我国互联网行业上市公司并购中财务协同效应研究

发布时间：2018-08-27 17:18

【摘要】：伴随着经济的脚步,各行业领域的巨头为了使其版图扩张,纷纷透过企业并购的形式来达到其价值最大化的效果。而互联网行业作为我国目前发展最快的新兴产业,其发展走势也一直收到各专家学者的研究和关注。2013年是整个互联网行业并购走势的一个高峰点,该领域的企业为了提升自身的外围增速,通过不断的并购重组行为来占据其市场地位,从而扩大经营范围。当然,所有的经济行为都附带风险,企图通过并购而发展扩张,最终却失败的案例大量存在。协同效应是判断企业并购成功与否的一项重要因素,对其进行研究与评价无论是在理论上还是现实中都具有很重要的意义。本文将2012至2015年这四年期间互联网行业发生并购的企业作为研究对象,设计并选取了企业的研究样本,将2013年作为标准对照年份,通过分析四年的财务指标并结合互联网行业的并购特点,建立了一套财务指标体系。针对研究内容和所选取样本的特点,将样本数据进行基本描述性分析、主成分分析、假设检验等一系列操作,由此计算出样本企业在并购前后财务指标各年的综合得分情况,并判断其财务协同效应的实现效果：再将样本数据分类计算后比较,判断各类型的协同效应得分,找出互联网行业能够产生协同效应的关键点,起到一个推动企业在该领域有效并购的借鉴作用。
[Abstract]:With the pace of economy, in order to expand its territory, the giants of various industries have to achieve the maximum value through the form of mergers and acquisitions. As the fastest growing emerging industry in China, the Internet industry has been receiving the research and attention of experts and scholars all the time. 2013 is a peak point of M & A trend in the whole Internet industry. In order to improve their external growth rate, enterprises in this field occupy their market position through continuous merger and acquisition and reorganization, thus expanding their scope of operation. Of course, all economic behavior carries risks, attempts to expand through mergers and acquisitions, but ultimately fail, abound. Synergy is an important factor to judge the success of M & A. It is of great significance to study and evaluate it both in theory and in practice. In this paper, the enterprises in the Internet industry that acquired during the four years from 2012 to 2015 are taken as the research objects, and the research samples of the enterprises are designed and selected, and 2013 is taken as the standard control year. By analyzing the financial index of four years and combining the characteristics of M & A of Internet industry, a set of financial index system is established. According to the content of the study and the characteristics of the selected samples, a series of operations, such as basic descriptive analysis, principal component analysis, hypothesis test and so on, are carried out to calculate the comprehensive scores of the financial indexes of the sample enterprises before and after merger and acquisition. And judge the effect of financial synergy effect: then compare the sample data classification and calculation, judge the score of each type of synergy effect, find out the key point that the Internet industry can produce synergy effect. Play a role in promoting effective M & A in this area.
【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;F275;F49

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