政治关联、内部治理与并购战略选择关系研究

发布时间：2018-05-16 17:58

本文选题：政治关联 + 内部治理　；参考：《湘潭大学》2015年硕士论文

【摘要】：迄今为止,西方国家已经掀起了5次并购浪潮,并购已经成为实现企业规模扩张甚至是全球范围内实现资源优化配置的重要方式之一。但从国内的并购实践来看,随着我国上市公司股权分置改革的逐步完成,以及国内资本市场的进一步完善,我国上市公司并购进入新的发展阶段,无论是并购目的还是并购方式等方面都呈现出不同的特点。在新的经济形势下,上市公司并购呈现出新的特点,也要求对企业并购战略选择问题从新的视角进行深入研究。并购战略是公司股权结构、董事会治理、高管激励机制等因素共同影响下选择的。而政治关联既是一种政治联系存在,也是一种资源获取渠道,影响着公司的战略决策。因此,本文将政治关联、内部治理与并购战略选择纳入一个研究框架当中,并采用理论与实证相结合的研究方法,对三者的关系进行了深入研究。本文通过选取2009-2013年我国上市公司发生在并购重组市场中的所有并购事件为样本来研究政治关联、内部治理与并购战略选择之间的关系。首先对国内外有关研究文献进行了综述,分析了政治关联、内部治理与并购战略选择三者的相互作用机理,接着提出研究假设,运用Logit回归模型,借助于计量软件对样本数据进行实证分析,得出政治关联、内部治理与并购战略选择之间关系的结论。研究发现:国有股比例越高的企业,越倾向于进行相关并购活动;董事会规模越大或者独立董事比例越高,企业越倾向于进入相关行业,采取相关并购战略;相关并购也多发生在独立董事比例较高的企业中;高管持股比例越高,他们越倾向于推动企业进入非相关行业,进行非相关并购;在政治关联作为调节变量的实证检验中却只有部分假设得到了证实,即政治关联正向调节国有股比例与并购战略选择之间的关系,政治关联对高管持股比例与并购战略选择之间的关系有正向调节作用。最后,本文在上述研究结论的基础上得出一些有益的启示。
[Abstract]:Up to now, there have been five waves of M & A in western countries, and M & A has become one of the most important ways to realize the expansion of enterprise scale and even the optimal allocation of resources in the world. However, from the point of view of domestic M & A practice, with the gradual completion of the split share structure reform of listed companies in China and the further improvement of the domestic capital market, the M & A of listed companies in China has entered a new stage of development. Both the purpose of M & A and the mode of M & A show different characteristics. Under the new economic situation, M & A of listed companies presents new characteristics, and it also requires a further study on the strategic choice of M & A from a new perspective. M & A strategy is chosen under the influence of ownership structure, board governance, executive incentive mechanism and so on. Political connection is not only a kind of political connection, but also a resource acquisition channel, which influences the company's strategic decision. Therefore, this paper brings the political relationship, internal governance and strategic choice of M & A into a research framework, and makes a deep study of the relationship between the three by using the research method of combining theory with empirical research. In this paper, we choose all the M & A events in the M & A market of listed companies in China from 2009-2013 as samples to study the relationship between political correlation, internal governance and strategic choice of M & A. First of all, this paper summarizes the domestic and foreign research literature, analyzes the interaction mechanism of political connection, internal governance and strategic choice of M & A, and then puts forward the research hypothesis and applies Logit regression model. With the help of econometric software, the empirical analysis of sample data is carried out, and the conclusion is drawn that there is a relationship among political association, internal governance and strategic choice of M & A. It is found that the higher the proportion of state-owned shares, the more inclined to conduct related M & A activities; the larger the size of the board of directors or the higher the proportion of independent directors, the more inclined enterprises are to enter relevant industries and adopt relevant M & A strategies. Related mergers and acquisitions also occur in enterprises with a high proportion of independent directors. The higher the proportion of senior management ownership, the more inclined they are to push enterprises into non-related industries and conduct non-related mergers and acquisitions. However, in the empirical test of political association as a regulating variable, only some hypotheses have been confirmed, that is, the relationship between the proportion of state-controlled shares and the strategic choice of M & A is positively adjusted by political association. The political connection has a positive effect on the relationship between the proportion of senior managers' shareholding and the strategic choice of M & A. Finally, on the basis of the above conclusions, this paper draws some useful enlightenment.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D0;F271;F272

【参考文献】