【摘要】：農(nóng)業(yè)作為國民經(jīng)濟的產(chǎn)業(yè)支撐,長期以來,其生產(chǎn)與發(fā)展都受到中央政府的強烈重視。涉農(nóng)上市企業(yè)是我國農(nóng)業(yè)先進生產(chǎn)力的代表,對于我國農(nóng)業(yè)經(jīng)濟的發(fā)展起著十分重要的推動作用。并購作為市場經(jīng)濟條件下的一種資源配置方式,在全球經(jīng)濟一體化的背景下,是涉農(nóng)上市企業(yè)不斷發(fā)展壯大的一條捷徑。從本質(zhì)上看,并購是通過企業(yè)產(chǎn)權、控制權的轉(zhuǎn)移和重新組合來達到促進企業(yè)成長的目的。但并購就像一把雙刃劍,企業(yè)可能會通過并購實現(xiàn)規(guī)模經(jīng)濟,或擴大市場份額,也可能因并購而陷于財務危機,或喪失競爭力。我國政府出臺·了一系列的政策措施,鼓勵涉農(nóng)上市企業(yè)通過并購重組的方式做大做強。在此背景下,涉農(nóng)企業(yè)如何通過并購實現(xiàn)企業(yè)成長成為普遍關注的問題。因此研究并購如何影響涉農(nóng)企業(yè)成長具有十分重要的現(xiàn)實意義�！疚囊�2006-2010年的中國上市公司中涉農(nóng)企業(yè)的135起并購事件為樣本,考察并購類型、并購相對規(guī)模、并購溢價、關聯(lián)交易與同一屬地對涉農(nóng)企業(yè)成長的影響,并從并購動機的角度給予解釋,同時研究政府補貼在并購規(guī)模、并購溢價影響企業(yè)成長過程中的角色。 研究發(fā)現(xiàn)：并購對涉農(nóng)企業(yè)的成長影響顯著。從并購類型上看,混合并購涉農(nóng)企業(yè)成長性要優(yōu)于橫向并購與縱向并購涉農(nóng)企業(yè)的成長性；從并購規(guī)模上看,并購相對規(guī)模越大,企業(yè)成長性越好,而政府補貼對并購規(guī)模與企業(yè)成長性之間的關系具有顯著的正向調(diào)節(jié)作用；從并購溢價上看,‘溢價程度與涉農(nóng)企業(yè)成長性之間存在顯著的負相關關系,即高溢價并未帶來高成長,而政府補貼對兩者之間的負相關關系具有顯著的強化作用；關聯(lián)交易并購對企業(yè)成長具有顯著負向作用；同一屬地并購與企業(yè)成長性之間并不存在顯著的相關性。 實證結(jié)果反映了中國涉農(nóng)企業(yè)的多元化并購效果好于專業(yè)化并購,但“背農(nóng)”的轉(zhuǎn)型是農(nóng)業(yè)成長路上的最大絆腳石；大多數(shù)的涉農(nóng)企業(yè)并購缺乏協(xié)同效應,追求控制權私利仍是主要的并購動機；政府補貼作為一種無償轉(zhuǎn)移形式被投入涉農(nóng)企業(yè),與農(nóng)業(yè)上市企業(yè)績效顯著相關,但其卻是一把雙刃劍,從財務報表上來看,如果運用得當,短期內(nèi)確實能夠大大改善涉農(nóng)企業(yè)的經(jīng)營績效,但是如果沒有相應正確的資金使用引導與規(guī)范機制,·那么政府補貼帶來的企業(yè)經(jīng)營業(yè)績的增長也只是營造了一種利潤大幅度增加的假象,暫時掩蓋了企業(yè)當前存在的經(jīng)營困境,長此以往必然會影響整個農(nóng)業(yè)行業(yè)的發(fā)展。 基于上述研究發(fā)現(xiàn),本文建議：首先,涉農(nóng)企業(yè)作為農(nóng)業(yè)的基本支撐,在決定并購策略、選定并購目標時應更加謹慎。不僅需要依據(jù)企業(yè)自身的資源現(xiàn)狀、行業(yè)特征,以企業(yè)未來的成長作為考量尺度選擇合適的并購方式,同時應該將承擔農(nóng)業(yè)行業(yè)發(fā)展的責任也作為慎重選擇的考量方面。混合并購固然能夠為企業(yè)迅速帶來收益,實現(xiàn)企業(yè)的短期績效目標,但隨著農(nóng)業(yè)體制的不斷變革以及農(nóng)業(yè)環(huán)境的持續(xù)改善,涉農(nóng)企業(yè)想要實現(xiàn)真正的成長,成為真正的農(nóng)業(yè)龍頭企業(yè),必須要走專業(yè)化的并購道路。其次,在清楚自身企業(yè)規(guī)模的情況下選擇合適的并購規(guī)模,不宜縮手縮腳,在臨界規(guī)模范圍內(nèi),大規(guī)模并購更值得肯定。再者,主并企業(yè)在并購中考慮向目標公司支付溢價時應慎重進行,充分考慮協(xié)同效應產(chǎn)生的條件、企業(yè)的獲利能力與潛在成長能力、業(yè)績補償?shù)目赡苄?合理確定并購中溢價支付水平,為企業(yè)未來可持續(xù)成長創(chuàng)造更好的條件。然后,政府應該在并購過程中加大稅收優(yōu)惠程度,增加稅收專項優(yōu)惠補貼種類及金額,在企業(yè)并購的過程中給予充分的財政補貼,但不能盲目發(fā)放補貼,在發(fā)放補貼前,政府相關部門應對企業(yè)此次并購行為的目的、過程以及補貼項目的實施程度進行調(diào)查,并合理評估該企業(yè)的經(jīng)營能力,如有違規(guī)及影響農(nóng)業(yè)行業(yè)發(fā)展的現(xiàn)象發(fā)生,企業(yè)應停止對企業(yè)各方面的優(yōu)惠政策并予以懲處,這樣不僅能夠鼓勵涉農(nóng)企業(yè)進行專業(yè)化并購,有利于促進企業(yè)成長,而且可以促進整個農(nóng)業(yè)行業(yè)的健康有序發(fā)展。最后監(jiān)管部門在審查涉農(nóng)企業(yè)的重大并購重組行為時應重視考察企業(yè)的長期發(fā)展?jié)摿?對以短期投機為目的的涉農(nóng)企業(yè)并購重組行為審慎放行,從制度和監(jiān)管層面減少涉農(nóng)企業(yè)的控制權私利行為,如果一旦發(fā)現(xiàn)有這種私利行為嚴重事件的發(fā)生,應對企業(yè)以及責任人給予一定的處罰；同時應更加關注企業(yè)尋求的“背農(nóng)”轉(zhuǎn)型行為,從農(nóng)業(yè)整個行業(yè)發(fā)展角度應慎重考慮涉農(nóng)企業(yè)的并購行為,必要時應通過立法形式對嚴重危害農(nóng)業(yè)行業(yè)發(fā)展的“背農(nóng)”轉(zhuǎn)型行為進行打擊。
[Abstract]:As the industry support of the national economy, agriculture has long been a strong focus of the central government for its production and development. The agriculture-related listed enterprise is the representative of the advanced agricultural productivity in China, and plays an important role in the development of China's agricultural economy. As a kind of resource allocation method under the condition of market economy, M & A is a shortcut to the development and development of the enterprise-related listed enterprises under the background of global economic integration. In essence, M & A is the purpose of promoting the growth of the enterprise through the transfer and recombination of the enterprise's property right and control right. But M & A is