本文關(guān)鍵詞：企業(yè)并購類型對內(nèi)部資本市場效率的影響研究　出處：《東南大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：企業(yè)并購浪潮席卷全球,我國企業(yè)也不能避免,并購活動對企業(yè)產(chǎn)生劇烈沖擊。現(xiàn)實(shí)的需求催動理論界對企業(yè)并購進(jìn)行積極研究,其中關(guān)于并購動因和并購績效的研究尤為突出。內(nèi)部資本市場理論自出現(xiàn)以來就受到理論界和實(shí)務(wù)界的廣泛關(guān)注,理論研究和實(shí)踐應(yīng)用日益增多。并購活動從外部沖擊企業(yè),內(nèi)部資本市場由內(nèi)部發(fā)揮作用,將兩者結(jié)合起來研究具有理論和現(xiàn)實(shí)意義,而現(xiàn)有研究在這方面存有缺漏。本文將以此為切入點(diǎn),對企業(yè)并購行為對內(nèi)部資本市場及其效率的影響進(jìn)行動態(tài)地、整體地分析,探明其中的作用機(jī)理,進(jìn)而著重對并購類型對內(nèi)部資本市場及其效率的影響進(jìn)行深入研究,從而豐富內(nèi)部資本市場研究的理論框架,對了解內(nèi)部資本市場運(yùn)作機(jī)理、改善企業(yè)并購決策,確保企業(yè)內(nèi)部資本市場有效運(yùn)行具有一定的現(xiàn)實(shí)意義,有助于指導(dǎo)企業(yè)在不同的多元化程度下對不同并購類型的選擇,做出合理決策。本文在對前人的研究進(jìn)行總結(jié)歸納的基礎(chǔ)上提出本文的研究課題,繼而進(jìn)行理論分析和實(shí)證檢驗(yàn),最后得出研究結(jié)論。首先,從并購動因、并購過程和并購整合三方面著手分析企業(yè)并購行為對內(nèi)部資本市場及其效率的影響,發(fā)現(xiàn)企業(yè)并購行為對內(nèi)部資本市場及其效率的影響是雙向性的。通過設(shè)置并購組和配對組進(jìn)行實(shí)證檢驗(yàn),實(shí)證分析的結(jié)果表明企業(yè)進(jìn)行并購能夠提高其內(nèi)部資本市場效率。其次,將并購類型分為相關(guān)并購和非相關(guān)并購,探討其與相關(guān)多元化和非相關(guān)多元化之間的關(guān)系,繼而從資源配置效率與投資機(jī)會、信息掌握與交易成本、市場勢力等方面對兩種并購類型進(jìn)行分析,從理論上得出結(jié)論:不同并購類型對內(nèi)部資本市場效率有不同影響,相關(guān)并購對內(nèi)部資本市場效率的影響優(yōu)于非相關(guān)并購。對并購組進(jìn)行實(shí)證檢驗(yàn)的結(jié)果也與理論分析結(jié)論相符合。最后總結(jié)研究結(jié)果,提出具有針對性的結(jié)論,建議企業(yè)進(jìn)行并購決策時應(yīng)關(guān)注企業(yè)并購行為及并購類型與內(nèi)部資本市場及其效率的影響,在并購過程中控制多元化程度的變化,在并購整合階段應(yīng)妥善處理目標(biāo)企業(yè)控制權(quán)重置以及對新分部與其他分部的關(guān)系、總部與各分部的新關(guān)系的管理。
[Abstract]:M & A wave sweeping the world, Chinese enterprises can not be avoided, M & A activities to produce a violent impact on enterprises. The real demand to stimulate the theoretical circle of M & A to actively study. Among them, the research on M & A motivation and M & A performance is particularly prominent. The theory of internal capital market has been widely concerned by the theoretical and practical circles since the emergence of the theory. The theory research and the practice application are increasing day by day. The merger and acquisition activity shocks the enterprise from the outside, the internal capital market exerts the function from the inside, it has the theory and the practical significance to combine the two research. This paper will take this as a starting point to analyze the effect of M & A on the internal capital market and its efficiency dynamically, and to find out the mechanism. Further more, it focuses on the in-depth study of the impact of M & A types on the internal capital market and its efficiency, so as to enrich the theoretical framework of the internal capital market research and to understand the operating mechanism of the internal capital market. It is of practical significance to improve the decision of M & A and to ensure the effective operation of the internal capital market, which is helpful to guide enterprises to choose different types of M & A in different degree of diversification. Make reasonable decision. This paper puts forward the research topic of this paper on the basis of summing up the previous research, then carries on the theoretical analysis and the empirical test, finally obtains the research conclusion. First, from the M & A motivation. The process of M & A and the integration of M & A begin to analyze the impact of M & A behavior on the internal capital market and its efficiency. It is found that the impact of M & A behavior on the internal capital market and its efficiency is bidirectional. The results of empirical analysis show that M & A can improve the efficiency of internal capital market. Secondly, the types of M & A can be divided into related M & A and non-related M A. This paper discusses the relationship between the two types of M & A from the aspects of resource allocation efficiency and investment opportunities, information acquisition and transaction costs, market power and so on, and then analyzes the two types of mergers and acquisitions from the aspects of resource allocation efficiency and investment opportunities, information acquisition and transaction costs, market power and so on. From the theoretical conclusion: different types of mergers and acquisitions have different effects on the efficiency of the internal capital market. The effect of related mergers and acquisitions on the efficiency of internal capital market is better than that of non-related mergers and acquisitions. The empirical results of M & A group are also consistent with the conclusions of theoretical analysis. Finally, the research results are summarized and targeted conclusions are put forward. It is suggested that enterprises should pay attention to the influence of M & A behavior, types of M & A, internal capital market and their efficiency when making M & A decision, and control the change of diversification degree in the process of M & A. In the stage of merger and acquisition integration, the resetting of the control rights of the target enterprise and the management of the relationship between the new branch and other branches, and the new relationship between the headquarters and each branch should be properly handled.
【學(xué)位授予單位】：東南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F275;F832.51

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