發(fā)布時間：2019-06-22 12:29

【摘要】：近年來,我國上市公司的并購行為持續(xù)增加。協(xié)同效應作為并購重要動機之一,受到了企業(yè)家和學術界的高度重視。由于預期的協(xié)同效應沒有實現(xiàn),導致企業(yè)并購失敗的現(xiàn)象頻頻出現(xiàn)。這使企業(yè)家和學術界提出了疑問,都有哪些因素影響了協(xié)同效應的實現(xiàn)?這些因素是如何影響協(xié)同效應的?本文選取了我國上市公司2013-2014年發(fā)生并購行為共143家公司作為研究樣本,根據并購戰(zhàn)略的制定實施過程和并購方向理論,選取行業(yè)是否相關、被并方行業(yè)周期、相對規(guī)模、被并方盈利能力、支付方式和支付溢價六個影響因素,將其分為協(xié)同效應的決定因素和干擾因素,采用事件研究法,把樣本分為協(xié)同效應不同的兩組,通過回歸分析影響因素對上市公司并購后的協(xié)同效應的影響程度是否有區(qū)別。主要結論如下：1、行業(yè)相關的回歸系數均為正,強型協(xié)同效應中行業(yè)相關的回歸系數大于弱型協(xié)同效應的相關系數；2、行業(yè)周期的回歸系數均為正,強型協(xié)同效應中行業(yè)相關的回歸系數大于弱型協(xié)同效應的相關系數；3、凈資產收益率的相關系數均為正,強型協(xié)同效應中凈資產收益率的回歸系數小于弱型協(xié)同效應的回歸系數；4、相對規(guī)模的回歸系數均為正,強型協(xié)同效應中相對規(guī)模的回歸系數大于弱型協(xié)同效應中的回歸系數；5、支付方式的回歸系數均為正,強型協(xié)同效應中支付方式的回歸系數大于弱型協(xié)同效應中的回歸系數,兩者僅相差32.8%；6、支付溢價的回歸系數均為負,強型協(xié)同效應中支付溢價的回歸系數大于弱型協(xié)同效應中的回歸系數,兩者僅差-17.6%�；谏鲜鰧嵶C研究結果,本文得出結論：行業(yè)相關性、行業(yè)周期和相對規(guī)模是協(xié)同效應的決定因素,企業(yè)在并購前應重點分析,深入分析,謹慎決策；支付方式和支付溢價是協(xié)同效應的干擾因素,企業(yè)應建立財務模型,對并購后的現(xiàn)金流量進行模擬分析。根據上述結論,本文結合相關理論以及我國并購實踐進行了解釋說明,并進一步規(guī)劃了未來的研究方向。
[Abstract]:In recent years, the acquisition and acquisition behavior of Chinese listed companies has continued to increase. The synergistic effect, as one of the important motivation of M & A, is highly valued by the entrepreneurs and the academic circles. The expected synergistic effect is not implemented, leading to the frequent occurrence of enterprise merger and acquisition failure. What are the factors that have affected the realization of the synergies between the entrepreneurs and the academic community? How do these factors affect the synergistic effect? In this paper, a total of 143 companies listed in China's listed company in 2013-2014 are selected as the research samples. According to the development and implementation of the M & A strategy and the M & A direction theory, the selection of the industry is related, and the industry cycle, the relative scale and the profitability of the listed company are selected. The payment method and the payment premium have six influence factors, which are divided into a synergistic effect decision factor and an interference factor, the event research method is adopted to divide the sample into two groups with different synergistic effect, The effect of the influence factors on the synergy effect of the listed company's merger and acquisition is different from the regression analysis. The main conclusions are as follows:1. The regression coefficient of the industry-related regression coefficient is positive, and the regression coefficient in the strong-type synergistic effect is greater than the correlation coefficient of the weak-type synergistic effect; and the regression coefficient of the industry cycle is positive, the correlation coefficient of the industry-related regression coefficient in the strong-type synergistic effect is larger than the correlation coefficient of the weak-type synergistic effect; and 3, the correlation coefficient of the return of the net assets is positive, and the regression coefficient of the return coefficient of the net assets in the strong-type synergistic effect is less than the regression coefficient of the weak-type synergistic effect; and 4, the regression coefficient of the relative scale in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, the regression coefficient of the payment method is positive, and the regression coefficient of the payment method in the strong-type synergistic effect is larger than the regression coefficient in the weak-type synergistic effect, The regression coefficient of the premium in the strong-type synergistic effect is more than the regression coefficient in the weak-type synergistic effect, and the two are only-17.6%. Based on the results of the above-mentioned empirical research, this paper concludes that the industry correlation, the industry cycle and the relative scale are the decisive factors of the synergistic effect. The enterprise should focus on the analysis, in-depth analysis and prudent decision before the merger, and the payment method and the payment premium are the interference factors of the synergistic effect. The enterprise should establish a financial model to analyze the cash flow after the merger. Based on the above conclusions, this paper explains the related theories and the practice of M & A in China, and further plans the future research direction.
【學位授予單位】：北京化工大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F271

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本文編號：2504583