我国产能过剩行业并购绩效研究

发布时间：2018-01-29 19:56

本文关键词： 产能过剩并购绩效事件研究法　出处：《贵州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：目前,我国在部分行业中存在着较为严重的产能过剩问题。国家为能有效化解该问题,出台了许多政策文件,其中提到要把推动企业并购作为治理产能过剩的重要手段,鼓励行业中优势企业发起并购。然而,作为一个以股东价值最大化为目标的经济主体,企业只有在并购能够提高企业经营绩效的情况下才会积极主动地发起并购,政府相关政策也因此才能取得预期目标。为了解企业并购绩效,国内外学者很早就进行深入研究,但是研究发现并非所有并购都能提高企业经营绩效,处于不同产业生命周期阶段的企业,其并购绩效存在差异。因此,本文运用事件研究法专门对处于成熟期的产能过剩行业企业并购绩效进行研究,选取了上海证券交易所和深圳证券交易所的钢铁业、水泥业、煤炭业、电解铝业、平板玻璃制造业和造船业等这六个产能过剩行业的上市公司自2010至2016年发生的并购重组交易事项作为研究对象,共获得227例研究样本。在研究中发现,在产能过剩行业中的企业并购类型主要为横向并购和纵向并购,横向并购和纵向并购的并购合计数占到了并购总数的81.5%,而混合并购只占总数的18.5%。同时还发现并购能够在短期内提高并购企业绩效,在事件窗(-10,10)内,并购企业平均能够获得1.23%的并购绩效,并且在5%的显著性水平下显著。并且2010至2013年发生的并购所获得的并购绩效与2014至2016年企业获得的并购绩效存在显著性差异。在探讨企业并购绩效后,本文建立了多元线性回归模型以确定并购绩效影响因素。回归结果显示收购金额越大,并购企业并购绩效越好;股权收购取得的并购绩效优于资产收购;而是否关联交易、并购类型及并购企业资产规模对企业并购绩效都没有显著性影响。
[Abstract]:At present, there is a serious problem of overcapacity in some industries in China. In order to solve this problem effectively, the country has issued many policy documents. It is mentioned that it is necessary to promote M & A as an important means to control overcapacity and to encourage dominant enterprises in the industry to initiate M & A. however, as an economic subject with the goal of maximizing shareholder value. Only when M & A can improve the business performance of the enterprise can it initiate M & A actively, and the relevant government policies can achieve the expected goal in order to understand the performance of M A. Domestic and foreign scholars have carried out in-depth research early, but the study found that not all mergers and acquisitions can improve the performance of enterprises, in different stages of industry life cycle, there are differences in the performance of mergers and acquisitions. This paper uses the event research method to study the M & A performance of overcapacity industries in the mature period, and selects the steel industry, cement industry and coal industry of Shanghai Stock Exchange and Shenzhen Stock Exchange. The listed companies in the six overcapacity industries, such as electrolytic aluminum industry, flat glass manufacturing industry and shipbuilding industry, took the M & A and restructuring transactions from 2010 to 2016 as the research objects. In this study, we found that the main types of M & A in overcapacity industry are horizontal M & A and vertical M A. Horizontal M & A and vertical M A accounted for 81.5% of the total M A, while mixed M A only accounted for 18.50.At the same time, it was found that M A can improve the performance of M & A. in the short term. Within the event window, M & A enterprises can achieve an average of 1.23% M & A performance. The results of M & A from 2010 to 2013 are significantly different from those of enterprises from 2014 to 2016. After discussing the performance of M & A. In this paper, a multivariate linear regression model is established to determine the factors affecting M & A performance. The regression results show that the larger the acquisition amount, the better the M & A performance of M & A enterprises. The performance of equity acquisition is better than that of asset acquisition. However, whether the related transaction, the type of M & A and the size of M & A assets have no significant influence on the performance of M & A.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F424;F406.7

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