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  本文關(guān)鍵詞：管理者特征、產(chǎn)權(quán)性質(zhì)與并購績效　出處：《東北財經(jīng)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

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【摘要】：并購已經(jīng)成為公司資源整合和戰(zhàn)略擴(kuò)張的重要方式之一,是國內(nèi)外財務(wù)管理領(lǐng)域研究的熱點(diǎn)。我國經(jīng)濟(jì)體制不斷發(fā)展與完善,相關(guān)部門提出了一系列優(yōu)化企業(yè)并購重組的制度與意見,確立了尊重企業(yè)主體地位、發(fā)揮市場機(jī)制作用、改善政府的管理和服務(wù)的基本原則。隨著并購重組愈演愈烈,影響并購績效的因素也愈發(fā)復(fù)雜。其中,企業(yè)管理者承擔(dān)著制定和實(shí)施企業(yè)并購戰(zhàn)略的使命,管理者并非是"理性經(jīng)濟(jì)人",管理者的性別、受教育程度、在職期限、年齡、工作經(jīng)驗(yàn)等背景特征會影響管理者的行為。因此,管理者特征與企業(yè)并購行為能否提升其績效有著緊密的聯(lián)系,對我國經(jīng)濟(jì)制度轉(zhuǎn)軌背景下探索企業(yè)并購與其績效具有重要的研究價值。具體而言,由于我國資產(chǎn)市場尚未成熟,市場經(jīng)濟(jì)制度仍有待優(yōu)化與完善,絕大多數(shù)的上市公司都是高度集中的股權(quán)結(jié)構(gòu),由大股東控制企業(yè)的所有權(quán)。根據(jù)資源理論以及我國經(jīng)濟(jì)社會現(xiàn)狀,與非國有上市公司相比,國有上市公司擁有更多的資源和政策上的支持,國家作為國有控股公司的最終控制人會對企業(yè)的并購績效產(chǎn)生一定的影響�？梢�,產(chǎn)權(quán)性質(zhì)與管理者特征及并購績效有著密切的聯(lián)系。在此基礎(chǔ)上,管理者特征、產(chǎn)權(quán)性質(zhì)與并購績效的相關(guān)性值得研究與探討。本文圍繞管理者特征、產(chǎn)權(quán)性質(zhì)與并購績效的關(guān)系,共分成六部分來寫作。第一部分:緒論。該部分主要闡述本文選題背景及研究意義、研究思路和方法,并且指出全文可能的創(chuàng)新點(diǎn)。第二部分:文獻(xiàn)綜述。該部分從管理者特征、產(chǎn)權(quán)性質(zhì)與并購績效三個角度對國外和國內(nèi)相關(guān)研究文獻(xiàn)進(jìn)行梳理總結(jié)與述評,挖掘可研究的新領(lǐng)域,引出本文的研究主題。第三部分:理論分析及提出假設(shè)。該部分以并購效率理論、高層梯隊(duì)理論、資源依賴?yán)碚摷爱a(chǎn)權(quán)理論為本文的理論基礎(chǔ),分析國內(nèi)發(fā)生并購行為的上市公司管理者特征與并購績效的關(guān)系,在此基礎(chǔ)上,加入產(chǎn)權(quán)性質(zhì)因素,通過比較分析的方法研究產(chǎn)權(quán)性質(zhì)的調(diào)節(jié)作用。第四部分:研究設(shè)計。該部分主要介紹從樣本到變量的選擇及構(gòu)建模型的過程。本文以2010-2014年滬深A(yù)股主板上市公司的數(shù)據(jù)為原始數(shù)據(jù),并對其進(jìn)行篩選整理,得到936個發(fā)生并購行為的樣本。變量主要包括被解釋變量、解釋變量、調(diào)節(jié)變量及控制變量。在模型選擇上,選用多元回歸模型。第五部分:實(shí)證結(jié)果與分析。該部分首先對選取的數(shù)據(jù)進(jìn)行描述性統(tǒng)計分析及相關(guān)性分析。其次,對前文提出的概念模型以及研究假設(shè),借助Stata11軟件對本文所選的樣本進(jìn)行多元回歸,并對其結(jié)果進(jìn)行分析。最后,為了提高實(shí)證結(jié)果的準(zhǔn)確性,本文做了穩(wěn)健性檢驗(yàn)。第六部分:研究結(jié)論及政策建議。該部分運(yùn)用定性分析的研究方法深入分析前述統(tǒng)計分析的結(jié)果,得出本文的研究結(jié)論。并將理論與實(shí)踐相結(jié)合,總結(jié)所得結(jié)論對企業(yè)實(shí)踐的啟示,并提出相應(yīng)的可行性建議。同時,指出本文研究的局限,以待日后進(jìn)一步研究。本文選取并購交易發(fā)生在2010—2014年期間,主并購公司為滬深A(yù)股上市公司的936個并購事件樣本。管理者特征著重從管理者中女性比例、年齡、學(xué)歷、任期四個方面進(jìn)行分析,檢驗(yàn)了主并購公司管理者特征與并購績效之間的關(guān)系及產(chǎn)權(quán)性質(zhì)的調(diào)節(jié)作用。本文的創(chuàng)新主要表現(xiàn)在以下兩點(diǎn):(1)研究方法與樣本數(shù)據(jù)選取方面創(chuàng)新。大多數(shù)文獻(xiàn)采用產(chǎn)權(quán)性質(zhì)對研究樣本分組研究產(chǎn)權(quán)性質(zhì)差異的影響。本文引入了產(chǎn)權(quán)性質(zhì)作為交互項(xiàng),以研究國有控股與非國有控股企業(yè),即不同產(chǎn)權(quán)性質(zhì)下,管理者特征對并購績效的不同影響。本文從并購重組數(shù)據(jù)中選擇了資產(chǎn)收購、吸收合并、要約收購、股權(quán)轉(zhuǎn)讓四種類型的并購樣本。(2)現(xiàn)有文獻(xiàn)大多研究是從并購支付方式、并購動機(jī)、并購類型等角度研究或是從上市公司特征的角度對并購績效的影響,本文結(jié)合當(dāng)今市場經(jīng)濟(jì)活動現(xiàn)狀,從行為財務(wù)學(xué)角度進(jìn)行研究,將管理者特征、產(chǎn)權(quán)性質(zhì)作為影響并購績效的因素,拓展了我國上市公司并購績效研究的方向。
[Abstract]:M & A has become one of the important ways of corporate resources integration and strategic expansion, is the research hotspot in the field of financial management in China. China's economic system development and improvement of the relevant departments, put forward a series of opinions system and optimize enterprise mergers and acquisitions, established the respect the dominant position of enterprises, play the role of market mechanism, improve the basic principles of government the management and service. With the merger and reorganization intensified, factors affecting the performance of mergers and acquisitions have become more and more complicated. Among them, the enterprise managers bear the formulation and implementation of enterprise merger strategic mission, management is not "rational Economic Man", the management of gender, education, age, working period, the impact of managerial work experience background will behavior. Therefore, management characteristics and corporate mergers and acquisitions can enhance their performance are closely related to China's economic system transition back Under the background of exploration enterprise merger and its performance has important research value. Specifically, because of China's capital market is not mature, the market economy system still needs to be optimized and improved, the majority of listed companies are highly concentrated ownership structure, control of enterprise ownership by large shareholders. According to the present situation and China's economic and social resources theory compared with non state-owned listed companies, state-owned listed companies have more resources and policy support, the state owned holding company as the ultimate controller will affect the performance of merger of enterprises. Obviously, characteristics and