我国制造业企业跨国并购绩效的影响因素研究

发布时间：2018-07-21 19:03

【摘要】：随着世界经济一体化的深入发展,世界各地跨国并购的规模和影响越来越大。我国企业在自身高速发展的同时,也逐渐加入到跨国并购的浪潮中。其中,在我国跨国并购总额中制造业企业所占的比重一直很高。因此,研究影响我国制造业企业跨国并购绩效的因素以及在这些因素影响下的并购绩效的变化,具有重要的现实意义。本文是在综合当前国内外学者对影响并购绩效的因素现有研究成果的基础上,将影响制造业并购绩效的因素分别从政治、经济、文化、管理和法律五个方面来全面分析；在当前我国制造业并购现状方面,通过搜集2000-2012年116家制造业企业跨国并购案例,对并购交易额、并购数量、并购区位等方面归纳；在跨国并购绩效方面,筛选了30家制造业企业作为样本,通过对这些样本企业财务绩效运算,得出我国制造业企业跨国并购绩效整体上是先降后升的趋势；随后,在并购绩效分析基础上,选取了8个可量化的影响因素为自变量,以企业跨国并购后第二年的综合绩效为因变量,通过多元线性回归分析发现只有文化差异、获得目标企业权益、并购经验与因变量显著相关,而其他影响因素没有通过显著性检验。最后,本文提出了一些提高我国制造业跨国并购绩效的措施,这些措施主要是针对并购前战略和计划的明确、并购后整合工作的重视以及法律法规的完善等方面。
[Abstract]:With the development of the world economic integration, the scale and influence of cross-border M & A around the world is increasing. Chinese enterprises in their own rapid development, but also gradually joined in the wave of cross-border mergers and acquisitions. Among them, manufacturing enterprises account for a high proportion in the total amount of M & A in China. Therefore, it is of great practical significance to study the factors that affect the performance of transnational mergers and acquisitions of manufacturing enterprises in China and the changes of performance of mergers and acquisitions under the influence of these factors. On the basis of synthesizing the current research results of domestic and foreign scholars on the factors affecting the performance of M & A, this paper comprehensively analyzes the factors affecting the performance of M & A in the manufacturing industry from five aspects: politics, economy, culture, management and law. In the current situation of manufacturing M & A in our country, through collecting 116 cases of transnational M & A of manufacturing enterprises from 2000 to 2012, the paper sums up the M & A transaction volume, the quantity of M & A, the location of M & A and so on. This paper selects 30 manufacturing enterprises as samples, and by calculating the financial performance of these sample enterprises, draws the conclusion that the overall performance of transnational M & A of manufacturing enterprises in our country is decreasing first and then rising, and then, on the basis of M & A performance analysis, Eight quantifiable influencing factors are selected as independent variables, and the comprehensive performance of the second year after cross-border M & A is taken as dependent variable. Through multiple linear regression analysis, we find that there are only cultural differences to obtain the target enterprise rights and interests. M & A experience was significantly correlated with dependent variables, while other factors did not pass the significance test. Finally, this paper puts forward some measures to improve the performance of cross-border M & A in our manufacturing industry. These measures are mainly aimed at the clarity of pre-merger strategy and plan, the importance of integration after M & A, and the perfection of laws and regulations.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F424;F271

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