發(fā)布時(shí)間：2018-03-19 13:10

  本文選題：制造業(yè)　切入點(diǎn)：上市公司　出處：《天津師范大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：并購(gòu)是企業(yè)實(shí)現(xiàn)規(guī)�？焖贁U(kuò)張,資源優(yōu)化配置,產(chǎn)業(yè)結(jié)構(gòu)升級(jí)、多元化戰(zhàn)略實(shí)施的有效手段之一。制造業(yè)水平彰顯著國(guó)家綜合實(shí)力的大小,代表著國(guó)際競(jìng)爭(zhēng)力的強(qiáng)弱。我國(guó)企業(yè)并購(gòu)起步較晚,但發(fā)展迅猛,如今隨著企業(yè)并購(gòu)活動(dòng)的快速膨脹,制造業(yè)已成為全行業(yè)并購(gòu)浪潮中一顆耀眼的明珠。2015年中央經(jīng)濟(jì)工作會(huì)議提出五大任務(wù)的使命,即要做好去產(chǎn)能、去庫(kù)存、去杠桿、降成本、補(bǔ)短板的工作。作為國(guó)民經(jīng)濟(jì)命脈的制造業(yè)無(wú)疑將迎來(lái)新一輪整合轉(zhuǎn)型良機(jī)。根據(jù)東方財(cái)富Choice金融終端對(duì)我國(guó)2015年各行業(yè)企業(yè)并購(gòu)重組數(shù)據(jù)的分類整理可知,截止到12月27日,制造業(yè)行業(yè)企業(yè)并購(gòu)最為活躍,并購(gòu)數(shù)量達(dá)到2249起,環(huán)比增長(zhǎng)34%,占所有行業(yè)總數(shù)量的39%,信息和軟件行業(yè)排名第二,并購(gòu)數(shù)量小于制造業(yè)的50%。然而,并購(gòu)能否提高中國(guó)制造業(yè)上市公司績(jī)效?影響制造業(yè)上市公司并購(gòu)績(jī)效的因素有哪些?這些問(wèn)題鮮有人研究。針對(duì)這些問(wèn)題,本文在國(guó)內(nèi)外已有的研究成果的基礎(chǔ)上,選取制造業(yè)上市公司2010-2012發(fā)生并購(gòu)交易行為的66家主并公司作為研究樣本,通過(guò)因子分析法,選取十六項(xiàng)企業(yè)財(cái)務(wù)指標(biāo)構(gòu)建企業(yè)績(jī)效模型,得出結(jié)論,并購(gòu)能夠提高制造業(yè)上市公司績(jī)效,但效果不顯著。接著,通過(guò)回歸分析研究了影響制造業(yè)上市公司并購(gòu)績(jī)效的影響因素,研究結(jié)論表明,非現(xiàn)金支付要比現(xiàn)金支付的并購(gòu)績(jī)效高、并購(gòu)績(jī)效隨著股權(quán)集中度的提高而下降、非國(guó)有控股上市公司并購(gòu)績(jī)效高于國(guó)有控股上市公司、并購(gòu)績(jī)效與高管薪酬成正比、關(guān)聯(lián)企業(yè)并購(gòu)績(jī)效顯著比非關(guān)聯(lián)企業(yè)并購(gòu)績(jī)效好、企業(yè)規(guī)模與企業(yè)并購(gòu)績(jī)效呈正相關(guān)關(guān)系及行業(yè)相關(guān)性與并購(gòu)績(jī)效成正比。最后,在實(shí)證研究的基礎(chǔ)上,本文分別站在政府和上市公司的角度提出了政策建議,作為提高我國(guó)制造業(yè)上市公司并購(gòu)績(jī)效的參考,以推動(dòng)企業(yè)并購(gòu)交易健康有序的發(fā)展。
[Abstract]:M & A is one of the effective means for enterprises to realize the rapid expansion of scale, the optimal allocation of resources, the upgrading of industrial structure and the implementation of diversified strategy. It represents the strength of international competitiveness. M & A in China started late, but developed rapidly. Now, with the rapid expansion of M & A activities, The manufacturing industry has become a dazzling pearl in the wave of mergers and acquisitions throughout the industry. The 2015 Central Economic work Conference put forward the mission of five major tasks, namely, to do a good job of capacity, inventory, leverage, and cost reduction. As the lifeblood of the national economy, the manufacturing industry will undoubtedly ushered in a new round of integration and transformation opportunities. According to the classification and collation of China's 2015 M & A data by the Oriental Fortune Choice financial terminal, we can see that as of December 27th, The manufacturing sector was the most active in mergers and acquisitions, with the number of mergers and acquisitions reaching 2,249, an increase of 34 percent over the previous month, accounting for 39,000 percent of the total number of all industries. The information and software industry ranked second, and the number of mergers and acquisitions was less than the 50 percent in the manufacturing industry. However, Can M & A improve the performance of listed Manufacturing companies in China? What are the factors that affect the M & A performance of listed manufacturing companies? In view of these problems, based on the existing research results at home and abroad, this paper selects 66 owners and companies of listed manufacturing companies to conduct M & A transactions in 2010-2012 as the research sample, and adopts factor analysis method. Choosing 16 financial indexes to build the enterprise performance model, the conclusion is that M & A can improve the performance of listed manufacturing companies, but the effect is not significant. Through regression analysis, this paper studies the influencing factors of M & A performance of manufacturing listed companies. The results show that the performance of non-cash payment is higher than that of cash payment, and the M & A performance decreases with the increase of equity concentration. The M & A performance of non-state-owned holding listed companies is higher than that of state-owned holding listed companies. The M & A performance of affiliated enterprises is significantly better than that of non-affiliated enterprises. There is a positive correlation between enterprise size and M & A performance, and a positive correlation between industry correlation and M A performance. Finally, on the basis of empirical research, this paper puts forward policy recommendations from the perspective of government and listed companies, respectively. As a reference to improve the M & A performance of listed manufacturing companies in our country, to promote the healthy and orderly development of M & A transactions.
【學(xué)位授予單位】：天津師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F425;F832.51

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