企业生命周期下股权结构对并购绩效的影响研究

发布时间：2018-02-01 11:54

本文关键词： 企业生命周期并购绩效股权结构　出处：《重庆理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：并购重组作为实现公司价值增长的重要方式,它对优化资本结构,促进产业升级,增加市场竞争力都将具有深远而直接的影响。近年来,并购浪潮的盛行使并购的研究日益成为国内外学者关注的焦点,但尚未达成共识。这在很大程度上是由于企业内在的异质性所导致的。首先研究发现企业的并购动机和并购绩效随着企业所处的生命周期不同而有所不同。其次,股权结构的类型不同也将对并购绩效产生不同的影响。这是由于股权结构会对公司股东控制权的大小和股东利益的分配有一定的影响。因此,对二者关系的研究将具有深刻的现实指导意义。在此背景下,本文讨论的重点问题就是不同企业生命周期下的企业股权结构的特点对并购完成后的公司绩效产生的影响。本文的研究方法主要是实证研究,还会涉及到规范研究,定性研究与定量研究,以期探讨出在不同的企业生命周期下,股权结构对并购绩效会产生怎样的影响。首先,对于解释变量股权结构的选取,一般都是从股东的持股比例和股权性质这两方面加以研究。由于我国的情况较为特殊,政府行为不同程度的存在于企业并购活动中,国有股在股权结构中占有重要地位,因此本文还会以较多篇幅探讨国有股多少与并购绩效之间的影响。因此理论分析部分将从股权集中度、股权制衡度和国有股比例三方面阐述不同企业生命周期下的股权结构对并购绩效的作用机制,提出了相应假设。实证部分,本文以托宾Q值作为并购绩效评价指标,以发生在2012年的A股上市公司并购事件为研究对象,并按照一定的标准筛选出262家符合条件的A股上市公司为研究样本,运用stata工具,对我国不同企业生命周期下的股权结构对并购绩效的影响进行了实证研究。实证结果显示:(1)处于成长期的企业,国有股比例和股权集中度的提高有助于并购绩效的升高,而股权制衡度的提高则会对并购绩效产生消极影响。(2)处于成熟期的企业,国有股比例和股权集中度提高了,对应的并购绩效反而会有所降低,而股权之间的彼此制衡程度越高,并购绩效将越好。(3)处于衰退期的企业,股权表现得越集中,股权制衡能力越低,并购绩效将会越好。而当企业的国有股比例越高时,反而会对企业的并购绩效产生不利影响。本文探讨处于不同企业生命周期阶段的企业股权结构的特点对并购绩效的影响,这一颇为新颖的研究角度使得已有研究结果更具可靠性和实用性,也拓宽了并购绩效的研究范围。同时,其建议有助于提升企业并购绩效,优化政府职能,更好地指导企业并购活动。
[Abstract]:Mergers and acquisitions as an important way to achieve the growth of corporate value, it will optimize the capital structure, promote industrial upgrading, increase market competitiveness will have a far-reaching and direct impact in recent years. With the prevalence of M & A, the research of M & A has become the focus of scholars at home and abroad. However, no consensus has been reached. This is largely due to the internal heterogeneity of the firm. Firstly, it is found that the motivation and performance of M & A vary with the life cycle of the firm. . Different types of ownership structure will also have different effects on M & A performance. This is because the ownership structure will have a certain impact on the size of shareholders' control rights and the distribution of shareholders' interests. The study of the relationship between the two will have a profound practical significance. In this context. The key issue discussed in this paper is the impact of the characteristics of corporate equity structure on corporate performance after completion of M & A. the research method of this paper is mainly empirical research. It also involves normative research, qualitative research and quantitative research, in order to find out how ownership structure will affect M & A performance under different enterprise life cycle. First of all. To explain the variable ownership structure selection, it is generally from the shareholder's shareholding ratio and the ownership nature two aspects to study, because of our country's situation is relatively special. The government behavior exists in the enterprise merger and acquisition to varying degrees, and the state-owned shares play an important role in the ownership structure. Therefore, this paper will also discuss the impact of the number of state-owned shares and M & A performance. Therefore, the theoretical analysis will focus on the degree of equity concentration. Three aspects of equity balance and the proportion of state-owned shares to explain the different enterprises under the life cycle of the role of ownership structure on M & A performance mechanism, put forward the corresponding assumptions. Empirical part. In this paper, Tobin Q value as M & A performance evaluation index, A share listed companies occurred in 2012 M & A events as the research object. According to certain criteria, 262 A-share listed companies are selected as research samples, using stata tools. This paper makes an empirical study on the effect of stock ownership structure on M & A performance in different life cycles of Chinese enterprises. The empirical results show that: 1) is in the growth stage of enterprises. The increase of the proportion of state-owned shares and the degree of equity concentration is conducive to the increase of M & A performance, while the improvement of equity balance degree will have a negative impact on M & A performance. With the increase of the proportion of state-owned shares and the degree of equity concentration, the corresponding M & A performance will be reduced, and the higher the degree of checks and balances between the shares, the better the M & A performance will be. The more concentrated the equity performance, the lower the equity balance ability, the better the M & A performance will be, and when the proportion of state-owned shares of the enterprise is higher. On the contrary, it will have a negative impact on the M & A performance. This paper discusses the impact of the characteristics of corporate equity structure on M & A performance in different stages of enterprise life cycle. This quite novel research angle makes the existing research results more reliable and practical, and also widens the scope of research on M & A. performance. At the same time, the suggestions are helpful to improve the performance of M & A and optimize the government functions. Better guide M & A activities.
【学位授予单位】：重庆理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;F832.51

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