本文選題：橫向并購(gòu)　切入點(diǎn)：收購(gòu)方績(jī)效　出處：《北京交通大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：企業(yè)規(guī)模擴(kuò)張的方式一直受到關(guān)注,伴隨著我國(guó)多層次資本市場(chǎng)體系的建設(shè)和不斷完善,并購(gòu)為企業(yè)實(shí)現(xiàn)規(guī)模的快速擴(kuò)張?zhí)峁┝酥匾耐緩�。�?guó)內(nèi)外相關(guān)文獻(xiàn)有很多對(duì)于并購(gòu)績(jī)效及其影響因素的研究,但是相對(duì)籠統(tǒng),不同并購(gòu)方式的影響因素的作用程度和方向可能會(huì)具有不同的特點(diǎn)。近年來(lái),在我國(guó)的境內(nèi)并購(gòu)事件中,橫向并購(gòu)事件無(wú)論在數(shù)量上還是交易金額上幾乎占據(jù)了全部并購(gòu)事件的一半。橫向并購(gòu)有利于提高行業(yè)集中度、提升行業(yè)利潤(rùn)水平,有利于收購(gòu)方進(jìn)行快速的擴(kuò)張以實(shí)現(xiàn)規(guī)模經(jīng)濟(jì),同時(shí)也為行業(yè)內(nèi)一些企業(yè)提供了退出機(jī)制。鑒于橫向并購(gòu)的重要地位和作用,本文從橫向并購(gòu)出發(fā),在文獻(xiàn)研究的基礎(chǔ)上選取收購(gòu)方作為研究視角,研究并購(gòu)績(jī)效和影響并購(gòu)績(jī)效的因素,期望為今后的橫向并購(gòu)決策提供建議。本文從2011-2014年上市公司作為收購(gòu)方的并購(gòu)事件中按照相關(guān)的標(biāo)準(zhǔn)篩選出了 321個(gè)橫向并購(gòu)樣本,在深入分析橫向并購(gòu)影響收購(gòu)方績(jī)效的路徑的基礎(chǔ)上,選取收購(gòu)方經(jīng)行業(yè)調(diào)整的凈資產(chǎn)收益率作為衡量其并購(gòu)績(jī)效的財(cái)務(wù)指標(biāo)。運(yùn)用單樣本T檢驗(yàn)、配對(duì)樣本T檢驗(yàn)和描述性統(tǒng)計(jì)的方法對(duì)橫向并購(gòu)下,收購(gòu)方在并購(gòu)前后的績(jī)效表現(xiàn)進(jìn)行分析,發(fā)現(xiàn)相比于并購(gòu)前,在并購(gòu)當(dāng)年和并購(gòu)后一年,收購(gòu)方績(jī)效有所提升,在并購(gòu)后兩年,沒(méi)有顯著的變化。這意味著,橫向并購(gòu)能夠在一定程度上提高收購(gòu)方的績(jī)效水平。在對(duì)影響橫向并購(gòu)績(jī)效的因素進(jìn)行分析時(shí),選取反映公司特征、并購(gòu)交易特征和行業(yè)特征的因素,具體選取公司規(guī)模、股權(quán)集中度、企業(yè)性質(zhì)、是否涉及關(guān)聯(lián)交易、交易價(jià)格和行業(yè)增長(zhǎng)率等六個(gè)因素進(jìn)行研究,運(yùn)用Healy模型進(jìn)行回歸分析�；貧w結(jié)果表明,進(jìn)行橫向并購(gòu)時(shí),收購(gòu)方績(jī)效與其公司規(guī)模正相關(guān),與收購(gòu)方所處行業(yè)的增長(zhǎng)率正相關(guān),與交易價(jià)格負(fù)相關(guān),民營(yíng)企業(yè)作為收購(gòu)方的并購(gòu)績(jī)效優(yōu)于國(guó)資控股企業(yè)的績(jī)效;橫向并購(gòu)下,收購(gòu)方績(jī)效水平與其股權(quán)集中度正相關(guān),但是該因素的影響較弱;是否涉及關(guān)聯(lián)交易對(duì)橫向并購(gòu)績(jī)效幾乎沒(méi)有影響。在得出結(jié)論的基礎(chǔ)上,本文提出相關(guān)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(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李佳;;股權(quán)集中度、管理層過(guò)度自信與企業(yè)并購(gòu)決策[J];金融論壇;2016年09期

2 張崢;聶思;;中國(guó)制造業(yè)上市公司并購(gòu)創(chuàng)新績(jī)效研究[J];科研管理;2016年04期

3 張翼;喬元波;何小鋒;;我國(guó)上市公司并購(gòu)績(jī)效的經(jīng)驗(yàn)與實(shí)證分析[J];財(cái)經(jīng)問(wèn)題研究;2015年01期

4 王艷;闞鑠;;企業(yè)文化與并購(gòu)績(jī)效[J];管理世界;2014年11期

5 葉志偉;;基于財(cái)務(wù)指標(biāo)的公司并購(gòu)績(jī)效影響因素探析[J];國(guó)際商務(wù)財(cái)會(huì);2014年11期

6 劉焰;;生命周期、并購(gòu)模式與并購(gòu)績(jī)效的關(guān)系——基于收購(gòu)公司的視角[J];華南師范大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2014年04期

7 孟凡臣;陳露;;我國(guó)制造業(yè)企業(yè)跨國(guó)并購(gòu)績(jī)效評(píng)價(jià)[J];管理現(xiàn)代化;2014年02期

8 余鵬翼;王滿四;;國(guó)內(nèi)上市公司跨國(guó)并購(gòu)績(jī)效影響因素的實(shí)證研究[J];會(huì)計(jì)研究;2014年03期

9 趙息;張西栓;;內(nèi)部控制、高管權(quán)力與并購(gòu)績(jī)效——來(lái)自中國(guó)證券市場(chǎng)的經(jīng)驗(yàn)證據(jù)[J];南開(kāi)管理評(píng)論;2013年02期

10 楊敏;;我國(guó)上市公司并購(gòu)績(jī)效的實(shí)證研究[J];會(huì)計(jì)師;2013年04期

相關(guān)會(huì)議論文 前1條

1 劉磊;趙素姣;于英川;;中國(guó)企業(yè)海外并購(gòu)經(jīng)營(yíng)績(jī)效實(shí)證研究[A];中國(guó)運(yùn)籌學(xué)會(huì)第八屆學(xué)術(shù)交流會(huì)論文集[C];2006年

，

本文編號(hào)：1561839