本文選題：煤炭企業(yè)　切入點(diǎn)：政府規(guī)制　出處：《中國(guó)礦業(yè)大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：煤炭行業(yè)作為我國(guó)傳統(tǒng)能源行業(yè)之一，在國(guó)民經(jīng)濟(jì)中占有重要的戰(zhàn)略地位。與此同時(shí)，大量無(wú)序、低效的煤炭資源開(kāi)采活動(dòng)所帶來(lái)的投資短期化、煤電矛盾加劇等問(wèn)題，困擾著我國(guó)煤炭工業(yè)以及整個(gè)能源行業(yè)的健康持續(xù)發(fā)展。煤炭資源整合是煤炭企業(yè)在短期內(nèi)擴(kuò)大市場(chǎng)份額和規(guī)模的快捷方式，在過(guò)去幾年里，政府大力推進(jìn)煤炭資源整合與煤炭企業(yè)兼并重組，通過(guò)發(fā)展大型煤業(yè)集團(tuán)，淘汰了一大批不具備安全生產(chǎn)條件和開(kāi)采方法落后的小煤礦，，產(chǎn)業(yè)集約化發(fā)展水平顯著提高。隨著政府主導(dǎo)下煤炭資源整合如火如荼的進(jìn)行，采納何種整合路徑更能有效提高企業(yè)價(jià)值，實(shí)現(xiàn)經(jīng)濟(jì)效益與社會(huì)效益的雙贏，已成為理論上和實(shí)踐上需要切實(shí)解決的當(dāng)務(wù)之急。 本文按照“政府規(guī)制（起因）——并購(gòu)整合路徑選擇（過(guò)程）——公司并購(gòu)績(jī)效（結(jié)果）”研究思路，梳理以前學(xué)者在有關(guān)方面的文獻(xiàn)，從政府規(guī)制入手，研究了政府直接規(guī)制和間接規(guī)制對(duì)煤炭企業(yè)“三跨”整合路徑選擇的影響以及對(duì)并購(gòu)績(jī)效的影響途徑和效果。 通過(guò)分析，本文得出以下結(jié)論：第一，政府規(guī)制與并購(gòu)整合路徑方面，政府支持型規(guī)制與地方政府煤炭企業(yè)的跨行業(yè)并購(gòu)和跨地區(qū)并購(gòu)正相關(guān)；政府掠奪型規(guī)制與跨所有制并購(gòu)呈正相關(guān)關(guān)系，與跨地區(qū)并購(gòu)和跨行業(yè)并購(gòu)呈負(fù)相關(guān)關(guān)系；政府間接規(guī)制與跨所有制并購(gòu)負(fù)相關(guān)，與跨行業(yè)并購(gòu)正相關(guān)，與國(guó)有煤炭企業(yè)的跨地區(qū)并購(gòu)負(fù)相關(guān)。第二，政府規(guī)制與并購(gòu)績(jī)效影響方面，政府支持和政府掠奪與并購(gòu)績(jī)效的直接關(guān)系不顯著，政府的影響力不直接作用于并購(gòu)公司業(yè)績(jī)，但政府間接規(guī)制則與并購(gòu)績(jī)效負(fù)相關(guān)。政府支持在“三跨”并購(gòu)路徑的影響下與并購(gòu)績(jī)效正相關(guān)；政府掠奪在跨行業(yè)并購(gòu)的影響下對(duì)并購(gòu)績(jī)效產(chǎn)生負(fù)的效應(yīng)（地方政府樣本）；政府間接規(guī)制在“三跨”整合路徑的影響下給企業(yè)價(jià)值帶來(lái)負(fù)效應(yīng)。第三，在政府規(guī)制下跨所有制并購(gòu)與并購(gòu)績(jī)效相關(guān)性不顯著，跨地區(qū)并購(gòu)與績(jī)效負(fù)相關(guān)，跨行業(yè)并購(gòu)與并購(gòu)績(jī)效負(fù)相關(guān)。因此，雖然政府對(duì)煤炭企業(yè)“三跨”整合路徑進(jìn)行有選擇的積極推進(jìn)，但是政府“閑不住的手”對(duì)并購(gòu)煤炭企業(yè)業(yè)績(jī)的損害也隨之增加。
[Abstract]:As one of the traditional energy industries in China, the coal industry occupies an important strategic position in the national economy. At the same time, a large number of disorderly, inefficient coal resources mining activities brought about by the short-term investment, coal and electricity contradictions, and so on. The integration of coal resources is a quick way for coal enterprises to expand their market share and scale in the short term. The government has vigorously promoted the integration of coal resources and the merger and reorganization of coal enterprises. Through the development of large coal industry groups, it has eliminated a large number of small coal mines that do not have safe production conditions and backward mining methods. As the integration of coal resources under the guidance of the government is in full swing, the adoption of the integration path can effectively improve the value of enterprises and achieve a win-win situation between economic and social benefits. Has become a theoretical and practical need to effectively solve the urgent matter. According to the research idea of "government regulation (cause of merger and acquisition integration path choice (process)-company M & A performance (result)", this paper combs the previous literatures of scholars, and starts with government regulation. This paper studies the influence of government direct regulation and indirect regulation on the choice of "three-span" integration path for coal enterprises, as well as the influence ways and effects on the performance of mergers and acquisitions. Through analysis, this paper draws the following conclusions: first, government regulation and M & A integration path, government support regulation and local government coal enterprises cross-industry M & A and cross-regional M & A positive correlation; There is a positive correlation between government plundering regulation and cross-ownership M & A, a negative correlation with cross-regional M & A and cross-industry M & A, a negative correlation between government indirect regulation and cross-ownership M & A, and a positive correlation between government indirect regulation and cross-industry M & A. Second, the direct relationship between government support and government plunder and M & A performance is not significant, and the influence of government does not directly affect the performance of M & A companies. However, indirect government regulation is negatively related to M & A performance. Government support is positively related to M & A performance under the influence of "three straddle" M & A paths. The negative effect of government plunder on M & A performance under the influence of cross-industry M & A (sample of local government; indirect government regulation brings negative effect to enterprise value under the influence of "three straddling" integration path. Third, Under the government regulation, the correlation between cross-ownership M & A and M & A performance is not significant, cross-regional M & A is negatively correlated with M A performance, cross-industry M A is negatively correlated with M A performance. Although the government actively and selectively promotes the integration path of coal enterprises, the damage to the performance of mergers and acquisitions of coal enterprises caused by the government's "restless hands" has also increased.
【學(xué)位授予單位】：中國(guó)礦業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F271;F426.21;D630

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