本文選題：橫向并購　切入點：收購方績效　出處：《北京交通大學》2017年碩士論文　論文類型：學位論文

【摘要】：企業(yè)規(guī)模擴張的方式一直受到關注,伴隨著我國多層次資本市場體系的建設和不斷完善,并購為企業(yè)實現(xiàn)規(guī)模的快速擴張?zhí)峁┝酥匾耐緩健鴥韧庀嚓P文獻有很多對于并購績效及其影響因素的研究,但是相對籠統(tǒng),不同并購方式的影響因素的作用程度和方向可能會具有不同的特點。近年來,在我國的境內并購事件中,橫向并購事件無論在數(shù)量上還是交易金額上幾乎占據(jù)了全部并購事件的一半。橫向并購有利于提高行業(yè)集中度、提升行業(yè)利潤水平,有利于收購方進行快速的擴張以實現(xiàn)規(guī)模經(jīng)濟,同時也為行業(yè)內一些企業(yè)提供了退出機制。鑒于橫向并購的重要地位和作用,本文從橫向并購出發(fā),在文獻研究的基礎上選取收購方作為研究視角,研究并購績效和影響并購績效的因素,期望為今后的橫向并購決策提供建議。本文從2011-2014年上市公司作為收購方的并購事件中按照相關的標準篩選出了 321個橫向并購樣本,在深入分析橫向并購影響收購方績效的路徑的基礎上,選取收購方經(jīng)行業(yè)調整的凈資產(chǎn)收益率作為衡量其并購績效的財務指標。運用單樣本T檢驗、配對樣本T檢驗和描述性統(tǒng)計的方法對橫向并購下,收購方在并購前后的績效表現(xiàn)進行分析,發(fā)現(xiàn)相比于并購前,在并購當年和并購后一年,收購方績效有所提升,在并購后兩年,沒有顯著的變化。這意味著,橫向并購能夠在一定程度上提高收購方的績效水平。在對影響橫向并購績效的因素進行分析時,選取反映公司特征、并購交易特征和行業(yè)特征的因素,具體選取公司規(guī)模、股權集中度、企業(yè)性質、是否涉及關聯(lián)交易、交易價格和行業(yè)增長率等六個因素進行研究,運用Healy模型進行回歸分析。回歸結果表明,進行橫向并購時,收購方績效與其公司規(guī)模正相關,與收購方所處行業(yè)的增長率正相關,與交易價格負相關,民營企業(yè)作為收購方的并購績效優(yōu)于國資控股企業(yè)的績效;橫向并購下,收購方績效水平與其股權集中度正相關,但是該因素的影響較弱;是否涉及關聯(lián)交易對橫向并購績效幾乎沒有影響。在得出結論的基礎上,本文提出相關的建議。
[Abstract]:With the construction and improvement of the multi-level capital market system in our country, the mode of enterprise scale expansion has been paid close attention to all the time. M & A provides an important way for enterprises to achieve the rapid expansion of scale. There are a lot of domestic and foreign literature on M & A performance and its influencing factors, but relatively general. The degree and direction of the influence factors of different M & A methods may have different characteristics. In recent years, in the domestic M & A events in China, Horizontal M & A events account for almost half of all M & A events in terms of both quantity and transaction amount. Horizontal M & A helps to increase industry concentration and improve industry profits. It is advantageous for the acquirer to expand rapidly to realize the scale economy, and also provides the exiting mechanism for some enterprises in the industry. In view of the important position and function of horizontal M & A, this paper starts from horizontal M & A. On the basis of literature research, the author chooses the acquirer as the research angle to study the performance of M & A and the factors that affect the performance of M & A. In this paper, 321 samples of horizontal M & A are selected from the M & A events of listed companies as acquirers in 2011-2014 according to the relevant criteria. On the basis of in-depth analysis of the ways in which horizontal M & A affects the performance of the acquirer, the author selects the return on net assets adjusted by industry as the financial index to measure the performance of M & A. The single-sample T test is used to test the performance of M & A. The paper analyzes the performance of the acquirer before and after M & A by paired sample T test and descriptive statistics. It is found that the performance of the acquirer is improved in the year of M & A and one year after M & A compared with before M & A. Two years after the merger, there is no significant change. This means that the horizontal merger can improve the performance of the acquirer to a certain extent. The characteristics of M & A transaction and the factors of industry characteristics, the specific selection of the company size, equity concentration, nature of the enterprise, whether related transactions, transaction prices and industry growth rate of six factors to study, Regression analysis with Healy model shows that the performance of the acquirer is positively correlated with the size of the company, positively correlated with the growth rate of the industry, and negatively correlated with the transaction price. The performance of private enterprises as acquirers is better than that of state-owned holding enterprises. In horizontal mergers and acquisitions, the performance level of acquirers is positively related to their ownership concentration, but the influence of this factor is weak. Whether related party transactions have little effect on horizontal M & A. performance. On the basis of the conclusion, this paper puts forward some relevant suggestions.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F832.51

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