中国制造企业跨国并购综合绩效研究
发布时间：2018-07-23 14:43
【摘要】：伴随着世界经济一体化的不断加速,跨国并购日益成为中国企业寻求国际发展和获取资源的重要方式之一。尤其作为“世界工厂”的中国制造企业长期以来被看作价值链底端的劳动密集型企业的代表,与发达国家的制造企业相比具有技术落后、自动化程度低、利润率低等特点。随着东南亚等国家发起的成本竞争,中国企业亟需通过跨国并购等方式提升自身的竞争力。在过去十年中,中国制造企业也开始逐步“走出去”实行跨国并购,获得了国外企业的市场、技术、人才等重要要素,跨国并购已经逐步成为企业在全球经济一体化时代进行资源整合、提高竞争力的重要选择,如何在跨国并购的浪潮中实现中国制造企业发展质量的飞跃?中国制造企业当前的跨国并购绩效如何?跨国并购是否有效地提升中国制造企业的盈利能力、发展能力和创新能力?对这些问题的探究具备重要的理论和现实意义。本文在对中国制造企业跨国并购动因、现状和影响因素分析的基础上,以2007至2012年间进行跨国并购的中国制造企业为研究样本,运用因子分析的实证方法,对并购的综合绩效进行了研究。对综合绩效的研究,涵盖了企业的盈利能力、发展能力和创新能力三个维度,建立相应的指标评价体系,计算得出企业的综合绩效得分。本文的研究结果表明跨国并购对中国制造企业综合绩效产生了积极效应,并购当年和并购后一年均实现了增长,但并购后的第二年有所回落;跨国并购对中国制造企业的盈利能力产生积极影响,对发展能力产生负面影响,而对企业的创新能力在并购完成当年形成了较大程度的提升,而并购完成后的第1年和第2年仅与并购当年持平,未能形成持续的增长势头。在研究结果和相关的理论基础上,本文从并购后的整合、可持续创新、全面的并购战略以及政府的相关支持等方面提出了相关建议,以期为中国制造企业跨国并购行为提供相应的理论支持。
[Abstract]:With the acceleration of world economic integration, cross-border M & A has become one of the important ways for Chinese enterprises to seek international development and obtain resources. Especially as a "world factory", Chinese manufacturing enterprises have been regarded as representatives of labor-intensive enterprises at the bottom of the value chain for a long time. Compared with the manufacturing enterprises in developed countries, they have the characteristics of backward technology, low degree of automation, low profit margin and so on. With the cost competition in Southeast Asia and other countries, Chinese enterprises urgently need to improve their competitiveness through cross-border mergers and acquisitions. In the past decade, Chinese manufacturing enterprises have also started to "go out" gradually to implement cross-border mergers and acquisitions, gaining access to the market, technology, talent and other important elements of foreign enterprises. Cross-border M & A has gradually become an important choice for enterprises to integrate resources and improve competitiveness in the era of global economic integration. How to achieve the development quality of Chinese manufacturing enterprises in the wave of cross-border M & A? What is the current performance of Chinese manufacturing companies in cross-border mergers and acquisitions? Can Cross-border M & A effectively enhance the profitability, development and innovation ability of Chinese manufacturing enterprises? The exploration of these problems has important theoretical and practical significance. Based on the analysis of the causes, current situation and influencing factors of cross-border M & A of Chinese manufacturing enterprises, this paper takes the Chinese manufacturing enterprises from 2007 to 2012 as the research samples, and applies the empirical method of factor analysis. The comprehensive performance of M & A is studied. The research on comprehensive performance covers three dimensions of enterprise's profitability, development ability and innovation ability, establishes the corresponding index evaluation system, and calculates the enterprise's comprehensive performance score. The results of this paper show that transnational M & A has a positive effect on the comprehensive performance of Chinese manufacturing enterprises. In the year of M & A and one year after M & A, the increase has been realized, but in the second year of M & A, it has declined. Cross-border mergers and acquisitions have a positive impact on the profitability of Chinese manufacturing enterprises and a negative impact on their development ability, while on the other hand, the innovation ability of enterprises has been greatly enhanced in the year of completion of the merger and acquisition. However, the first year and the second year after the completion of the merger and acquisition were only the same as the year of merger and acquisition, and failed to form a sustained growth momentum. On the basis of the research results and related theories, this paper puts forward some suggestions from the aspects of integration, sustainable innovation, comprehensive M & A strategy and government support after M & A. In order to provide corresponding theoretical support for cross-border M & A of Chinese manufacturing enterprises.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F425;F271
本文编号：2139729
[Abstract]:With the acceleration of world economic integration, cross-border M & A has become one of the important ways for Chinese enterprises to seek international development and obtain resources. Especially as a "world factory", Chinese manufacturing enterprises have been regarded as representatives of labor-intensive enterprises at the bottom of the value chain for a long time. Compared with the manufacturing enterprises in developed countries, they have the characteristics of backward technology, low degree of automation, low profit margin and so on. With the cost competition in Southeast Asia and other countries, Chinese enterprises urgently need to improve their competitiveness through cross-border mergers and acquisitions. In the past decade, Chinese manufacturing enterprises have also started to "go out" gradually to implement cross-border mergers and acquisitions, gaining access to the market, technology, talent and other important elements of foreign enterprises. Cross-border M & A has gradually become an important choice for enterprises to integrate resources and improve competitiveness in the era of global economic integration. How to achieve the development quality of Chinese manufacturing enterprises in the wave of cross-border M & A? What is the current performance of Chinese manufacturing companies in cross-border mergers and acquisitions? Can Cross-border M & A effectively enhance the profitability, development and innovation ability of Chinese manufacturing enterprises? The exploration of these problems has important theoretical and practical significance. Based on the analysis of the causes, current situation and influencing factors of cross-border M & A of Chinese manufacturing enterprises, this paper takes the Chinese manufacturing enterprises from 2007 to 2012 as the research samples, and applies the empirical method of factor analysis. The comprehensive performance of M & A is studied. The research on comprehensive performance covers three dimensions of enterprise's profitability, development ability and innovation ability, establishes the corresponding index evaluation system, and calculates the enterprise's comprehensive performance score. The results of this paper show that transnational M & A has a positive effect on the comprehensive performance of Chinese manufacturing enterprises. In the year of M & A and one year after M & A, the increase has been realized, but in the second year of M & A, it has declined. Cross-border mergers and acquisitions have a positive impact on the profitability of Chinese manufacturing enterprises and a negative impact on their development ability, while on the other hand, the innovation ability of enterprises has been greatly enhanced in the year of completion of the merger and acquisition. However, the first year and the second year after the completion of the merger and acquisition were only the same as the year of merger and acquisition, and failed to form a sustained growth momentum. On the basis of the research results and related theories, this paper puts forward some suggestions from the aspects of integration, sustainable innovation, comprehensive M & A strategy and government support after M & A. In order to provide corresponding theoretical support for cross-border M & A of Chinese manufacturing enterprises.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F425;F271
【参考文献】
相关期刊论文 前1条
1 陆桂贤;;我国上市公司并购绩效的实证研究——基于EVA模型[J];审计与经济研究;2012年02期
相关硕士学位论文 前1条
1 陈晨;中国企业跨国并购的动因和模式分析[D];对外经济贸易大学;2007年
，本文编号：2139729
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