资源型企业跨国并购绩效评价研究

发布时间：2018-02-04 09:03

本文关键词： 资源型企业跨国并购绩效因子分析综合评分　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,中国资本市场的发展为中国企业的并购活动提供了良好的环境,商务部的统计显示,自2000年起,跨国并购已经成为我国企业对外投资最主要的方式。自1991第一笔并购交易始,中国企业海外并购经过20多年的发展逐渐步入正常轨道,跨国并购交易数量从1991年的6宗上升至2016年的288宗,交易金额从1991年的1.85亿美元上升至2016年的420亿美元。根据China Venture(投资中国)的统计,2006-2016年中国的跨国并购交易中,能源矿产业的交易数量和规模占比份额分别达到28%和72%。跨国并购数量和规模的增长,并不能显示出企业跨国并购的成效。中国2010-2016年间并购案例的统计也显示,仅有23%的企业获得了明确的效益,并购失败的企业达61%。因为并购而导致企业效益大幅下滑的案例频频出现,使得有人对企业跨国并购的意义和价值提出了质疑。虽然部分企业跨国并购成功,但企业的经营绩效不尽如人意,大部分企业处于非盈利甚至亏损状况,对于资源型企业跨国并购后的绩效如何,哪些因素是制约企业的经营绩效以及如何改善企业并购绩效,针对这些问题,在查阅相关文献的基础上,本文以资源型企业的经营管理水平为切入点,通过分析资源型企业并购事件前后5年的经营绩效变化情况以及以并购当期为考察期对绩效影响的因素进行分类分析。本文选取在2008-2013年并购完成的上市资源型企业作为样本,主要运用财务指标研究法,从企业盈利能力、资产运营能力、偿债能力以及企业发展能力四个维度进行研究。在分析资源型企业跨国并购绩效时,以样本企业并购事件前后5年作为考察期,重点考察并购事件是否有助于提升企业的经营绩效,得出的结论是:在短期,跨国并购事件在并购时企业绩效开始下滑并在并购的后一期达到最低点,但从长期来看,企业在并购后两期开始明显好转,整体呈现出先下降后上升的趋势;在对资源型企业并购绩效影响因素比较分析时,以并购当期作为考察期,首先按国有持股、并购后持股以及国企性质将样本进行分类,其次在各分类的样本中,以国有持股比例大小、并购后持股比例大小以及国企性质再进行细分,通过在相同因素下比较其对企业并购绩效的影响,得出结论:国有持股比例越高,企业经营绩效越好;并购后持股比例越低,企业的经营绩效越好;地方企业与央企在企业的经营绩效上差距不大。
[Abstract]:In recent years, the development of China's capital market has provided a good environment for the M & A activities of Chinese enterprises. Statistics from the Ministry of Commerce show that since 2000. Transnational M & A has become the most important way for Chinese enterprises to invest abroad. Since the first M & A transaction in 1991, the overseas M & A of Chinese enterprises has gradually entered the normal track after more than 20 years of development. The number of cross-border M & A transactions rose from 6 in 1991 to 288 in 2016. The deal rose from $185 million in 1991 to $42 billion in 2016, according to China Venture. In China's cross-border M & A transactions from 2006 to 2016, the number and scale of energy and mining industry transactions reached 28% and 722.The number and scale of cross-border M & as increased. It does not show the effectiveness of cross-border mergers and acquisitions. Statistics on mergers and acquisitions in China between 2010 and 2016 also show that only 23% of companies have achieved clear benefits. Mergers and acquisitions failed to reach 61. because of mergers and acquisitions led to a sharp decline in corporate benefits cases frequently appear. It makes some people question the significance and value of cross-border M & A. although some enterprises succeed in cross-border M & A, the performance of enterprises is not satisfactory, and most enterprises are in the state of nonprofits or even losses. For the performance of resource-based enterprises after cross-border mergers and acquisitions, which factors are restricting the performance of enterprises and how to improve the performance of mergers and acquisitions, in view of these issues, on the basis of consulting the relevant literature. This paper takes the management level of resource-based enterprises as the starting point. By analyzing the changes of operating performance of resource-based enterprises before and after the M & A event and the factors that affect the performance in the current period of M & A, this paper selects the conclusion of M & A from 2008 to 2013. The listed resource-based enterprises as a sample. Mainly using the financial index research method, from the enterprise profitability, asset operation ability, solvency and enterprise development ability to study the four dimensions. In the analysis of the performance of cross-border mergers and acquisitions of resource-based enterprises. Take the sample enterprise M & A event before and after 5 years as the inspection period, the focus on whether M & A events can help to improve the business performance, the conclusion is: in the short term. Cross-border M & A events began to decline during M & A and reached the lowest point in the latter period, but in the long run, the enterprises began to improve obviously in the two periods after M & A, and the overall trend showed a decline first and then an upward trend. In the comparative analysis of the factors affecting the performance of M & A of resource-based enterprises, taking the current period of M & A as the investigation period, the samples are classified according to the state-owned ownership, the ownership after the merger and the nature of the state-owned enterprises, and then in the samples of each classification. According to the size of state-owned shareholding, the size of shareholding after mergers and acquisitions and the nature of state-owned enterprises are further subdivided, through the comparison of the same factors on the performance of M & A, the conclusion is: the higher the proportion of state-owned shareholdings. The better the business performance; The lower the shareholding ratio after merger and acquisition, the better the business performance; Local enterprises and central enterprises in the business performance gap is not big.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271

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