【作者】 张志勇；

【导师】 杜先进；

【作者基本信息】 合肥工业大学 ， 工商管理， 2024， 硕士

【摘要】 党的二十大报告提出要健全资本市场功能,发挥好市场本身对资源配置的调节作用。跨区域完成企业并购是资本市场实现资源配置的重要方式,也是当下优化经济发展循环的关键举措,其不仅可以帮助企业进行低成本扩张、促进规模化发展,还可以提高企业竞争力,成为推动要素跨区域流动、促进区域协调发展的重要途径。在整个并购过程中,要想降低并购的成本和风险,促进并购企业有效整合,提高并购绩效,最直接的办法就是拉近企业之间的距离。高铁是人们进行中长途出行最常用的交通方式,高铁开通在事实上缩短了时空距离,使得企业与企业之间,地与地之间的交流更加紧密,帮助资源更好流动。本文以高铁开通为切入点,以企业异地并购绩效为中心,选取2018-2022年沪深两市A股市场上并购事件为研究对象,通过实证研究探索高铁开通后时空距离缩短是否影响到企业异地并购绩效以及信息不对称在时空距离与企业异地并购绩效中的相关机理。结果发现,高铁开通后距离缩短会明显促进主并方企业的绩效;在异地并购整合阶段,高铁开通在一定程度上能够缓解信息不对称问题从而显著影响并购绩效,信息不对称问题缓解程度越高,企业异地并购绩效越好,但在企业拥有多个外部信息渠道时,高铁开通缓解信息不对称问题从而影响企业异地并购绩效的程度减弱。本文深层次地研究企业异地并购绩效影响因素中时空距离因素占据的比重,以及时空距离因素通过何种途径影响企业异地并购绩效,同时研究主并方企业异质性的影响。本文的研究拓宽了企业异地并购影响因素研究的边界,深入剖析了时空距离对并购绩效的重要作用及其影响机制,对并购相关理论研究和资本市场实践具有一定的借鉴意义,同时为企业异地并购实践提供了经验证据。更多还原

【Abstract】 The report of the 20th National Congress of the Communist Party of China proposed to improve the market function of capital and give full play to the regulatory role of the market itself in resource allocation.Cross regional mergers and acquisitions are one of the ways to optimize the economic development cycle,and the number of acquiring companies is also increasing across regions.This not only helps companies expand at low costs and promote large-scale development,but also enhances their competitiveness,becoming an important way to promote cross regional flow of factors and coordinated regional development.Investment is a necessary and routine operation for enterprises.High-speed trains are one of the most universal used means of transport for people over distances,and the implementation of high-speed trains actually shortens the distance,making communication between people and between places closer,and reducing the difficulty of resource flow.Although there have been many studies on the performance of corporate mergers and acquisitions,most of them discuss the impact of factors such as knowledge flow,new shareholder participation,and chain integration on the performance of corporate mergers and acquisitions,or simply explore the advantages and disadvantages of corporate cross regional mergers and acquisitions from a geographical distance perspective.However,there is no in-depth study on the share of geographic distance factors in supra-regional mergers and acquisitions of companies and on how geographic distance factors affect the performance of supra-regional mergers and acquisitions of companies.This article takes the implementation of high-speed rail as the starting point and focuses on what show the important points and the result that acquisitions of companies.It explores whether the shortening of geographical distance after the implementation of high-speed rail that change the pain of mergers and acquisitions of companies,as well as the role mechanism of independent directors in the relationship between geographical distance which make mergers and acquisitions of companies get better.Research has found that the shortening of geographical distance after the growth of main and parallel enterprises,mainly reflected by the increase in revenue;The promotion effect of geographical location shortening after the implementation of high-speed rail will gradually decrease over time;In the integration stage that mergers and acquisitions of companies gradually implement the pain,the opening of high-speed rail can significantly alleviate the problem of information asymmetry to a certain extent,thereby significantly affecting the performance of mergers and acquisitions.The higher the degree of information asymmetry alleviation,the better the performance of cross regional mergers and acquisitions of enterprises.However,when enterprises have multiple external information channels,the degree to which high-speed rail opening alleviates information asymmetry and thus affects the performance of cross regional mergers and acquisitions of enterprises weakens.The higher the level of participation,the better the performance of mergers and acquisitions.This article provides an in-depth analysis of the important role and impact mechanism of geographical distance on M&A performance,which has certain reference significance for theoretical research on M&A and corporate practice in the capital market.The most direct way to reduce the operating costs and risks of the invested company is to narrow the distance with the company.更多还原