本文關(guān)鍵詞： 企業(yè)生命周期 并購績效 股權(quán)結(jié)構(gòu)　出處：《重慶理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：并購重組作為實(shí)現(xiàn)公司價(jià)值增長的重要方式,它對優(yōu)化資本結(jié)構(gòu),促進(jìn)產(chǎn)業(yè)升級,增加市場競爭力都將具有深遠(yuǎn)而直接的影響。近年來,并購浪潮的盛行使并購的研究日益成為國內(nèi)外學(xué)者關(guān)注的焦點(diǎn),但尚未達(dá)成共識。這在很大程度上是由于企業(yè)內(nèi)在的異質(zhì)性所導(dǎo)致的。首先研究發(fā)現(xiàn)企業(yè)的并購動機(jī)和并購績效隨著企業(yè)所處的生命周期不同而有所不同。其次,股權(quán)結(jié)構(gòu)的類型不同也將對并購績效產(chǎn)生不同的影響。這是由于股權(quán)結(jié)構(gòu)會對公司股東控制權(quán)的大小和股東利益的分配有一定的影響。因此,對二者關(guān)系的研究將具有深刻的現(xiàn)實(shí)指導(dǎo)意義。在此背景下,本文討論的重點(diǎn)問題就是不同企業(yè)生命周期下的企業(yè)股權(quán)結(jié)構(gòu)的特點(diǎn)對并購?fù)瓿珊蟮墓究冃Мa(chǎn)生的影響。本文的研究方法主要是實(shí)證研究,還會涉及到規(guī)范研究,定性研究與定量研究,以期探討出在不同的企業(yè)生命周期下,股權(quán)結(jié)構(gòu)對并購績效會產(chǎn)生怎樣的影響。首先,對于解釋變量股權(quán)結(jié)構(gòu)的選取,一般都是從股東的持股比例和股權(quán)性質(zhì)這兩方面加以研究。由于我國的情況較為特殊,政府行為不同程度的存在于企業(yè)并購活動中,國有股在股權(quán)結(jié)構(gòu)中占有重要地位,因此本文還會以較多篇幅探討國有股多少與并購績效之間的影響。因此理論分析部分將從股權(quán)集中度、股權(quán)制衡度和國有股比例三方面闡述不同企業(yè)生命周期下的股權(quán)結(jié)構(gòu)對并購績效的作用機(jī)制,提出了相應(yīng)假設(shè)。實(shí)證部分,本文以托賓Q值作為并購績效評價(jià)指標(biāo),以發(fā)生在2012年的A股上市公司并購事件為研究對象,并按照一定的標(biāo)準(zhǔn)篩選出262家符合條件的A股上市公司為研究樣本,運(yùn)用stata工具,對我國不同企業(yè)生命周期下的股權(quán)結(jié)構(gòu)對并購績效的影響進(jìn)行了實(shí)證研究。實(shí)證結(jié)果顯示:(1)處于成長期的企業(yè),國有股比例和股權(quán)集中度的提高有助于并購績效的升高,而股權(quán)制衡度的提高則會對并購績效產(chǎn)生消極影響。(2)處于成熟期的企業(yè),國有股比例和股權(quán)集中度提高了,對應(yīng)的并購績效反而會有所降低,而股權(quán)之間的彼此制衡程度越高,并購績效將越好。(3)處于衰退期的企業(yè),股權(quán)表現(xiàn)得越集中,股權(quán)制衡能力越低,并購績效將會越好。而當(dāng)企業(yè)的國有股比例越高時(shí),反而會對企業(yè)的并購績效產(chǎn)生不利影響。本文探討處于不同企業(yè)生命周期階段的企業(yè)股權(quán)結(jié)構(gòu)的特點(diǎn)對并購績效的影響,這一頗為新穎的研究角度使得已有研究結(jié)果更具可靠性和實(shí)用性,也拓寬了并購績效的研究范圍。同時(shí),其建議有助于提升企業(yè)并購績效,優(yōu)化政府職能,更好地指導(dǎo)企業(yè)并購活動。
[Abstract]:Mergers and acquisitions as an important way to achieve the growth of corporate value, it will optimize the capital structure, promote industrial upgrading, increase market competitiveness will have a far-reaching and direct impact in recent years. With the prevalence of M & A, the research of M & A has become the focus of scholars at home and abroad. However, no consensus has been reached. This is largely due to the internal heterogeneity of the firm. Firstly, it is found that the motivation and performance of M & A vary with the life cycle of the firm. . Different types of ownership structure will also have different effects on M & A performance. This is because the ownership structure will have a certain impact on the size of shareholders' control rights and the distribution of shareholders' interests. The study of the relationship between the two will have a profound practical significance. In this context. The key issue discussed in this paper is the impact of the characteristics of corporate equity structure on corporate performance after completion of M & A. the research method of this paper is mainly empirical research. It also involves normative research, qualitative research and quantitative research, in order to find out how ownership structure will affect M & A performance under different enterprise life cycle. First of all. To explain the variable ownership structure selection, it is generally from the shareholder's shareholding ratio and the ownership nature two aspects to study, because of our country's situation is relatively special. The government behavior exists in the enterprise merger and acquisition to varying degrees, and the state-owned shares play an important role in the ownership structure. Therefore, this paper will also discuss the impact of the number of state-owned shares and M & A performance. Therefore, the theoretical analysis will focus on the degree of equity concentration. Three aspects of equity balance and the proportion of state-owned shares to explain the different enterprises under the life cycle of the role of ownership structure on M & A performance mechanism, put forward the corresponding assumptions. Empirical part. In this paper, Tobin Q value as M & A performance evaluation index, A share listed companies occurred in 2012 M & A events as the research object. According to certain criteria, 262 A-share listed companies are selected as research samples, using stata tools. This paper makes an empirical study on the effect of stock ownership structure on M & A performance in different life cycles of Chinese enterprises. The empirical results show that: 1) is in the growth stage of enterprises. The increase of the proportion of state-owned shares and the degree of equity concentration is conducive to the increase of M & A performance, while the improvement of equity balance degree will have a negative impact on M & A performance. With the increase of the proportion of state-owned shares and the degree of equity concentration, the corresponding M & A performance will be reduced, and the higher the degree of checks and balances between the shares, the better the M & A performance will be. The more concentrated the equity performance, the lower the equity balance ability, the better the M & A performance will be, and when the proportion of state-owned shares of the enterprise is higher. On the contrary, it will have a negative impact on the M & A performance. This paper discusses the impact of the characteristics of corporate equity structure on M & A performance in different stages of enterprise life cycle. This quite novel research angle makes the existing research results more reliable and practical, and also widens the scope of research on M & A. performance. At the same time, the suggestions are helpful to improve the performance of M & A and optimize the government functions. Better guide M & A activities.
【學(xué)位授予單位】：重慶理工大學(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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