like a double-edged sword, and the enterprise may achieve economies of scale through M & A, or expand market share, and may be caught in financial crisis due to M & A, or lose competitiveness. China's government has introduced a series of policy measures to encourage the non-agricultural listing enterprises to do a big job through the way of merger and reorganization. In this background, how to realize the growth of enterprises through M & A becomes a common concern. Therefore, it is very important to study how M & A affects the growth of agriculture-related enterprises. In this paper,135 M & A events of the Chinese listed companies in 2006-2010 are taken as samples, and the type of M & A, the relative scale of M & A and the premium of M & A are examined. The influence of the related transaction and the same territory on the growth of the agriculture-related enterprises is given, and the explanation is given from the angle of the motives of the merger and acquisition, and the role of the government subsidy in the process of the growth of the enterprise is studied. research and development Now, the effect of M & A on the growth of agriculture-related enterprises is significant. From the type of M & A, the growth of M & A-related enterprises is superior to the growth of the cross-border M & A and the vertical M & A-related enterprises; from the acquisition scale, the larger the relative size of the M & A, the more the enterprise grows Good, and the government subsidy has a significant positive effect on the relationship between the size of the M & A and the growth of the enterprise; from the premium of the M & A, there is a significant negative correlation between the degree of premium premium and the growth of the agriculture-related enterprises, that is, the high premium does not bring the high price The long term and the government subsidy have a significant strengthening effect on the negative correlation between the two. The related transaction M & A has a significant negative effect on the growth of the enterprise; there is no significant correlation between the merger and the enterprise growth The empirical results reflect that the diversification and acquisition effect of the Chinese agriculture-related enterprises is better than that of the specialized M & A, but the transformation of the "back-farmer" is the biggest stumbling block in the agricultural growth path; most of the agriculture-related enterprises have a lack of synergistic effect, and the pursuit of the self-interest of the control is still the main factor. The government subsidy, as a kind of non-free transfer form, is put into the agriculture-related enterprise, it is related to the performance of the agricultural listing enterprise, but it is a double-edged sword, and from the financial statement, if it is used properly, it is indeed possible to greatly improve the transfession of the agriculture-related enterprise in the short term. The performance of the battalion, but if there is no corresponding right fund to use the guidance and specification mechanism, then the growth of the enterprise's business performance brought by the government subsidy is only a false impression of a large increase in the profit, which temporarily covers the current existence of the enterprise. The plight of the camp, which in the past must have an effect on the whole agricultural industry Based on the above-mentioned findings, this paper suggests that, first, the agriculture-related enterprises as the basic support