本文選題：跨國(guó)并購(gòu) + 民營(yíng)企業(yè)��； 參考：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：伴隨著世界經(jīng)濟(jì)一體化的不斷加深,越來(lái)越多的中國(guó)企業(yè)開始走出國(guó)門。據(jù)《中國(guó)對(duì)外投資統(tǒng)計(jì)公報(bào)》顯示,2014年中國(guó)對(duì)外投資達(dá)1231.4億美元,相比于2000年29億美元,增長(zhǎng)近42倍,而跨國(guó)并購(gòu)作為一種重要的對(duì)外投資方式,2014年對(duì)外投資達(dá)569億美元,幾乎占對(duì)外投資額的一半。與此同時(shí)民營(yíng)對(duì)外投資由2006年占對(duì)外投資總額的19%增長(zhǎng)到2014年的46.4%,增長(zhǎng)十分驚人。那么,民營(yíng)企業(yè)進(jìn)行的跨國(guó)并國(guó)是否真的可以提高企業(yè)的績(jī)效,哪些因素又影響著績(jī)效。這些問(wèn)題伴隨著民營(yíng)企業(yè)的發(fā)展,已引起越來(lái)越多國(guó)內(nèi)外學(xué)者的重視。為此,本文以中國(guó)民營(yíng)企業(yè)為研究的視角,深入分析跨國(guó)并購(gòu)對(duì)民營(yíng)企業(yè)績(jī)效影響,并找到影響績(jī)效的因素,為民營(yíng)企業(yè)跨國(guó)提供理論指導(dǎo)。本文以2006-2014年間進(jìn)行跨國(guó)并購(gòu)的40家民營(yíng)企業(yè)為樣本,以2006-2014間50家國(guó)有企業(yè)為對(duì)照組,以(-240,-40)為干凈期,以(-40,40)為研究的窗口期,運(yùn)用事件研究法對(duì)民營(yíng)企業(yè)跨國(guó)并購(gòu)績(jī)效進(jìn)行研究,通過(guò)對(duì)累計(jì)平均超額收益(CAAR)與平均超額收益(AAR)值對(duì)比分析,研究發(fā)現(xiàn)民營(yíng)企業(yè)的并購(gòu)績(jī)效為股東創(chuàng)造了財(cái)富,且民營(yíng)企業(yè)并購(gòu)績(jī)效要顯著優(yōu)于國(guó)營(yíng)企業(yè),通過(guò)對(duì)民營(yíng)企業(yè)不同并購(gòu)類型的研究,發(fā)現(xiàn)橫向并購(gòu)績(jī)效要好于縱向并購(gòu)和混合并購(gòu),并且橫向并購(gòu)在整個(gè)窗口前內(nèi)累計(jì)平均超額收益(CAAR)為正,而縱向并購(gòu)與混合并購(gòu)均為負(fù)。同時(shí),為了研究影響民營(yíng)企業(yè)并購(gòu)績(jī)效的影響因素,本文運(yùn)用Probit的模型對(duì)影響民營(yíng)企業(yè)并購(gòu)績(jī)效的決定因素進(jìn)行研究,將被并購(gòu)企業(yè)所在國(guó)是否與中國(guó)簽定雙邊投資保護(hù)協(xié)議、被并購(gòu)企業(yè)所在國(guó)法律體系類型、并購(gòu)后持股比例、東道國(guó)制度環(huán)境等相關(guān)變量納入模型當(dāng)中,通過(guò)研究結(jié)果發(fā)現(xiàn)并購(gòu)與中國(guó)簽定保護(hù)協(xié)議國(guó)家的企業(yè),企業(yè)可以獲得更高的收益。并且東道國(guó)家的制度環(huán)境越好、并購(gòu)?fù)瓿梢院笃髽I(yè)持股比例越高、并購(gòu)企業(yè)所在國(guó)為大陸法系,那么企業(yè)并購(gòu)績(jī)效越好。本文有以下的創(chuàng)新點(diǎn),本文將關(guān)注的焦點(diǎn)放在對(duì)民營(yíng)企業(yè)跨國(guó)并購(gòu)的分析上,彌補(bǔ)了其他文獻(xiàn)在分析績(jī)效問(wèn)題時(shí),沒有區(qū)分國(guó)有企業(yè)和民營(yíng)企業(yè),研究不夠全面的問(wèn)題,對(duì)于民營(yíng)企業(yè)績(jī)效問(wèn)題的研究做了相關(guān)的補(bǔ)充。在研究影響民營(yíng)企業(yè)并購(gòu)績(jī)效問(wèn)題時(shí),本文將其他文獻(xiàn)沒有考慮或者考慮不夠全面的的制度環(huán)境、法律體系、投資保護(hù)協(xié)議等相關(guān)變量納入模型當(dāng)中,重點(diǎn)關(guān)注了國(guó)家層面的因素對(duì)民營(yíng)企業(yè)并購(gòu)績(jī)效的影響,擴(kuò)大了對(duì)民營(yíng)企業(yè)的研究視野,使得對(duì)民營(yíng)企業(yè)的研究更加全面。本文的第一部分主要對(duì)文章的研究背景、研究的理論和實(shí)踐意義、研究的方法、結(jié)構(gòu)的安排以及研究的重點(diǎn)和創(chuàng)新點(diǎn)做出簡(jiǎn)要的介紹。第二部分首先給出了跨國(guó)并購(gòu)的具體概念,然后對(duì)全球跨國(guó)并購(gòu)具體發(fā)展歷史進(jìn)行了詳細(xì)的梳理,其次對(duì)于跨國(guó)并購(gòu)動(dòng)因的各種相關(guān)理論進(jìn)行了介紹,并且對(duì)于并購(gòu)績(jī)效研究主流的事件研究法和會(huì)計(jì)研究法的基本原理和適用條件作出了簡(jiǎn)要的描述,最后對(duì)跨國(guó)并購(gòu)的相關(guān)文獻(xiàn)以及影響并購(gòu)績(jī)效的相關(guān)文獻(xiàn)進(jìn)行了回顧。第三部分對(duì)中國(guó)的并購(gòu)歷史發(fā)展進(jìn)行回顧,并對(duì)當(dāng)前的跨國(guó)并購(gòu)情況和特點(diǎn)進(jìn)行分析,然后以中國(guó)這個(gè)發(fā)展中國(guó)國(guó)家為對(duì)像,對(duì)其跨國(guó)并購(gòu)歷程進(jìn)行了分析,最后以民營(yíng)企業(yè)為對(duì)像深入分析民營(yíng)企業(yè)的發(fā)展以及特點(diǎn)。本文的研究重點(diǎn)為第四、第五部分,第四部分首先對(duì)會(huì)計(jì)指標(biāo)法、事件研究法進(jìn)行介紹,以及各方法的優(yōu)缺點(diǎn)進(jìn)行分析評(píng)價(jià),綜合各方法的優(yōu)勢(shì)與劣勢(shì),選擇合理的研究方法。然后運(yùn)用事件研究法對(duì)民營(yíng)企業(yè)和國(guó)有企業(yè)跨國(guó)并購(gòu)績(jī)效進(jìn)行對(duì)比分析,最后對(duì)與民營(yíng)企業(yè)不同類型的并購(gòu)績(jī)效進(jìn)行研究。第五部分將在第四部分的績(jī)效分析的基礎(chǔ)之上,運(yùn)用Probit模型,對(duì)影響民營(yíng)企業(yè)跨國(guó)并購(gòu)績(jī)效的影響因素進(jìn)行研究,第六部分根據(jù)前面的分析,得出民營(yíng)企業(yè)績(jī)效水平,同時(shí)根據(jù)影響績(jī)效的因素提出相關(guān)的政策建議。
