管理者特征、产权性质与并购绩效

发布时间：2018-01-06 12:07

本文关键词：管理者特征、产权性质与并购绩效　出处：《东北财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：并购已经成为公司资源整合和战略扩张的重要方式之一,是国内外财务管理领域研究的热点。我国经济体制不断发展与完善,相关部门提出了一系列优化企业并购重组的制度与意见,确立了尊重企业主体地位、发挥市场机制作用、改善政府的管理和服务的基本原则。随着并购重组愈演愈烈,影响并购绩效的因素也愈发复杂。其中,企业管理者承担着制定和实施企业并购战略的使命,管理者并非是"理性经济人",管理者的性别、受教育程度、在职期限、年龄、工作经验等背景特征会影响管理者的行为。因此,管理者特征与企业并购行为能否提升其绩效有着紧密的联系,对我国经济制度转轨背景下探索企业并购与其绩效具有重要的研究价值。具体而言,由于我国资产市场尚未成熟,市场经济制度仍有待优化与完善,绝大多数的上市公司都是高度集中的股权结构,由大股东控制企业的所有权。根据资源理论以及我国经济社会现状,与非国有上市公司相比,国有上市公司拥有更多的资源和政策上的支持,国家作为国有控股公司的最终控制人会对企业的并购绩效产生一定的影响。可见,产权性质与管理者特征及并购绩效有着密切的联系。在此基础上,管理者特征、产权性质与并购绩效的相关性值得研究与探讨。本文围绕管理者特征、产权性质与并购绩效的关系,共分成六部分来写作。第一部分:绪论。该部分主要阐述本文选题背景及研究意义、研究思路和方法,并且指出全文可能的创新点。第二部分:文献综述。该部分从管理者特征、产权性质与并购绩效三个角度对国外和国内相关研究文献进行梳理总结与述评,挖掘可研究的新领域,引出本文的研究主题。第三部分:理论分析及提出假设。该部分以并购效率理论、高层梯队理论、资源依赖理论及产权理论为本文的理论基础,分析国内发生并购行为的上市公司管理者特征与并购绩效的关系,在此基础上,加入产权性质因素,通过比较分析的方法研究产权性质的调节作用。第四部分:研究设计。该部分主要介绍从样本到变量的选择及构建模型的过程。本文以2010-2014年沪深A股主板上市公司的数据为原始数据,并对其进行筛选整理,得到936个发生并购行为的样本。变量主要包括被解释变量、解释变量、调节变量及控制变量。在模型选择上,选用多元回归模型。第五部分:实证结果与分析。该部分首先对选取的数据进行描述性统计分析及相关性分析。其次,对前文提出的概念模型以及研究假设,借助Stata11软件对本文所选的样本进行多元回归,并对其结果进行分析。最后,为了提高实证结果的准确性,本文做了稳健性检验。第六部分:研究结论及政策建议。该部分运用定性分析的研究方法深入分析前述统计分析的结果,得出本文的研究结论。并将理论与实践相结合,总结所得结论对企业实践的启示,并提出相应的可行性建议。同时,指出本文研究的局限,以待日后进一步研究。本文选取并购交易发生在2010—2014年期间,主并购公司为沪深A股上市公司的936个并购事件样本。管理者特征着重从管理者中女性比例、年龄、学历、任期四个方面进行分析,检验了主并购公司管理者特征与并购绩效之间的关系及产权性质的调节作用。本文的创新主要表现在以下两点:(1)研究方法与样本数据选取方面创新。大多数文献采用产权性质对研究样本分组研究产权性质差异的影响。本文引入了产权性质作为交互项,以研究国有控股与非国有控股企业,即不同产权性质下,管理者特征对并购绩效的不同影响。本文从并购重组数据中选择了资产收购、吸收合并、要约收购、股权转让四种类型的并购样本。(2)现有文献大多研究是从并购支付方式、并购动机、并购类型等角度研究或是从上市公司特征的角度对并购绩效的影响,本文结合当今市场经济活动现状,从行为财务学角度进行研究,将管理者特征、产权性质作为影响并购绩效的因素,拓展了我国上市公司并购绩效研究的方向。
[Abstract]:M & A has become one of the important ways of corporate resources integration and strategic expansion, is the research hotspot in the field of financial management in China. China's economic system development and improvement of the relevant departments, put forward a series of opinions system and optimize enterprise mergers and acquisitions, established the respect the dominant position of enterprises, play the role of market mechanism, improve the basic principles of government the management and service. With the merger and reorganization intensified, factors affecting the performance of mergers and acquisitions have become more and more complicated. Among them, the enterprise managers bear the formulation and implementation of enterprise merger strategic mission, management is not "rational Economic Man", the management of gender, education, age, working period, the impact of managerial work experience background will behavior. Therefore, management characteristics and corporate mergers and acquisitions can enhance their performance are closely related to China's economic system transition back Under the background of exploration enterprise merger and its performance has important research value. Specifically, because of China's capital market is not mature, the market economy system still needs to be optimized and improved, the majority of listed companies are highly concentrated ownership structure, control of enterprise ownership by large shareholders. According to the present situation and China's economic and social resources theory compared with non state-owned listed companies, state-owned listed companies have more resources and policy support, the state owned holding company as the ultimate controller will affect the performance of merger of enterprises. Obviously, characteristics and performance of mergers and acquisitions property rights and management are closely linked. On this basis, the management features, the correlation property worth and M & a performance study and discussion. This paper focuses on the management characteristics, the relationship between property rights and the performance of mergers and acquisitions, is divided into six parts to write . the first part: introduction. This part mainly expounds the research background and the research significance, research ideas and methods, and points