本文關(guān)鍵詞：中國(guó)上市公司并購(gòu)經(jīng)驗(yàn)、組織學(xué)習(xí)與跨國(guó)并購(gòu)績(jī)效研究　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：2016年,中國(guó)資本出海進(jìn)程開(kāi)始全面提速,中企海外投資呈現(xiàn)井噴,中化工、海航、中聯(lián)重科集團(tuán)等紛紛加入跨國(guó)并購(gòu)行列。業(yè)內(nèi)人士普遍認(rèn)為,基于國(guó)內(nèi)經(jīng)濟(jì)發(fā)展的現(xiàn)實(shí)和企業(yè)國(guó)際化的需求,中國(guó)企業(yè)海外并購(gòu)熱潮已是大勢(shì)所趨。然而,跨國(guó)并購(gòu)交易活動(dòng)本身異常復(fù)雜且有難度,而相比較西方國(guó)家企業(yè),中國(guó)企業(yè)走出去歷程尚短,經(jīng)驗(yàn)學(xué)習(xí)不足。商務(wù)部的最新報(bào)告顯示,中國(guó)企業(yè)的海外項(xiàng)目只有13%獲得了投資回報(bào),63%是非盈利甚至虧損的。這一結(jié)果也引起了學(xué)者和企業(yè)自身對(duì)跨國(guó)并購(gòu)的反思,那么影響我國(guó)企業(yè)出海并購(gòu)績(jī)效的因素究竟有哪些,他們能否以及該如何運(yùn)用以往的并購(gòu)經(jīng)驗(yàn)來(lái)取得預(yù)期績(jī)效一度成為該領(lǐng)域的熱點(diǎn)研究。本文從經(jīng)驗(yàn)學(xué)習(xí)出發(fā),構(gòu)建了經(jīng)驗(yàn)學(xué)習(xí)——并購(gòu)能力——并購(gòu)績(jī)效模型,試圖在理論推演的基礎(chǔ)上,通過(guò)樣本驗(yàn)證來(lái)揭開(kāi)經(jīng)驗(yàn)學(xué)習(xí)與跨國(guó)并購(gòu)績(jī)效間關(guān)系之謎。主要選取了中國(guó)上市公司在2005年到2013年間發(fā)生的135起跨國(guó)并購(gòu)事件為樣本,經(jīng)過(guò)描述性統(tǒng)計(jì)和層次回歸分析,驗(yàn)證了并購(gòu)經(jīng)驗(yàn)的學(xué)習(xí)效果(并購(gòu)績(jī)效)并試探性研究了影響經(jīng)驗(yàn)學(xué)習(xí)與績(jī)效關(guān)系的因素。首先我們實(shí)證分析了并購(gòu)經(jīng)驗(yàn)與并購(gòu)后經(jīng)營(yíng)績(jī)效的關(guān)系,發(fā)現(xiàn)總體來(lái)說(shuō),并購(gòu)經(jīng)驗(yàn)越豐富,企業(yè)跨國(guó)并購(gòu)績(jī)效呈現(xiàn)逐漸變差的趨勢(shì),進(jìn)一步來(lái)說(shuō),隨著時(shí)間的推移兩者是“倒U型”的非線性關(guān)系。接著根據(jù)并購(gòu)經(jīng)驗(yàn)來(lái)源地不同,分析了跨國(guó)并購(gòu)經(jīng)驗(yàn)與國(guó)內(nèi)并購(gòu)經(jīng)驗(yàn)對(duì)跨國(guó)并購(gòu)績(jī)效影響的表現(xiàn)差異,同樣得出了兩類并購(gòu)經(jīng)驗(yàn)均負(fù)向作用于跨國(guó)并購(gòu)績(jī)效的結(jié)論,但是跨國(guó)并購(gòu)經(jīng)驗(yàn)的影響程度明顯高于國(guó)內(nèi)并購(gòu)經(jīng)驗(yàn)。這一結(jié)果說(shuō)明并購(gòu)經(jīng)驗(yàn)學(xué)習(xí)并非簡(jiǎn)單的拿來(lái)主義,經(jīng)驗(yàn)帶來(lái)的效應(yīng)也不一定都是正效應(yīng),經(jīng)驗(yàn)學(xué)習(xí)的運(yùn)用還要考慮環(huán)境適應(yīng)性和經(jīng)驗(yàn)異質(zhì)性問(wèn)題;同時(shí)也表明,光靠經(jīng)驗(yàn)學(xué)習(xí)并不能產(chǎn)生經(jīng)驗(yàn)效應(yīng),資源基礎(chǔ)觀認(rèn)為基于經(jīng)驗(yàn)學(xué)習(xí)和資源稟賦的并購(gòu)能力才是企業(yè)跨國(guó)并購(gòu)成功的關(guān)鍵,并購(gòu)企業(yè)憑借正確的經(jīng)驗(yàn)學(xué)習(xí)和所擁有的資源保證了一定的并購(gòu)能力,從而能夠在并購(gòu)活動(dòng)中做到資源配置的優(yōu)化。于是,本文在分析經(jīng)驗(yàn)學(xué)習(xí)和并購(gòu)績(jī)效的直接關(guān)系后,基于中國(guó)特殊的現(xiàn)實(shí)情境,結(jié)合組織學(xué)習(xí)、資源支持理論進(jìn)一步引入了國(guó)有控股這一企業(yè)性質(zhì)對(duì)經(jīng)驗(yàn)與績(jī)效關(guān)系的調(diào)節(jié)作用。通過(guò)對(duì)國(guó)有企業(yè)分樣本的實(shí)證分析發(fā)現(xiàn),國(guó)有跨國(guó)企業(yè)并購(gòu)時(shí),企業(yè)股權(quán)性質(zhì)正向調(diào)節(jié)了經(jīng)驗(yàn)和跨國(guó)并購(gòu)績(jī)效間關(guān)系,不過(guò)出于政策性負(fù)擔(dān),政府的“支持之手”效應(yīng)主要體現(xiàn)在經(jīng)營(yíng)虧損的國(guó)有企業(yè)中。最后,本文結(jié)論可以給予企業(yè)與政府幾點(diǎn)啟示。第一,企業(yè)所積累的并購(gòu)經(jīng)驗(yàn)并不一定有助于提升跨國(guó)并購(gòu)績(jī)效,因而不能一味憑借經(jīng)驗(yàn)做判斷,忽視了并購(gòu)經(jīng)驗(yàn)在新環(huán)境中的適用性以及并購(gòu)經(jīng)驗(yàn)本身的異質(zhì)性對(duì)經(jīng)驗(yàn)學(xué)習(xí)效果產(chǎn)生的影響;第二,企業(yè)在重視經(jīng)驗(yàn)學(xué)習(xí)對(duì)并購(gòu)作用的基礎(chǔ)上,還要遵循科學(xué)的學(xué)習(xí)機(jī)制,刻意學(xué)習(xí)以培養(yǎng)出真正有競(jìng)爭(zhēng)力的并購(gòu)技能再應(yīng)用用到實(shí)踐活動(dòng)中,最終得以實(shí)現(xiàn)績(jī)效改善;第三,政府在參與國(guó)企跨國(guó)并購(gòu)時(shí)應(yīng)繼續(xù)秉持理性和負(fù)責(zé)的態(tài)度,更多的發(fā)揮資源效應(yīng),扶持跨國(guó)企業(yè)進(jìn)行海外擴(kuò)張。
[Abstract]:In 2016, Chinese sea capital process began full speed, overseas investment blowout, in the chemical industry, HNA, ZOOMLION group have joined the ranks of transnational mergers and acquisitions. The industry generally believe that the development of the domestic economy and the reality of enterprise internationalization based on the needs of Chinese enterprises overseas mergers and acquisitions is represent the general trend. However, transnational mergers and acquisitions activity itself complicated and difficult, but compared to Western companies, China enterprises to process short out, experience learning deficiencies. The latest report from the commerce department showed Chinese enterprises overseas project only 13% received a return on investment, 63% is a non profit or even a loss. This result has attracted scholars and enterprises to reflect on their own for cross-border mergers and acquisitions, then the factors influencing the performance of mergers and acquisitions of Chinese enterprises to what they can, and how to use the past to get experience in mergers and acquisitions The desired performance