本文選題：中小板上市公司 + 并購績效�。� 參考：《華東師范大學》2017年碩士論文

【摘要】：并購作為一種重要的外延式資本運作模式,在將企業(yè)做大做強、優(yōu)化資源配置等方面的作用越來越凸顯。并購雙方的行業(yè)相關性作為并購決策中的一大因素,對并購績效產(chǎn)生重要影響,并購后的績效究竟能否得到改善一直是理論界和實務界關注的焦點。鑒于此,本文深入研究并購雙方行業(yè)相關性與并購績效之間的關系,并有針對性的為主并公司、相關中介機構以及監(jiān)管部門提供優(yōu)化建議。本文首先解釋了行業(yè)相關性與并購績效的定義,并分別從業(yè)務、管理等方面的協(xié)同和減少信息不對稱的傳導路徑角度研究了行業(yè)相關性與并購績效的關系。接著,本文梳理了中小板上市公司近年來快速發(fā)展的態(tài)勢以及不同于主板和創(chuàng)業(yè)板公司的并購現(xiàn)狀,在并購標的的選擇上,中小板上市公司更傾向于選擇行業(yè)相關性強的企業(yè),相同或相近的業(yè)務模式帶來了較低的整合風險,能更快的提升市場集中度,鞏固競爭優(yōu)勢,改善企業(yè)的績效。在實證研究部分,本文以2011年至2013年我國中小板上市公司實施完成的148起并購事件為樣本,手工梳理財務指標,運用因子分析法構建綜合績效評價方程,計算并購前后各樣本的績效得分,后又以行業(yè)相關性為自變量,考察其對并購后一期和二期績效的影響是否顯著,研究發(fā)現(xiàn):并購雙方行業(yè)相關性對主并公司并購績效的影響有滯后性,在并購完成之后的第一年,并購雙方不同的行業(yè)相關性對主并公司績效的影響沒有顯著差異,而在并購完成之后的第二年,相關行業(yè)并購比非相關行業(yè)并購更能提高主并公司的績效,不同的行業(yè)相關性在長期對中小板上市公司并購后績效產(chǎn)生顯著影響。相關行業(yè)并購使得主并公司對標的企業(yè)在業(yè)務和管理上有更多的認識,減少了信息不對稱問題,有助于產(chǎn)生協(xié)同效應,而協(xié)同效應的發(fā)揮需要一個過程,在短期并沒有很好地體現(xiàn),在長期主并公司通過整合目標公司的資源、管理及經(jīng)驗,提高公司的經(jīng)營效率、擴大市場占有率,能取得更高的績效。
[Abstract]:As an important extension of capital operation mode, M & A plays a more and more important role in making enterprises bigger and stronger, optimizing resource allocation and so on. As a major factor in M & A decision-making, the industry correlation of both sides of M & A has an important impact on the performance of M & A. Whether the performance after M & A can be improved has always been the focus of theoretical and practical circles. In view of this, this paper deeply studies the relationship between industry correlation and M & A performance of both sides of M & A. This paper first explains the definition of industry correlation and M & A performance, and studies the relationship between industry correlation and M & A performance from the perspective of business, management and transmission path to reduce information asymmetry. Then, this article combs the small and medium-sized board listed companies in recent years rapid development situation and different from the main board and the gem M & A status quo, in the M & A target selection, small and medium-sized board listed companies are more inclined to choose enterprises with strong industry relevance. The same or similar business model brings low integration risk, can improve the market concentration faster, consolidate the competitive advantage, and improve the performance of the enterprise. In the part of empirical research, this paper takes 148 M & A events completed by Chinese small and medium-sized board listed companies from 2011 to 2013 as samples, combs the financial indexes manually, and constructs the comprehensive performance evaluation equation by factor analysis. After calculating the performance scores of each sample before and after M & A, and taking the industry correlation as the independent variable, to investigate whether the impact on the performance of the first and second phase after M & A is significant. In the first year after the completion of the merger and acquisition, there is no significant difference in the impact of different industry correlation between the two parties on the performance of the merger and acquisition. In the second year after the completion of M & A, M & A in related industries can improve the performance of main and merged companies better than those in non-related industries, and different industry correlations have a significant impact on the performance of listed companies with small and medium-sized boards in the long run. M & A in related industries makes the host and merge company have more understanding of the business and management of the target company, reduce the information asymmetry problem, and help to produce the synergy effect, and the synergy effect needs a process. In the short term, the company can achieve higher performance by integrating the resources, management and experience of the target company, improving the company's operating efficiency and expanding its market share.
【學位授予單位】：華東師范大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F276.3;F271

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