中国民营跨国并购绩效研究

发布时间：2018-04-13 10:17

本文选题：跨国并购 + 民营企业　；参考：《浙江财经大学》2017年硕士论文

【摘要】：伴随着世界经济一体化的不断加深,越来越多的中国企业开始走出国门。据《中国对外投资统计公报》显示,2014年中国对外投资达1231.4亿美元,相比于2000年29亿美元,增长近42倍,而跨国并购作为一种重要的对外投资方式,2014年对外投资达569亿美元,几乎占对外投资额的一半。与此同时民营对外投资由2006年占对外投资总额的19%增长到2014年的46.4%,增长十分惊人。那么,民营企业进行的跨国并国是否真的可以提高企业的绩效,哪些因素又影响着绩效。这些问题伴随着民营企业的发展,已引起越来越多国内外学者的重视。为此,本文以中国民营企业为研究的视角,深入分析跨国并购对民营企业绩效影响,并找到影响绩效的因素,为民营企业跨国提供理论指导。本文以2006-2014年间进行跨国并购的40家民营企业为样本,以2006-2014间50家国有企业为对照组,以(-240,-40)为干净期,以(-40,40)为研究的窗口期,运用事件研究法对民营企业跨国并购绩效进行研究,通过对累计平均超额收益(CAAR)与平均超额收益(AAR)值对比分析,研究发现民营企业的并购绩效为股东创造了财富,且民营企业并购绩效要显著优于国营企业,通过对民营企业不同并购类型的研究,发现横向并购绩效要好于纵向并购和混合并购,并且横向并购在整个窗口前内累计平均超额收益(CAAR)为正,而纵向并购与混合并购均为负。同时,为了研究影响民营企业并购绩效的影响因素,本文运用Probit的模型对影响民营企业并购绩效的决定因素进行研究,将被并购企业所在国是否与中国签定双边投资保护协议、被并购企业所在国法律体系类型、并购后持股比例、东道国制度环境等相关变量纳入模型当中,通过研究结果发现并购与中国签定保护协议国家的企业,企业可以获得更高的收益。并且东道国家的制度环境越好、并购完成以后企业持股比例越高、并购企业所在国为大陆法系,那么企业并购绩效越好。本文有以下的创新点,本文将关注的焦点放在对民营企业跨国并购的分析上,弥补了其他文献在分析绩效问题时,没有区分国有企业和民营企业,研究不够全面的问题,对于民营企业绩效问题的研究做了相关的补充。在研究影响民营企业并购绩效问题时,本文将其他文献没有考虑或者考虑不够全面的的制度环境、法律体系、投资保护协议等相关变量纳入模型当中,重点关注了国家层面的因素对民营企业并购绩效的影响,扩大了对民营企业的研究视野,使得对民营企业的研究更加全面。本文的第一部分主要对文章的研究背景、研究的理论和实践意义、研究的方法、结构的安排以及研究的重点和创新点做出简要的介绍。第二部分首先给出了跨国并购的具体概念,然后对全球跨国并购具体发展历史进行了详细的梳理,其次对于跨国并购动因的各种相关理论进行了介绍,并且对于并购绩效研究主流的事件研究法和会计研究法的基本原理和适用条件作出了简要的描述,最后对跨国并购的相关文献以及影响并购绩效的相关文献进行了回顾。第三部分对中国的并购历史发展进行回顾,并对当前的跨国并购情况和特点进行分析,然后以中国这个发展中国国家为对像,对其跨国并购历程进行了分析,最后以民营企业为对像深入分析民营企业的发展以及特点。本文的研究重点为第四、第五部分,第四部分首先对会计指标法、事件研究法进行介绍,以及各方法的优缺点进行分析评价,综合各方法的优势与劣势,选择合理的研究方法。然后运用事件研究法对民营企业和国有企业跨国并购绩效进行对比分析,最后对与民营企业不同类型的并购绩效进行研究。第五部分将在第四部分的绩效分析的基础之上,运用Probit模型,对影响民营企业跨国并购绩效的影响因素进行研究,第六部分根据前面的分析,得出民营企业绩效水平,同时根据影响绩效的因素提出相关的政策建议。
[Abstract]:With the integration of the world economy continues to deepen, more and more enterprises begin to go abroad China. According to foreign investment statistical bulletin China < > display, 2014 Chinese foreign investment amounted to $123 billion 140 million, compared to $2 billion 900 million in 2000, an increase of nearly 42 times, and the transnational mergers and acquisitions as an important way of foreign investment, foreign investment in 2014 amounted to 56 billion 900 million dollars, accounting for almost half of the amount of foreign investment. At the same time the private foreign investment by 2006 accounted for 19% of the total foreign investment growth to 46.4% in 2014, growth is amazing. So, private enterprises and multinational country really can improve enterprise performance, and what factors affect the performance of these problems. With the development of private enterprises that has attracted more and more attention of scholars at home and abroad. Therefore, this paper China private enterprises as the research perspective, in-depth analysis of cross-border mergers and acquisitions of private enterprises The performance impact, and find the influence factors of performance, for private enterprises to provide theoretical guidance. This paper multinational cross-border mergers and acquisitions to between 2006-2014 and 40 private enterprises as the sample to 2006-2014 among the 50 state-owned enterprises into the control group (-240, -40), to clean, to (-40,40) as the research window use the method of event study to study the performance of private enterprises cross-border mergers and acquisitions, the cumulative average abnormal return (CAAR) and the average excess return (AAR) value of comparative analysis, study found that performance of mergers and acquisitions of private enterprises to create wealth for shareholders, and private enterprise merger performance was significantly better than the state-owned enterprises, private enterprises through the study of different M & A the type, found that horizontal merger performance is better than vertical and mixed mergers and acquisitions, and mergers and acquisitions in the front window in the transverse cumulative average abnormal return (CAAR) is positive, and the vertical merger and conglomerate merger are Negative. At the