本文關(guān)鍵詞：我國中小板上市公司的并購績效研究　出處：《西南財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：在全球經(jīng)濟迅猛發(fā)展的過程中,企業(yè)的并購活動永遠是其中亮麗的風(fēng)景。在西方的發(fā)達主義國家,企業(yè)并購至今已經(jīng)延續(xù)了一百多年,經(jīng)歷了五次大的并購浪潮后,一大部分大型企業(yè)集團迅速崛起。并購是市場經(jīng)濟高度發(fā)展的產(chǎn)物,已成為當(dāng)代企業(yè)經(jīng)營的有效手段,也極大地推動了全球經(jīng)濟的發(fā)展乃至騰飛。在市場經(jīng)濟條件下,現(xiàn)代企業(yè)發(fā)展的重要途徑便是并購,企業(yè)獲得外部資源、擴大經(jīng)營規(guī)模大多都是通過并購來實現(xiàn)的。改革開放以來,我國的中小企業(yè)數(shù)量激增,這些企業(yè)大多科技含量高、成長性好,越來越明顯地推動著我國經(jīng)濟的發(fā)展。但是,中小企業(yè)成長到一定階段,由于受到自身規(guī)模的限制,必然會遇到發(fā)展的瓶頸,此時,出于長期發(fā)展規(guī)劃的考慮,越來越多的中小企業(yè)會選擇并購來實現(xiàn)跨越發(fā)展。因此,并購活動不僅僅活躍在大公司的繼續(xù)發(fā)展壯大過程中,越來越多的中小企業(yè)也選擇并購來擴大生產(chǎn)規(guī)模,實現(xiàn)企業(yè)做大做強。全球大約有三分之一的小公司是在并購中成長起來的。 我國中小板市場的發(fā)展開始于2004年,該板塊的上市公司是眾多中小企業(yè)的典型代表,這些企業(yè)大多業(yè)績表現(xiàn)好,自身的經(jīng)營管理水平優(yōu)于一般企業(yè),實力較強,因而表現(xiàn)出轉(zhuǎn)型為大型企業(yè)的勢頭,并且由于可以在資本市場上融資,因而比一般的中小企業(yè)更易于籌集到并購所需資金。鑒于以上主觀與客觀兩方面的原因,我國中小板上市公司近些年來參與的并購活動與日俱增。 并購能夠為中小板上市公司提供一條快速發(fā)展的道路,但是同時也應(yīng)該注意到,這些公司實施并購也會遇到很多問題。因為其中大部分是民營企業(yè),政府扶持力度小,實施并購大多具有自發(fā)性,也表現(xiàn)出一定的盲目性,并且由于長期的小規(guī)模經(jīng)營難以駕馭規(guī)模迅速擴張后的局面,因此整合的效率和效果也堪憂,這些外部的不利因素都會在一定程度上影響并購后公司的績效。對于該板塊企業(yè)績效的考察可以評判并購效果的優(yōu)劣,因而研究中小板上市公司的并購績效具有充分的現(xiàn)實意義。 在確定了研究方向和研究對象后,本文選取了2008年發(fā)生重大并購行為的我國中小板上市公司為研究樣本,因為該年度中小企業(yè)板塊發(fā)生的并購行為多,而且并購事件的發(fā)生時點距離本文開始創(chuàng)作的時點大約有三年,便于追蹤中長期的并購績效情況。 具體而言,本文是在回顧和總結(jié)了并購動因理論和國內(nèi)外實證研究的基礎(chǔ)上,結(jié)合我國中小板上市公司的發(fā)展現(xiàn)狀以及目前并購的情形,展開了實證研究。一方面,選取了目前研究企業(yè)中長期并購績效最成熟的方法——會計研究法來判斷并購前后績效的總體變化情況,發(fā)現(xiàn)并購方在實施并購后總體績效較并購前有所改善,但是并購績效在并購后急速上升后出現(xiàn)了逐年的下滑態(tài)勢；另一方面,本文檢驗了并購績效和公司財務(wù)指標(biāo)的相關(guān)關(guān)系,同時,對各項財務(wù)能力的變動趨勢與并購績效的變動趨勢進行了一一對比,發(fā)現(xiàn)中小板上市公司的盈利能力因素、營運能力因素和償債能力因素與并購績效的相關(guān)性較強,而成長性因素、擴張能力因素以及現(xiàn)金流能力因素與并購績效的相關(guān)性較弱。最后,針對實證研究的結(jié)論提出了政策建議,即中小板上市公司應(yīng)該致力于鞏固和提升前三方面的財務(wù)能力,可以從生產(chǎn)經(jīng)營、并購決策和財務(wù)管理等角度采取相應(yīng)的措施,而對于后三方面財務(wù)能力的提高也同樣不可以輕視,以增強中小板上市公司繼續(xù)成長擴張的潛力。具體而言,本文是從以下六個方面展開了研究： 第一章是導(dǎo)論部分,主要是用于明確我國中小板上市公司并購績效研究的背景、目的和意義、思路與內(nèi)容框架,為接下來的深入研究奠定了基礎(chǔ)。 