營銷活動對被并購公司價值的影響研究
發(fā)布時間：2018-08-17 20:12
【摘要】：營銷作為企業(yè)和投資者間信息傳播的橋梁,不僅僅是傳播既有信息,加工信息,挖掘新信息,而且對上市公司起到了重要的宣傳作用,以此增加企業(yè)知名度,一方面有助于提高消費者認可度從而使公司業(yè)績提升;另一方面也會影響投資者決策,使分析師們更加注重企業(yè)的無形資產(chǎn)等賬面數(shù)字看不到的價值。營銷活動對公司價值的影響近年來成為國內(nèi)外學(xué)者研究的熱門課題。但目前研究營銷活動與公司價值的關(guān)系都是基于公司整體績效進行研究,但鮮有文獻關(guān)注公司營銷活動之外的其他重大事件如并購、重大債務(wù)、重大訴訟對結(jié)果產(chǎn)生的影響。本文選擇通過被并購方的視角分析營銷活動對企業(yè)價值的影響。因為并購?fù)ǔＩ婕暗骄薮蟮馁Y金是企業(yè)最重要的活動之一,且隨著監(jiān)管的愈加嚴格,有充足的數(shù)據(jù)作為支撐,所以本文通過研究并購事件來分析營銷活動對公司價值的影響。本文以2007年到2016年發(fā)生于我國交易市場的上市公司的并購事件為研究樣本,通過用一階最小二乘法和二階最小二乘法,排除內(nèi)生性的問題,提供準確的數(shù)據(jù)分析,來說明營銷戰(zhàn)略是怎樣影響公司價值的。采用事件研究法對被并購方并購首個公告日前后5天的股票累計異常收益率進行計算。其次,引入廣告費用變量作為衡量營銷活動的代理變量,用并購溢價來衡量被并購公司價值,同時使用公告前后的累計超常收益率(CARs)衡量公司價值。用廣告費用及其他控制變量,建立公司價值即并購市場績效影響因素回歸模型。實證研究結(jié)果表明:并購交易前被并方企業(yè)積極的營銷活動并不總是具有更高的溢價補償,反而更好的市場反映可能存在粉飾行為。進一步的分析表明,營銷活動和交易績效之間的正相關(guān)關(guān)系是有條件的,體現(xiàn)在交易前的機構(gòu)所有權(quán)的比例方面,然而被并方是否是國有企業(yè)的公司性質(zhì)并沒有對結(jié)果產(chǎn)生明顯的影響。這表明機構(gòu)投資者會篩選真正通過營銷增加價值的企業(yè)。本文將營銷活動這一變量納入并購市場績效的影響因素中探討,實證結(jié)果驗證了營銷活動對我國市場的信息傳導(dǎo)作用,拓寬了營銷活動與公司價值相關(guān)領(lǐng)域的研究,為今后的研究提供新視角。本文的研究對營銷活動怎樣提高公司價值的問題提供了直接的證據(jù)。
[Abstract]:As a bridge of information dissemination between enterprises and investors, marketing not only disseminates existing information, processes information and excavates new information, but also plays an important role in publicizing listed companies, thus increasing the visibility of enterprises. On the one hand, it helps to increase consumer acceptance, thereby boosting corporate performance; on the other, it also influences investors' decisions, making analysts pay more attention to the invisible value of books such as the company's intangible assets. The influence of marketing activities on company value has become a hot topic for scholars at home and abroad in recent years. However, at present, the relationship between marketing activities and corporate value is based on the overall performance of the company, but there is little literature on the impact of other major events such as mergers and acquisitions, major debts and major litigation on the results. This paper chooses to analyze the impact of marketing activities on enterprise value from the perspective of the acquired party. Because M & A usually involves huge capital is one of the most important activities of the enterprise, and with the increasingly strict supervision, there are sufficient data as the support, so this paper analyzes the impact of marketing activities on the value of the company by studying M & A events. Based on the M & A events of listed companies in China's trading market from 2007 to 2016, this paper uses the first order least square method and the second order least square method to eliminate the endogenous problems and provide accurate data analysis. To explain how marketing strategies affect the value of the company. This paper calculates the accumulated abnormal return rate of stock in 5 days before and after the first announcement date of M & A by the method of event study. Secondly, the advertising cost variable is introduced as the proxy variable to measure the marketing activity, and the M & A premium is used to measure the value of the acquired company, and the cumulative extraordinary rate of return (CARs) before and after announcement is used to measure the value of the company. By using advertising cost and other control variables, a regression model of the factors affecting the market performance of M & A is established. The empirical results show that the positive marketing activities of the merged enterprises before M & A transactions do not always have a higher premium compensation, but better market response may have whitewash behavior. Further analysis shows that the positive correlation between marketing activities and transaction performance is conditional, as reflected in the proportion of pre-transaction institutional ownership, However, the nature of whether the merger is a state-owned enterprise does not have a significant impact on the outcome. This suggests that institutional investors screen companies that really add value through marketing. In this paper, the variable of marketing activity is brought into the influence factors of M & A market performance. The empirical results verify the effect of marketing activities on the information transmission of China's market, and broaden the research of marketing activities and corporate value related fields. To provide a new perspective for future research. The research in this paper provides direct evidence on how marketing activities improve the value of the company.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F274;F271
本文編號：2188770
[Abstract]:As a bridge of information dissemination between enterprises and investors, marketing not only disseminates existing information, processes information and excavates new information, but also plays an important role in publicizing listed companies, thus increasing the visibility of enterprises. On the one hand, it helps to increase consumer acceptance, thereby boosting corporate performance; on the other, it also influences investors' decisions, making analysts pay more attention to the invisible value of books such as the company's intangible assets. The influence of marketing activities on company value has become a hot topic for scholars at home and abroad in recent years. However, at present, the relationship between marketing activities and corporate value is based on the overall performance of the company, but there is little literature on the impact of other major events such as mergers and acquisitions, major debts and major litigation on the results. This paper chooses to analyze the impact of marketing activities on enterprise value from the perspective of the acquired party. Because M & A usually involves huge capital is one of the most important activities of the enterprise, and with the increasingly strict supervision, there are sufficient data as the support, so this paper analyzes the impact of marketing activities on the value of the company by studying M & A events. Based on the M & A events of listed companies in China's trading market from 2007 to 2016, this paper uses the first order least square method and the second order least square method to eliminate the endogenous problems and provide accurate data analysis. To explain how marketing strategies affect the value of the company. This paper calculates the accumulated abnormal return rate of stock in 5 days before and after the first announcement date of M & A by the method of event study. Secondly, the advertising cost variable is introduced as the proxy variable to measure the marketing activity, and the M & A premium is used to measure the value of the acquired company, and the cumulative extraordinary rate of return (CARs) before and after announcement is used to measure the value of the company. By using advertising cost and other control variables, a regression model of the factors affecting the market performance of M & A is established. The empirical results show that the positive marketing activities of the merged enterprises before M & A transactions do not always have a higher premium compensation, but better market response may have whitewash behavior. Further analysis shows that the positive correlation between marketing activities and transaction performance is conditional, as reflected in the proportion of pre-transaction institutional ownership, However, the nature of whether the merger is a state-owned enterprise does not have a significant impact on the outcome. This suggests that institutional investors screen companies that really add value through marketing. In this paper, the variable of marketing activity is brought into the influence factors of M & A market performance. The empirical results verify the effect of marketing activities on the information transmission of China's market, and broaden the research of marketing activities and corporate value related fields. To provide a new perspective for future research. The research in this paper provides direct evidence on how marketing activities improve the value of the company.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F274;F271
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