融资约束、支付方式与并购绩效的关系研究

发布时间：2018-05-31 19:51

本文选题：融资约束 + 支付方式　；参考：《重庆工商大学》2015年硕士论文

【摘要】：近年来,企业的并购活动越来越活跃,并购在现代企业占有重要的战略地位,已经成为现代企业寻求发展、对外扩张以及提升企业价值的重要途径,而支付方式作为企业并购的最后一个环节往往能够成为并购能否成功的关键,并购绩效能够检验并购企业双方通过并购方式进行资源整合后能否实现企业价值的增长。我国目前正处于经济转型时期,资本市场并不是十分完善,融资约束成为企业并购过程中的关键性难题。本文结合规模经济效应理论、交易费用理论、风险分散理论和协同效应理论、代理理论、信息不对称、优序融资理论等,结合国内外学者对于融资约束和支付方式对于企业并购绩效的影响的研究,分析了2009年至2013年沪、深两市发生并购的391起上市公司的数据。选取公司规模、交易规模、资产负债率、行业相关性、托宾Q等控制变量,构建融资约束、支付方式与并购绩效的模型,对相关的并购事件进行实证分析,得到如下结论:第一、理论上,如本文文献综述所示,学者们大都从单个因素出发,研究某一方面因素对并购绩效的影响,但并未对影响并购绩效的因素达成一致结论。本文在总结前人研究的基础上,从融资约束、支付方式和并购绩效这一全新视角出发,对融资约束和并购绩效以及支付方式和并购绩效之间的关系进行实证分析。第二、经实证检验融资约束正向影响支付方式,且相关性显著。第三、支付方式正向影响并购绩效,并呈相关性显著性。在并购后第一年和并购后第三年,支付方式对并购绩效的正向影响更为显著。本文的价值在于:一是为并购绩效研究提出了一个新的研究方向,并对这个方向进行了初探。二是国内外的学者均只考察不同支付方式对主并公司的绩效产生的直接影响,而忽略间接影响。本文在前人研究的基础上,另外还用融资约束指标对主并公司进行分组,考察融资约束对并购绩效更深层次的影响,使研究的结果更为细化。本文的研究有助于丰富企业并购理论,提高对企业并购决策的理论指导水平。
[Abstract]:In recent years, M & A activities have become more and more active. M & A occupies an important strategic position in modern enterprises. It has become an important way for modern enterprises to seek development, expand abroad and enhance the value of enterprises. As the last link of M & A, payment method can often be the key to the success of M & A, and the performance of M & A can test whether the resource integration of both parties can achieve the growth of enterprise value. At present, our country is in the economic transition period, the capital market is not very perfect, the financing restriction becomes the key problem in the process of enterprise merger and acquisition. This paper combines economies of scale effect theory, transaction cost theory, risk dispersion theory and synergetic effect theory, agency theory, information asymmetry, order financing theory, etc. Based on the research on the effect of financing constraints and payment methods on corporate M & A performance, the data of 391 listed companies in Shanghai and Shenzhen from 2009 to 2013 are analyzed. Selecting the control variables such as company size, transaction scale, asset-liability ratio, industry correlation, Tobin Q and so on, to construct the model of financing constraints, payment methods and M & A performance, and to make an empirical analysis on the related M & A events. The main conclusions are as follows: first, in theory, as the literature review shows, scholars mostly study the impact of one factor on M & A performance from a single factor, but do not reach a consensus conclusion on the factors affecting M & A performance. On the basis of summarizing the previous studies, this paper makes an empirical analysis of the relationship between financing constraints and M & A performance and the relationship between payment methods and M & A performance from the perspective of financing constraint, payment mode and M & A performance. Secondly, the positive effect of financing constraint on payment is significant. Third, the way of payment positively affects M & A performance, and has significant correlation. In the first year after the merger and the third year after the merger, the way of payment has a more positive impact on the performance of the merger. The value of this paper lies in: first, it puts forward a new research direction for M & A performance research, and probes into this direction. Second, scholars at home and abroad only examine the direct impact of different payment methods on the performance of the merger company, but ignore the indirect impact. On the basis of previous studies, this paper also uses the financing constraint index to group the main and concurrent companies to investigate the deeper impact of the financing constraints on the M & A performance, so that the results of the study are more detailed. The research in this paper is helpful to enrich the theory of M & A and improve the theoretical guidance level of M & A decision.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F275

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