has become the hot spot of research in this field. In this paper, learning from the experience of the construction of learning - acquisition ability of M & a performance model, tries to based on theoretical deduction, through the sample verification to reveal the experience and the relationship between the performance of transnational merger mystery. Mainly selected China listed companies from 2005 to 2013 the 135 transnational merger and acquisition events as samples, through descriptive statistics and regression analysis, to verify the results of learning experience in mergers and acquisitions (M & a performance) and a tentative research on the factors that influence the experience of learning and performance. Firstly, we analyze the relationship of operating performance after the merger and acquisition experience, found that the overall experience in mergers and acquisitions the rich, transnational merger and acquisition has gradually become the trend of poor performance, further, with the two time is "nonlinear inverted U" According to the experience in mergers and acquisitions. Relationship between different sources, analyzes the differences of influence of transnational mergers and acquisitions experience and domestic experience in mergers and acquisitions of transnational mergers and acquisitions performance, also obtain two types of experience in mergers and acquisitions are a negative effect on the performance of transnational merger conclusions, but the degree of influence of transnational mergers and acquisitions experience significantly higher than domestic experience in mergers and acquisitions. The results show that m learning experience is not a simple ism effect brought by experience are not necessarily positive effect, use the experience of learning but also consider the environmental heterogeneity problem of adaptability and experience; also show that rely on experience and learning experience cannot produce effect, resource based view of experiential learning and resource acquisition ability is based on the key to success of the transnational mergers and acquisitions with the experience of learning the right and have the resources to ensure a certain acquisition ability, which can To optimize the allocation of resources in mergers and acquisitions activities. So, based on the direct analysis of relationship between learning and acquisition performance experience, China special circumstances based on the combination of organizational learning, resource support theory is further introduced the regulation of state-owned enterprise nature of the relationship between experience and performance. On the basis of empirical sub sample of state-owned enterprises the analysis found that the state-owned multinational mergers and acquisitions, corporate equity nature experience and positive regulation of transnational mergers and acquisitions performance relationship, but for the policy burden, the government supporting the "hand" effect is mainly reflected in the operating losses of state-owned enterprises. Finally, the conclusion of this paper can give some enlightenment of enterprise and government. First, the the accumulation of enterprise mergers and acquisitions experience does not necessarily help to improve the performance of cross-border mergers and acquisitions, so do not blindly experience judgment, ignore the experience in mergers and acquisitions in the new environment The impact of heterogeneity and applicability of mergers and acquisitions experience itself on learning experience; second, enterprises in the importance of learning experience based on merger effect, learning mechanism should follow the scientific, intentional learning to cultivate truly competitive acquisition skills application practice used to improve performance, and ultimately achieve third; and the government should continue to uphold the rational and responsible attitude in state-owned enterprises involved in cross-border mergers and acquisitions, resources to play more effect, support the multinational enterprises in overseas expansion.

【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271

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本文編號(hào)：1387421