不同动机导向下的公司并购行为及其绩效研究

【作者】 唐敏；

【导师】 章新蓉；

【作者基本信息】 重庆工商大学 ， 会计学， 2010， 硕士

【摘要】 随着证券市场和资本市场的发展,中国上市公司并购行为呈现多样化,而不同的并购行为可能隐含着不同控制权下上市公司并购的不同动因,公司并购绩效则是在不同动因驱动下行为选择的经济结果。鉴于此,本文围绕“公司并购导向动机——公司并购行为——公司并购绩效”的研究思路,分别研究了政策导向和市场导向下我国上市公司的并购行为,以及这些并购行为对并购绩效的影响。本文在借鉴国内外学者研究成果的基础上,根据资本市场和政府行政干预的有效性对并购的影响,将并购划分为政府主导并购和市场主导并购,具体行为模式表现为行业并购、关联并购和区域并购,并通过实证分析来检验不同并购行为选择的差异及对并购绩效的影响。本文首先以2006-2008年发生股权收购的613起并购事件为样本,分析不同动机导向下公司的并购行为特征,并进行了配对样本T检验。接着再选取2006年中符合文中筛选条件的样本,运用因子分析法分别分析了不同动机导向下的上市公司并购前一年至并购后两年的长期绩效,以及不同行为模式下的并购绩效特征,并构建回归模型来分析不同动机导向下的并购行为与并购绩效间的关系。研究结果表明:由于动机导向不同,国有控股上市和非国有控股上市在行为选择上存在差异,尤其是区域并购行为选择差异非常明显。这种差异的存在使得以市场主导的非国有控股上市公司并购绩效明显好于政府主导的国有控股上市公司并购绩效。对于并购行为与并购绩效的关系,研究结果发现国有控股上市公司的跨区域并购绩效明显好于同区域并购绩效;非国有控股上市公司的非关联并购绩效好于关联并购绩效;其他并购行为对并购绩效没有显著影响。最后根据结论提出对策建议:要改善上市公司的并购绩效,应从并购动因导向和行为上对政府和企业进行引导与规范,即加强市场主导并购,转变政府行为方式;引导企业合理选择并购行为方式;深化资本市场改革创新,建立健全中介服务市场。更多还原

【Abstract】 With the development of stock market and capital market, the mergers and acquisitions behaviors of China’s listed companies are more diversified, and different M&A behavior may be implicit in different motives which comes from the listed companies under the different control, the M&A performance is the economic outcomes which are caused by the M&A behavior choice under different motives. In view of this, this paper will along the route of“M&A driven motivation-corporate M&A behavior-M&A performance”, and study the M&A behavior of listed companies from the macro-and micro-oriented respectively, and the impact of behavior under the different M&A motivation-oriented on the M&A performance.In this paper, research results and scholars from home and abroad based on the capital markets and the effectiveness of administrative intervention on the impact of acquisitions, the acquisition is divided into government-led mergers and acquisitions and market-driven mergers and acquisitions, the performance of specific behavior pattern for the industry mergers and acquisitions, mergers and acquisitions and related regional mergers and acquisitions, and through empirical analysis to examine the differences of different options and M & M & Performance. This article first occurred in 2006-2008, acquired 613 shares from the acquisition of the incident as a sample, analysis of different motives guided the company’s acquisition of behavioral characteristics, and paired samples T test. Then re-select the text in 2006, consistent with the conditions of sample selection, the use of factor analysis of the different Dongji Fenbie Under the Guidance of Listed Companies to M & A year after the two years prior to the long-term performance, and behavior patterns of different performance characteristics under the M & A, regression model was constructed to analyze the different motives guided the M & A and M & A performance relationship. The results show that: As the motivation of different orientation, state-owned holding listed and non-state-owned holding listed on the differences in the behavior of choice, especially in regional M & A choices significant. This difference makes the existence of a market-oriented non-state-owned holding listed company acquisition performance is better than government-led state-owned holding listed company acquisition performance. The performance of M & M relationship with the results of the study found that state-controlled listed companies, cross-regional mergers and acquisitions performance significantly better than with the regional M & A Performance; of non-state holding listed companies unrelated acquisition performance was better than the performance associated with acquisitions; other M & M & A no significant effect on performance.Finally, conclusions Suggestion: to improve listed companies merger performance from M & A orientation and behavior of the government and enterprises to guide and regulate, that is to enhance market-driven mergers and acquisitions, changes in government behavior; guide enterprises to reasonable choice of M & A behavior; deepen the capital market reform and innovation, establish and improve intermediary services market更多还原