[Abstract]:With the integration of the world economy continues to deepen, more and more enterprises begin to go abroad China. According to foreign investment statistical bulletin China < > display, 2014 Chinese foreign investment amounted to $123 billion 140 million, compared to $2 billion 900 million in 2000, an increase of nearly 42 times, and the transnational mergers and acquisitions as an important way of foreign investment, foreign investment in 2014 amounted to 56 billion 900 million dollars, accounting for almost half of the amount of foreign investment. At the same time the private foreign investment by 2006 accounted for 19% of the total foreign investment growth to 46.4% in 2014, growth is amazing. So, private enterprises and multinational country really can improve enterprise performance, and what factors affect the performance of these problems. With the development of private enterprises that has attracted more and more attention of scholars at home and abroad. Therefore, this paper China private enterprises as the research perspective, in-depth analysis of cross-border mergers and acquisitions of private enterprises The performance impact, and find the influence factors of performance, for private enterprises to provide theoretical guidance. This paper multinational cross-border mergers and acquisitions to between 2006-2014 and 40 private enterprises as the sample to 2006-2014 among the 50 state-owned enterprises into the control group (-240, -40), to clean, to (-40,40) as the research window use the method of event study to study the performance of private enterprises cross-border mergers and acquisitions, the cumulative average abnormal return (CAAR) and the average excess return (AAR) value of comparative analysis, study found that performance of mergers and acquisitions of private enterprises to create wealth for shareholders, and private enterprise merger performance was significantly better than the state-owned enterprises, private enterprises through the study of different M & A the type, found that horizontal merger performance is better than vertical and mixed mergers and acquisitions, and mergers and acquisitions in the front window in the transverse cumulative average abnormal return (CAAR) is positive, and the vertical merger and conglomerate merger are Negative. At the same time, in order to study the factors which affect the performance of private enterprises mergers and acquisitions, the determinants of the Probit model on merger performance of the impact of private enterprises of the country where the enterprise merger will be signed a bilateral investment protection agreement with China, mergers and acquisitions business law of the country where the system type, after the acquisition of the stake, the host country institutional environment other related variables included in the model, the result shows that mergers and acquisitions signed protection agreement national enterprises and China, enterprises can obtain higher returns. The better system environment and the host country, after the completion of the merger of enterprise