上市公司成长压力对其并购行为与绩效的影响研究

发布时间：2018-01-01 19:28

本文关键词：上市公司成长压力对其并购行为与绩效的影响研究　出处：《浙江工商大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业成长是企业永恒不变的追求,并购成长是企业成长的一个重要方式。近年来,并购异常活跃,巨头公司合并和借壳上市两种并购方式成为新趋势。阿里巴巴、腾讯、万达等企业不断创新的同时,也在频繁的并购,我国企业并购交易规模不断扩大,2015年交易金额达到1.04万亿元。随着我国证券市场的发展完善,并购活动也得到更规范的法律支持和制度支持。关于企业成长与并购关系的研究主要是企业并购对企业成长的影响作用和企业成长不同周期选择的并购模式两个方向分析。关于企业成长压力的研究目前较少,企业成长压力与并购的关系的研究文献更少。本文以国内外学者的研究为基础,结合我国资本市场和区域制度环境两个因素,分析企业成长压力对企业并购与绩效的影响。通过理论分析,进而提出研究假设,探讨我国不同资本市场上和不同区域制度环境的上市公司企业成长压力与并购行为的关系,同时研究并购绩效,丰富企业成长压力与并购关系方面的研究。主要从以下几个章节探讨:第1章阐述本文的研究背景,提出本文研究的问题,介绍研究的理论意义和现实意义,并说明本文的研究思路;第2章对国内外关于企业成长压力对企业并购行为与绩效的研究结论进行回顾,并对以往研究做出评述,为本文的研究奠定理论基础;第3章主要分析企业成长压力与并购行为的关系,提出研究假设,构建研究模型,阐释各变量的选择和具体测量方式,交代本文的样本选取及数据来源,然后进行实证检验;第4章在前文研究的基础上实证分析企业成长压力与并购绩效的关系。第5章,对本文研究结论进行总结,分析研究对企业以后并购的启示,并提出本文研究不足之处及未来研究可能的改进之处。本文主要得出以下结论:1、对于之前四年发生过至少一次并购的非有机成长企业,企业自身成长压力和相对行业成长压力与并购行为正相关,企业成长越慢越偏好并购。2、对于非有机成长企业,资本市场对企业自身成长成长压力和相对行业成长压力与并购行为的关系均具有调节作用,区域制度环境对企业自身成长压力和相对行业成长压力与并购行为的关系均不具有调节作用。3、对于有机成长企业和非有机成长企业,自身成长速度和相对行业成长速度与并购绩效具有正相关关系,企业成长速度越快并购绩效越好,企业成长速度越慢并购绩效越差。4、对于有机成长企业和非有机成长企业,资本市场对企业成长速度与并购绩效之间的关系具有调节作用,区域制度环境对企业自身成长速度与并购绩效之间的关系也具有调节作用。
[Abstract]:Enterprise growth is the eternal pursuit of enterprises, M & A growth is an important way of enterprise growth. In recent years, M & A is very active. Merger of giant companies and backdoor listing become a new trend. Alibaba, Tencent, Wanda and other enterprises are constantly innovating, but also frequent M & A, the scale of M & A transactions in China is expanding. In 2015, the transaction amount reached 1.04 tillion yuan. With the development of China's securities market. M & A activities also get more normative legal and institutional support. Research on the relationship between Enterprise growth and M & A. the impact of M & A on Enterprise growth and the Mode of M & A in different cycles of Enterprise growth. Direction analysis. There are few researches on the pressure of enterprise growth. There is less literature on the relationship between growth pressure and mergers and acquisitions. Based on the research of domestic and foreign scholars, this paper combines the two factors of capital market and regional institutional environment. This paper analyzes the influence of growth pressure on M & A and performance. Through theoretical analysis, it puts forward the research hypotheses. This paper discusses the relationship between the growth pressure and M & A behavior of listed companies in different capital markets and different regional institutional environments, and studies the M & A performance at the same time. Enrich the research on the relationship between growth pressure and mergers and acquisitions. Mainly from the following chapters: chapter 1 describes the background of this paper, puts forward the problems of this study, introduces the theoretical and practical significance of the study. And explain the research ideas of this paper; Chapter 2 reviews the domestic and foreign research conclusions on the relationship between corporate growth pressure and M & A behavior and performance, and makes a comment on the previous studies, which lays a theoretical foundation for this study. Chapter 3 mainly analyzes the relationship between growth pressure and M & A behavior, puts forward research hypothesis, constructs research model, explains the selection of variables and specific measurement methods, and explains the sample selection and data source of this paper. Then the empirical test is carried out; Chapter 4 empirically analyzes the relationship between growth pressure and M & A performance on the basis of the previous research. Chapter 5 summarizes the conclusions of this study and analyzes the implications for future M & A. And put forward the shortcomings of this study and possible improvements in future research. This paper mainly draws the following conclusion: 1, for the previous four years at least once merger and acquisition of non-organic growth enterprises. The growth pressure and relative industry growth pressure are positively related to M & A behavior. The slower the growth of enterprises, the more preference M A. 2, for non-organic growth enterprises. The capital market can regulate the relationship between the growth pressure of the enterprise itself and the relative growth pressure of the industry and the M & A behavior. The regional institutional environment has no regulating effect on the relationship between the growth pressure of the enterprise itself and the relative growth pressure of the industry and the M & A behavior. It is also useful for the organic growth enterprises and non-organic growth enterprises. Growth rate and relative industry growth rate has a positive correlation with M & A performance. The faster the growth rate, the better the M & A performance, the slower the growth rate, the worse the M & A performance. For organic growth enterprises and non-organic growth enterprises, the capital market plays a regulatory role in the relationship between the growth rate and M & A performance. Regional institutional environment also regulates the relationship between enterprise growth rate and M & A performance.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51;F275

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