發(fā)布時間：2018-07-24 08:03

【摘要】：并購為企業(yè)提供了產(chǎn)業(yè)整合與擴張的機會,隨著全球經(jīng)濟發(fā)展步伐的加快和資本市場的逐漸崛起,并購已經(jīng)成為企業(yè)發(fā)展壯大的一種重要途徑。通過縱向并購,企業(yè)能夠優(yōu)化資源配置,控制市場風險,形成上下游產(chǎn)業(yè)鏈條,突破發(fā)展瓶頸與產(chǎn)業(yè)壁壘,形成強大的核心競爭力,在短時期內(nèi)完成資本積累。同時,各個企業(yè)在快速擴張的過程中也帶動了國家經(jīng)濟的高速增長,優(yōu)化了國民經(jīng)濟產(chǎn)業(yè)結(jié)構(gòu)。縱向并購擴大了企業(yè)經(jīng)營邊界,利用內(nèi)部管理代替市場交易,從而能夠節(jié)約交易成本,鞏固企業(yè)的供銷渠道,實現(xiàn)縱向一體化,提高企業(yè)績效。由于并購交易的復雜性,僅僅研究績效的變化并不能完全判斷并購交易是否成功,資產(chǎn)管理效率也是企業(yè)運營的一大重要指標,可以衡量企業(yè)經(jīng)營的盈利性和風險性。同時,本文利用投入產(chǎn)出表中反映各經(jīng)濟主體投入產(chǎn)出的經(jīng)濟系數(shù)來衡量部門間的縱向相關(guān)性,從而對縱向并購與收購公司的資產(chǎn)管理效率間的因果關(guān)系做出實證研究。本文以2004-2013年深滬兩市A股制造業(yè)公司發(fā)生的并購交易事件為研究樣本,構(gòu)建了縱向一體化程度衡量指標,篩選出縱向并購交易數(shù)據(jù)。首先,運用t檢驗分析了縱向并購與收購公司的資產(chǎn)管理效率之間的關(guān)系,再運用多元線性回歸模型研究了并購雙方的縱向一體化程度、收購公司的資產(chǎn)專用性和市場化程度對資產(chǎn)管理協(xié)同效應的影響。本文結(jié)果表明,縱向并購能夠降低收購公司的應收賬款周轉(zhuǎn)期、存貨周轉(zhuǎn)期、現(xiàn)金周轉(zhuǎn)期和總資產(chǎn)周轉(zhuǎn)期。其他條件不變時,并購雙方的縱向一體化程度越高、收購公司的資產(chǎn)專用性程度越高和市場化程度越高,企業(yè)縱向并購交易帶來的資產(chǎn)管理效率提升越明顯。本文的研究結(jié)果為我國企業(yè)有效地進行縱向并購提供了理論和實證依據(jù)。
[Abstract]:M & A provides an opportunity for enterprises to integrate and expand. With the acceleration of the pace of global economic development and the gradual rise of the capital market, M & A has become an important way for enterprises to develop and expand. Through vertical mergers and acquisitions, enterprises can optimize the allocation of resources, control market risks, form upstream and downstream industrial chains, break through development bottlenecks and industrial barriers, form strong core competitiveness, and complete capital accumulation in a short period of time. At the same time, various enterprises in the process of rapid expansion also led to the rapid growth of the national economy, optimizing the industrial structure of the national economy. Vertical M & A expands the management boundary of enterprises and uses internal management to replace market transactions, thus saving transaction costs, consolidating supply and marketing channels of enterprises, realizing vertical integration and improving enterprise performance. Due to the complexity of M & A transactions, it is not possible to judge the success of M & A transactions simply by studying the change of performance. The efficiency of asset management is also an important indicator of the operation of enterprises, which can measure the profitability and risk of business operations. At the same time, this paper makes an empirical study on the causality between vertical M & A and asset management efficiency by using the economic coefficient of input-output table to measure the vertical correlation between departments. Based on the M & A transaction events of A share manufacturing companies in Shenzhen and Shanghai Stock Exchange from 2004 to 2013, this paper constructs a vertical integration index to screen out the vertical M & A transaction data. First, the relationship between vertical M & A and asset management efficiency is analyzed by using t test, and then the degree of vertical integration between M & A and M & A is studied by using multiple linear regression model. The effect of asset specificity and marketization on asset management synergy. The results show that vertical mergers and acquisitions can reduce the turnover of accounts receivable, inventory, cash and total assets. When other conditions are unchanged, the degree of vertical integration of both parties is higher, the degree of asset specificity and marketization of the acquisition company is higher, and the efficiency of asset management caused by vertical M & A is more obvious. The results of this paper provide theoretical and empirical basis for Chinese enterprises to carry out vertical mergers and acquisitions effectively.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F406.7;F425

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本文編號：2140744