中国服务业跨国并购行为特征与绩效关系研究

发布时间：2018-03-12 11:18

本文选题：服务业　切入点：跨国并购　出处：《湘潭大学》2013年硕士论文　论文类型：学位论文

【摘要】：中国企业跨国并购的历史较短，在早期企业跨国并购的目的大多是为了获取资源、能源，所以参与跨国并购的多为制造行业的企业。世界第五次并购浪潮的新趋势表现为投资领域由制造业向服务业转变，我国国务院推出的《服务业发展“十二五”规划》也要求我国的服务业在稳步发展中实施“走出去”发展战略。在这种大环境下，我国的服务企业将来势必会成为跨国并购中的主流，那目前已经完成跨国并购的我国服务企业的行为特征是什么，并购后绩效是否得到提升，不同行为特征下的绩效是否有区别，，这都是本文想要研究的问题。在总结国内外学者对于跨国并购绩效领域的理论和实证研究的基础上，本文首先对2001-2011年间中国服务业跨国并购的现状和在并购类型、重组类型、收购比例、并购方主体构成、目标公司所在区域这五个方面的行为特征进行描述分析。然后以在大陆上市的的服务企业为样本对企业的短期绩效和长期绩效变化做实证分析。短期绩效是通过事件研究法计算累积平均超额收益率，对企业在[-30,+30]内的绩效即市场效应进行实证分析，发现跨国并购对我国服务企业的短期绩效有显著的提升作用，不同行为特征下的绩效也有显著的差别。长期绩效是通过会计指标法运用主成份分析法计算出并购前一年、并购当年、并购后第一年、并购后第二年的综合绩效得分，对服务企业的长期绩效变化趋势做实证分析，结果显示跨国并购对企业的长期绩效有一定的提升作用，不同的行为特征下长期绩效也有一定的差别，但是两者都不显著。最后在现状分析和实证结果的基础上以提升企业跨国并购绩效为目的从政府和企业的角度分别提出相关建议。本文对不同行为特征下的服务企业跨国并购的短期绩效和长期绩效进行实证分析和比较，希望能够给未来要进行跨国并购的服务企业提供一些实证数据方面的借鉴，使企业能够选择最适合企业本身又能提高企业绩效的行为进行跨国并购。但由于我国服务业跨国并购历史较短，实证分析存在样本数量有限的问题，希望在以后的研究中能够得到补充和改进。
[Abstract]:Chinese enterprise transnational merger and acquisition has a relatively short history, in the early stage of transnational MampA mostly in order to obtain the resources, energy, so involved in cross-border mergers and acquisitions for the manufacturing enterprises. The new trend of the world the fifth wave of mergers and acquisitions to change investment from manufacturing to service industry, China's State Council launched the "service industry the development of" 12th Five-Year "plan > also require our services in the steady development in the implementation of the strategy of" going out ". In this environment, the service of our enterprises in the future is bound to become the mainstream of cross-border mergers and acquisitions, what is the behavior of Chinese service enterprises that has completed cross-border mergers and acquisitions, mergers and acquisitions after the performance is improved, whether there are differences in performance under different behavioral characteristics, this is this paper want to study the problem.
Scholars at home and abroad based on theoretical and empirical research in the field of cross-border MampA performance on the first 2001-2011 years of Chinese services and cross-border mergers and acquisitions in mergers and acquisitions, restructuring, mergers and acquisition of the proportion of party body, behavior characteristics of Target Corp region from the five aspects of the analysis described. Then the services listed in the mainland enterprises to do empirical analysis of the sample changes of short-term and long-term performance of the enterprise. The short-term performance is through the event study method to calculate the cumulative average abnormal return rate, for enterprises in the [-30, the empirical analysis in +30] performance: market effect, found that short term performance of cross-border mergers and acquisitions to Chinese service enterprises have improve the performance under different behavioral characteristics also have significant differences. The long-term performance is through the accounting index method using principal component analysis method to calculate and The purchase of the previous year, the acquisition of the year, the first year after the merger, mergers and acquisitions after second years of comprehensive performance scores, long-term performance trends of service companies to do empirical analysis, results showed that the long-term performance of the cross-border mergers and acquisitions enterprises have a role in upgrading, long term performance is different under different behavioral characteristics, but both of them are not significant. Finally, based on current situation analysis and the empirical results to improve the performance of cross-border mergers and acquisitions for the purpose of enterprises from the perspective of the government and enterprises respectively, and puts forward relevant suggestions.
The short-term and long-term performance of the service enterprises under different behavioral characteristics of transnational mergers and acquisitions to make empirical analysis and comparison, provide some empirical data from hope to future cross-border mergers and acquisitions of service enterprises, so that enterprises can choose the most suitable for the enterprise and improve the enterprise performance behavior but because of cross-border mergers and acquisitions. China's service industry transnational M & a relatively short history, empirical analysis has a limited number of samples, hope that in the future the research can be supplemented and improved.

【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F719

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