中国制造业上市公司并购绩效的实证研究

发布时间：2017-12-27 23:25

本文关键词：中国制造业上市公司并购绩效的实证研究　出处：《华东政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：自2008年金融危机以来,随着人民币升值以及出口导向型经济遭遇瓶颈,依靠成本优势长期生存的中国制造业上市公司在近年来遭遇了前所未有的困境。为摆脱经营困境,很多制造业上市公司利用资金优势进行并购重组。或通过整合上下游产业链,进一步控制生产成本,或通过横向并购巩固市场势力,或跨行业并购实现多元化经营,以摆脱原有主营业务的潜在风险。与此同时,随着国企改革的加速,相关制度的完善,以及券商等中介机构的发展,上市公司利用A股市场的融资优势进行产业并购,并购重组数量呈现井喷态势。本文以2009-2011年A股发生并购行为的制造业上市公司作为本文的研究对象,按一定的标准筛选出59个并购事件样本进行绩效的实证研究。首先使用事件研究法(基于并购事件对股票收益率的冲击)进行短期绩效评价,接着用财务指标法(因子分析法)对样本进行长期绩效研究,同时在此基础上对几个主要的影响因素进行分析,最后综合比较短期和长期的绩效实证结果。研究结果表明:(1)并购对企业短期和长期绩效都有一定促进作用。并购事件对短期绩效的作用主要体现在,短期内上市公司股价具有较高的超额收益率,反映了资本市场对并购行为本身的认可。并购事件对长期绩效的作用表现为,并购后二年的上市公司业绩有显著性的提高,而并购后一年的业绩没有显著提升。(2)并购类型对企业并购绩效没有影响。本文在并购短期绩效和长期绩效的研究基础上,都对并购类型是否影响并购绩效进行了分析,结论是并购类型对企业并购绩效没有影响。(3)国有股并购绩效比非国有股好。股权性质对并购绩效的影响,在长期和短期都非常显著,即国有股并购绩效明显好于非国有股。(4)关联交易并购对绩效的影响在长短期的表现不一致。短期绩效实证结果表明,关联交易对短期绩效起到了促进的作用。而长期则相反。本文的创新之处主要有三点:(1)对2008年金融危机后中国制造业并购重组绩效的专门性研究。(2)同时采用事件研究法和因子分析法进行短期和长期绩效评估,并进行比较研究。(3)构建了制造业并购的长期绩效指标体系。为评价样本的长期绩效,采用因子分析法对样本进行长期绩效的评估,本文选取了八个财务指标,并提取了比较显著的四个公因子。
[Abstract]:Since the 2008 financial crisis, with the appreciation of RMB and the bottleneck of export oriented economy, China's manufacturing listed companies, which rely on cost advantages for a long time, have encountered unprecedented difficulties in recent years. In order to get rid of the management dilemma, many companies in the manufacturing industry take advantage of the capital advantage to reorganize the merger and acquisition. Or by integrating upstream and downstream industry chains, further controlling production costs, consolidating market forces through horizontal mergers and acquisitions, or diversifying operations across industries, so as to get rid of the potential risks of existing main businesses. At the same time, with the acceleration of the reform of state-owned enterprises, the perfection of related systems and the development of intermediaries such as brokerages, the listed companies take advantage of the A share market's financing advantage to carry out industrial mergers and acquisitions, and the number of mergers and acquisitions is showing blowout. In this paper, 2009-2011 years A share mergers and acquisitions listed manufacturing companies as the object of this study, according to certain criteria, we selected 59 samples of M & A events to conduct empirical research on performance. First, using the event study method (on stock returns based on the impact of mergers and acquisitions) for short-term performance evaluation, and then use the financial index method (factor analysis) of the long-term performance of the sample, at the same time on the basis of several major influencing factors are analyzed, the comprehensive performance comparison of the empirical results of short-term and long-term. The results show that: (1) mergers and acquisitions have a certain role in both short-term and long-term performance. The effect of M & A events on short-term performance is mainly reflected in the short term, the share price of listed companies has a high excess yield, which reflects the recognition of capital market to M & A itself. The effect of M & A events on long term performance is that the performance of listed companies has significantly improved in the past two years after the acquisition, but the performance has not improved significantly after one year's acquisition. (2) the type of M & A has no effect on the performance of M & A. Based on the research of M & a short-term performance and long-term performance, this paper analyzes whether M & a type affects M & a performance, and concludes that M & a type has no effect on M & a performance. (3) the performance of M & A of state-owned shares is better than that of non state-owned shares. The effect of stock ownership on the performance of M & A is very significant both in the long term and in the short term, that is, the performance of the M & A is better than that of the non-state-owned shares. (4) the impact of M & A on performance is inconsistent in the long and short term. The empirical results of short-term performance show that related transactions play a role in promoting short-term performance. In the long run, it is the opposite. There are three main points in the innovation of this paper: (1) a special study on the performance of M & A in China's manufacturing industry after the 2008 financial crisis. (2) both the event study method and the factor analysis method are used to perform the short-term and long-term performance evaluation at the same time, and the comparative study is carried out. (3) the long-term performance index system of M & A of manufacturing industry is constructed. In order to evaluate the long-term performance of the sample, factor analysis is used to evaluate the long-term performance of the sample. This paper selects eight financial indicators and extracts four significant factors.
【学位授予单位】：华东政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F424;F271

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