煤炭企业“三跨”整合路径选择及其绩效研究：政府规制视角

发布时间：2018-03-06 00:02

本文选题：煤炭企业　切入点：政府规制　出处：《中国矿业大学》2014年硕士论文　论文类型：学位论文

【摘要】：煤炭行业作为我国传统能源行业之一，在国民经济中占有重要的战略地位。与此同时，大量无序、低效的煤炭资源开采活动所带来的投资短期化、煤电矛盾加剧等问题，困扰着我国煤炭工业以及整个能源行业的健康持续发展。煤炭资源整合是煤炭企业在短期内扩大市场份额和规模的快捷方式，在过去几年里，政府大力推进煤炭资源整合与煤炭企业兼并重组，通过发展大型煤业集团，淘汰了一大批不具备安全生产条件和开采方法落后的小煤矿，，产业集约化发展水平显著提高。随着政府主导下煤炭资源整合如火如荼的进行，采纳何种整合路径更能有效提高企业价值，实现经济效益与社会效益的双赢，已成为理论上和实践上需要切实解决的当务之急。本文按照“政府规制（起因）——并购整合路径选择（过程）——公司并购绩效（结果）”研究思路，梳理以前学者在有关方面的文献，从政府规制入手，研究了政府直接规制和间接规制对煤炭企业“三跨”整合路径选择的影响以及对并购绩效的影响途径和效果。通过分析，本文得出以下结论：第一，政府规制与并购整合路径方面，政府支持型规制与地方政府煤炭企业的跨行业并购和跨地区并购正相关；政府掠夺型规制与跨所有制并购呈正相关关系，与跨地区并购和跨行业并购呈负相关关系；政府间接规制与跨所有制并购负相关，与跨行业并购正相关，与国有煤炭企业的跨地区并购负相关。第二，政府规制与并购绩效影响方面，政府支持和政府掠夺与并购绩效的直接关系不显著，政府的影响力不直接作用于并购公司业绩，但政府间接规制则与并购绩效负相关。政府支持在“三跨”并购路径的影响下与并购绩效正相关；政府掠夺在跨行业并购的影响下对并购绩效产生负的效应（地方政府样本）；政府间接规制在“三跨”整合路径的影响下给企业价值带来负效应。第三，在政府规制下跨所有制并购与并购绩效相关性不显著，跨地区并购与绩效负相关，跨行业并购与并购绩效负相关。因此，虽然政府对煤炭企业“三跨”整合路径进行有选择的积极推进，但是政府“闲不住的手”对并购煤炭企业业绩的损害也随之增加。
[Abstract]:As one of the traditional energy industries in China, the coal industry occupies an important strategic position in the national economy. At the same time, a large number of disorderly, inefficient coal resources mining activities brought about by the short-term investment, coal and electricity contradictions, and so on. The integration of coal resources is a quick way for coal enterprises to expand their market share and scale in the short term. The government has vigorously promoted the integration of coal resources and the merger and reorganization of coal enterprises. Through the development of large coal industry groups, it has eliminated a large number of small coal mines that do not have safe production conditions and backward mining methods. As the integration of coal resources under the guidance of the government is in full swing, the adoption of the integration path can effectively improve the value of enterprises and achieve a win-win situation between economic and social benefits. Has become a theoretical and practical need to effectively solve the urgent matter. According to the research idea of "government regulation (cause of merger and acquisition integration path choice (process)-company M & A performance (result)", this paper combs the previous literatures of scholars, and starts with government regulation. This paper studies the influence of government direct regulation and indirect regulation on the choice of "three-span" integration path for coal enterprises, as well as the influence ways and effects on the performance of mergers and acquisitions. Through analysis, this paper draws the following conclusions: first, government regulation and M & A integration path, government support regulation and local government coal enterprises cross-industry M & A and cross-regional M & A positive correlation; There is a positive correlation between government plundering regulation and cross-ownership M & A, a negative correlation with cross-regional M & A and cross-industry M & A, a negative correlation between government indirect regulation and cross-ownership M & A, and a positive correlation between government indirect regulation and cross-industry M & A. Second, the direct relationship between government support and government plunder and M & A performance is not significant, and the influence of government does not directly affect the performance of M & A companies. However, indirect government regulation is negatively related to M & A performance. Government support is positively related to M & A performance under the influence of "three straddle" M & A paths. The negative effect of government plunder on M & A performance under the influence of cross-industry M & A (sample of local government; indirect government regulation brings negative effect to enterprise value under the influence of "three straddling" integration path. Third, Under the government regulation, the correlation between cross-ownership M & A and M & A performance is not significant, cross-regional M & A is negatively correlated with M A performance, cross-industry M A is negatively correlated with M A performance. Although the government actively and selectively promotes the integration path of coal enterprises, the damage to the performance of mergers and acquisitions of coal enterprises caused by the government's "restless hands" has also increased.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F426.21;D630

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