制造业上市公司并购绩效及其影响因素研究

发布时间：2018-03-19 13:10

本文选题：制造业　切入点：上市公司　出处：《天津师范大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购是企业实现规模快速扩张,资源优化配置,产业结构升级、多元化战略实施的有效手段之一。制造业水平彰显着国家综合实力的大小,代表着国际竞争力的强弱。我国企业并购起步较晚,但发展迅猛,如今随着企业并购活动的快速膨胀,制造业已成为全行业并购浪潮中一颗耀眼的明珠。2015年中央经济工作会议提出五大任务的使命,即要做好去产能、去库存、去杠杆、降成本、补短板的工作。作为国民经济命脉的制造业无疑将迎来新一轮整合转型良机。根据东方财富Choice金融终端对我国2015年各行业企业并购重组数据的分类整理可知,截止到12月27日,制造业行业企业并购最为活跃,并购数量达到2249起,环比增长34%,占所有行业总数量的39%,信息和软件行业排名第二,并购数量小于制造业的50%。然而,并购能否提高中国制造业上市公司绩效?影响制造业上市公司并购绩效的因素有哪些?这些问题鲜有人研究。针对这些问题,本文在国内外已有的研究成果的基础上,选取制造业上市公司2010-2012发生并购交易行为的66家主并公司作为研究样本,通过因子分析法,选取十六项企业财务指标构建企业绩效模型,得出结论,并购能够提高制造业上市公司绩效,但效果不显著。接着,通过回归分析研究了影响制造业上市公司并购绩效的影响因素,研究结论表明,非现金支付要比现金支付的并购绩效高、并购绩效随着股权集中度的提高而下降、非国有控股上市公司并购绩效高于国有控股上市公司、并购绩效与高管薪酬成正比、关联企业并购绩效显著比非关联企业并购绩效好、企业规模与企业并购绩效呈正相关关系及行业相关性与并购绩效成正比。最后,在实证研究的基础上,本文分别站在政府和上市公司的角度提出了政策建议,作为提高我国制造业上市公司并购绩效的参考,以推动企业并购交易健康有序的发展。
[Abstract]:M & A is one of the effective means for enterprises to realize the rapid expansion of scale, the optimal allocation of resources, the upgrading of industrial structure and the implementation of diversified strategy. It represents the strength of international competitiveness. M & A in China started late, but developed rapidly. Now, with the rapid expansion of M & A activities, The manufacturing industry has become a dazzling pearl in the wave of mergers and acquisitions throughout the industry. The 2015 Central Economic work Conference put forward the mission of five major tasks, namely, to do a good job of capacity, inventory, leverage, and cost reduction. As the lifeblood of the national economy, the manufacturing industry will undoubtedly ushered in a new round of integration and transformation opportunities. According to the classification and collation of China's 2015 M & A data by the Oriental Fortune Choice financial terminal, we can see that as of December 27th, The manufacturing sector was the most active in mergers and acquisitions, with the number of mergers and acquisitions reaching 2,249, an increase of 34 percent over the previous month, accounting for 39,000 percent of the total number of all industries. The information and software industry ranked second, and the number of mergers and acquisitions was less than the 50 percent in the manufacturing industry. However, Can M & A improve the performance of listed Manufacturing companies in China? What are the factors that affect the M & A performance of listed manufacturing companies? In view of these problems, based on the existing research results at home and abroad, this paper selects 66 owners and companies of listed manufacturing companies to conduct M & A transactions in 2010-2012 as the research sample, and adopts factor analysis method. Choosing 16 financial indexes to build the enterprise performance model, the conclusion is that M & A can improve the performance of listed manufacturing companies, but the effect is not significant. Through regression analysis, this paper studies the influencing factors of M & A performance of manufacturing listed companies. The results show that the performance of non-cash payment is higher than that of cash payment, and the M & A performance decreases with the increase of equity concentration. The M & A performance of non-state-owned holding listed companies is higher than that of state-owned holding listed companies. The M & A performance of affiliated enterprises is significantly better than that of non-affiliated enterprises. There is a positive correlation between enterprise size and M & A performance, and a positive correlation between industry correlation and M A performance. Finally, on the basis of empirical research, this paper puts forward policy recommendations from the perspective of government and listed companies, respectively. As a reference to improve the M & A performance of listed manufacturing companies in our country, to promote the healthy and orderly development of M & A transactions.
【学位授予单位】：天津师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F425;F832.51

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