第二章是理論和文獻綜述部分,在明確了并購和并購績效相關(guān)概念的基礎(chǔ)上,對經(jīng)典的企業(yè)并購動因理論做了簡短的回顧,然后對國內(nèi)外并購績效的實證研究方法以及結(jié)論進行了分類總結(jié),得出了現(xiàn)有研究的不足,明確了本文應(yīng)該彌補的缺陷。 第三章是現(xiàn)實基礎(chǔ)部分。對目前我國中小板上市公司的發(fā)展現(xiàn)狀,并購情況和環(huán)境特點進行了簡單的說明,為后文的研究提供了現(xiàn)實的背景。 第四章是實證研究設(shè)計部分。該部分首先說明了本文進行實證研究的對象,然后根據(jù)中小板上市公司并購的現(xiàn)實情況和已有的研究結(jié)論提出了兩點研究假設(shè)：假設(shè)一是中小板上市公司并購前后綜合績效會發(fā)生顯著的變化,是一個先升后降的過程；假設(shè)二是并購后,并購方的各項財務(wù)指標(biāo)因素會發(fā)生起伏變化,但是與并購績效的相關(guān)性有差異。接著闡述了實證研究的樣本選擇,然后對績效評價指標(biāo)的選取情況和原因進行了說明。最后演示了本文實證模型構(gòu)建和數(shù)據(jù)處理過程。 第五章是實證結(jié)果分析部分。在對我國中小板上市公司并購總體績效進行評價之后,又進行了財務(wù)指標(biāo)因素與并購績效的相關(guān)性檢驗,對比分析了財務(wù)能力變動趨勢與并購績效的變動趨勢,挖掘出了影響績效變化的主要財務(wù)能力因素。 第六章是研究結(jié)論、主要貢獻和建議部分,該部分首先對論文的研究結(jié)論進行了總結(jié),然后歸納出了本文的主要貢獻和研究的不足之處,最后結(jié)合我國中小板上市公司的并購現(xiàn)狀,從企業(yè)的生產(chǎn)經(jīng)營、財務(wù)管理、并購決策等方面提出了優(yōu)化績效的建議。 本文的主要貢獻可以歸結(jié)為以下幾點： (1)研究對象和內(nèi)容的開拓性 一方面,本文選取的并購績效的研究對象為我國的中小板上市公司,而以往并購績效的研究對象多數(shù)為不細分板塊的全體上市公司或是某一行業(yè)(比如醫(yī)藥行業(yè))的企業(yè),因此本文所選取的研究對象具有開拓性；另一方面,針對中小企業(yè)尤其是中小板上市公司的并購活動,目前我國學(xué)術(shù)界的研究熱點一直都集中在并購動因、并購策略、并購風(fēng)險以及并購融資問題上,對于中小企業(yè)并購績效的研究很少,今后將會是一個研究的熱點問題,因為隨著中小板上市公司的數(shù)量激增,該板塊的并購活動會越來越活躍,對績效的研究能夠為這些企業(yè)乃至全體中小企業(yè)的并購整合提供一定的參考價值。 (2)樣本選取方法的嚴(yán)謹性 在研究我國中小板上市公司的并購績效時,本文采用了同一年的樣本公司展開研究。但是過去的大多數(shù)并購績效的研究是將連續(xù)幾年中發(fā)生重大并購事件的公司籠統(tǒng)地納入樣本范圍進行研究,這樣就會產(chǎn)生不同年度,由于不一樣的外部條件影響研究結(jié)論得出的弊端。本文所采用的樣本選取方法能夠在一定程度上減小這一影響,因而加強了研究結(jié)論的準(zhǔn)確性。 (3)研究結(jié)論對中小板上市公司的指導(dǎo)性 本文針對我國中小板上市公司的并購績效,從兩個方面展開了實證研究,一方面從并購前后績效變化情況的考察入手,另一方面從尋找績效變化的財務(wù)能力因素出發(fā),得到的研究結(jié)論不僅顯示了我國中小板上市公司并購的長期效果,而且也挖掘到了主要的影響因素,因而可以為中小板上市公司今后進行并購決策提供參考,也為已經(jīng)實施了并購的企業(yè)提高績效提出了一點建議。 但是,本文由于受到研究條件的限制以及作者的研究水平有限的影響,還有很多不足之處以待今后的進一步研究來彌補,表現(xiàn)在： (1)研究樣本的數(shù)量有限 本文在研究中小板上市公司并購績效時,由于受到資料和研究時間的限制等原因,并沒有將中小板自成立以來各個年度所發(fā)生的重大并購事件都納入研究范圍,而僅以2008年度的樣本公司做研究,這樣雖然減小了外部因素在不同年度所發(fā)生的變化對并購績效帶來的不確定的影響,但也會由于研究樣本較少使得研究的結(jié)論缺乏普遍性,因而在樣本選取的問題上,存在兩難。 (2)研究“窗口期”的選取 對于研究“窗口期”的選取,本文的研究時限只考慮到并購行為發(fā)生后的第二年,樣本數(shù)據(jù)不夠大,很多情況下,并購對績效的影響在兩年的時間內(nèi)還無法體現(xiàn),這在一定程度上可能會影響結(jié)論的準(zhǔn)確性。但是如果將時間跨度做進一步的延長,就不能避免更多不相干的外部因素造成干擾,影響結(jié)論的準(zhǔn)確性。所以在財務(wù)數(shù)據(jù)的時間跨度選取問題上,也需要考慮到這一矛盾,將不相關(guān)的影響降至最小。 (3)外部因素的干擾 本文在研究過程中,將并購認為是影響中小板上市公司績效發(fā)生變化的主要因素,沒有剔除宏觀經(jīng)濟環(huán)境、不同的行業(yè)狀況、政府政策等相關(guān)外部因素的影響,這些方面的因素也會在一定程度上影響企業(yè)的并購績效,因而在今后的研究中應(yīng)該進一步考慮如何將這些因素的影響降到最低。
[Abstract]:In the process of rapid development of the global economy, corporate mergers and acquisitions activity is always the beautiful scenery. In the western developed countries, mergers and acquisitions has already lasted more than 100 years, has experienced five major waves of mergers and acquisitions, most large enterprises rapid rise. Mergers and acquisitions is a product of the development of market economy, has been an effective means of contemporary business, but also greatly promote the development of the global economy and development. Under the condition of market economy, an important way to the development of modern enterprise is the enterprise merger and acquisition, access to external resources, expand the scale of operation are realized through mergers and acquisitions. Since the reform and opening up, the number of SMEs in China in most of these enterprises, high technology content, good growth, more and more obvious impetus to China's economic development. However, to grow to a certain stage of small and medium-sized enterprises, due to their own The size of the limit, will inevitably encounter development bottleneck, at this time, for the long term development planning considerations, more and more small and medium-sized enterprises will choose mergers and acquisitions to achieve leapfrog development. Therefore, mergers and acquisitions activities not only active in the development of large companies continue to grow in the process, more and more small and medium-sized enterprises also choose mergers and acquisitions to expand the scale of production, the realization of enterprise bigger and stronger. Around 1/3 of the global small company grew up in mergers and acquisitions.
