本文選題：零售業(yè)　切入點：并購類型　出處：《西華大學》2017年碩士論文

【摘要】：并購已成為當代企業(yè)謀求快速發(fā)展的一種主要方式,近年來國內外企業(yè)普遍采用并購這一重要途徑來改善現(xiàn)狀和提升績效,在企業(yè)戰(zhàn)略發(fā)展過程中處于舉足輕重的地位。隨著我國零售行業(yè)的逐漸發(fā)展,零售業(yè)的并購事件也在頻繁發(fā)生。為了能夠更好地深入分析零售業(yè)的并購績效,把零售業(yè)并購事件作為研究對象,研究了收購方企業(yè)的并購類型與并購績效的關系,以此對企業(yè)并購活動過程中的選擇提供理論參考。我國資本市場起步相對較晚,但隨著資本市場的逐漸發(fā)展,并購浪潮也在持續(xù)出現(xiàn)。從具體某一行業(yè)為出發(fā)點,研究企業(yè)并購類型的選擇對并購績效的影響,具有一定的理論意義,也可為企業(yè)提高并購績效提供參考意見。通過大量閱讀企業(yè)并購的相關文獻,總結分析了國內外并購的研究現(xiàn)狀。以我國滬深兩市A股零售業(yè)上市公司為例,以并購類型為自變量,企業(yè)規(guī)模、資產(chǎn)負債率、目標企業(yè)控制權轉移情況、關聯(lián)交易情況和并購支付方式為控制變量,提出了相關并購績效的假設,建立了多元回歸模型,著重研究并購類型這一影響因素與企業(yè)績效的關系。通過整理零售業(yè)2008-2012年共5年時間發(fā)生的并購事件,比較并購前三年平均績效,當年績效,后三年平均績效,即讓并購前后的時間段具有可比性,并購樣本的財務數(shù)據(jù)指標跨度為2005-2015年共11年,研究公司的財務績效指標,縱向比較并購前后財務績效指標變化,以此來研究并購與企業(yè)績效的相關性;橫向比較并購類型與企業(yè)績效的關系。采用實證研究的方法,運用EXCEL軟件進行相關數(shù)據(jù)分析處理、SPSS17.0軟件進行描述性統(tǒng)計分析、相關分析和回歸分析,對我國零售業(yè)上市公司并購事件進行具體的研究,從而為我國零售行業(yè)今后的并購活動提供參考依據(jù)。通過設計實證研究,得出的主要研究結論有:(1)總體上零售企業(yè)并購后的績效與并購前的績效相比有所提高;(2)并購類型這一因素對零售企業(yè)績效有顯著的影響;(3)橫向并購的企業(yè)績效比多元化并購的企業(yè)績效更好。企業(yè)選擇并購時應該首先考慮橫向并購類型;企業(yè)應在規(guī)模較大的時候進行并購;盡量避免企業(yè)在關聯(lián)交易方式下進行并購。與同類研究成果相比,突出并購類型要素在零售行業(yè)中對企業(yè)績效的影響分析。但也存在一些不足,如沒有考慮非財務指標、樣本偏少等。
[Abstract]:M & A has become a main way for modern enterprises to seek rapid development. In recent years, M & A has been widely adopted by domestic and foreign enterprises to improve the status quo and improve performance, which plays an important role in the strategic development of enterprises.With the development of retail industry in China, M & A of retailing also occurs frequently.In order to better analyze the M & A performance of retailing industry, this paper studies the relationship between M & A type and M & A performance of the acquirer enterprise, taking the M & A event of retail trade as the research object.This provides a theoretical reference for the selection of M & A activities.The capital market of our country starts relatively late, but with the development of the capital market, the wave of M & A appears continuously.From a specific industry as the starting point, it is of theoretical significance to study the impact of the choice of M & A types on M & A performance, and can also provide reference for enterprises to improve the M & A performance.This paper summarizes and analyzes the current situation of M & A research at home and abroad by reading a lot of related documents on M & A.Taking A share retail listed companies in Shanghai and Shenzhen stock markets as an example, taking M & A type as independent variable, enterprise size, asset-liability ratio, transfer of control rights of target enterprises, related transactions and M & A payment methods as control variables.The hypothesis of M & A performance is put forward and the multiple regression model is established. The relationship between the type of M & A and the enterprise performance is studied.Through sorting out the M & A events that occurred in the retail trade from 2008 to 2012, the average performance of the previous three years, the current year and the latter three years were compared, that is to say, the time period before and after the merger was comparable.The financial data of M & A samples span 11 years from 2005 to 2015. The financial performance index of the company is studied, and the changes of the financial performance index before and after M & A are compared in order to study the correlation between M & A and enterprise performance.The relationship between M & A type and enterprise performance is compared horizontally.Using the method of empirical research, using EXCEL software to carry on the related data analysis and processing. SPSS 17.0 software carries on the descriptive statistical analysis, the correlation analysis and the regression analysis, carries on the concrete research to the retail trade listed company M & A event in our country.So as to provide a reference for the future M & A activities of the retail industry in China.Through the design of empirical research,The main conclusions are as follows: 1) the overall performance of retail enterprises after M & A is higher than that of M & A. 2) the type of M & A has a significant effect on the performance of retail enterprises.Diversified mergers and acquisitions have better performance.When enterprises choose mergers and acquisitions, they should first consider the type of horizontal mergers and acquisitions; enterprises should conduct mergers and acquisitions when the scale is large; try to avoid mergers and acquisitions under the mode of related party transactions.Compared with the similar research results, it emphasizes the impact of M & A type factors on enterprise performance in the retail industry.But there are also some shortcomings, such as not considering the non-financial indicators, the sample is small and so on.
【學位授予單位】：西華大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F724.2

【參考文獻】

相關期刊論文 前10條

1 張修海;;傳統(tǒng)零售企業(yè)線上線下共同發(fā)展模式研究[J];商業(yè)經(jīng)濟研究;2016年14期

2 張艷;;統(tǒng)籌城鄉(xiāng)商貿視角下我國零售業(yè)的發(fā)展對策研究[J];商業(yè)經(jīng)濟研究;2016年11期

3 宋淑琴;代淑江;;管理者過度自信、并購類型與并購績效[J];宏觀經(jīng)濟研究;2015年05期

4 殷夏;;基于DEA的電商和傳統(tǒng)零售業(yè)上市公司績效研究[J];全國商情(經(jīng)濟理論研究);2015年09期

5 李夢柯;劉曉;;創(chuàng)業(yè)板上市公司短期并購績效的實證分析[J];財政監(jiān)督;2014年26期

6 褚淑貞;陳玉瑩;席曉宇;;基于數(shù)據(jù)包絡分析的我國醫(yī)藥上市公司并購績效實證研究[J];中國藥房;2014年33期

7 彭文理;;我國零售企業(yè)并購績效的實證研究[J];河南商業(yè)高等專科學校學報;2014年03期

8 谷雯;;中國上市公司并購績效的實證研究[J];現(xiàn)代營銷(學苑版);2013年09期

9 潘昶靚;;基于企業(yè)生命周期視角的并購決策研究[J];會計之友;2013年20期

10 葉璋禮;;中國上市公司并購績效的實證研究[J];統(tǒng)計與決策;2013年07期

相關重要報紙文章 前3條

1 郭金;;中國零售業(yè)并購總額猛增[N];中華合作時報;2014年

2 胡斌;;我國零售業(yè)并購將進入“黃金時代”[N];中國商報;2012年

3 陳正紅;;中國零售業(yè)并購潮五年不退[N];國際商報;2007年

，

本文編號：1712582