行业相关性对中小板上市公司并购绩效的影响研究

发布时间：2018-05-25 08:29

本文选题：中小板上市公司 + 并购绩效　；参考：《华东师范大学》2017年硕士论文

【摘要】：并购作为一种重要的外延式资本运作模式,在将企业做大做强、优化资源配置等方面的作用越来越凸显。并购双方的行业相关性作为并购决策中的一大因素,对并购绩效产生重要影响,并购后的绩效究竟能否得到改善一直是理论界和实务界关注的焦点。鉴于此,本文深入研究并购双方行业相关性与并购绩效之间的关系,并有针对性的为主并公司、相关中介机构以及监管部门提供优化建议。本文首先解释了行业相关性与并购绩效的定义,并分别从业务、管理等方面的协同和减少信息不对称的传导路径角度研究了行业相关性与并购绩效的关系。接着,本文梳理了中小板上市公司近年来快速发展的态势以及不同于主板和创业板公司的并购现状,在并购标的的选择上,中小板上市公司更倾向于选择行业相关性强的企业,相同或相近的业务模式带来了较低的整合风险,能更快的提升市场集中度,巩固竞争优势,改善企业的绩效。在实证研究部分,本文以2011年至2013年我国中小板上市公司实施完成的148起并购事件为样本,手工梳理财务指标,运用因子分析法构建综合绩效评价方程,计算并购前后各样本的绩效得分,后又以行业相关性为自变量,考察其对并购后一期和二期绩效的影响是否显著,研究发现:并购双方行业相关性对主并公司并购绩效的影响有滞后性,在并购完成之后的第一年,并购双方不同的行业相关性对主并公司绩效的影响没有显著差异,而在并购完成之后的第二年,相关行业并购比非相关行业并购更能提高主并公司的绩效,不同的行业相关性在长期对中小板上市公司并购后绩效产生显著影响。相关行业并购使得主并公司对标的企业在业务和管理上有更多的认识,减少了信息不对称问题,有助于产生协同效应,而协同效应的发挥需要一个过程,在短期并没有很好地体现,在长期主并公司通过整合目标公司的资源、管理及经验,提高公司的经营效率、扩大市场占有率,能取得更高的绩效。
[Abstract]:As an important extension of capital operation mode, M & A plays a more and more important role in making enterprises bigger and stronger, optimizing resource allocation and so on. As a major factor in M & A decision-making, the industry correlation of both sides of M & A has an important impact on the performance of M & A. Whether the performance after M & A can be improved has always been the focus of theoretical and practical circles. In view of this, this paper deeply studies the relationship between industry correlation and M & A performance of both sides of M & A. This paper first explains the definition of industry correlation and M & A performance, and studies the relationship between industry correlation and M & A performance from the perspective of business, management and transmission path to reduce information asymmetry. Then, this article combs the small and medium-sized board listed companies in recent years rapid development situation and different from the main board and the gem M & A status quo, in the M & A target selection, small and medium-sized board listed companies are more inclined to choose enterprises with strong industry relevance. The same or similar business model brings low integration risk, can improve the market concentration faster, consolidate the competitive advantage, and improve the performance of the enterprise. In the part of empirical research, this paper takes 148 M & A events completed by Chinese small and medium-sized board listed companies from 2011 to 2013 as samples, combs the financial indexes manually, and constructs the comprehensive performance evaluation equation by factor analysis. After calculating the performance scores of each sample before and after M & A, and taking the industry correlation as the independent variable, to investigate whether the impact on the performance of the first and second phase after M & A is significant. In the first year after the completion of the merger and acquisition, there is no significant difference in the impact of different industry correlation between the two parties on the performance of the merger and acquisition. In the second year after the completion of M & A, M & A in related industries can improve the performance of main and merged companies better than those in non-related industries, and different industry correlations have a significant impact on the performance of listed companies with small and medium-sized boards in the long run. M & A in related industries makes the host and merge company have more understanding of the business and management of the target company, reduce the information asymmetry problem, and help to produce the synergy effect, and the synergy effect needs a process. In the short term, the company can achieve higher performance by integrating the resources, management and experience of the target company, improving the company's operating efficiency and expanding its market share.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F276.3;F271

【参考文献】