本文選題：并購績效 + 并購融資方式　； 參考：《安徽工業(yè)大學》2017年碩士論文

【摘要】：成功的并購能夠擴大企業(yè)的規(guī)模,節(jié)約交易成本,獲得協(xié)同效應(yīng),是企業(yè)提升企業(yè)的經(jīng)營業(yè)績、實現(xiàn)經(jīng)營目標的重要方式。而主并公司要想成功實施并購,必須要在較短的時間內(nèi)支付一筆數(shù)額較大的資金,因此,并購融資是必須要考慮的重要問題。不同的并購融資方式會對主并公司的資本結(jié)構(gòu)以及未來的經(jīng)營和財務(wù)安排帶來不同的影響,也會向外界傳遞出不同的信號。那么,并購融資方式對于并購績效,具體會產(chǎn)生什么樣的影響呢?在我國進行經(jīng)濟轉(zhuǎn)型的過程當中,國有企業(yè)擁有相對較為特殊的地位,而國有企業(yè)的這種特殊性很可能會使并購融資方式對并購績效的影響作用,在國有企業(yè)和非國有企業(yè)之間產(chǎn)生一些差異。我國幅員遼闊,因此,在我國的經(jīng)濟飛速發(fā)展的同時,也出現(xiàn)了十分突出的發(fā)展不均衡現(xiàn)象。不同地區(qū)的金融市場發(fā)展的不均衡又會給以上關(guān)系造成什么樣的影響呢?隨著金融發(fā)展水平的提高,國有企業(yè)的特殊性是否也會受到一定程度上的影響?以上這些問題都有待更加確切的經(jīng)驗證據(jù)來證明和解釋。本文選取了2010-2012年我國滬深兩市A股上市公司的1100個并購樣本,將并購融資方式區(qū)分為股權(quán)融資和非股權(quán)融資,采用實證研究的方法,研究表明:相對于非股權(quán)融資,使用股權(quán)融資的上市公司在并購后的企業(yè)績效會顯著提高;在區(qū)分企業(yè)的產(chǎn)權(quán)性質(zhì)后發(fā)現(xiàn),非國有企業(yè)使用股權(quán)融資的并購績效并未顯著提高,而國有企業(yè)使用股權(quán)融資的并購績效會顯著提高;又進一步區(qū)分企業(yè)所處地區(qū)的金融發(fā)展環(huán)境后發(fā)現(xiàn),在金融發(fā)展水平較高的地區(qū),使用股權(quán)融資方式的企業(yè)績效在并購后并未顯著提高,而在金融發(fā)展水平較低的地區(qū),企業(yè)使用股權(quán)融資的并購績效會顯著提高,并且隨著金融發(fā)展水平的提高,國有企業(yè)使用股權(quán)并購融資方式帶來的優(yōu)勢會下降。本文通過多組回歸分析,不僅梳理了并購融資方式與并購績效的關(guān)系,還考察了在我國特殊的制度背景下,公司所有權(quán)性質(zhì)與金融發(fā)展水平對這種關(guān)系的影響作用。研究結(jié)果表明,企業(yè)通過股權(quán)融資方式進行并購對并購后的績效有正面影響,但這種作用還會受到公司的所有權(quán)性質(zhì)、所處地區(qū)的金融發(fā)展環(huán)境等因素的影響。
[Abstract]:Successful mergers and acquisitions can expand the scale of enterprises, save transaction costs, and achieve synergy, which is an important way for enterprises to improve their business performance and achieve business objectives. In order to implement M & A successfully, a large amount of capital must be paid in a short time. Therefore, M & A financing is an important issue to be considered. Different ways of M & A financing will have different effects on the capital structure, future management and financial arrangements of the main and merged companies, and will also send different signals to the outside world. So what kind of impact will the financing mode of M & A have on the performance of M & A? In the process of economic transformation in China, state-owned enterprises have a relatively special status, and this particularity of state-owned enterprises will probably make the impact of M & A financing methods on M & A performance. There are some differences between state-owned and non-state-owned enterprises. China has a vast territory, therefore, the rapid development of our economy at the same time, there is also a very prominent development imbalance. What impact will the uneven development of financial markets in different regions have on the above relations? With the improvement of the level of financial development, will the particularity of state-owned enterprises also be affected to a certain extent? These problems need to be proved and explained by more accurate empirical evidence. In this paper, 1 100 M & A samples of A-share listed companies in Shanghai and Shenzhen stock markets from 2010 to 2012 are selected, and the M & A financing methods are divided into equity financing and non-equity financing. The empirical study shows that: compared with non-equity financing, The corporate performance of listed companies using equity financing will be significantly improved after mergers and acquisitions, and after distinguishing the nature of property rights of enterprises, it is found that the performance of mergers and acquisitions of non-state-owned enterprises using equity financing has not been significantly improved. However, the performance of mergers and acquisitions of state-owned enterprises using equity financing will be significantly improved, and after further distinguishing the financial development environment of the regions in which the enterprises are located, it is found that in areas with a higher level of financial development, The performance of enterprises using equity financing has not improved significantly after M & A, but in the areas where the level of financial development is low, the performance of M & A with equity financing will be improved significantly, and with the improvement of financial development level, State-owned enterprises use equity M & A financing to bring advantages will decline. Through multiple regression analysis, this paper not only combs the relationship between M & A financing mode and M & A performance, but also examines the influence of the nature of corporate ownership and the level of financial development on this relationship under the special institutional background of our country. The results show that M & A through equity financing has a positive effect on the performance of M & A, but this effect will also be affected by the ownership nature of the company and the financial development environment of the region.
【學位授予單位】：安徽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F271

【參考文獻】

相關(guān)期刊論文 前10條

1 蔣弘;;上市公司大股東地位與并購融資決策[J];財會月刊;2016年03期

2 余鵬翼;李善民;;國內(nèi)上市公司并購融資偏好因素研究——基于國內(nèi)并購與海外并購對比分析[J];經(jīng)濟與管理研究;2013年11期

3 翟進步;王玉濤;李丹;;什么因素決定公司并購中融資方式的選擇?交易成本視角[J];中國會計評論;2012年01期

4 盛明泉;張敏;馬黎s，

本文編號：2036941