横向并购绩效及其影响因素分析

发布时间：2018-03-03 16:40

本文选题：横向并购　切入点：收购方绩效　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业规模扩张的方式一直受到关注,伴随着我国多层次资本市场体系的建设和不断完善,并购为企业实现规模的快速扩张提供了重要的途径。国内外相关文献有很多对于并购绩效及其影响因素的研究,但是相对笼统,不同并购方式的影响因素的作用程度和方向可能会具有不同的特点。近年来,在我国的境内并购事件中,横向并购事件无论在数量上还是交易金额上几乎占据了全部并购事件的一半。横向并购有利于提高行业集中度、提升行业利润水平,有利于收购方进行快速的扩张以实现规模经济,同时也为行业内一些企业提供了退出机制。鉴于横向并购的重要地位和作用,本文从横向并购出发,在文献研究的基础上选取收购方作为研究视角,研究并购绩效和影响并购绩效的因素,期望为今后的横向并购决策提供建议。本文从2011-2014年上市公司作为收购方的并购事件中按照相关的标准筛选出了 321个横向并购样本,在深入分析横向并购影响收购方绩效的路径的基础上,选取收购方经行业调整的净资产收益率作为衡量其并购绩效的财务指标。运用单样本T检验、配对样本T检验和描述性统计的方法对横向并购下,收购方在并购前后的绩效表现进行分析,发现相比于并购前,在并购当年和并购后一年,收购方绩效有所提升,在并购后两年,没有显著的变化。这意味着,横向并购能够在一定程度上提高收购方的绩效水平。在对影响横向并购绩效的因素进行分析时,选取反映公司特征、并购交易特征和行业特征的因素,具体选取公司规模、股权集中度、企业性质、是否涉及关联交易、交易价格和行业增长率等六个因素进行研究,运用Healy模型进行回归分析。回归结果表明,进行横向并购时,收购方绩效与其公司规模正相关,与收购方所处行业的增长率正相关,与交易价格负相关,民营企业作为收购方的并购绩效优于国资控股企业的绩效;横向并购下,收购方绩效水平与其股权集中度正相关,但是该因素的影响较弱;是否涉及关联交易对横向并购绩效几乎没有影响。在得出结论的基础上,本文提出相关的建议。
[Abstract]:With the construction and improvement of the multi-level capital market system in our country, the mode of enterprise scale expansion has been paid close attention to all the time. M & A provides an important way for enterprises to achieve the rapid expansion of scale. There are a lot of domestic and foreign literature on M & A performance and its influencing factors, but relatively general. The degree and direction of the influence factors of different M & A methods may have different characteristics. In recent years, in the domestic M & A events in China, Horizontal M & A events account for almost half of all M & A events in terms of both quantity and transaction amount. Horizontal M & A helps to increase industry concentration and improve industry profits. It is advantageous for the acquirer to expand rapidly to realize the scale economy, and also provides the exiting mechanism for some enterprises in the industry. In view of the important position and function of horizontal M & A, this paper starts from horizontal M & A. On the basis of literature research, the author chooses the acquirer as the research angle to study the performance of M & A and the factors that affect the performance of M & A. In this paper, 321 samples of horizontal M & A are selected from the M & A events of listed companies as acquirers in 2011-2014 according to the relevant criteria. On the basis of in-depth analysis of the ways in which horizontal M & A affects the performance of the acquirer, the author selects the return on net assets adjusted by industry as the financial index to measure the performance of M & A. The single-sample T test is used to test the performance of M & A. The paper analyzes the performance of the acquirer before and after M & A by paired sample T test and descriptive statistics. It is found that the performance of the acquirer is improved in the year of M & A and one year after M & A compared with before M & A. Two years after the merger, there is no significant change. This means that the horizontal merger can improve the performance of the acquirer to a certain extent. The characteristics of M & A transaction and the factors of industry characteristics, the specific selection of the company size, equity concentration, nature of the enterprise, whether related transactions, transaction prices and industry growth rate of six factors to study, Regression analysis with Healy model shows that the performance of the acquirer is positively correlated with the size of the company, positively correlated with the growth rate of the industry, and negatively correlated with the transaction price. The performance of private enterprises as acquirers is better than that of state-owned holding enterprises. In horizontal mergers and acquisitions, the performance level of acquirers is positively related to their ownership concentration, but the influence of this factor is weak. Whether related party transactions have little effect on horizontal M & A. performance. On the basis of the conclusion, this paper puts forward some relevant suggestions.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F832.51

【参考文献】