same time, in order to study the factors which affect the performance of private enterprises mergers and acquisitions, the determinants of the Probit model on merger performance of the impact of private enterprises of the country where the enterprise merger will be signed a bilateral investment protection agreement with China, mergers and acquisitions business law of the country where the system type, after the acquisition of the stake, the host country institutional environment other related variables included in the model, the result shows that mergers and acquisitions signed protection agreement national enterprises and China, enterprises can obtain higher returns. The better system environment and the host country, after the completion of the merger of enterprise ownership and enterprise merger the country of continental law, so the better performance of M & A has the following innovation. In this paper, this paper will focus on the analysis of private enterprises transnational merger, make up the other documents in the analysis of performance problems When no distinction between state-owned enterprises and private enterprises, the research is not comprehensive enough, for the performance of private enterprises has made the related supplement. Effects on the performance evaluation of M & a private enterprises, this paper will not consider other documents or is not comprehensive enough to consider the institutional environment, legal system, relevant variables included in the investment protection agreement the model, focusing on the factors affecting the national level of private enterprise merger performance, expand the research field of private enterprise, which makes the research on private enterprises more comprehensively. The first part of this paper mainly on the research background, research significance in theory and practice, research method, structure arrangement and research focus and innovation to make a brief introduction. The second part gives the concept of transnational mergers and acquisitions, then the global transnational merger with history Detailedly, then for a variety of related theories of the international merger & acquisition are introduced, and the basic principle of acquisition performance mainstream event study method and accounting research method and application conditions make a brief description, the relevant literature on cross-border mergers and acquisitions and related literature reviewed the performance of mergers and acquisitions. The third part reviews the historical development of Chinese mergers and acquisitions, and transnational mergers and acquisitions and the characteristics are analyzed, and then to the development of national China Chinese for the transnational merger and acquisition, process for the analysis, finally to private enterprises for private enterprises like the in-depth analysis of the development and characteristics of the research emphases of this paper is. Fourth, the fifth part, the fourth part of the accounting index method, event study method are introduced, and the advantages and disadvantages of various methods of analysis and evaluation, comprehensive The advantages and disadvantages of the methods, choose reasonable methods. And then use the event study method to analyze the private enterprise and state-owned enterprise transnational merger and acquisition performance of M & a performance at the end of the private enterprises of different types. The fifth part will be analyzed in the fourth part of the performance, using the Probit model to study factors the influence of private enterprises transnational merger performance, the sixth part according to the above analysis, the performance of private enterprises, and according to the factors affecting the performance of the proposed relevant policy recommendations.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F276.5

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