the target industry and the upstream and downstream industries belong to the same. Horizontal mergers and acquisitions have no positive impact on horizontal mergers and acquisitions in the upstream and downstream industries. When both the target industry and the upstream and downstream industries belong to the non regulated industry, horizontal mergers and acquisitions have a significant impact on the upstream and downstream industries. The results show that the target industry balance is taken as a response to the industrial ring. The reaction mechanism of the territory exists, which is partly followed by the lateral mergers and acquisitions of the related industries, and the phenomenon of horizontal merger and acquisition is transmitted and transmitted in the industrial network.
The above research not only theoretically validates and enriches the theory of M & a motivation and the infection mechanism, but also provides valuable reference and guidance in practice. The introduction of the infection effect of horizontal merger and acquisition is helpful to guide the government to consider the role of industrial network in the formulation of the policy of industrial merger regrouping. Considering the scale and upgrading of the target industry, the government can effectively formulate and implement the industrial adjustment planning and policy according to the horizontal resource integration activities of the upstream and downstream industries, as well as the characteristics of the industry control, and make full use of the market to eliminate the backward industries, and promote the adjustment of industrial structure and the optimization and upgrading.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271

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