ownership and enterprise merger the country of continental law, so the better performance of M & A has the following innovation. In this paper, this paper will focus on the analysis of private enterprises transnational merger, make up the other documents in the analysis of performance problems When no distinction between state-owned enterprises and private enterprises, the research is not comprehensive enough, for the performance of private enterprises has made the related supplement. Effects on the performance evaluation of M & a private enterprises, this paper will not consider other documents or is not comprehensive enough to consider the institutional environment, legal system, relevant variables included in the investment protection agreement the model, focusing on the factors affecting the national level of private enterprise merger performance, expand the research field of private enterprise, which makes the research on private enterprises more comprehensively. The first part of this paper mainly on the research background, research significance in theory and practice, research method, structure arrangement and research focus and innovation to make a brief introduction. The second part gives the concept of transnational mergers and acquisitions, then the global transnational merger with history Detailedly, then for a variety of related theories of the international merger & acquisition are introduced, and the basic principle of acquisition performance mainstream event study method and accounting research method and application conditions make a brief description, the relevant literature on cross-border mergers and acquisitions and related literature reviewed the performance of mergers and acquisitions. The third part reviews the historical development of Chinese mergers and acquisitions, and transnational mergers and acquisitions and the characteristics are analyzed, and then to the development of national China Chinese for the transnational merger and acquisition, process for the analysis, finally to private enterprises for private enterprises like the in-depth analysis of the development and characteristics of the research emphases of this paper is. Fourth, the fifth part, the fourth part of the accounting index method, event study method are introduced, and the advantages and disadvantages of various methods of analysis and evaluation, comprehensive The advantages and disadvantages of the methods, choose reasonable methods. And then use the event study method to analyze the private enterprise and state-owned enterprise transnational merger and acquisition performance of M & a performance at the end of the private enterprises of different types. The fifth part will be analyzed in the fourth part of the performance, using the Probit model to study factors the influence of private enterprises transnational merger performance, the sixth part according to the above analysis, the performance of private enterprises, and according to the factors affecting the performance of the proposed relevant policy recommendations.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F276.5

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