本文關(guān)鍵詞： 跨國并購 經(jīng)營績效 雙重差分模型　出處：《浙江財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：本文為了研究跨國并購對企業(yè)經(jīng)營績效的影響,選取2008年1月1日至2013年12月31日我國A股上市公司實施的跨國并購作為研究樣本,并借助于Wind、國泰安(CSMAR)和同花順iFinD等數(shù)據(jù)庫,搜集數(shù)據(jù)并進(jìn)行整理。首先,本文從企業(yè)盈利能力的角度出發(fā),選取了投入資本回報率(ROIC),并通過行業(yè)中值調(diào)整和同行業(yè)匹配分組公司均值調(diào)整兩種方法,得出反映并購方企業(yè)經(jīng)營績效的指標(biāo),同時對相關(guān)數(shù)據(jù)進(jìn)行描述性統(tǒng)計分析。統(tǒng)計數(shù)據(jù)表明:非國有企業(yè)在參與跨國并購中表現(xiàn)的更加積極,所實施的跨國并購數(shù)量增長的較快,在研究期內(nèi)成功實施的跨國并購總數(shù)量中占比達(dá)到70.89%;相關(guān)并購的數(shù)量較多,合計占比達(dá)到64.56%;并購意圖為技術(shù)獲取類型的并購數(shù)量明顯多于資源獲取類型的并購數(shù)量,占比為29.11%,而資源獲取類型的并購總數(shù)量占比僅為10.13%。此外,通過觀察樣本公司在實施跨國并購前后五年經(jīng)營績效的變化情況,初步得出的結(jié)論是:樣本公司實施跨國并購前后經(jīng)營績效是下降的。其次,主要利用統(tǒng)計數(shù)據(jù)線性回歸分析和借鑒Healy等人(1992)所設(shè)計的分析方法進(jìn)行實證研究,分析我國上市公司實施跨國并購對經(jīng)營績效的影響。統(tǒng)計回歸分析結(jié)果表明:在本文的研究期內(nèi)我國上市公司成功實施跨國并購后,其經(jīng)營績效沒有表現(xiàn)為上升,而是明顯的下降。基于Healy等人(1992)設(shè)計的分析模型以及對其擴(kuò)展的分析模型的回歸分析結(jié)果給出了同樣的結(jié)論,也即成功實施跨國并購后的經(jīng)營績效相比于并購前表現(xiàn)的更差。進(jìn)一步,基于跨國并購成功和失敗的樣本數(shù)據(jù),為消除樣本選擇性偏差,構(gòu)造有效樣本并設(shè)計準(zhǔn)實驗,借助于Logit回歸分析方法檢驗樣本構(gòu)造的有效性,使用雙重差分估計方法,從跨國并購特征、管理者的非理性等多視角具體分析跨國并購對企業(yè)經(jīng)營績效的影響。多視角下的統(tǒng)計數(shù)據(jù)表明:(1)國有企業(yè)相對于非國有企業(yè)而言,其經(jīng)營績效在實施跨國并購前后表現(xiàn)得更好;(2)相關(guān)并購相對于無關(guān)并購而言,樣本公司在并購前后的經(jīng)營績效下降的數(shù)值較小;(3)技術(shù)獲取類型相對于資源獲取類型而言,樣本公司在跨國并購前后的經(jīng)營績效變動所表現(xiàn)的更差一些;(4)跨國并購的相對交易規(guī)模越大,樣本公司在跨國并購后的經(jīng)營績效相比于并購前表現(xiàn)的可能更差。這一點似乎支持管理者的非理性對應(yīng)著更大的交易規(guī)模,然而回歸分析的結(jié)果卻并不顯著,這或許是由于全球金融危機(jī)的發(fā)生使得管理者在之后實施跨國并購時表現(xiàn)的更加謹(jǐn)慎。雙重差分的基礎(chǔ)模型所得出的結(jié)果仍然表明:所研究的整體樣本公司在實施跨國并購前后的經(jīng)營績效是下降的,成功樣本組在并購前后經(jīng)營績效的變化可能要好于失敗樣本組并購前后經(jīng)營績效的變化,也即跨國并購的失敗將導(dǎo)致樣本公司之后的經(jīng)營績效更差。最后,結(jié)合實證分析結(jié)果,給出結(jié)論與建議。
[Abstract]:In order to study the impact of cross-border M & A on the performance of enterprises, this paper selects the cross-border M & A implemented by A-share listed companies from January 1st 2008 to December 31st 2013 as the research sample. And with the help of Wind, Cathay iFinD) and Tonghuashun iFinD database, data collection and collation. First, this paper from the point of view of the profitability of the enterprise. The return on investment capital is selected, and through the industry median adjustment and the average value adjustment of the same industry matching group companies, the index reflecting the operating performance of M & A companies is obtained. At the same time, descriptive statistical analysis of relevant data. The statistical data show that non-state-owned enterprises are more active in participating in cross-border mergers and acquisitions, and the number of cross-border mergers and acquisitions implemented has increased rapidly. In the research period, the proportion of the total number of transnational M & A successfully implemented is 70.89; The number of related mergers and acquisitions is more, the total proportion reaches 64.56. The number of M & A with the intention of acquiring technology is obviously more than that of the type of resource acquisition, accounting for 29.11%, while the total number of M A of resource acquisition type is only 10.13%. By observing the changes of operating performance of sample companies before and after transnational mergers and acquisitions, the preliminary conclusion is that the performance of sample companies before and after cross-border mergers and acquisitions is declining. Secondly. This paper mainly uses the linear regression analysis of statistical data and the analysis method designed by Healy et al. (1992) to carry on the empirical research. The result of statistical regression analysis shows that after the successful implementation of cross-border M & A in the period of this paper, listed companies in China have successfully implemented cross-border mergers and acquisitions. The analysis model designed by Healy et al. (1992) and the regression analysis result of its extended analysis model give the same conclusion. That is to say, the performance of the successful implementation of cross-border M & A is worse than that of the pre-merger. Further, based on the sample data of the success and failure of cross-border M & A, the sample selectivity deviation is eliminated. Construct valid samples and design quasi experiments, using Logit regression analysis method to test the validity of the sample structure, using double difference estimation method, from cross-border M & A characteristics. The impact of cross-border M & A on the performance of enterprises is analyzed from the irrational perspective of managers. The statistical data from multiple perspectives show that the state-owned enterprises are relative to the non-state-owned enterprises. Its business performance is better before and after the implementation of cross-border mergers and acquisitions; (2) relative M & A is relative to unrelated M & A, the decline of operating performance of sample companies before and after M & A is relatively small; (3) compared with the type of resource acquisition, the performance of the sample companies before and after cross-border M & A is worse than that of the type of resource acquisition. (4) the larger the relative transaction scale of cross-border M & A. The performance of the sample companies after cross-border M & A may be worse than before. This seems to support the irrationality of managers corresponding to a larger scale of transactions, but the regression analysis results are not significant. This may be because the global financial crisis has led managers to be more cautious in their subsequent cross-border mergers and acquisitions. The results of the basic double-differential model still show that:. The overall sample companies studied in the implementation of cross-border mergers and acquisitions before and after the business performance is declining. The change of business performance of successful sample group before and after merger may be better than that of failure sample group before and after merger, that is, the failure of cross-border merger will lead to worse operating performance after the sample company. Finally. Combined with the results of empirical analysis, the conclusions and recommendations are given.
【學(xué)位授予單位】：浙江財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F832.51;F275

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