發(fā)布時(shí)間：2018-01-01 19:28

  本文關(guān)鍵詞：上市公司成長(zhǎng)壓力對(duì)其并購(gòu)行為與績(jī)效的影響研究　出處：《浙江工商大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：企業(yè)成長(zhǎng)是企業(yè)永恒不變的追求,并購(gòu)成長(zhǎng)是企業(yè)成長(zhǎng)的一個(gè)重要方式。近年來(lái),并購(gòu)異�；钴S,巨頭公司合并和借殼上市兩種并購(gòu)方式成為新趨勢(shì)。阿里巴巴、騰訊、萬(wàn)達(dá)等企業(yè)不斷創(chuàng)新的同時(shí),也在頻繁的并購(gòu),我國(guó)企業(yè)并購(gòu)交易規(guī)模不斷擴(kuò)大,2015年交易金額達(dá)到1.04萬(wàn)億元。隨著我國(guó)證券市場(chǎng)的發(fā)展完善,并購(gòu)活動(dòng)也得到更規(guī)范的法律支持和制度支持。關(guān)于企業(yè)成長(zhǎng)與并購(gòu)關(guān)系的研究主要是企業(yè)并購(gòu)對(duì)企業(yè)成長(zhǎng)的影響作用和企業(yè)成長(zhǎng)不同周期選擇的并購(gòu)模式兩個(gè)方向分析。關(guān)于企業(yè)成長(zhǎng)壓力的研究目前較少,企業(yè)成長(zhǎng)壓力與并購(gòu)的關(guān)系的研究文獻(xiàn)更少。本文以國(guó)內(nèi)外學(xué)者的研究為基礎(chǔ),結(jié)合我國(guó)資本市場(chǎng)和區(qū)域制度環(huán)境兩個(gè)因素,分析企業(yè)成長(zhǎng)壓力對(duì)企業(yè)并購(gòu)與績(jī)效的影響。通過(guò)理論分析,進(jìn)而提出研究假設(shè),探討我國(guó)不同資本市場(chǎng)上和不同區(qū)域制度環(huán)境的上市公司企業(yè)成長(zhǎng)壓力與并購(gòu)行為的關(guān)系,同時(shí)研究并購(gòu)績(jī)效,豐富企業(yè)成長(zhǎng)壓力與并購(gòu)關(guān)系方面的研究。主要從以下幾個(gè)章節(jié)探討:第1章闡述本文的研究背景,提出本文研究的問(wèn)題,介紹研究的理論意義和現(xiàn)實(shí)意義,并說(shuō)明本文的研究思路;第2章對(duì)國(guó)內(nèi)外關(guān)于企業(yè)成長(zhǎng)壓力對(duì)企業(yè)并購(gòu)行為與績(jī)效的研究結(jié)論進(jìn)行回顧,并對(duì)以往研究做出評(píng)述,為本文的研究奠定理論基礎(chǔ);第3章主要分析企業(yè)成長(zhǎng)壓力與并購(gòu)行為的關(guān)系,提出研究假設(shè),構(gòu)建研究模型,闡釋各變量的選擇和具體測(cè)量方式,交代本文的樣本選取及數(shù)據(jù)來(lái)源,然后進(jìn)行實(shí)證檢驗(yàn);第4章在前文研究的基礎(chǔ)上實(shí)證分析企業(yè)成長(zhǎng)壓力與并購(gòu)績(jī)效的關(guān)系。第5章,對(duì)本文研究結(jié)論進(jìn)行總結(jié),分析研究對(duì)企業(yè)以后并購(gòu)的啟示,并提出本文研究不足之處及未來(lái)研究可能的改進(jìn)之處。本文主要得出以下結(jié)論:1、對(duì)于之前四年發(fā)生過(guò)至少一次并購(gòu)的非有機(jī)成長(zhǎng)企業(yè),企業(yè)自身成長(zhǎng)壓力和相對(duì)行業(yè)成長(zhǎng)壓力與并購(gòu)行為正相關(guān),企業(yè)成長(zhǎng)越慢越偏好并購(gòu)。2、對(duì)于非有機(jī)成長(zhǎng)企業(yè),資本市場(chǎng)對(duì)企業(yè)自身成長(zhǎng)成長(zhǎng)壓力和相對(duì)行業(yè)成長(zhǎng)壓力與并購(gòu)行為的關(guān)系均具有調(diào)節(jié)作用,區(qū)域制度環(huán)境對(duì)企業(yè)自身成長(zhǎng)壓力和相對(duì)行業(yè)成長(zhǎng)壓力與并購(gòu)行為的關(guān)系均不具有調(diào)節(jié)作用。3、對(duì)于有機(jī)成長(zhǎng)企業(yè)和非有機(jī)成長(zhǎng)企業(yè),自身成長(zhǎng)速度和相對(duì)行業(yè)成長(zhǎng)速度與并購(gòu)績(jī)效具有正相關(guān)關(guān)系,企業(yè)成長(zhǎng)速度越快并購(gòu)績(jī)效越好,企業(yè)成長(zhǎng)速度越慢并購(gòu)績(jī)效越差。4、對(duì)于有機(jī)成長(zhǎng)企業(yè)和非有機(jī)成長(zhǎng)企業(yè),資本市場(chǎng)對(duì)企業(yè)成長(zhǎng)速度與并購(gòu)績(jī)效之間的關(guān)系具有調(diào)節(jié)作用,區(qū)域制度環(huán)境對(duì)企業(yè)自身成長(zhǎng)速度與并購(gòu)績(jī)效之間的關(guān)系也具有調(diào)節(jié)作用。
[Abstract]:Enterprise growth is the eternal pursuit of enterprises, M & A growth is an important way of enterprise growth. In recent years, M & A is very active. Merger of giant companies and backdoor listing become a new trend. Alibaba, Tencent, Wanda and other enterprises are constantly innovating, but also frequent M & A, the scale of M & A transactions in China is expanding. In 2015, the transaction amount reached 1.04 tillion yuan. With the development of China's securities market. M & A activities also get more normative legal and institutional support. Research on the relationship between Enterprise growth and M & A. the impact of M & A on Enterprise growth and the Mode of M & A in different cycles of Enterprise growth. Direction analysis. There are few researches on the pressure of enterprise growth. There is less literature on the relationship between growth pressure and mergers