of agriculture, in determining the M & A strategy and selecting the target of M & A It should be more prudent. It is not only necessary to choose the appropriate way of M & A based on the current status and industry characteristics of the enterprise itself, but also to take the responsibility of the development of the agriculture industry as a prudent choice. With regard to the consideration of the enterprise's short-term performance target, the agricultural enterprise wants to realize the real growth and become the real non-agricultural enterprise with the changing of the agricultural system and the continuous improvement of the agricultural environment. The leading enterprise of the industry must be specialized Second, to select the appropriate scale of M & A in the case of clear self-enterprise scale, it is not appropriate to shrink the foot, and in the critical scale range, large-scale M & A In addition, the main and the enterprise should be careful in taking into account the premium to be paid to the target company in the M & A, taking full consideration of the conditions of the synergistic effect, the profitability of the enterprise and the potential growth capacity, the possibility of the performance compensation, and the reasonable determination of the overflow in the M & A The level of price payment, which can be created for the sustainable growth of the enterprise in the future Better conditions. Then, the government should increase the tax preference level in the process of M & A, increase the type and amount of special preferential subsidies for tax, and give full financial subsidies in the process of enterprise merger and acquisition, but the subsidy can not be issued blindly. Before the subsidy is issued, the relevant departments of the government shall investigate the purpose, process and implementation of the subsidy project of the enterprise, and reasonably evaluate the operation ability of the enterprise, and if there is any violation and influence the development of the agricultural industry The phenomenon of the enterprise should stop the preferential policies and punish all aspects of the enterprise, so that not only can the agriculture-related enterprises be encouraged to carry out specialized M & A, it is beneficial to promote the growth of the enterprise, but also can promote the health of the whole agricultural industry The final regulatory department should pay more attention to the long-term development potential of the enterprise in the review of the major merger and reorganization of the agriculture-related enterprises, and take the prudent release of the merger and reorganization of the agriculture-related enterprises with the purpose of short-term speculation, so as to reduce the control of the agriculture-related enterprises from the system and the supervision level. The behavior of self-interest should be given a certain punishment to the enterprise and the responsible person if the occurrence of the serious event of such self-interest is found, and the "back-farmer" transformation behavior sought by the enterprise should be paid more attention, and the agriculture-related enterprise should be carefully considered from the development angle of the whole industry of agriculture The behavior of M & A should be changed in the form of legislation to the "back-farmer" of the development of the agricultural industry.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F324;F271

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