performance of mergers and acquisitions property rights and management are closely linked. On this basis, the management features, the correlation property worth and M & a performance study and discussion. This paper focuses on the management characteristics, the relationship between property rights and the performance of mergers and acquisitions, is divided into six parts to write . the first part: introduction. This part mainly expounds the research background and the research significance, research ideas and methods, and points out the possible innovations. The second part: literature review. This part from the management characteristics, summarize and review of related domestic and foreign research literature in three aspects the nature of property rights and the performance of mergers and acquisitions the new field of research, mining, this study raises the theme. The third part: theoretical analysis and hypotheses. Part of the merger efficiency theory, upper echelons theory, resource dependence theory and property rights theory as the theoretical basis of this paper, analysis of the relationship between domestic mergers and acquisitions of listed companies management characteristics and the performance of mergers and acquisitions, this on the basis of adding property factors, regulating the method of comparative analysis of the nature of property rights. The fourth part: research design. This part mainly introduces from sample to change The selection and model construction process. Based on the 2010-2014 Shanghai and Shenzhen A shares listed on the main board of the company's data, and carries on the screening finishing 936 acquisition samples. Variables include explanatory variables, explanatory variables, control variables and control variables. In model selection, multiple selection regression model. The fifth part: empirical results and analysis. This part firstly analyzes the statistical analysis and descriptive correlation to the selection data. Secondly, the concept model is proposed and the research hypothesis, multiple regression using Stata11 software on the selected samples, and the results were analyzed. Finally, in order to improve the accuracy of the empirical results, this paper do robustness test. The sixth part: conclusions and policy recommendations. This part by using the method of qualitative analysis of the in-depth analysis of the statistical analysis. Fruit, get the conclusions of this paper. And combining the theory and practice, summed up the conclusions enlightenment to the practice of enterprise, and puts forward some corresponding suggestions. At the same time, pointed out the limitations of this study, until the day after further research. This paper selects the transaction occurred in the period from 2010 to 2014, the merging company for 936 m the event samples in Shanghai and Shenzhen A shares of listed companies. The management features on the proportion of women, from managers in age, education, tenure four aspects analysis, examines the moderating effects on the relationship between property rights and the merging company management characteristics and the performance of mergers and acquisitions. The innovation of this paper lies in the following two points: (1) research methods and sample data selection. Most of the literature by the nature of property rights innovation impact on the study sample group study property quality difference. This paper introduces the nature of property rights as the interaction term, to research The state-owned and non state-owned enterprises, namely the different nature of property right, different management characteristics of the acquisition performance. This paper chooses asset acquisition, merger and reorganization of the data from the merger, takeover, four types of merging samples of equity transfer. (2) Xian Youwen Xian most of the research is the mode of payment, from mergers and acquisitions study on the merger motive, merger type angle or influence on the performance of mergers and acquisitions of listed companies from the perspective of characteristics, combining with the status quo of current market economy activities, conducts the research from the perspective of behavioral finance, the management characteristics, property right nature as the factors which influence the performance of mergers and acquisitions, expand the research on the merger and acquisition of Listed Companies in China's direction.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F832.51;F271;F271

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