基于EVA的我国煤炭上市公司并购绩效分析

发布时间：2018-05-27 17:20

本文选题：煤炭上市公司 + EVA　；参考：《河北经贸大学》2017年硕士论文

【摘要】：在我国产业结构政策的调整下,煤炭上市公司并购活动正在不断展开。煤炭是我国重要的战略能源,煤炭工业发展“十一五”规划中强调煤炭工业发展的主要任务包括培育大型煤炭企业集团、建设大型煤炭基地、整合改造中小型煤矿,“十二五”规划中,第一项任务就是推进煤矿企业的兼并重组。自2006年至2015年这十年,煤炭企业并购活动数量急剧增长,规模上也在不断扩大,成为公众及政府较为关注的问题。以此为背景,本文对煤炭上市公司并购方绩效进行研究。本文主要采用了规范分析与实证分析相结合的研究方法,首先归纳了国内外关于并购绩效评价的研究文献,奠定理论基础,然后采用调整后的超额经济增加值作为绩效的评价指标,考察我国2006年初至2015年底煤炭上市公司并购前与并购后的绩效变化,并运用引入虚拟变量后的回归方程,进一步分析并购活动是否对绩效产生了可观的影响,进而提出改善煤炭上市公司并购绩效的建议。通过对超额经济增加值EVAPC进行描述性统计分析,发现并购之后的两年的平均超额经济增加值超过了前两年的平均值,进一步研究发现资产收购案例要比股权收购案例的并购绩效好,而且以股票支付要比用现金支付会对企业的绩效产生更为有利的影响因素,同时若是关联交易,会进一步促进经营状况的改善。而通过引入虚拟变量进行实证回归分析,发现煤炭上市公司并购活动对绩效的影响度很小,总体上是负影响,主要原因在于并购活动的盲目性及企业资源整合能力差,对绩效产生主要影响的仍是并购前企业已存在的既定因素。进一步研究不同并购类型的回归方程,结论为资产收购及关联方并购下的变量均不显著,无法做出并购活动对企业绩效产生影响的判断,而股权收购、非关联方之间的并购活动会对绩效产生负影响,现金支付的并购活动会对主并购方产生显著不利影响因素,而以股票支付则相反。最后提出改善煤炭上市公司并购绩效的建议:首先理性做并购决策,合理制定计划;合理选择支付手段,实现结构优化;加强对关联方并购监管,促进资本市场健康发展;积极委托中介机构,为决策提供有价值参考。
[Abstract]:Under the adjustment of China's industrial structure policy, M & A activities of coal listed companies are unceasing. Coal is an important strategic energy source in China. The main tasks of coal industry development in the 11th Five-Year Plan include cultivating large coal enterprise groups, building large coal bases, integrating and transforming small and medium-sized coal mines. In the twelfth five-year plan, the first task is to promote the merger and reorganization of coal mining enterprises. During the decade from 2006 to 2015, the number of mergers and acquisitions in coal enterprises has increased sharply and the scale has been expanding, which has become a concern for the public and the government. Against this background, this paper studies the M & A performance of coal listed companies. This paper mainly adopts the research method of combining normative analysis with empirical analysis. Firstly, it summarizes the domestic and foreign literature on M & A performance evaluation, and establishes the theoretical foundation. Then we use the adjusted excess economic added value as the performance evaluation index to investigate the performance changes of coal listed companies before and after M & A from the beginning of 2006 to the end of 2015, and use the regression equation after the introduction of virtual variables. Further analysis whether M & A activities have a significant impact on the performance, and then put forward suggestions to improve the M & A performance of coal listed companies. Through the descriptive statistical analysis of excess economic added value (EVAPC), it is found that the average excess economic added value of the two years after merger and acquisition exceeds the average of the previous two years. Further study shows that asset acquisition cases have better M & A performance than equity acquisition cases, and that stock payment will have a more favorable effect on enterprise performance than cash payment, and if related party transactions, Will further promote the improvement of business conditions. Through the introduction of virtual variables for empirical regression analysis, it is found that the impact of M & A activities on the performance of listed coal companies is very small, the overall impact is negative, mainly due to the blindness of M & A activities and the poor ability of enterprise resources integration. The main effect on the performance is still the pre-M & A established factors. The regression equations of different types of M & A are further studied. The conclusion is that the variables under asset acquisition and related party M & A are not significant, so it is impossible to judge the impact of M & A activities on enterprise performance. M & A activities between non-affiliated parties will have a negative impact on performance. M & A activities in cash payment will have a significant negative impact on the main M & A party, whereas stock payment will be the opposite. Finally, some suggestions are put forward to improve the performance of M & A of coal listed companies: firstly, rational decision of M & A, rational formulation of plan, reasonable choice of payment means, realization of structural optimization, strengthening supervision of mergers and acquisitions of related parties and promoting the healthy development of capital market; Actively entrust intermediary organizations to provide valuable reference for decision-making.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F406.7;F271

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