多视角下我国上市公司跨国并购对经营绩效影响研究

发布时间：2018-02-03 09:09

本文关键词： 跨国并购经营绩效双重差分模型　出处：《浙江财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：本文为了研究跨国并购对企业经营绩效的影响,选取2008年1月1日至2013年12月31日我国A股上市公司实施的跨国并购作为研究样本,并借助于Wind、国泰安(CSMAR)和同花顺iFinD等数据库,搜集数据并进行整理。首先,本文从企业盈利能力的角度出发,选取了投入资本回报率(ROIC),并通过行业中值调整和同行业匹配分组公司均值调整两种方法,得出反映并购方企业经营绩效的指标,同时对相关数据进行描述性统计分析。统计数据表明:非国有企业在参与跨国并购中表现的更加积极,所实施的跨国并购数量增长的较快,在研究期内成功实施的跨国并购总数量中占比达到70.89%;相关并购的数量较多,合计占比达到64.56%;并购意图为技术获取类型的并购数量明显多于资源获取类型的并购数量,占比为29.11%,而资源获取类型的并购总数量占比仅为10.13%。此外,通过观察样本公司在实施跨国并购前后五年经营绩效的变化情况,初步得出的结论是:样本公司实施跨国并购前后经营绩效是下降的。其次,主要利用统计数据线性回归分析和借鉴Healy等人(1992)所设计的分析方法进行实证研究,分析我国上市公司实施跨国并购对经营绩效的影响。统计回归分析结果表明:在本文的研究期内我国上市公司成功实施跨国并购后,其经营绩效没有表现为上升,而是明显的下降。基于Healy等人(1992)设计的分析模型以及对其扩展的分析模型的回归分析结果给出了同样的结论,也即成功实施跨国并购后的经营绩效相比于并购前表现的更差。进一步,基于跨国并购成功和失败的样本数据,为消除样本选择性偏差,构造有效样本并设计准实验,借助于Logit回归分析方法检验样本构造的有效性,使用双重差分估计方法,从跨国并购特征、管理者的非理性等多视角具体分析跨国并购对企业经营绩效的影响。多视角下的统计数据表明:(1)国有企业相对于非国有企业而言,其经营绩效在实施跨国并购前后表现得更好;(2)相关并购相对于无关并购而言,样本公司在并购前后的经营绩效下降的数值较小;(3)技术获取类型相对于资源获取类型而言,样本公司在跨国并购前后的经营绩效变动所表现的更差一些;(4)跨国并购的相对交易规模越大,样本公司在跨国并购后的经营绩效相比于并购前表现的可能更差。这一点似乎支持管理者的非理性对应着更大的交易规模,然而回归分析的结果却并不显著,这或许是由于全球金融危机的发生使得管理者在之后实施跨国并购时表现的更加谨慎。双重差分的基础模型所得出的结果仍然表明:所研究的整体样本公司在实施跨国并购前后的经营绩效是下降的,成功样本组在并购前后经营绩效的变化可能要好于失败样本组并购前后经营绩效的变化,也即跨国并购的失败将导致样本公司之后的经营绩效更差。最后,结合实证分析结果,给出结论与建议。
[Abstract]:In order to study the impact of cross-border M & A on the performance of enterprises, this paper selects the cross-border M & A implemented by A-share listed companies from January 1st 2008 to December 31st 2013 as the research sample. And with the help of Wind, Cathay iFinD) and Tonghuashun iFinD database, data collection and collation. First, this paper from the point of view of the profitability of the enterprise. The return on investment capital is selected, and through the industry median adjustment and the average value adjustment of the same industry matching group companies, the index reflecting the operating performance of M & A companies is obtained. At the same time, descriptive statistical analysis of relevant data. The statistical data show that non-state-owned enterprises are more active in participating in cross-border mergers and acquisitions, and the number of cross-border mergers and acquisitions implemented has increased rapidly. In the research period, the proportion of the total number of transnational M & A successfully implemented is 70.89; The number of related mergers and acquisitions is more, the total proportion reaches 64.56. The number of M & A with the intention of acquiring technology is obviously more than that of the type of resource acquisition, accounting for 29.11%, while the total number of M A of resource acquisition type is only 10.13%. By observing the changes of operating performance of sample companies before and after transnational mergers and acquisitions, the preliminary conclusion is that the performance of sample companies before and after cross-border mergers and acquisitions is declining. Secondly. This paper mainly uses the linear regression analysis of statistical data and the analysis method designed by Healy et al. (1992) to carry on the empirical research. The result of statistical regression analysis shows that after the successful implementation of cross-border M & A in the period of this paper, listed companies in China have successfully implemented cross-border mergers and acquisitions. The analysis model designed by Healy et al. (1992) and the regression analysis result of its extended analysis model give the same conclusion. That is to say, the performance of the successful implementation of cross-border M & A is worse than that of the pre-merger. Further, based on the sample data of the success and failure of cross-border M & A, the sample selectivity deviation is eliminated. Construct valid samples and design quasi experiments, using Logit regression analysis method to test the validity of the sample structure, using double difference estimation method, from cross-border M & A characteristics. The impact of cross-border M & A on the performance of enterprises is analyzed from the irrational perspective of managers. The statistical data from multiple perspectives show that the state-owned enterprises are relative to the non-state-owned enterprises. Its business performance is better before and after the implementation of cross-border mergers and acquisitions; (2) relative M & A is relative to unrelated M & A, the decline of operating performance of sample companies before and after M & A is relatively small; (3) compared with the type of resource acquisition, the performance of the sample companies before and after cross-border M & A is worse than that of the type of resource acquisition. (4) the larger the relative transaction scale of cross-border M & A. The performance of the sample companies after cross-border M & A may be worse than before. This seems to support the irrationality of managers corresponding to a larger scale of transactions, but the regression analysis results are not significant. This may be because the global financial crisis has led managers to be more cautious in their subsequent cross-border mergers and acquisitions. The results of the basic double-differential model still show that:. The overall sample companies studied in the implementation of cross-border mergers and acquisitions before and after the business performance is declining. The change of business performance of successful sample group before and after merger may be better than that of failure sample group before and after merger, that is, the failure of cross-border merger will lead to worse operating performance after the sample company. Finally. Combined with the results of empirical analysis, the conclusions and recommendations are given.
【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;F832.51;F275

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