The development of China's small and medium-sized board market began in 2004, the board of listed companies is a typical representative of many small and medium enterprises, these enterprises are mostly good performance, their management level is better than the general enterprise, strong strength, so that the transition to the momentum of large enterprises, and due to the financing in the capital market, and it is easier to raise funds required for mergers and acquisitions than the general small and medium-sized enterprises. In view of the above two aspects of subjective and objective, listed companies involved in mergers and acquisitions in recent years grow with each passing day.
Mergers and acquisitions of listed companies can provide a way for the rapid development of small and medium-sized board, but at the same time, it should be noted that these mergers will encounter many problems. Because most of them are private enterprises, government support, the implementation of mergers and acquisitions are mostly spontaneous, also showed a certain blindness, and because of the long-term small scale business is difficult to control the rapid expansion of the scale of the situation, so the efficiency and effectiveness of the integration is also worrying, disadvantage of these external factors will affect the performance of the company after the merger in a certain extent. You can judge the effects of mergers and acquisitions in the sector enterprise performance advantages and disadvantages, have sufficient practical significance and Research on M & a performance of listed companies on SME.
In determining the research direction and the research object, this paper selects China's small and medium-sized board in 2008 major mergers and acquisitions of listed companies as research samples, because of mergers and acquisitions this year the SME sector occurred, and merger events at the beginning of this thesis, a point distance point for about three years, for the long-term performance of mergers and acquisitions track.
Specifically, this paper is reviewed and summarized domestic and international M & a theory and empirical research, combining the development status quo of China's SME board listed companies as well as the current situation of mergers and acquisitions, empirical research is carried out. On the one hand, the current study on corporate long-term purchase and performance of the most mature accounting research method to determine the overall performance changes before and after the acquisition, found the acquirer in the implementation of M & A after the overall performance is improved before the merger, but the merger performance rapid rise after the merger occurred after declining trend year by year; on the other hand, this paper examines the correlation between performance of mergers and acquisitions and corporate financial indicators at the same time, changing trend and M & a performance on the financial ability of the one by one comparison, found that the profitability factors of SME board listed companies, operating ability and debt paying ability for With the performance of mergers and acquisitions strong correlation, and growth factors, correlation factors of expansion ability and cash flow ability factors and the performance of mergers and acquisitions is weak. Finally, according to the empirical research conclusions and put forward policy recommendations, namely the SME board listed companies should strive to consolidate and enhance the three aspects of the financial ability, from the production perspective M & a decision-making and financial management and take corresponding measures, and to improve the financial ability after three also can not be ignored, in order to enhance the SME board listed companies continue to grow and expand potential. Specifically, this study is carried out from the following six aspects:
The first chapter is the introduction part, which is mainly used to clarify the background, purpose and significance, train of thought and content framework of the research on M & a performance of China's small and medium board listed companies, laying the foundation for further research.
The second chapter is the theory and literature review, based on the merger and acquisition performance related concepts, the classical enterprise merger theory made a brief review and empirical research methods at home and abroad the performance of mergers and acquisitions conclusion are summarized, the shortcomings of existing research, this paper clarifies the defects should be for it.
The third chapter is the basic part of reality. The development status, acquisition and environmental characteristics of small and medium-sized listed companies in China are briefly explained, which provides a realistic background for later research.
The fourth chapter is the empirical research. The first part explains the object of the empirical research, then based on the reality of SME mergers and acquisitions of listed companies and the existing conclusions put forward two hypotheses: one is that small and medium-sized board before and after the mergers and acquisitions of listed companies comprehensive performance will change significantly, is a first rise after the fall of the process; hypothesis two is after the merger, the financial factors the acquirer will occur ups and downs, but the correlation with the performance of mergers and acquisitions are different. Then discusses the selection of empirical research samples, and then the evaluation index of the performance and reasons of selection are described. Finally, this paper demonstrates the empirical model and the process of data processing.
