资源型企业海外并购绩效影响因素研究

发布时间：2018-05-12 07:40

本文选题：资源型企业 + 海外并购　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：随着中国经济的全面开放和飞速发展,近年来,中国资源型企业的实力显著增强,但其资源耗量巨大,导致非可再生资源日益减少;由于受经济全球化影响,世界范围内的资源价格大幅度下降。因此,越来越多的中国资源型企业通过海外并购的方式对国际能源、矿产资源进行重新分配,据此来提升全球竞争力,跻身全球产业价值链的顶端,现阶段海外并购存在着极大的机遇和挑战。因此,从国内资源型企业的实际情况出发,分析海外并购绩效的相关理论,深入研究并购绩效的影响因素,不仅能够丰富中国资源型企业海外并购绩效理论的研究成果,还有助于政府制定相应的政策以及企业制定实施有关的海外并购策略,推动海外并购市场发展,促进中国经济转型升级。通过大量查阅并购绩效相关的国内外参考文献,对并购绩效的相关理论有了较为全面的认知,基于此,利用海外并购绩效的理论基础对并购的动因进行阐述,分析了对绩效的影响因素,这为实证的假设奠定基础,也为最后对政府和对企业的建议提供了理论支撑;选取样本中的资源型企业并购案例进行因子分析可知,并购完成之后的一年绩效综合得分较高,因此选取其作为被解释变量。同时选取并购规模、对目标公司的控制程度和第一大股东持股比例三个因素作为自变量,通过因子分析及多元回归分析法,从三个方面来研究对绩效的影响,并证实了模型成立;根据实证研究结果从宏观和微观两个层面出发,提出有针对性的政策建议。
[Abstract]:With the full opening and rapid development of China's economy, in recent years, the strength of China's resource-based enterprises has increased significantly, but its huge consumption of resources has led to a decrease in non-renewable resources. Worldwide resource prices have fallen sharply. Therefore, more and more Chinese resource-based enterprises redistribute international energy and mineral resources through overseas mergers and acquisitions, so as to enhance global competitiveness and become the top of the global industrial value chain. At present, there are great opportunities and challenges in overseas M & A. Therefore, starting from the actual situation of domestic resource-based enterprises, analyzing the relevant theories of overseas M & A performance and deeply studying the influencing factors of M & A performance, it can not only enrich the research results of Chinese resource-based enterprises' overseas M & A performance theory. It is also helpful for the government to formulate corresponding policies and enterprises to formulate and implement relevant overseas M & A strategies, to promote the development of overseas M & A market and to promote China's economic transformation and upgrading. By consulting a large number of domestic and foreign references on M & A performance, the author has a relatively comprehensive understanding of the theory of M & A performance. Based on this, the motivation of M & A is explained by using the theoretical basis of overseas M & A performance. This paper analyzes the influencing factors on performance, which lays the foundation for the empirical hypothesis, and provides theoretical support for the final suggestions to the government and enterprises. One year after the completion of M & A, the comprehensive performance score is higher, so select it as the explanatory variable. At the same time, we select the M & A scale, the degree of control over the target company and the proportion of the largest shareholder as independent variables, through factor analysis and multiple regression analysis, from three aspects to study the impact on performance. According to the results of empirical research, this paper puts forward targeted policy recommendations from both macro and micro levels.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F279.2

【参考文献】