發(fā)布時(shí)間：2018-06-25 14:30

  本文選題：橫向并購(gòu) + 傳染效應(yīng)�。� 參考：《東北財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：在國(guó)家并購(gòu)重組政策的指導(dǎo)下,并購(gòu)成為企業(yè)實(shí)現(xiàn)低成本快速擴(kuò)張的重要戰(zhàn)略性舉措。2006年以來(lái),《上市公司收購(gòu)管理辦法》和《反壟斷法》草案的出臺(tái)為國(guó)內(nèi)并購(gòu)交易設(shè)立交易程序,推動(dòng)并購(gòu)市場(chǎng)活躍。上市公司積極通過(guò)橫向并購(gòu)進(jìn)行整合優(yōu)質(zhì)資產(chǎn)和消化過(guò)剩產(chǎn)能,造成橫向并購(gòu)行為在很多產(chǎn)業(yè)競(jìng)相發(fā)生。理論界對(duì)橫向并購(gòu)現(xiàn)象早已進(jìn)行廣泛而深入的研究,從規(guī)模經(jīng)濟(jì)和效率理論視角解釋橫向并購(gòu)的動(dòng)因,但已有研究多以企業(yè)作為研究主體,沒(méi)有從產(chǎn)業(yè)網(wǎng)絡(luò)視角做出比較權(quán)威的解釋。 針對(duì)橫向并購(gòu)行為在諸多產(chǎn)業(yè)出現(xiàn)的現(xiàn)象,本文以2003-2012年中國(guó)上市公司并購(gòu)重組數(shù)據(jù)作為研究樣本,結(jié)合中國(guó)2007年投入產(chǎn)出數(shù)據(jù),從復(fù)雜網(wǎng)絡(luò)分析出發(fā),通過(guò)大樣本數(shù)據(jù)的回歸分析考察橫向并購(gòu)行為的上下游產(chǎn)業(yè)傳染效應(yīng),以及產(chǎn)業(yè)關(guān)聯(lián)程度和產(chǎn)業(yè)管制特征對(duì)橫向并購(gòu)行為的縱向傳染效應(yīng)的影響。 本文研究發(fā)現(xiàn)：(1)橫行并購(gòu)行為對(duì)上下游產(chǎn)業(yè)的橫向并購(gòu)行為有正向影響。即橫向并購(gòu)行為在上下游產(chǎn)業(yè)存在傳染效應(yīng)。(2)如果上下游產(chǎn)業(yè)與目標(biāo)產(chǎn)業(yè)關(guān)聯(lián)程度越強(qiáng),那么橫向并購(gòu)的縱向傳染效應(yīng)越強(qiáng)。(3)目標(biāo)產(chǎn)業(yè)和上下游產(chǎn)業(yè)均屬于管制性產(chǎn)業(yè)時(shí),橫向并購(gòu)行為對(duì)上下游產(chǎn)業(yè)橫向并購(gòu)行為無(wú)正向影響。當(dāng)目標(biāo)產(chǎn)業(yè)和上下游產(chǎn)業(yè)都屬于非管制性產(chǎn)業(yè)時(shí),橫向并購(gòu)行為對(duì)上下游產(chǎn)業(yè)的傳染效應(yīng)具有顯著影響。研究結(jié)果表明,目標(biāo)產(chǎn)業(yè)衡向并購(gòu)行為是作為應(yīng)對(duì)產(chǎn)業(yè)環(huán)境的反應(yīng)機(jī)制而存在,部分地跟隨關(guān)聯(lián)產(chǎn)業(yè)的橫向并購(gòu)行為而出’現(xiàn)。于是,橫向并購(gòu)行為現(xiàn)象在產(chǎn)業(yè)網(wǎng)絡(luò)中實(shí)現(xiàn)傳染和傳播。 上述研究不僅在理論上驗(yàn)證和豐富企業(yè)并購(gòu)動(dòng)機(jī)理論和并購(gòu)傳染機(jī)制,而且在實(shí)踐方面為相關(guān)政策制定提供有價(jià)值的參考和指導(dǎo)。橫向并購(gòu)行為傳染效應(yīng)的提出有利于指導(dǎo)政府在制定產(chǎn)業(yè)兼并重組政策時(shí)考慮產(chǎn)業(yè)網(wǎng)絡(luò)的作用。在考慮目標(biāo)產(chǎn)業(yè)的規(guī)模和升級(jí)前提下,依據(jù)其上下游產(chǎn)業(yè)的橫向資源整合活動(dòng)情形,以及產(chǎn)業(yè)的管制特征等因素,政府便于有效地制定和執(zhí)行產(chǎn)業(yè)調(diào)整規(guī)劃和政策,充分利用市場(chǎng)在淘汰落后產(chǎn)業(yè)的作用,推動(dòng)產(chǎn)業(yè)結(jié)構(gòu)調(diào)整和優(yōu)化升級(jí)。
[Abstract]:Under the guidance of the national Merger and reorganization policy, merger and acquisition has become an important strategic measure for enterprises to achieve rapid and rapid expansion of low cost. Since.2006, the introduction of the purchase management method of listed companies and the draft of "antitrust law" has set up a transaction procedure for domestic mergers and acquisitions to promote the leap of the M & a market. The combination of high quality assets and excess capacity has resulted in the occurrence of horizontal mergers and acquisitions in many industries. The theoretical circle has already carried out extensive and in-depth research on horizontal mergers and acquisitions, explaining the motivation of horizontal mergers and acquisitions from the perspective of scale economy and efficiency theory. However, many studies have taken enterprises as research subjects, not from the perspective of industrial network. A more authoritative explanation.
In view of the phenomenon of horizontal mergers and acquisitions in many industries, this paper takes 2003-2012 years Chinese Listed Companies' Merger and acquisition data as the research sample, combined with the input and output data of China in 2007, starting from the complex network analysis, through the regression analysis of large sample data to investigate the upstream and downstream industrial infection effects of horizontal merger and acquisition, and the production. The influence of industry correlation and industry regulation on vertical contagion effect of horizontal mergers and acquisitions.
The study found that: (1) horizontal merger and acquisition behavior has a positive impact on horizontal mergers and acquisitions of upstream and downstream industries. That is, lateral mergers and acquisitions have an infectious effect in the upstream and downstream industries. (2) the stronger the correlation between the upstream and downstream industries and the target industry, the stronger the vertical transmission effect of horizontal mergers and acquisitions. (3) the target industry and the upstream and downstream industries belong to the same. Horizontal mergers and acquisitions have no positive impact on horizontal mergers and acquisitions in the upstream and downstream industries. When both the target industry and the upstream and downstream industries belong to the non regulated industry, horizontal mergers and acquisitions have a significant impact on the upstream and downstream industries. The results show that the target industry balance is taken as a response to the industrial ring. The reaction mechanism of the territory exists, which is partly followed by the lateral mergers and acquisitions of the related industries, and the phenomenon of horizontal merger and acquisition is transmitted and transmitted in the industrial network.
The above research not only theoretically validates and enriches the theory of M & a motivation and the infection mechanism, but also provides valuable reference and guidance in practice. The introduction of the infection effect of horizontal merger and acquisition is helpful to guide the government to consider the role of industrial network in the formulation of the policy of industrial merger regrouping. Considering the scale and upgrading of the target industry, the government can effectively formulate and implement the industrial adjustment planning and policy according to the horizontal resource integration activities of the upstream and downstream industries, as well as the characteristics of the industry control, and make full use of the market to eliminate the backward industries, and promote the adjustment of industrial structure and the optimization and upgrading.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271

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