【摘要】：并購(gòu)為企業(yè)提供了產(chǎn)業(yè)整合與擴(kuò)張的機(jī)會(huì),隨著全球經(jīng)濟(jì)發(fā)展步伐的加快和資本市場(chǎng)的逐漸崛起,并購(gòu)已經(jīng)成為企業(yè)發(fā)展壯大的一種重要途徑。通過(guò)縱向并購(gòu),企業(yè)能夠優(yōu)化資源配置,控制市場(chǎng)風(fēng)險(xiǎn),形成上下游產(chǎn)業(yè)鏈條,突破發(fā)展瓶頸與產(chǎn)業(yè)壁壘,形成強(qiáng)大的核心競(jìng)爭(zhēng)力,在短時(shí)期內(nèi)完成資本積累。同時(shí),各個(gè)企業(yè)在快速擴(kuò)張的過(guò)程中也帶動(dòng)了國(guó)家經(jīng)濟(jì)的高速增長(zhǎng),優(yōu)化了國(guó)民經(jīng)濟(jì)產(chǎn)業(yè)結(jié)構(gòu)�？v向并購(gòu)擴(kuò)大了企業(yè)經(jīng)營(yíng)邊界,利用內(nèi)部管理代替市場(chǎng)交易,從而能夠節(jié)約交易成本,鞏固企業(yè)的供銷(xiāo)渠道,實(shí)現(xiàn)縱向一體化,提高企業(yè)績(jī)效。由于并購(gòu)交易的復(fù)雜性,僅僅研究績(jī)效的變化并不能完全判斷并購(gòu)交易是否成功,資產(chǎn)管理效率也是企業(yè)運(yùn)營(yíng)的一大重要指標(biāo),可以衡量企業(yè)經(jīng)營(yíng)的盈利性和風(fēng)險(xiǎn)性。同時(shí),本文利用投入產(chǎn)出表中反映各經(jīng)濟(jì)主體投入產(chǎn)出的經(jīng)濟(jì)系數(shù)來(lái)衡量部門(mén)間的縱向相關(guān)性,從而對(duì)縱向并購(gòu)與收購(gòu)公司的資產(chǎn)管理效率間的因果關(guān)系做出實(shí)證研究。本文以2004-2013年深滬兩市A股制造業(yè)公司發(fā)生的并購(gòu)交易事件為研究樣本,構(gòu)建了縱向一體化程度衡量指標(biāo),篩選出縱向并購(gòu)交易數(shù)據(jù)。首先,運(yùn)用t檢驗(yàn)分析了縱向并購(gòu)與收購(gòu)公司的資產(chǎn)管理效率之間的關(guān)系,再運(yùn)用多元線性回歸模型研究了并購(gòu)雙方的縱向一體化程度、收購(gòu)公司的資產(chǎn)專(zhuān)用性和市場(chǎng)化程度對(duì)資產(chǎn)管理協(xié)同效應(yīng)的影響。本文結(jié)果表明,縱向并購(gòu)能夠降低收購(gòu)公司的應(yīng)收賬款周轉(zhuǎn)期、存貨周轉(zhuǎn)期、現(xiàn)金周轉(zhuǎn)期和總資產(chǎn)周轉(zhuǎn)期。其他條件不變時(shí),并購(gòu)雙方的縱向一體化程度越高、收購(gòu)公司的資產(chǎn)專(zhuān)用性程度越高和市場(chǎng)化程度越高,企業(yè)縱向并購(gòu)交易帶來(lái)的資產(chǎn)管理效率提升越明顯。本文的研究結(jié)果為我國(guó)企業(yè)有效地進(jìn)行縱向并購(gòu)提供了理論和實(shí)證依據(jù)。
[Abstract]:M & A provides an opportunity for enterprises to integrate and expand. With the acceleration of the pace of global economic development and the gradual rise of the capital market, M & A has become an important way for enterprises to develop and expand. Through vertical mergers and acquisitions, enterprises can optimize the allocation of resources, control market risks, form upstream and downstream industrial chains, break through development bottlenecks and industrial barriers, form strong core competitiveness, and complete capital accumulation in a short period of time. At the same time, various enterprises in the process of rapid expansion also led to the rapid growth of the national economy, optimizing the industrial structure of the national economy. Vertical M & A expands the management boundary of enterprises and uses internal management to replace market transactions, thus saving transaction costs, consolidating supply and marketing channels of enterprises, realizing vertical integration and improving enterprise performance. Due to the complexity of M & A transactions, it is not possible to judge the success of M & A transactions simply by studying the change of performance. The efficiency of asset management is also an important indicator of the operation of enterprises, which can measure the profitability and risk of business operations. At the same time, this paper makes an empirical study on the causality between vertical M & A and asset management efficiency by using the economic coefficient of input-output table to measure the vertical correlation between departments. Based on the M & A transaction events of A share manufacturing companies in Shenzhen and Shanghai Stock Exchange from 2004 to 2013, this paper constructs a vertical integration index to screen out the vertical M & A transaction data. First, the relationship between vertical M & A and asset management efficiency is analyzed by using t test, and then the degree of vertical integration between M & A and M & A is studied by using multiple linear regression model. The effect of asset specificity and marketization on asset management synergy. The results show that vertical mergers and acquisitions can reduce the turnover of accounts receivable, inventory, cash and total assets. When other conditions are unchanged, the degree of vertical integration of both parties is higher, the degree of asset specificity and marketization of the acquisition company is higher, and the efficiency of asset management caused by vertical M & A is more obvious. The results of this paper provide theoretical and empirical basis for Chinese enterprises to carry out vertical mergers and acquisitions effectively.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F406.7;F425

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