并购能力和并购绩效的关系研究

发布时间：2018-01-22 03:16

本文关键词： 并购重组并购能力并购绩效　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购,是资本市场永恒的话题,很多企业通过并购做大做强。然而,活跃的并购行为背后也存在着并购失败率较高的问题,国内外学者对收购方的并购绩效以及影响并购绩效的外部因素进行了长期且深入的探讨,但是,忽略了收购方本身可能存在的并购能力缺失问题。并购能力是影响收购方并购绩效的重要内部因素,而现有文献对并购能力的研究还未深入展开,对并购能力的测度方法也没有统一的定论。因此,提出本文的研究问题:并购能力的测度方法是什么?并购能力和并购绩效有什么关系?本文以2006-2013年中国A股上市公司发生的连续并购案例中的收购方为研究对象,通过大样本实证回归,本文得出如下结论:(1)我国上市公司的并购能力越强,并购绩效越好;(2)当企业并购能力较好时,并购能力越稳定,并购绩效越好;反之,当企业并购能力较差时,并购能力越稳定,企业的并购绩效越差。因此,企业在并购前,既要考虑企业性质、关联交易、交易规模等外在影响因素,更要客观评价自身的并购能力,切不可盲目进行并购活动。本文的贡献主要有:(1)对并购能力的衡量指标进行扩展性研究,提出并购能力稳定性。本文将并购能力量化为收购方最近一次并购以外的历次并购的累计超额收益率的均值,同时,用收购方最近一次并购以外的历次并购的累计超额收益率的方差作为并购能力的稳定性的衡量指标,对并购能力进行扩展性研究,分组讨论并购能力稳定性与并购绩效的关系;(2)选取更恰当的并购绩效评价方法。现有文献更多采用事件研究法和会计研究法评价并购绩效,本文采用EVA绩效评价法作为并购绩效衡量指标,一定程度上弥补了事件研究法和会计研究法的不足;(3)对并购能力和并购绩效的关系展开研究。本文研究了并购绩效的内部影响因素,完善了并购绩效影响因素的研究,对促进我国并购活动的发展具有重要的现实意义。
[Abstract]:M & A is an eternal topic in the capital market. Many enterprises become bigger and stronger through M & A. however, there is also a high failure rate of M & A behind the active M & A behavior. Domestic and foreign scholars have made a long-term and in-depth discussion on the acquisition performance of the acquirers and the external factors that affect the performance of mergers and acquisitions, but. It ignores the lack of M & A capability which may exist in the acquirer itself. M & A capability is an important internal factor affecting the M & A performance of the acquirer, but the research on M & A capability in the existing literature has not been carried out in depth. There is no uniform conclusion on the measurement method of M & A capability. Therefore, this paper puts forward the research question: what is the measurement method of M & A capability? What is the relationship between M & A capability and M & A performance? In this paper, from 2006 to 2013, China A-share listed companies in the case of successive mergers and acquisitions as the research object, through a large sample of empirical regression. This paper draws the following conclusion: 1) the stronger the M & A ability of the listed companies in China, the better the M & A performance; 2) when the M & A capability is better, the more stable the M & A capability is, the better the M & A performance is; On the contrary, when the M & A ability is poor, the more stable the M & A ability is, the worse the M & A performance is. Therefore, before M & A, enterprises should consider the external factors, such as the nature of the enterprise, related transactions, transaction scale and other external factors. More objective evaluation of their own M & A ability, must not blindly carry out M & A activities. The main contribution of this paper is: 1) the measurement of M & A capacity to expand the research. This paper quantifies the M & A capability as the average of the cumulative excess return rate of the previous M & A other than the last M & A by the acquirer, and at the same time. Using the variance of cumulative excess return of the previous M & A of the acquirer as the measure of the stability of M & A, this paper makes an extensive study on the M & A capability. The relationship between M & A capability stability and M & A performance is discussed in groups. 2) selecting more appropriate M & A performance evaluation methods. The existing literature more use of event research and accounting research methods to evaluate M & A performance, this paper uses EVA performance evaluation method as M A performance measurement index. To some extent, it makes up for the deficiency of incident research and accounting research; This paper studies the internal influencing factors of M & A performance and consummates the research on the influencing factors of M & A performance. To promote the development of M & A activities in China has an important practical significance.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

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