关联交易对我国上市公司并购绩效影响的研究

发布时间：2018-01-14 17:33

本文关键词：关联交易对我国上市公司并购绩效影响的研究　出处：《海南大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国资本市场运行以来,并购事件频频发生。许多上市公司通过并购极速扩张资本,扩大企业规模。然而,大多数上市公司并购后的绩效未获得持续稳定的增长。鉴于这种现象,国内学者对并购绩效的影响因素做了大量研究,包括并购类型、并购规模、所属行业等等。但关于关联交易对并购绩效影响的研究却少之又少。关联交易作为我国特殊股权背景下与上市公司并购活动相伴相生的行为,其影响不容忽视。因为它不仅影响着资本市场,还涉及到社会资源在各利益相关者之间的再分配。关联交易在上市公司并购中作为一种资源配置形式,对并购绩效的影响需要客观看待。一方面关联交易可能降低相关成本,增加信息透明度,获得协同效应,改善并购绩效；另一方面,由于我国相关法律法规的不健全,再加上我国上市公司关联交易具有强烈的投机性,使得并购行为更容易在私人利益的驱使下被操纵,公司绩效也会因此受到侵害。从我国二十几年的并购发展来看,关联交易在上市公司并购中俨然成为控股股东非法获利的工具,诸多问题公司的财务问题都与非法关联交易有关。因此,研究关联交易对并购绩效的影响有着重要的实践意义。本文以2008年沪深股市发生并购的上市公司作为研究对象,搜集了其2009-2011年的相关数据,采用描述性统计、相关性分析、回归分析等方法对关联交易在并购中对并购绩效的影响进行深入分析。经实证研究发现,相对于未发生关联交易的并购,发生关联交易的并购在并购当年对公司绩效有明显的促进作用,但这种积极作用难以持续,长期内出现不同程度的下滑。由于关联交易对公司长期并购绩效有不利影响,我国应加大对关联交易的监管力度,完善资本市场的法律法规,约束非法关联交易行为,将关联交易对并购绩效的不利影响降到最低。
[Abstract]:Since the operation of China's capital market, mergers and acquisitions have occurred frequently. Many listed companies expand their capital and expand the scale of enterprises through mergers and acquisitions. In view of this phenomenon, domestic scholars have done a lot of research on the factors affecting the performance of mergers and acquisitions, including the types of mergers and acquisitions, M & A scale. Industry and so on. But there is little research on the impact of related party transactions on M A performance. Related party transactions as a special stock rights background with listed companies associated with M & A behavior. Its influence can not be ignored because it not only affects the capital market, but also involves the redistribution of social resources among stakeholders. As a form of resource allocation in M & A of listed companies, the impact of related transactions on M & A performance needs to be viewed objectively. On the one hand, related party transactions may reduce related costs, increase information transparency and achieve synergy. Improving the performance of M & A; On the other hand, due to the unsound laws and regulations, coupled with the strong speculative nature of related transactions of listed companies in China, mergers and acquisitions are more easily driven by private interests to be manipulated. From the development of M & A in our country for more than 20 years, related party transactions have become the illegal profit tool of controlling shareholders in the M & A of listed companies. The financial problems of many problem companies are related to illegal related transactions. Therefore, it is of great practical significance to study the impact of related party transactions on M & A performance. This paper takes the listed companies in Shanghai and Shenzhen stock market as the research object, collects the relevant data from 2009-2011, and adopts descriptive statistics and correlation analysis. Regression analysis and other methods of related party transactions in mergers and acquisitions in the performance of in-depth analysis of the impact of empirical research found that compared with the related party transactions did not occur in mergers and acquisitions. Merger and acquisition of related party transactions in the year of mergers and acquisitions has a significant role in promoting corporate performance, but this positive role is not sustainable. Due to the negative impact of related party transactions on the performance of long-term mergers and acquisitions, China should strengthen the supervision of related party transactions and improve the laws and regulations of the capital market. Restrain illegal related party transactions, and minimize the negative impact of related party transactions on M & A performance.
【学位授予单位】：海南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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