并购中不同协同效应的特征及其影响因素研究
发布时间：2019-06-22 12:29
【摘要】：近年来,我国上市公司的并购行为持续增加。协同效应作为并购重要动机之一,受到了企业家和学术界的高度重视。由于预期的协同效应没有实现,导致企业并购失败的现象频频出现。这使企业家和学术界提出了疑问,都有哪些因素影响了协同效应的实现?这些因素是如何影响协同效应的?本文选取了我国上市公司2013-2014年发生并购行为共143家公司作为研究样本,根据并购战略的制定实施过程和并购方向理论,选取行业是否相关、被并方行业周期、相对规模、被并方盈利能力、支付方式和支付溢价六个影响因素,将其分为协同效应的决定因素和干扰因素,采用事件研究法,把样本分为协同效应不同的两组,通过回归分析影响因素对上市公司并购后的协同效应的影响程度是否有区别。主要结论如下：1、行业相关的回归系数均为正,强型协同效应中行业相关的回归系数大于弱型协同效应的相关系数；2、行业周期的回归系数均为正,强型协同效应中行业相关的回归系数大于弱型协同效应的相关系数；3、净资产收益率的相关系数均为正,强型协同效应中净资产收益率的回归系数小于弱型协同效应的回归系数；4、相对规模的回归系数均为正,强型协同效应中相对规模的回归系数大于弱型协同效应中的回归系数；5、支付方式的回归系数均为正,强型协同效应中支付方式的回归系数大于弱型协同效应中的回归系数,两者仅相差32.8%；6、支付溢价的回归系数均为负,强型协同效应中支付溢价的回归系数大于弱型协同效应中的回归系数,两者仅差-17.6%。基于上述实证研究结果,本文得出结论：行业相关性、行业周期和相对规模是协同效应的决定因素,企业在并购前应重点分析,深入分析,谨慎决策；支付方式和支付溢价是协同效应的干扰因素,企业应建立财务模型,对并购后的现金流量进行模拟分析。根据上述结论,本文结合相关理论以及我国并购实践进行了解释说明,并进一步规划了未来的研究方向。
[Abstract]:In recent years, the acquisition and acquisition behavior of Chinese listed companies has continued to increase. The synergistic effect, as one of the important motivation of M & A, is highly valued by the entrepreneurs and the academic circles. The expected synergistic effect is not implemented, leading to the frequent occurrence of enterprise merger and acquisition failure. What are the factors that have affected the realization of the synergies between the entrepreneurs and the academic community? How do these factors affect the synergistic effect? In this paper, a total of 143 companies listed in China's listed company in 2013-2014 are selected as the research samples. According to the development and implementation of the M & A strategy and the M & A direction theory, the selection of the industry is related, and the industry cycle, the relative scale and the profitability of the listed company are selected. The payment method and the payment premium have six influence factors, which are divided into a synergistic effect decision factor and an interference factor, the event research method is adopted to divide the sample into two groups with different synergistic effect, The effect of the influence factors on the synergy effect of the listed company's merger and acquisition is different from the regression analysis. The main conclusions are as follows:1. The regression coefficient of the industry-related regression coefficient is positive, and the regression coefficient in the strong-type synergistic effect is greater than the correlation coefficient of the weak-type synergistic effect; and the regression coefficient of the industry cycle is positive, the correlation coefficient of the industry-related regression coefficient in the strong-type synergistic effect is larger than the correlation coefficient of the weak-type synergistic effect; and 3, the correlation coefficient of the return of the net assets is positive, and the regression coefficient of the return coefficient of the net assets in the strong-type synergistic effect is less than the regression coefficient of the weak-type synergistic effect; and 4, the regression coefficient of the relative scale in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, the regression coefficient of the payment method is positive, and the regression coefficient of the payment method in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, The regression coefficient of the premium in the strong-type synergistic effect is more than the regression coefficient in the weak-type synergistic effect, and the two are only-17.6%. Based on the results of the above-mentioned empirical research, this paper concludes that the industry correlation, the industry cycle and the relative scale are the decisive factors of the synergistic effect. The enterprise should focus on the analysis, in-depth analysis and prudent decision before the merger, and the payment method and the payment premium are the interference factors of the synergistic effect. The enterprise should establish a financial model to analyze the cash flow after the merger. Based on the above conclusions, this paper explains the related theories and the practice of M & A in China, and further plans the future research direction.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271
本文编号：2504583
[Abstract]:In recent years, the acquisition and acquisition behavior of Chinese listed companies has continued to increase. The synergistic effect, as one of the important motivation of M & A, is highly valued by the entrepreneurs and the academic circles. The expected synergistic effect is not implemented, leading to the frequent occurrence of enterprise merger and acquisition failure. What are the factors that have affected the realization of the synergies between the entrepreneurs and the academic community? How do these factors affect the synergistic effect? In this paper, a total of 143 companies listed in China's listed company in 2013-2014 are selected as the research samples. According to the development and implementation of the M & A strategy and the M & A direction theory, the selection of the industry is related, and the industry cycle, the relative scale and the profitability of the listed company are selected. The payment method and the payment premium have six influence factors, which are divided into a synergistic effect decision factor and an interference factor, the event research method is adopted to divide the sample into two groups with different synergistic effect, The effect of the influence factors on the synergy effect of the listed company's merger and acquisition is different from the regression analysis. The main conclusions are as follows:1. The regression coefficient of the industry-related regression coefficient is positive, and the regression coefficient in the strong-type synergistic effect is greater than the correlation coefficient of the weak-type synergistic effect; and the regression coefficient of the industry cycle is positive, the correlation coefficient of the industry-related regression coefficient in the strong-type synergistic effect is larger than the correlation coefficient of the weak-type synergistic effect; and 3, the correlation coefficient of the return of the net assets is positive, and the regression coefficient of the return coefficient of the net assets in the strong-type synergistic effect is less than the regression coefficient of the weak-type synergistic effect; and 4, the regression coefficient of the relative scale in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, the regression coefficient of the payment method is positive, and the regression coefficient of the payment method in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, The regression coefficient of the premium in the strong-type synergistic effect is more than the regression coefficient in the weak-type synergistic effect, and the two are only-17.6%. Based on the results of the above-mentioned empirical research, this paper concludes that the industry correlation, the industry cycle and the relative scale are the decisive factors of the synergistic effect. The enterprise should focus on the analysis, in-depth analysis and prudent decision before the merger, and the payment method and the payment premium are the interference factors of the synergistic effect. The enterprise should establish a financial model to analyze the cash flow after the merger. Based on the above conclusions, this paper explains the related theories and the practice of M & A in China, and further plans the future research direction.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271
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