【作者】 邓乐；

【导师】 杨艳；

【作者基本信息】 湖南大学 ， 会计学， 2015， 硕士

【摘要】 近年来,随着我国资本市场的发展和并购环境的优化,并购事件逐年激增,企业应如何借助并购手段使其更好地发挥优化资源配置、增强上市公司竞争优势的作用越来越成为理论界和管理实践界共同关注的一个重要课题,这引发了本研究对企业并购决策的思考。本研究运用2006-2012年间上市公司并购非平衡面板数据进行实证分析,基于资源基础观,探讨了企业处于不同生命阶段的并购策略选择,并引入政治关联这一特殊因素,深入分析政治关联对企业并购策略的影响及其对企业生命周期与并购策略关系的调节作用。在此基础上,进一步分析了企业不同并购策略选择的市场反应,以及政治关联对并购策略与市场绩效关系的调节影响。实证结果表明:企业处于不同的生命周期阶段,对并购策略的选择也显著不同。处于成长期的企业显著倾向于相关并购,而处于成熟期和衰退期的企业对不同并购策略并没有表现出明显的偏好性,同时,官员型政治关联促进企业的非相关并购倾向;不同并购策略产生的市场绩效也有显著差异,非相关并购的市场绩效优于相关并购,而强官员型政治关联的存在降低企业非相关并购的市场绩效。该研究结果对企业合理制定并购决策以及投资者应如何正确看待企业并购事件有一定的启示意义。更多还原

【Abstract】 In recent years, with the development of Chinese capital market and the optimization of M&A environment, M&A events surge every year. It has been an important community issue about how corporation should make better use of M&A to optimize its function of resource allo cation and enhancing listed company competitive advantage among theorists and practitioners, which caused reflections on M&A strategy decision.In this study, we use the data to listed companies M&A from the year of 2006 to 2012 to do empirical analysis. Based on the resource-based view, we explore relationship between corporate life cycle and M&A strategy, with the special factor of political connection, also deeply analysis the regulation of political connection on relationship between corporate life cycl e and M&A strategy. The ultimate goal of behavior is result, and we further analyzed relationship between market performance and M&A strategy, with regulation of corporate life cycle and political connection on the foregoing relationship, respectively. The empirical result shows that the enterprise has different choice of M&A strategy at different stage of the life cycle. companies tend to related M&A strategy at growth stage significantly, while showing no preference at mature and recession stage. Official based political connection promotes the tendency of non-related M&A businesses. Different M&A strategy leads to different market performance. The market performance of non-related M&A is better than related M&A significantly, but strong official based pol itical connection lower the market performance of non-related M&A. The result should have certain enlightenment on corporate and investors’ decision making on M&A strategy.更多还原