美国企业并购研究

发布时间：2018-05-15 18:19

本文选题：美国 + 企业并购　；参考：《吉林大学》2016年博士论文

【摘要】：在企业的发展过程中,并购是非常重要的一种方式。企业通过并购活动,可以获取规模经济,降低交易成本,并进入新的业务领域。通过并购,企业得以提升竞争力,进而获取更高的市场份额、更好的盈利能力,并且也能为参与到全球化竞争创造有利条件。改革开放以来,我国企业并购活动也取得了长足的发展,在并购规模、并购模式、并购区域上也都有了很大的突破。然而问题也很突出,企业开展并购时往往不能主要从行业及自身的情况出发,选择并购模式时不能遵循其中的客观经济规律,行政体系对于并购的干预也比较多,尤其是地方政府出于种种目的导致行业内并购重组难以展开,而围绕并购的外围环境方面,如监管法规、资本市场的培育等等,都还不完善,这些都是我国企业并购活动目前亟待解决的问题。美国企业并购历史长达百年,期间共发生了6次大规模的并购浪潮,同时企业并购经历了多种模式的演变,资本市场也得到了非常全面且深入的发展,对并购也起到了推动作用,围绕并购活动的监管体系也得以建立且逐步完善,并购活动对于行业的集中度、企业治理结构、绩效等多方面都有明显的正面效应。当然,并购活动也有可能产生一定的负面影响,如单边效应,但总体上美国企业并购的影响是积极的,值得我国企业学习和借鉴。本文主要采取历史与逻辑相结合、定性研究与定量研究相结合的分析方法,在梳理国内外研究现状和相关理论的基础上,重点分析美国企业并购的发展历程、并购模式、并购效应以及资本市场、监管体系在并购中的作用,揭示美国企业并购新特点和新变化,总结美国企业并购更具普适性的成功经验,提出推进我国企业并购健康发展的政策建议。本文共由8章构成,各章主要内容如下:第1章导论。主要是从中国开始活跃在国际并购舞台上这一现象,以及暴露出来的一些问题,来介绍论文选题的背景及研究的理论意义和现实意义。同时介绍了国内外有关美国企业并购的研究现状,以及本文的结构安排,主要的创新点和不足。第2章并购相关理论综述。介绍了有关企业并购的主要理论,即规模经济、交易成本、范围经济,以及马克思的资本集中理论,对这些理论的主要内容、理论与并购的结合点等也做了阐述。第3章美国企业并购的发展历程。主要是按照历史的脉络,介绍了美国企业并购6次浪潮的基本情况,如背景、内容、特点、效应等,并从并购浪潮与宏观经济周期、与货币金融领域变化、产业结构变化、技术变迁等这几方面的关系角度,对6次浪潮进行了归纳梳理,为后续各章的展开提供支撑基础。第4章美国企业并购模式分析。本章按照历史顺序,研究了从横向并购,到纵向并购、多元化并购、分拆与敌意并购、战略型并购、跨国并购这六种并购模式,分析每种并购模式背后的理论成因,不同模式之间的关系,最终总结出是规模经济在背后推动着并购模式的演变,并从企业竞争深化、企业组织能力进化等多维度反映出并购活动的客观经济规律。第5章美国资本市场在企业并购中作用分析。本章分析了资本市场的基本构成及作用机理,之后对证券市场、资本市场的投资者、金融工具等这几部分在美国企业并购历史中的作用进行了分析,最后对资本市场作为一个整体对美国并购活动所起到的作用做了客观的评价。第6章美国企业并购监管分析。首先介绍了美国企业并购监管体系的构成,之后重点分析了美国企业并购监管的实践,并针对其中的反垄断实践做了专门的剖析,尤其是通过第一次并购浪潮期间的反垄断所涉及到的法规与实践的冲突问题,详细分析了美国并购监管体系为何如此演进的缘由,其所具有的特点,以及对美国并购活动的总体影响。第7章美国企业并购的效应分析。本章主要研究美国企业并购从中观和微观层面对经济所带来的影响。中观层面主要是对产业集中度、对行业资源配置的影响及作用机理;微观层面主要是对并购如何影响了公司治理的逐步演变进行了研究。最后本章还研究了并购所带来的如单边效应这样的负面影响。第8章美国企业并购对中国的启示。先是总结了美国企业并购的经验与教训,之后简要回顾了中国企业并购所走过的历程,以及所取得成绩、存在的问题。最后结合美国企业并购的经验教训,从企业所处发展阶段、并购体现为市场化行为、法规体系的完善、如何发挥资本市场的积极作用等几个方面对中国企业并购活动给出了启示。最后简单展望了全球及中国并购的一些新趋势。
[Abstract]:In the process of enterprise development, merger and acquisition is a very important way. Through mergers and acquisitions, enterprises can obtain economies of scale, reduce transaction costs, and enter new business areas. Through mergers and acquisitions, enterprises can improve their competitiveness, gain higher market share, better profitability, and participate in global competition. To create favorable conditions. Since the reform and opening up, China's merger and acquisition activities have also made great progress. There have been great breakthroughs in the scale of merger and acquisition, merger and acquisition, and the area of merger and acquisition. However, the problems are very prominent. The objective economic law and the interference of the administrative system to the merger and acquisition are more and more, especially the local government is difficult to carry out mergers and acquisitions in the industry for various purposes, and the external environment of the merger, such as regulatory regulations, the cultivation of capital market and so on, are still imperfect. These are all the enterprises' Merger and acquisition activities in China urgently to be solved at present. The history of mergers and acquisitions in the United States has lasted for a hundred years. During the period, 6 large-scale mergers and acquisitions have taken place. At the same time, mergers and acquisitions have undergone a variety of models, and the capital market has also been developed in a very comprehensive and in-depth way. The merger and acquisition has also been promoted, and the regulatory system around M & A has been established and gradually improved. Purchasing activities have obvious positive effects on the concentration of industry, corporate governance structure, performance and other aspects. Of course, M & A activities may also have some negative effects, such as unilateral effect, but in general, the impact of mergers and acquisitions in the United States is positive. It is worth learning and learning from the state-owned enterprises. This article mainly adopts history and logic. On the basis of combing the current research status and related theories at home and abroad, it focuses on the analysis of the development history, merger mode, merger effect and capital market, and the role of regulatory system in merger and acquisition in the merger and acquisition of American enterprises, and reveals the new characteristics and changes of American enterprise mergers and acquisitions, and summarizes the American enterprises. This article is composed of 8 chapters. The main contents of each