并购对涉农上市企业成长影响的实证研究

发布时间：2019-05-16 06:32

【摘要】：农业作为国民经济的产业支撑,长期以来,其生产与发展都受到中央政府的强烈重视。涉农上市企业是我国农业先进生产力的代表,对于我国农业经济的发展起着十分重要的推动作用。并购作为市场经济条件下的一种资源配置方式,在全球经济一体化的背景下,是涉农上市企业不断发展壮大的一条捷径。从本质上看,并购是通过企业产权、控制权的转移和重新组合来达到促进企业成长的目的。但并购就像一把双刃剑,企业可能会通过并购实现规模经济,或扩大市场份额,也可能因并购而陷于财务危机,或丧失竞争力。我国政府出台·了一系列的政策措施,鼓励涉农上市企业通过并购重组的方式做大做强。在此背景下,涉农企业如何通过并购实现企业成长成为普遍关注的问题。因此研究并购如何影响涉农企业成长具有十分重要的现实意义。‘本文以2006-2010年的中国上市公司中涉农企业的135起并购事件为样本,考察并购类型、并购相对规模、并购溢价、关联交易与同一属地对涉农企业成长的影响,并从并购动机的角度给予解释,同时研究政府补贴在并购规模、并购溢价影响企业成长过程中的角色。研究发现：并购对涉农企业的成长影响显著。从并购类型上看,混合并购涉农企业成长性要优于横向并购与纵向并购涉农企业的成长性；从并购规模上看,并购相对规模越大,企业成长性越好,而政府补贴对并购规模与企业成长性之间的关系具有显著的正向调节作用；从并购溢价上看,‘溢价程度与涉农企业成长性之间存在显著的负相关关系,即高溢价并未带来高成长,而政府补贴对两者之间的负相关关系具有显著的强化作用；关联交易并购对企业成长具有显著负向作用；同一属地并购与企业成长性之间并不存在显著的相关性。实证结果反映了中国涉农企业的多元化并购效果好于专业化并购,但“背农”的转型是农业成长路上的最大绊脚石；大多数的涉农企业并购缺乏协同效应,追求控制权私利仍是主要的并购动机；政府补贴作为一种无偿转移形式被投入涉农企业,与农业上市企业绩效显著相关,但其却是一把双刃剑,从财务报表上来看,如果运用得当,短期内确实能够大大改善涉农企业的经营绩效,但是如果没有相应正确的资金使用引导与规范机制,·那么政府补贴带来的企业经营业绩的增长也只是营造了一种利润大幅度增加的假象,暂时掩盖了企业当前存在的经营困境,长此以往必然会影响整个农业行业的发展。基于上述研究发现,本文建议：首先,涉农企业作为农业的基本支撑,在决定并购策略、选定并购目标时应更加谨慎。不仅需要依据企业自身的资源现状、行业特征,以企业未来的成长作为考量尺度选择合适的并购方式,同时应该将承担农业行业发展的责任也作为慎重选择的考量方面。混合并购固然能够为企业迅速带来收益,实现企业的短期绩效目标,但随着农业体制的不断变革以及农业环境的持续改善,涉农企业想要实现真正的成长,成为真正的农业龙头企业,必须要走专业化的并购道路。其次,在清楚自身企业规模的情况下选择合适的并购规模,不宜缩手缩脚,在临界规模范围内,大规模并购更值得肯定。再者,主并企业在并购中考虑向目标公司支付溢价时应慎重进行,充分考虑协同效应产生的条件、企业的获利能力与潜在成长能力、业绩补偿的可能性,合理确定并购中溢价支付水平,为企业未来可持续成长创造更好的条件。然后,政府应该在并购过程中加大税收优惠程度,增加税收专项优惠补贴种类及金额,在企业并购的过程中给予充分的财政补贴,但不能盲目发放补贴,在发放补贴前,政府相关部门应对企业此次并购行为的目的、过程以及补贴项目的实施程度进行调查,并合理评估该企业的经营能力,如有违规及影响农业行业发展的现象发生,企业应停止对企业各方面的优惠政策并予以惩处,这样不仅能够鼓励涉农企业进行专业化并购,有利于促进企业成长,而且可以促进整个农业行业的健康有序发展。最后监管部门在审查涉农企业的重大并购重组行为时应重视考察企业的长期发展潜力,对以短期投机为目的的涉农企业并购重组行为审慎放行,从制度和监管层面减少涉农企业的控制权私利行为,如果一旦发现有这种私利行为严重事件的发生,应对企业以及责任人给予一定的处罚；同时应更加关注企业寻求的“背农”转型行为,从农业整个行业发展角度应慎重考虑涉农企业的并购行为,必要时应通过立法形式对严重危害农业行业发展的“背农”转型行为进行打击。
[Abstract]:As the industry support of the national economy, agriculture has long been a strong focus of the central government for its production and development. The agriculture-related listed enterprise is the representative of the advanced agricultural productivity in China, and plays an important role in the development of China's agricultural economy. As a kind of resource allocation method under the condition of market economy, M & A is a shortcut to the development and development of the enterprise-related listed enterprises under the background of global economic integration. In essence, M & A is the purpose of promoting the growth of the enterprise through the transfer and recombination of the enterprise's property right and control right. But M & A is like a double-edged sword, and the enterprise may achieve economies of scale through M & A, or expand market share, and may be caught in financial crisis due to M & A, or lose competitiveness. China's government has introduced a series of policy measures to encourage the non-agricultural listing enterprises to do a big job through the way of merger and reorganization. In this background, how to realize the growth of enterprises through M & A becomes a common concern. Therefore, it is very important to study how M & A affects the growth of agriculture-related enterprises. In this paper,135 M & A events of the Chinese listed companies in 2006-2010 are taken as samples, and the type of M & A, the relative scale of M & A and the premium of M & A are examined. The influence of the related transaction and the same territory on the growth of the agriculture-related enterprises is given, and the explanation is given from the angle of the motives of the merger and acquisition, and the role of the government subsidy in the process of the growth of the enterprise is studied. research and development Now, the effect of M & A on the growth of agriculture-related enterprises is significant. From the type of M & A, the growth of M & A-related enterprises is superior to the growth of the cross-border M & A and the vertical M & A-related enterprises; from the acquisition scale, the larger the relative size of the M & A, the more the enterprise grows Good, and the government subsidy has a significant positive effect on the relationship between the size of the M & A and the growth of the enterprise; from the premium of the M & A, there is a significant negative correlation between the degree of premium premium and the growth of the agriculture-related enterprises, that is, the high premium does not bring the high price The long term and the government subsidy have a significant strengthening effect on the negative correlation between the two. The related transaction M & A has a significant negative effect on the growth of the enterprise; there is no significant correlation between the merger and the enterprise growth The empirical results reflect that the diversification and acquisition effect of the Chinese agriculture-related