吉电股份公司并购动因分析

发布时间：2019-01-12 13:45

【摘要】：公司并购动因研究是公司并购理论研究中的一个热点。国外学者对公司并购动因作了广泛而深入的研究，提出了协同效应理论、交易费用理论、代理理论、“自大”假说和市场势力理论等几种主要的并购动因理论。我国学者在借鉴国外公司并购动因理论的基础上，结合我国的实际情况，对我国公司并购的动因进行了大量研究，发现政府干预和投机性动机是我国公司并购的主要动因。同时，大量文献及公司实例表明，我国上市公司的高管薪酬出现异化，高管有很强的动机通过公司并购扩大公司规模来提高自己的薪酬。鉴于此，本文在梳理国、内外已有研究成果的基础上，通过案例研究的方式，以吉电股份公司为例，分析了其并购的动因。通过分析发现，吉电股份公司并购的动因除了实现公司战略目标外，还可能隐藏着非理性并购动机——高管的薪酬操纵。根据分析结果，本文提出了优化公司治理机制、完善薪酬委员会制度、优化高管薪酬考核机制等建议。本文的分析结果丰富了公司并购的动因理论，，并为公司的并购决策、政府部门制定政策以及投资者投资起到一定的指导作用。
[Abstract]:The research on the motivation of corporate M & A is a hot topic in the theoretical research of M & A. Foreign scholars have made extensive and in-depth research on the motivation of corporate M & A, and put forward several main theories of M & A motivation, such as synergetic effect theory, transaction cost theory, agency theory, "arrogant" hypothesis and market power theory. Based on the theory of M & A motivation in foreign countries and the actual situation in China, Chinese scholars have made a lot of research on the motivation of corporate M & A in China. It is found that government intervention and speculative motivation are the main motivations of M & A in China. At the same time, a large number of documents and corporate examples show that the executive compensation of listed companies in China is alienated, and executives have strong motivation to increase their salary through M & A and expanding the scale of the company. In view of this, this paper, on the basis of combing the national, internal and external existing research results, through the way of case study, taking JD as an example, analyzes the motivation of M & A. Through the analysis, it is found that the motivation of JD M & A is not only to realize the strategic goal of the company, but also to hide the irrational M & A motive-executives' salary manipulation. According to the analysis results, this paper puts forward some suggestions, such as optimizing the corporate governance mechanism, perfecting the compensation committee system and optimizing the executive compensation assessment mechanism. The results of this paper enrich the motivation theory of M & A, and play a guiding role in the decision-making of M & A, the formulation of policies by government departments and the investment of investors.
【学位授予单位】：石河子大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F271

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