and acquisitions. Based on the research of domestic and foreign scholars, this paper combines the two factors of capital market and regional institutional environment. This paper analyzes the influence of growth pressure on M & A and performance. Through theoretical analysis, it puts forward the research hypotheses. This paper discusses the relationship between the growth pressure and M & A behavior of listed companies in different capital markets and different regional institutional environments, and studies the M & A performance at the same time. Enrich the research on the relationship between growth pressure and mergers and acquisitions. Mainly from the following chapters: chapter 1 describes the background of this paper, puts forward the problems of this study, introduces the theoretical and practical significance of the study. And explain the research ideas of this paper; Chapter 2 reviews the domestic and foreign research conclusions on the relationship between corporate growth pressure and M & A behavior and performance, and makes a comment on the previous studies, which lays a theoretical foundation for this study. Chapter 3 mainly analyzes the relationship between growth pressure and M & A behavior, puts forward research hypothesis, constructs research model, explains the selection of variables and specific measurement methods, and explains the sample selection and data source of this paper. Then the empirical test is carried out; Chapter 4 empirically analyzes the relationship between growth pressure and M & A performance on the basis of the previous research. Chapter 5 summarizes the conclusions of this study and analyzes the implications for future M & A. And put forward the shortcomings of this study and possible improvements in future research. This paper mainly draws the following conclusion: 1, for the previous four years at least once merger and acquisition of non-organic growth enterprises. The growth pressure and relative industry growth pressure are positively related to M & A behavior. The slower the growth of enterprises, the more preference M A. 2, for non-organic growth enterprises. The capital market can regulate the relationship between the growth pressure of the enterprise itself and the relative growth pressure of the industry and the M & A behavior. The regional institutional environment has no regulating effect on the relationship between the growth pressure of the enterprise itself and the relative growth pressure of the industry and the M & A behavior. It is also useful for the organic growth enterprises and non-organic growth enterprises. Growth rate and relative industry growth rate has a positive correlation with M & A performance. The faster the growth rate, the better the M & A performance, the slower the growth rate, the worse the M & A performance. For organic growth enterprises and non-organic growth enterprises, the capital market plays a regulatory role in the relationship between the growth rate and M & A performance. Regional institutional environment also regulates the relationship between enterprise growth rate and M & A performance.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F271;F832.51;F275

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