本文選題：企業(yè)生命周期　切入點(diǎn)：政治關(guān)聯(lián)　出處：《湖南大學(xué)》2015年碩士論文

【摘要】：近年來(lái),隨著我國(guó)資本市場(chǎng)的發(fā)展和并購(gòu)環(huán)境的優(yōu)化,并購(gòu)事件逐年激增,企業(yè)應(yīng)如何借助并購(gòu)手段使其更好地發(fā)揮優(yōu)化資源配置、增強(qiáng)上市公司競(jìng)爭(zhēng)優(yōu)勢(shì)的作用越來(lái)越成為理論界和管理實(shí)踐界共同關(guān)注的一個(gè)重要課題,這引發(fā)了本研究對(duì)企業(yè)并購(gòu)決策的思考。本研究運(yùn)用2006-2012年間上市公司并購(gòu)非平衡面板數(shù)據(jù)進(jìn)行實(shí)證分析,基于資源基礎(chǔ)觀,探討了企業(yè)處于不同生命階段的并購(gòu)策略選擇,并引入政治關(guān)聯(lián)這一特殊因素,深入分析政治關(guān)聯(lián)對(duì)企業(yè)并購(gòu)策略的影響及其對(duì)企業(yè)生命周期與并購(gòu)策略關(guān)系的調(diào)節(jié)作用。在此基礎(chǔ)上,進(jìn)一步分析了企業(yè)不同并購(gòu)策略選擇的市場(chǎng)反應(yīng),以及政治關(guān)聯(lián)對(duì)并購(gòu)策略與市場(chǎng)績(jī)效關(guān)系的調(diào)節(jié)影響。實(shí)證結(jié)果表明:企業(yè)處于不同的生命周期階段,對(duì)并購(gòu)策略的選擇也顯著不同。處于成長(zhǎng)期的企業(yè)顯著傾向于相關(guān)并購(gòu),而處于成熟期和衰退期的企業(yè)對(duì)不同并購(gòu)策略并沒(méi)有表現(xiàn)出明顯的偏好性,同時(shí),官員型政治關(guān)聯(lián)促進(jìn)企業(yè)的非相關(guān)并購(gòu)傾向;不同并購(gòu)策略產(chǎn)生的市場(chǎng)績(jī)效也有顯著差異,非相關(guān)并購(gòu)的市場(chǎng)績(jī)效優(yōu)于相關(guān)并購(gòu),而強(qiáng)官員型政治關(guān)聯(lián)的存在降低企業(yè)非相關(guān)并購(gòu)的市場(chǎng)績(jī)效。該研究結(jié)果對(duì)企業(yè)合理制定并購(gòu)決策以及投資者應(yīng)如何正確看待企業(yè)并購(gòu)事件有一定的啟示意義。
[Abstract]:In recent years, with the development of capital market and the optimization of M & A environment in our country, the M & A events have proliferated year by year. How should enterprises make better use of the means of M & A to optimize the allocation of resources?The role of enhancing the competitive advantage of listed companies has become an important issue of common concern in the field of theory and management practice, which leads to the consideration of M & A decision in this study.This study uses the non-equilibrium panel data of mergers and acquisitions of listed companies from 2006 to 2012 to make an empirical analysis. Based on the resource-based view, the paper discusses the strategic choice of mergers and acquisitions in different life stages of enterprises, and introduces the special factor of political connection.This paper deeply analyzes the influence of political connection on M & A strategy and its regulating effect on the relationship between enterprise life cycle and M & A strategy.On this basis, the market reaction of different M & A strategies and the influence of political connection on the relationship between M & A strategy and market performance are further analyzed.The empirical results show that: enterprises are in different life cycle stages, and the choice of M & A strategy is also significantly different.The enterprises in the growing period are significantly inclined to the related M & A, while the enterprises in the mature and declining period have no obvious preference for different M & A strategies. Meanwhile, the official political association promotes the non-related M & A tendency of the enterprises.The market performance of non-related mergers and acquisitions is better than that of related mergers and acquisitions, while the existence of strong political association of officials reduces the market performance of non-related mergers and acquisitions.The results of this study have certain enlightening significance for enterprises to make rational decision on M & A and how investors should treat M & A events correctly.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F271;F275;D0

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本文編號(hào)：1714070