上市公司并购绩效影响因素分析

发布时间：2018-07-18 17:03

【摘要】：上市公司并购重组已经成为当今世界经济化、国际化发展过程中引人关注的经济现象,随着我国经济的国际化脚步加快,资本市场逐渐健全完善,并购行为已经如雨后春笋般在发展,虽然我国并购起步较晚,但想要在未来世界经济发展中占据不败之地,就需要克服一切困难,抓住并购浪潮带来的机遇与挑战。根据协同效益理论认为并购可以为企业节约成本、带来规模经济,受到世界各国企业的追逐。而作为并购重组的核心问题——并购绩效,也得到了学术界与实务界的广泛关注。并购行为完成后企业的经营业绩是否得到好转,又是哪些因素影响了企业并购前后业绩的变化,这些变化因素更是学术界研究的重点。因此,本文选取上市公司中制造业2012年的并购公司为研究样本,采用规范研究与实证研究相结合方法,首先阐述了企业并购与并购绩效理论以及并购动因,并梳理了国内外的相关理论,分析了影响企业并购绩效的六大因素(并购后持股比例、并购类型、是否关联交易、支付方式、国有股持股比例与股权集中度),并提出相关假设,最后通过因子分析与回归分析证明假设是否成立。实证研究结果认为并购短期色彩较强,长期动力不足;并购后持股比例、关联交易与并购绩效有显著正相关;行业是否相关与并购绩效为正相关,但不显著;国有股所持比例在短期内正相关,长期内为显著负相关;第一大股东持股比例与并购绩效显著负相关。最后,对本文提出建设性建议与论文的不足之处。
[Abstract]:M & A of listed companies has become an economic phenomenon in the process of world economy and international development. With the acceleration of the pace of internationalization of China's economy, the capital market is gradually sound and perfect. M & A has been developing like bamboo shoots. Although M & A in our country started late, if we want to occupy an invincible position in the future world economic development, we need to overcome all difficulties and seize the opportunities and challenges brought by the M & A wave. According to the synergetic benefit theory, M & A can save cost and bring economies of scale for enterprises, which is pursued by enterprises all over the world. As the core issue of M & A, M & A performance has also received extensive attention from academic and practical circles. After the completion of mergers and acquisitions, whether the business performance of enterprises has been improved, and what factors affect the changes of performance before and after mergers and acquisitions, these factors are the focus of academic research. Therefore, this paper selects the M & A companies in the manufacturing industry of listed companies in 2012 as the research sample, adopts the method of combining normative research and empirical research, first expounds the theory of M & A and M & A performance theory and the motivation of M & A. And combing the relevant theories at home and abroad, analyzing the six factors that affect the performance of M & A (post-merger shareholding ratio, M & A type, related transactions, payment methods, the proportion of state-owned shares and ownership concentration), and putting forward the relevant assumptions. Finally, factor analysis and regression analysis are used to prove the validity of the hypothesis. The empirical results show that M & A has a strong short-term color and insufficient long-term motivation; the proportion of shareholding after M & A, related party transactions and M & A performance are significantly positive correlation; whether the industry correlation and M & A performance are positive correlation, but not significant; The proportion of state-owned shares is positively correlated in the short term and significantly negative in the long run, and the proportion of the largest shareholders is negatively correlated with M & A performance. Finally, the paper puts forward constructive suggestions and the shortcomings of the paper.
【学位授予单位】：中原工学院
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F275

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