chapter are as follows: the first chapter is the introduction. It is mainly from China to start active on the international stage of merger and acquisition, as well as some problems exposed, to introduce the background and research of the topic. The theoretical and practical significance of the study are also introduced. At the same time, it introduces the current research status of the merger and acquisition of American enterprises, and the structure arrangement of this article, the main innovation points and shortcomings. The second chapter is a summary of the theory of merger and acquisition. It also introduces the main theories about the merger and acquisition of enterprises, namely, scale economy, transaction cost, scope economy, and Marx's capital collection. The main content of the third chapter is to introduce the basic situation of the 6 wave of merger and acquisition in the United States, such as the background, the content, the characteristics, the effectiveness and so on, and from the wave of merger and acquisition, the macroeconomic cycle, and the monetary gold. The 6 waves are summed up to provide support basis for the development of the following chapters. The fourth chapter analyses the mode of merger and acquisition in the United States. In this chapter, the chapter studies the horizontal mergers and acquisitions, the vertical merger and acquisition, the diversification of mergers and acquisitions, the split and hostile mergers and acquisitions, The six modes of merger and acquisition of strategic M & A and transnational merger and acquisition, analyze the theoretical causes behind each model and the relationship between different modes. Finally, it is concluded that the scale economy promotes the evolution of M & a pattern behind it, and reflects the objective economic law of M & A from the deepening of enterprise competition and the evolution of enterprise organization ability. The fifth chapter is the analysis of the role of the American capital market in merger and acquisition. This chapter analyzes the basic structure and mechanism of the capital market, and then analyzes the role of the securities market, the investors in the capital market, the financial instruments and so on in the history of the merger and acquisition of the American enterprises, and then the capital market as a whole for the United States merger and acquisition. In the sixth chapter, the analysis of the M & a supervision in the United States is analyzed. First, the structure of the M & a supervision system in the United States is introduced. After that, the practice of M & a supervision in the United States is analyzed, and the Antitrust Practice is analyzed in particular, especially during the first wave of merger and acquisition. The conflict between the regulation and practice involved in the monopoly, the reason why the US M & a regulatory system is so evolving, its characteristics, and the overall impact on the M & A activities in the United States. The seventh chapter analysis of the effect of the merger and acquisition in the United States. This chapter mainly studies the American enterprise merger and acquisition from the middle and the micro level to the economy. The middle level is mainly on the impact of industrial concentration, the impact on the allocation of industry resources and the mechanism of action; the micro level is mainly on how mergers and acquisitions affect the gradual evolution of corporate governance. Finally, this chapter also studies the negative effects of merger and acquisition, such as the unilateral effect. The eighth chapter of the merger and acquisition of American Enterprises First, it summarizes the experience and lessons of the merger and acquisition in the United States, and then briefly reviews the course of the merger and acquisition in China, and the achievements and problems. Finally, combining with the experience and lessons of the merger and acquisition in the United States, from the development stage of the enterprise, the merger and acquisition is embodied in the market behavior and the perfection of the regulatory system. Some aspects of the active role of the capital market are given to the Chinese enterprise merger and acquisition activities. Finally, some new trends in the global and China's mergers and acquisitions are briefly prospected.

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2016
【分类号】：F271;F279.712

【参考文献】