enterprises is better than that of the specialized M & A, but the transformation of the "back-farmer" is the biggest stumbling block in the agricultural growth path; most of the agriculture-related enterprises have a lack of synergistic effect, and the pursuit of the self-interest of the control is still the main factor. The government subsidy, as a kind of non-free transfer form, is put into the agriculture-related enterprise, it is related to the performance of the agricultural listing enterprise, but it is a double-edged sword, and from the financial statement, if it is used properly, it is indeed possible to greatly improve the transfession of the agriculture-related enterprise in the short term. The performance of the battalion, but if there is no corresponding right fund to use the guidance and specification mechanism, then the growth of the enterprise's business performance brought by the government subsidy is only a false impression of a large increase in the profit, which temporarily covers the current existence of the enterprise. The plight of the camp, which in the past must have an effect on the whole agricultural industry Based on the above-mentioned findings, this paper suggests that, first, the agriculture-related enterprises as the basic support of agriculture, in determining the M & A strategy and selecting the target of M & A It should be more prudent. It is not only necessary to choose the appropriate way of M & A based on the current status and industry characteristics of the enterprise itself, but also to take the responsibility of the development of the agriculture industry as a prudent choice. With regard to the consideration of the enterprise's short-term performance target, the agricultural enterprise wants to realize the real growth and become the real non-agricultural enterprise with the changing of the agricultural system and the continuous improvement of the agricultural environment. The leading enterprise of the industry must be specialized Second, to select the appropriate scale of M & A in the case of clear self-enterprise scale, it is not appropriate to shrink the foot, and in the critical scale range, large-scale M & A In addition, the main and the enterprise should be careful in taking into account the premium to be paid to the target company in the M & A, taking full consideration of the conditions of the synergistic effect, the profitability of the enterprise and the potential growth capacity, the possibility of the performance compensation, and the reasonable determination of the overflow in the M & A The level of price payment, which can be created for the sustainable growth of the enterprise in the future Better conditions. Then, the government should increase the tax preference level in the process of M & A, increase the type and amount of special preferential subsidies for tax, and give full financial subsidies in the process of enterprise merger and acquisition, but the subsidy can not be issued blindly. Before the subsidy is issued, the relevant departments of the government shall investigate the purpose, process and implementation of the subsidy project of the enterprise, and reasonably evaluate the operation ability of the enterprise, and if there is any violation and influence the development of the agricultural industry The phenomenon of the enterprise should stop the preferential policies and punish all aspects of the enterprise, so that not only can the agriculture-related enterprises be encouraged to carry out specialized M & A, it is beneficial to promote the growth of the enterprise, but also can promote the health of the whole agricultural industry The final regulatory department should pay more attention to the long-term development potential of the enterprise in the review of the major merger and reorganization of the agriculture-related enterprises, and take the prudent release of the merger and reorganization of the agriculture-related enterprises with the purpose of short-term speculation, so as to reduce the control of the agriculture-related enterprises from the system and the supervision level. The behavior of self-interest should be given a certain punishment to the enterprise and the responsible person if the occurrence of the serious event of such self-interest is found, and the "back-farmer" transformation behavior sought by the enterprise should be paid more attention, and the agriculture-related enterprise should be carefully considered from the development angle of the whole industry of agriculture The behavior of M & A should be changed in the form of legislation to the "back-farmer" of the development of the agricultural industry.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F271

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