發(fā)布時(shí)間：2018-05-31 19:51

  本文選題：融資約束 + 支付方式　； 參考：《重慶工商大學(xué)》2015年碩士論文

【摘要】：近年來(lái),企業(yè)的并購(gòu)活動(dòng)越來(lái)越活躍,并購(gòu)在現(xiàn)代企業(yè)占有重要的戰(zhàn)略地位,已經(jīng)成為現(xiàn)代企業(yè)尋求發(fā)展、對(duì)外擴(kuò)張以及提升企業(yè)價(jià)值的重要途徑,而支付方式作為企業(yè)并購(gòu)的最后一個(gè)環(huán)節(jié)往往能夠成為并購(gòu)能否成功的關(guān)鍵,并購(gòu)績(jī)效能夠檢驗(yàn)并購(gòu)企業(yè)雙方通過(guò)并購(gòu)方式進(jìn)行資源整合后能否實(shí)現(xiàn)企業(yè)價(jià)值的增長(zhǎng)。我國(guó)目前正處于經(jīng)濟(jì)轉(zhuǎn)型時(shí)期,資本市場(chǎng)并不是十分完善,融資約束成為企業(yè)并購(gòu)過(guò)程中的關(guān)鍵性難題。本文結(jié)合規(guī)模經(jīng)濟(jì)效應(yīng)理論、交易費(fèi)用理論、風(fēng)險(xiǎn)分散理論和協(xié)同效應(yīng)理論、代理理論、信息不對(duì)稱、優(yōu)序融資理論等,結(jié)合國(guó)內(nèi)外學(xué)者對(duì)于融資約束和支付方式對(duì)于企業(yè)并購(gòu)績(jī)效的影響的研究,分析了2009年至2013年滬、深兩市發(fā)生并購(gòu)的391起上市公司的數(shù)據(jù)。選取公司規(guī)模、交易規(guī)模、資產(chǎn)負(fù)債率、行業(yè)相關(guān)性、托賓Q等控制變量,構(gòu)建融資約束、支付方式與并購(gòu)績(jī)效的模型,對(duì)相關(guān)的并購(gòu)事件進(jìn)行實(shí)證分析,得到如下結(jié)論:第一、理論上,如本文文獻(xiàn)綜述所示,學(xué)者們大都從單個(gè)因素出發(fā),研究某一方面因素對(duì)并購(gòu)績(jī)效的影響,但并未對(duì)影響并購(gòu)績(jī)效的因素達(dá)成一致結(jié)論。本文在總結(jié)前人研究的基礎(chǔ)上,從融資約束、支付方式和并購(gòu)績(jī)效這一全新視角出發(fā),對(duì)融資約束和并購(gòu)績(jī)效以及支付方式和并購(gòu)績(jī)效之間的關(guān)系進(jìn)行實(shí)證分析。第二、經(jīng)實(shí)證檢驗(yàn)融資約束正向影響支付方式,且相關(guān)性顯著。第三、支付方式正向影響并購(gòu)績(jī)效,并呈相關(guān)性顯著性。在并購(gòu)后第一年和并購(gòu)后第三年,支付方式對(duì)并購(gòu)績(jī)效的正向影響更為顯著。本文的價(jià)值在于:一是為并購(gòu)績(jī)效研究提出了一個(gè)新的研究方向,并對(duì)這個(gè)方向進(jìn)行了初探。二是國(guó)內(nèi)外的學(xué)者均只考察不同支付方式對(duì)主并公司的績(jī)效產(chǎn)生的直接影響,而忽略間接影響。本文在前人研究的基礎(chǔ)上,另外還用融資約束指標(biāo)對(duì)主并公司進(jìn)行分組,考察融資約束對(duì)并購(gòu)績(jī)效更深層次的影響,使研究的結(jié)果更為細(xì)化。本文的研究有助于豐富企業(yè)并購(gòu)理論,提高對(duì)企業(yè)并購(gòu)決策的理論指導(dǎo)水平。
[Abstract]:In recent years, M & A activities have become more and more active. M & A occupies an important strategic position in modern enterprises. It has become an important way for modern enterprises to seek development, expand abroad and enhance the value of enterprises. As the last link of M & A, payment method can often be the key to the success of M & A, and the performance of M & A can test whether the resource integration of both parties can achieve the growth of enterprise value. At present, our country is in the economic transition period, the capital market is not very perfect, the financing restriction becomes the key problem in the process of enterprise merger and acquisition. This paper combines economies of scale effect theory, transaction cost theory, risk dispersion theory and synergetic effect theory, agency theory, information asymmetry, order financing theory, etc. Based on the research on the effect of financing constraints and payment methods on corporate M & A performance, the data of 391 listed companies in Shanghai and Shenzhen from 2009 to 2013 are analyzed. Selecting the control variables such as company size, transaction scale, asset-liability ratio, industry correlation, Tobin Q and so on, to construct the model of financing constraints, payment methods and M & A performance, and to make an empirical analysis on the related M & A events. The main conclusions are as follows: first, in theory, as the literature review shows, scholars mostly study the impact of one factor on M & A performance from a single factor, but do not reach a consensus conclusion on the factors affecting M & A performance. On the basis of summarizing the previous studies, this paper makes an empirical analysis of the relationship between financing constraints and M & A performance and the relationship between payment methods and M & A performance from the perspective of financing constraint, payment mode and M & A performance. Secondly, the positive effect of financing constraint on payment is significant. Third, the way of payment positively affects M & A performance, and has significant correlation. In the first year after the merger and the third year after the merger, the way of payment has a more positive impact on the performance of the merger. The value of this paper lies in: first, it puts forward a new research direction for M & A performance research, and probes into this direction. Second, scholars at home and abroad only examine the direct impact of different payment methods on the performance of the merger company, but ignore the indirect impact. On the basis of previous studies, this paper also uses the financing constraint index to group the main and concurrent companies to investigate the deeper impact of the financing constraints on the M & A performance, so that the results of the study are more detailed. The research in this paper is helpful to enrich the theory of M & A and improve the theoretical guidance level of M & A decision.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F271;F275

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本文編號(hào)：1961078