企业生命周期视角下并购支付方式对并购绩效的影响研究

发布时间：2018-08-02 21:33

【摘要】：并购作为企业扩大规模、增强竞争实力的重要经济手段,一直都是资本市场和学术界关注的热点问题。随着我国经济新常态的出现,传统产业升级、经济转型的大背景加快了兼并重组的步伐,并购市场出现了爆发性的增长,交易数量与交易规模屡创新高。并购支付方式的选择作为并购交易中非常重要的环节,对并购绩效有非常重要的影响,国家监管层也在政策方向中提出“研究并购重组支付创新方式”的要求。因此,企业如何响应政府号召,在并购中选择最优的支付方式以取得好的并购绩效,显得尤为重要。本文首先系统梳理了并购支付方式对并购绩效的影响、企业生命周期对并购绩效的影响等方面的研究文献,概述了信息不对称理论、信号传递理论、风险分担理论、控制权理论以及生命周期理论等论文研究的理论基础;其次,分析了并购支付方式对企业并购绩效影响以及不同生命周期并购支付方式对企业并购绩效影响的机理;然后,选取2009-2012年沪深A股上市公司发生的684个并购事件为研究样本,利用因子分析法对并购绩效进行了度量;通过配对样本T检验、多元回归分析检验并购支付方式对并购绩效的影响以及并购支付方式对不同生命周期企业并购绩效的影响。研究结果表明:(1)并购支付方式单一,现金支付占主导地位;(2)中国上市公司并购绩效整体不佳,并购活动并未显著改善企业绩效;(3)支付方式对并购绩效产生短期影响,相较于股票支付,现金支付短期内不利于改善企业绩效;(4)并购支付方式对并购绩效的影响存在生命周期异质性。根据研究结论,本文从政府与企业的角度分别提出了相关政策建议,以规范企业并购行为,提高并购绩效。本文在已有研究的基础上,引入企业生命周期理论,为研究并购支付方式对并购绩效的影响提供了新的视角,对以后的学术研究提供新的思路,也希望通过本文的研究为政府监管部门和实施并购的企业提供借鉴。
[Abstract]:M & A, as an important economic means for enterprises to expand their scale and enhance their competitive strength, has always been a hot issue in capital market and academic circles. With the emergence of the new normal of our economy, the upgrading of traditional industry, the background of economic transformation has accelerated the pace of merger and reorganization, the merger and acquisition market has appeared explosive growth, the number of transactions and the scale of transactions have repeatedly reached a new high. As a very important link in M & A transaction, the choice of payment mode of M & A has a very important influence on the performance of M & A. Therefore, how to respond to the government's call to choose the best payment method in M & A in order to achieve good M & A performance is particularly important. Firstly, this paper systematically combs the influence of M & A payment mode on M & A performance, the influence of enterprise life cycle on M A performance, and summarizes the information asymmetry theory, signal transmission theory, risk sharing theory, etc. Control right theory and life cycle theory are the theoretical basis of this paper. Secondly, the paper analyzes the effect of M & A payment methods on M & A performance and the mechanism of different life cycle M A payment modes on corporate M A performance. From 2009 to 2012, 684 M & A events of Shanghai and Shenzhen A-share listed companies were selected as the research samples, and the M & A performance was measured by factor analysis. Multiple regression analysis tests the effect of M & A payment mode on M & A performance and on M & A performance of enterprises with different life cycle. The results show that: (1) M & A payment is single, cash payment is dominant; (2) the overall M & A performance of listed companies in China is poor, M & A activities have not significantly improved corporate performance; (3) payment mode has a short-term impact on M & A performance. Compared with stock payment, cash payment is not conducive to improving firm performance in the short term; (4) the impact of M & A payment mode on M & A performance is life-cycle heterogeneity. According to the conclusion of the research, this paper puts forward the relevant policy suggestions from the angle of government and enterprise respectively, in order to standardize the behavior of M & A and improve the performance of M & A. Based on the existing research, this paper introduces the theory of enterprise life cycle, which provides a new perspective for the study of the impact of M & A payment methods on M & A performance, and provides a new way of thinking for academic research in the future. We also hope to provide reference for government supervision department and M & A enterprises through the research of this paper.
【学位授予单位】：中国矿业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275;F832.51

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