企业并购类型对内部资本市场效率的影响研究

发布时间：2018-01-04 06:38

本文关键词：企业并购类型对内部资本市场效率的影响研究　出处：《东南大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业并购浪潮席卷全球,我国企业也不能避免,并购活动对企业产生剧烈冲击。现实的需求催动理论界对企业并购进行积极研究,其中关于并购动因和并购绩效的研究尤为突出。内部资本市场理论自出现以来就受到理论界和实务界的广泛关注,理论研究和实践应用日益增多。并购活动从外部冲击企业,内部资本市场由内部发挥作用,将两者结合起来研究具有理论和现实意义,而现有研究在这方面存有缺漏。本文将以此为切入点,对企业并购行为对内部资本市场及其效率的影响进行动态地、整体地分析,探明其中的作用机理,进而着重对并购类型对内部资本市场及其效率的影响进行深入研究,从而丰富内部资本市场研究的理论框架,对了解内部资本市场运作机理、改善企业并购决策,确保企业内部资本市场有效运行具有一定的现实意义,有助于指导企业在不同的多元化程度下对不同并购类型的选择,做出合理决策。本文在对前人的研究进行总结归纳的基础上提出本文的研究课题,继而进行理论分析和实证检验,最后得出研究结论。首先,从并购动因、并购过程和并购整合三方面着手分析企业并购行为对内部资本市场及其效率的影响,发现企业并购行为对内部资本市场及其效率的影响是双向性的。通过设置并购组和配对组进行实证检验,实证分析的结果表明企业进行并购能够提高其内部资本市场效率。其次,将并购类型分为相关并购和非相关并购,探讨其与相关多元化和非相关多元化之间的关系,继而从资源配置效率与投资机会、信息掌握与交易成本、市场势力等方面对两种并购类型进行分析,从理论上得出结论:不同并购类型对内部资本市场效率有不同影响,相关并购对内部资本市场效率的影响优于非相关并购。对并购组进行实证检验的结果也与理论分析结论相符合。最后总结研究结果,提出具有针对性的结论,建议企业进行并购决策时应关注企业并购行为及并购类型与内部资本市场及其效率的影响,在并购过程中控制多元化程度的变化,在并购整合阶段应妥善处理目标企业控制权重置以及对新分部与其他分部的关系、总部与各分部的新关系的管理。
[Abstract]:M & A wave sweeping the world, Chinese enterprises can not be avoided, M & A activities to produce a violent impact on enterprises. The real demand to stimulate the theoretical circle of M & A to actively study. Among them, the research on M & A motivation and M & A performance is particularly prominent. The theory of internal capital market has been widely concerned by the theoretical and practical circles since the emergence of the theory. The theory research and the practice application are increasing day by day. The merger and acquisition activity shocks the enterprise from the outside, the internal capital market exerts the function from the inside, it has the theory and the practical significance to combine the two research. This paper will take this as a starting point to analyze the effect of M & A on the internal capital market and its efficiency dynamically, and to find out the mechanism. Further more, it focuses on the in-depth study of the impact of M & A types on the internal capital market and its efficiency, so as to enrich the theoretical framework of the internal capital market research and to understand the operating mechanism of the internal capital market. It is of practical significance to improve the decision of M & A and to ensure the effective operation of the internal capital market, which is helpful to guide enterprises to choose different types of M & A in different degree of diversification. Make reasonable decision. This paper puts forward the research topic of this paper on the basis of summing up the previous research, then carries on the theoretical analysis and the empirical test, finally obtains the research conclusion. First, from the M & A motivation. The process of M & A and the integration of M & A begin to analyze the impact of M & A behavior on the internal capital market and its efficiency. It is found that the impact of M & A behavior on the internal capital market and its efficiency is bidirectional. The results of empirical analysis show that M & A can improve the efficiency of internal capital market. Secondly, the types of M & A can be divided into related M & A and non-related M A. This paper discusses the relationship between the two types of M & A from the aspects of resource allocation efficiency and investment opportunities, information acquisition and transaction costs, market power and so on, and then analyzes the two types of mergers and acquisitions from the aspects of resource allocation efficiency and investment opportunities, information acquisition and transaction costs, market power and so on. From the theoretical conclusion: different types of mergers and acquisitions have different effects on the efficiency of the internal capital market. The effect of related mergers and acquisitions on the efficiency of internal capital market is better than that of non-related mergers and acquisitions. The empirical results of M & A group are also consistent with the conclusions of theoretical analysis. Finally, the research results are summarized and targeted conclusions are put forward. It is suggested that enterprises should pay attention to the influence of M & A behavior, types of M & A, internal capital market and their efficiency when making M & A decision, and control the change of diversification degree in the process of M & A. In the stage of merger and acquisition integration, the resetting of the control rights of the target enterprise and the management of the relationship between the new branch and other branches, and the new relationship between the headquarters and each branch should be properly handled.
【学位授予单位】：东南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;F832.51

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