本文選題：并購 + 并購績效��； 參考：《華南理工大學(xué)》2012年碩士論文

【摘要】：并購是企業(yè)迅速擴大規(guī)模的一種資源配置方式，但是學(xué)者們對并購是否給企業(yè)創(chuàng)造財富，對并購行為與并購績效之間的關(guān)系的研究結(jié)論卻不一致，甚至完全相反，主要原因是研究變量、方法，所處的環(huán)境假設(shè)前提不一致。改革開放三十年以來，我國的市場經(jīng)濟取得了舉世矚目的成績。然而，由于中央行政性分權(quán)和政府的地方保護主義，造成中國市場是一個分割的市場。因此，本文結(jié)合我國市場分割背景下，分析上市公司并購的動因，研究企業(yè)并購行為和特征與并購績效的關(guān)系，以及市場分割對企業(yè)并購行為和特征對并購績效之間關(guān)系的調(diào)節(jié)作用。通過研究結(jié)論，對當前企業(yè)并購以及市場分割這一狀態(tài)的存在提出相應(yīng)的建議。 本文以我國2006年發(fā)生并購的174家上市公司為研究樣本，考察不同地區(qū)間市場分割背景下，以總資產(chǎn)凈利率來衡量和檢驗并購后的績效，以及采用多元回歸分析方法檢驗影響上市公司并購績效的因素。通過文獻整理和假設(shè)檢驗發(fā)現(xiàn)，上市公司的并購當年績效有所提升，對比并購前后企業(yè)總資產(chǎn)收益率，企業(yè)并購后并購后總資產(chǎn)收益率有顯著的提高。因此，本文認為并購提高了上市公司的（財務(wù)）經(jīng)營績效。企業(yè)并行為與自身特征是影響企業(yè)并購績效的主要因素，如企業(yè)性質(zhì)，并購類型、關(guān)聯(lián)交易、并購相對規(guī)模，這些因素可以解釋并購后績效的變化，而且在市場分割背景下，市場分割程度調(diào)節(jié)這些影響因素對并購績效的變化。研究表明，，企業(yè)性質(zhì)對并購績效的顯著負向相關(guān)，支持了市場分割背景下，企業(yè)的并購行為受到政府的干預(yù)和影響，而且市場分割對企業(yè)性質(zhì)與并購績效之間的關(guān)系具有負向調(diào)節(jié)作用。橫向并購、縱向并購顯著好于混合并購。是否關(guān)聯(lián)交易對并購績效沒有顯著的影響，市場分割對關(guān)聯(lián)交易與并購績效之間的關(guān)系沒有調(diào)節(jié)作用。并購交易價格占總資產(chǎn)比例對并購績效具有顯著正向影響，而且在市場分割背景下，市場分割對并購交易價格占總資產(chǎn)比例與并購績效之間的關(guān)系具有正向調(diào)節(jié)作用。 通過本文的研究結(jié)論，認識到市場分割對企業(yè)并購及其并購績效的影響，因此必須打破目前存在的市場分割狀態(tài)，為企業(yè)提供更廣闊的發(fā)展空間。
[Abstract]:M & A is a kind of resource allocation method which expands the scale of enterprise rapidly. However, scholars' conclusions on whether M & A creates wealth and the relationship between M & A behavior and M & A performance are inconsistent, even completely opposite. The main reason is that the research variables, methods, the premise of the environmental assumptions are inconsistent. Since the reform and opening up 30 years ago, China's market economy has made remarkable achievements. However, due to central administrative decentralization and local protectionism, the Chinese market is a fragmented market. Therefore, under the background of market segmentation in China, this paper analyzes the motivation of M & A of listed companies, and studies the relationship between M & A behavior and M & A performance. And the effect of market segmentation on the relationship between M & A behavior and M & A performance. Through the conclusion of the research, this paper puts forward the corresponding suggestions on the existence of the current state of M & A and market segmentation. Based on 174 listed companies in 2006, this paper investigates the performance of M & A based on the net interest rate of total assets under the background of market segmentation among different regions. And the multiple regression analysis method is used to test the factors that affect the M & A performance of listed companies. Through literature collation and hypothesis test, it is found that the performance of listed companies in M & A has been improved, compared with the total return rate of assets before and after M & A, the total return rate of assets after M & A has been significantly improved. Therefore, this paper argues that M & A improves the (financial) operating performance of listed companies. Merger behavior and its own characteristics are the main factors that affect the performance of M & A, such as the nature of the enterprise, the type of M & A, the related transaction, the relative scale of M & A. These factors can explain the change of the performance after M & A, and under the background of market segmentation. Market segmentation regulates the changes of M & A performance caused by these factors. The research shows that the nature of the enterprise has a significant negative correlation with the M & A performance, which supports the intervention and influence of the government on the M & A behavior under the background of market segmentation. Moreover, market segmentation plays a negative role in regulating the relationship between enterprise nature and M & A performance. Horizontal mergers and acquisitions, vertical mergers and acquisitions are significantly better than mixed mergers and acquisitions. Whether related party transactions have no significant effect on M & A performance, and market segmentation has no effect on the relationship between related party transactions and M & A performance. The proportion of M & A transaction price to total assets has a significant positive impact on M & A performance, and under the background of market segmentation, market segmentation plays a positive role in regulating the relationship between M & A transaction price and M & A performance. Through the conclusion of this paper, we recognize the influence of market segmentation on M & A and M & A performance, so we must break the existing market segmentation state and provide a broader development space for enterprises.
【學(xué)位授予單位】：華南理工大學(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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