out the possible innovations. The second part: literature review. This part from the management characteristics, summarize and review of related domestic and foreign research literature in three aspects the nature of property rights and the performance of mergers and acquisitions the new field of research, mining, this study raises the theme. The third part: theoretical analysis and hypotheses. Part of the merger efficiency theory, upper echelons theory, resource dependence theory and property rights theory as the theoretical basis of this paper, analysis of the relationship between domestic mergers and acquisitions of listed companies management characteristics and the performance of mergers and acquisitions, this on the basis of adding property factors, regulating the method of comparative analysis of the nature of property rights. The fourth part: research design. This part mainly introduces from sample to change The selection and model construction process. Based on the 2010-2014 Shanghai and Shenzhen A shares listed on the main board of the company's data, and carries on the screening finishing 936 acquisition samples. Variables include explanatory variables, explanatory variables, control variables and control variables. In model selection, multiple selection regression model. The fifth part: empirical results and analysis. This part firstly analyzes the statistical analysis and descriptive correlation to the selection data. Secondly, the concept model is proposed and the research hypothesis, multiple regression using Stata11 software on the selected samples, and the results were analyzed. Finally, in order to improve the accuracy of the empirical results, this paper do robustness test. The sixth part: conclusions and policy recommendations. This part by using the method of qualitative analysis of the in-depth analysis of the statistical analysis. Fruit, get the conclusions of this paper. And combining the theory and practice, summed up the conclusions enlightenment to the practice of enterprise, and puts forward some corresponding suggestions. At the same time, pointed out the limitations of this study, until the day after further research. This paper selects the transaction occurred in the period from 2010 to 2014, the merging company for 936 m the event samples in Shanghai and Shenzhen A shares of listed companies. The management features on the proportion of women, from managers in age, education, tenure four aspects analysis, examines the moderating effects on the relationship between property rights and the merging company management characteristics and the performance of mergers and acquisitions. The innovation of this paper lies in the following two points: (1) research methods and sample data selection. Most of the literature by the nature of property rights innovation impact on the study sample group study property quality difference. This paper introduces the nature of property rights as the interaction term, to research The state-owned and non state-owned enterprises, namely the different nature of property right, different management characteristics of the acquisition performance. This paper chooses asset acquisition, merger and reorganization of the data from the merger, takeover, four types of merging samples of equity transfer. (2) Xian Youwen Xian most of the research is the mode of payment, from mergers and acquisitions study on the merger motive, merger type angle or influence on the performance of mergers and acquisitions of listed companies from the perspective of characteristics, combining with the status quo of current market economy activities, conducts the research from the perspective of behavioral finance, the management characteristics, property right nature as the factors which influence the performance of mergers and acquisitions, expand the research on the merger and acquisition of Listed Companies in China's direction.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51;F271;F271

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