股权结构对上市公司并购绩效影响的研究—按关联与非关联交易分类

发布时间：2018-06-15 23:39

本文选题：股权结构 + 并购绩效　；参考：《南京师范大学》2015年硕士论文

【摘要】：随着世界经济一体化程度的不断提高,并购作为优化资源配置、提高经济效益、实现规模效应的有效经济手段,企业并购热潮席卷全球。近年来,我国上市公司的并购市场方兴未艾,公司并购进程推进飞快,但是各公司并购的结果却是大相径庭。已有研究成果多从并购的动机入手,相对而言从公司治理角度对并购绩效进行研究的文献较少。根据企业经营目标、经营现状以企业及经营周期的不同,上市公司会发生并购交易,这其中就包括了关联交易与非关联交易。以往的研究没有系统地考虑到这两种不同的并购类型与不同类型的治理结构相结合会产生怎样的影响,这正是本文的出发点,这篇论文的研究目的在于利用公司治理理论,从并购的不同交易类型入手,以会计研究法实证分析,研究上市公司股权结构与并购绩效的关系。这篇论文以中国A股市场上制造业上市公司为研究对象,选择并筛选了200家2011年度发生资产并购的制造业上市公司,按照并购前两期、并购当期以及并购后两期共五期的样本时间段(2009年-2013年),分别研究关联交易、非关联交易下的第一大股东持股比例、董事会股权制衡度、上市公司实际控制人属性对上市公司并购绩效的影响。为了保证研究的客观有效性,本论文对获取的数据的获取进行了严格的筛选,剔除了大量干扰数据,比如说论文中剔除了一年中发生两次及以上并购交易的公司数据,以免多次不同类型的交易对文章结果产生影响；本研究剔除了财务数存在数据异常或缺省的上市公司。文章采用了理论分析与实证研究相结合的方法,通过理论逻辑推理并结合和实际情况提出了六个研究假设,并根据研究假设构建相关研究模型,再经过实证分析检验,利用spss21.0统计软件对非平衡面板数据进行回归分析,检验相关研究假设成立的可能性。研究结果表明,在非关联交易中,第一大股东的持股数量与并购短期绩效呈正相关关系,与并购长期绩效负相关关系,在非关联交易中,股权制衡度与短期并购绩效呈正相关与长期绩效呈负相关关系,在关联与非关联交易中,上市公司的控制人属性与并购绩效无相关关系。本文的创新点在于将并购类型划分为关联交易与非关联交易这两种类型,得出了股权结构在不同的交易类型中所起到不同作用的结论,对以往的研究做出了一定的补充,符合中国企业资产并购的应用环境,因此研究具有一定的现实指导意义。
[Abstract]:With the continuous improvement of the degree of world economic integration, M & A as an effective economic means to optimize the allocation of resources, improve economic efficiency and achieve scale effect, the enterprise M & A boom swept the world. In recent years, the M & A market of listed companies in China is in the ascendant, the process of M & A is advancing rapidly, but the results of M & A are quite different. Most of the research results are based on the motivation of M & A, but there are few literatures on the performance of M & A from the perspective of corporate governance. According to the business objectives, the current business situation is different from the enterprise and the business cycle, the listed companies will have M & A transactions, which includes related party transactions and non-affiliated transactions. Previous studies have not systematically considered the impact of the combination of these two different types of mergers and acquisitions with different types of governance structures. This is the starting point of this paper. The purpose of this paper is to use corporate governance theory. Based on the different transaction types of M & A, the relationship between equity structure and M & A performance of listed companies is studied by the empirical analysis of accounting research method. This paper takes the manufacturing listed companies in the A share market of China as the research object, selects and selects 200 listed manufacturing companies that have taken place in 2011, according to the first two periods of M & A. The sample period of the current M & A period and the two subsequent periods of M & A (2009-2013), respectively, to study related party transactions, the proportion of the largest shareholders in non-affiliated transactions, the degree of equity balance of the board of directors, The effect of the actual controlling person's property of listed companies on the performance of M & A of listed companies. In order to ensure the objective validity of the research, this paper has carried on the strict screening to the obtained data, has eliminated a large number of interference data, for example, the thesis has eliminated the company data which happened two times a year or more in a year. In order to avoid the influence of different types of transactions on the results of the article, this study excludes listed companies whose financial numbers are abnormal or default. This paper adopts the method of combining theoretical analysis with empirical research, puts forward six research hypotheses through theoretical logic reasoning and combining with the actual situation, and constructs the relevant research model according to the research hypotheses, and then through the empirical analysis test. The spss21.0 statistical software is used to analyze the non-equilibrium panel data to test the possibility of the hypothesis. The results show that, in non-affiliated transactions, the number of the largest shareholders has a positive correlation with the short-term performance of M & A, a negative correlation with the long-term performance of M & A, and a negative correlation between the number of the largest shareholders and the long-term performance of M & A. There is a positive correlation between equity balance degree and short-term M & A performance and a negative correlation between long-term performance and equity balance degree, but there is no correlation between the ownership attributes of listed companies and M & A performance in related and non-affiliated transactions. The innovation of this paper is that M & A is divided into two types: affiliated transaction and non-affiliated transaction. The conclusion that equity structure plays different roles in different transaction types is concluded, which complements the previous research. In line with the application environment of asset merger and acquisition in China, the research has certain practical guiding significance.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F425

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