The fifth chapter is the empirical results section. After the mergers and acquisitions of Listed Companies in China's SME board overall performance evaluation, and the correlation test of financial index factors and the performance of mergers and acquisitions, comparative analysis of the financial capability change trend and the performance of mergers and acquisitions, dig out the main influence factors of financial capacity performance changes.
The sixth chapter is the conclusion of the study, the main contributions and suggestions, conclusion the first part of the research are summarized, and then summarizes the main contributions and shortcomings of this thesis, combining the current situation of MampA of listed companies, from the production and operation of enterprises, financial management, put forward the optimization performance suggestions on the merger decision.
The main contributions of this article can be attributed to the following points:
(1) the exploration of the object and content of the study
On the one hand, the object of study in this paper the performance of M & a board for small and medium-sized listed companies, while most previous studies focus on the performance of mergers and acquisitions for the majority of listed companies is not sub sector or an industry (such as the pharmaceutical industry) of the enterprise, so the research object of this paper selected the pioneering; on the other hand, in view of the small and medium-sized enterprises especially small and medium sized listed companies mergers and acquisitions, current research focus in the academic circle of our country has been focused on mergers and acquisitions strategy, mergers and acquisitions and mergers and acquisitions, the risk of financing for small and medium-sized enterprises, little research on the performance of mergers and acquisitions, the future will be a hotspot, because with the small number of listed the company in the sector mergers and acquisitions will be more active, to provide a reference price for these enterprises and the small and medium-sized enterprise merger integration on Performance Value.
(2) the rigor of the sample selection method
M & a performance in the study of China's small and medium sized listed companies, the same year the Sample Firms research. But in the past most of the research on the performance of mergers and acquisitions is for several years in major mergers and acquisitions companies generally included in the sample range studied, it will produce different year, due to the disadvantages influence research conclusion not the same as the external conditions are obtained. This paper uses a sample selection method can reduce the influence to a certain extent, thus strengthening the accuracy of the conclusions of the study.
(3) the guidance of the research conclusions to the listed companies of small and medium sized boards
In this paper, the performance of merger for China's small and medium sized listed companies, empirical research is carried out from two aspects, on the one hand from the start on the performance changes before and after the acquisition, on the other hand, from the perspective of financial ability factors to find performance changes, we can get the result not only shows the long-term effects of mergers and acquisitions of Listed Companies in China's SME board. But also dig into the main factors, which can be as small board of Listed Companies in the future to provide the reference for the merger decision, has implemented a merger to propose some suggestions to improve enterprise performance.
However, due to the limitation of research conditions and the limited influence of the author's research level, there are still many shortcomings to be compensated for further research.
(1) the number of research samples is limited
Based on the study of small and medium-sized board acquisition performance of listed companies, due to the limitations of time and materials, and no major acquisitions since the establishment of small and medium-sized board will each year have included in the study, but only in the 2008 year of the Sample Firms to do research, although this change reduced happened in different year outside the factors on the performance of uncertain influence, but also because of the small sample size makes the conclusion of the study is lack of universality, so there is a dilemma in the sample selection on the issue.
(2) the study of the selection of "window period"
For the selection of the "window period", this study only considering mergers and acquisitions occurred after second years, the sample data is not big enough, in many cases, the influence on the performance of mergers and acquisitions is not reflected in the two years, the accuracy of which to some extent may affect the conclusion. But if the time span a further extension, cannot avoid more external factors do not cause interference, influencing the accuracy of the conclusion. So in the financial data of the time span selection problem, also need to take into account this problem, will not affect related to a minimum.
(3) interference from external factors
In the process of research, the mergers and acquisitions that are the main factors that influence the performance of the listed companies in SME board changes, not excluding the macroeconomic environment, different industry conditions, effects of external factors related government policy, these factors will affect the performance of enterprises in a certain extent, thus further consider how to influence these factors should be minimized in the future research.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F271;F832.51;F224

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