本文選題：股權(quán)結(jié)構(gòu) + 并購績效�。� 參考：《南京師范大學(xué)》2015年碩士論文

【摘要】：隨著世界經(jīng)濟(jì)一體化程度的不斷提高,并購作為優(yōu)化資源配置、提高經(jīng)濟(jì)效益、實現(xiàn)規(guī)模效應(yīng)的有效經(jīng)濟(jì)手段,企業(yè)并購熱潮席卷全球。近年來,我國上市公司的并購市場方興未艾,公司并購進(jìn)程推進(jìn)飛快,但是各公司并購的結(jié)果卻是大相徑庭。已有研究成果多從并購的動機入手,相對而言從公司治理角度對并購績效進(jìn)行研究的文獻(xiàn)較少。根據(jù)企業(yè)經(jīng)營目標(biāo)、經(jīng)營現(xiàn)狀以企業(yè)及經(jīng)營周期的不同,上市公司會發(fā)生并購交易,這其中就包括了關(guān)聯(lián)交易與非關(guān)聯(lián)交易。以往的研究沒有系統(tǒng)地考慮到這兩種不同的并購類型與不同類型的治理結(jié)構(gòu)相結(jié)合會產(chǎn)生怎樣的影響,這正是本文的出發(fā)點,這篇論文的研究目的在于利用公司治理理論,從并購的不同交易類型入手,以會計研究法實證分析,研究上市公司股權(quán)結(jié)構(gòu)與并購績效的關(guān)系。這篇論文以中國A股市場上制造業(yè)上市公司為研究對象,選擇并篩選了200家2011年度發(fā)生資產(chǎn)并購的制造業(yè)上市公司,按照并購前兩期、并購當(dāng)期以及并購后兩期共五期的樣本時間段(2009年-2013年),分別研究關(guān)聯(lián)交易、非關(guān)聯(lián)交易下的第一大股東持股比例、董事會股權(quán)制衡度、上市公司實際控制人屬性對上市公司并購績效的影響。為了保證研究的客觀有效性,本論文對獲取的數(shù)據(jù)的獲取進(jìn)行了嚴(yán)格的篩選,剔除了大量干擾數(shù)據(jù),比如說論文中剔除了一年中發(fā)生兩次及以上并購交易的公司數(shù)據(jù),以免多次不同類型的交易對文章結(jié)果產(chǎn)生影響；本研究剔除了財務(wù)數(shù)存在數(shù)據(jù)異�；蛉笔〉纳鲜泄�。文章采用了理論分析與實證研究相結(jié)合的方法,通過理論邏輯推理并結(jié)合和實際情況提出了六個研究假設(shè),并根據(jù)研究假設(shè)構(gòu)建相關(guān)研究模型,再經(jīng)過實證分析檢驗,利用spss21.0統(tǒng)計軟件對非平衡面板數(shù)據(jù)進(jìn)行回歸分析,檢驗相關(guān)研究假設(shè)成立的可能性。研究結(jié)果表明,在非關(guān)聯(lián)交易中,第一大股東的持股數(shù)量與并購短期績效呈正相關(guān)關(guān)系,與并購長期績效負(fù)相關(guān)關(guān)系,在非關(guān)聯(lián)交易中,股權(quán)制衡度與短期并購績效呈正相關(guān)與長期績效呈負(fù)相關(guān)關(guān)系,在關(guān)聯(lián)與非關(guān)聯(lián)交易中,上市公司的控制人屬性與并購績效無相關(guān)關(guān)系。本文的創(chuàng)新點在于將并購類型劃分為關(guān)聯(lián)交易與非關(guān)聯(lián)交易這兩種類型,得出了股權(quán)結(jié)構(gòu)在不同的交易類型中所起到不同作用的結(jié)論,對以往的研究做出了一定的補充,符合中國企業(yè)資產(chǎn)并購的應(yīng)用環(huán)境,因此研究具有一定的現(xiàn)實指導(dǎo)意義。
[Abstract]:With the continuous improvement of the degree of world economic integration, M & A as an effective economic means to optimize the allocation of resources, improve economic efficiency and achieve scale effect, the enterprise M & A boom swept the world. In recent years, the M & A market of listed companies in China is in the ascendant, the process of M & A is advancing rapidly, but the results of M & A are quite different. Most of the research results are based on the motivation of M & A, but there are few literatures on the performance of M & A from the perspective of corporate governance. According to the business objectives, the current business situation is different from the enterprise and the business cycle, the listed companies will have M & A transactions, which includes related party transactions and non-affiliated transactions. Previous studies have not systematically considered the impact of the combination of these two different types of mergers and acquisitions with different types of governance structures. This is the starting point of this paper. The purpose of this paper is to use corporate governance theory. Based on the different transaction types of M & A, the relationship between equity structure and M & A performance of listed companies is studied by the empirical analysis of accounting research method. This paper takes the manufacturing listed companies in the A share market of China as the research object, selects and selects 200 listed manufacturing companies that have taken place in 2011, according to the first two periods of M & A. The sample period of the current M & A period and the two subsequent periods of M & A (2009-2013), respectively, to study related party transactions, the proportion of the largest shareholders in non-affiliated transactions, the degree of equity balance of the board of directors, The effect of the actual controlling person's property of listed companies on the performance of M & A of listed companies. In order to ensure the objective validity of the research, this paper has carried on the strict screening to the obtained data, has eliminated a large number of interference data, for example, the thesis has eliminated the company data which happened two times a year or more in a year. In order to avoid the influence of different types of transactions on the results of the article, this study excludes listed companies whose financial numbers are abnormal or default. This paper adopts the method of combining theoretical analysis with empirical research, puts forward six research hypotheses through theoretical logic reasoning and combining with the actual situation, and constructs the relevant research model according to the research hypotheses, and then through the empirical analysis test. The spss21.0 statistical software is used to analyze the non-equilibrium panel data to test the possibility of the hypothesis. The results show that, in non-affiliated transactions, the number of the largest shareholders has a positive correlation with the short-term performance of M & A, a negative correlation with the long-term performance of M & A, and a negative correlation between the number of the largest shareholders and the long-term performance of M & A. There is a positive correlation between equity balance degree and short-term M & A performance and a negative correlation between long-term performance and equity balance degree, but there is no correlation between the ownership attributes of listed companies and M & A performance in related and non-affiliated transactions. The innovation of this paper is that M & A is divided into two types: affiliated transaction and non-affiliated transaction. The conclusion that equity structure plays different roles in different transaction types is concluded, which complements the previous research. In line with the application environment of asset merger and acquisition in China, the research has certain practical guiding significance.
【學(xué)位授予單位】：南京師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F271;F425

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本文編號：2024168