旅游上市公司并购协同效应评估研究

发布时间：2018-04-27 14:49

本文选题：旅游上市公司 + 并购协同效应　；参考：《兰州交通大学》2017年硕士论文

【摘要】：随着三次产业中服务业占比的不断增大,旅游产业的良好发展使得资本不断涌入,行业竞争日益激烈。在资本市场发展规律下,旅游业和其他行业一样,也逐渐形成了通过并购来整合资源、寻求规模经济效益和增强企业竞争力的发展趋势。企业并购的主要动因是寻求并购后的协同效应,它反映了企业资源整合的效果和资本分配的成果,是企业采取并购活动效益的体现。2015年我国旅游上市公司共有103家,其中登陆国内资本市场的有97家,登陆海外资本市场的有6家。2015年发生旅游上市公司并购事件15起,但并购完成后的资源整合效果较差,并购为企业带来的效益增加较少。诸多学者通过对并购协同效应的研究来寻找并购资源整合效果较差的可能原因,以期降低并购风险,为企业采取并购行为提供理论依据,助推并购活动更好的实施。本文首先对并购协同效应定性和定量分析的文献进行简要回顾,在此基础上对25家旅游上市公司并购协同效应进行评估。在对已有文献分析后,本文选择了反映企业综合能力的12个财务指标来评估旅游上市公司的并购协同效应,财务指标主要包括反映投资与收益的指标,如每股净资产、净资产收益率和基本每股收益;反映偿债能力的指标,如流动比率、速动比率、应收账款周转率和资产负债率;反映盈利能力的指标,如净利润率和资产报酬率;反映经营能力的指标,如存货周转率、固定资产周转率和总资产周转率。然后运用主成分分析法分别评估了企业实施并购后四年的协同效应相对价值。可能对并购协同价值产生影响的7个因素主要包括并购支付方式、是否是关联交易、并购相对规模、流通股比例、并购企业并购前绩效、并购企业的规模增长和股权集中度等。通过对7个影响因素与并购协同效应的相关性分析,确定了包括现金支付比例、并购前绩效、并购前规模增长和股权集中度等四个比较显著的因素,并根据这四个因素对并购后四年的协同效应进行分类分析。研究发现:(1)旅游上市公司并购后四年的协同效应实现效果不佳且价值水平较低,实现正协同效应的企业数量相对较少;(2)旅游企业在并购后的1年内能够实现协同效应,但协同效应的持续性较差;(3)7个影响因素对并购协同效应的解释力度较小,只有现金支付比例、并购前绩效、并购前规模增长和股权集中度等四个影响因素较显著;(4)旅游企业并购时现金支付比例较高、并购前绩效较低、并购前规模增长缓慢以及股权集中度较高等因素,使并购后四年的协同效应实现效果不理想。
[Abstract]:With the increasing proportion of service industry in the three industries, the good development of tourism industry makes the capital pour in constantly, and the competition of the industry is becoming more and more fierce. Under the law of capital market development, tourism, like other industries, has gradually formed the trend of integrating resources through mergers and acquisitions, seeking economies of scale and enhancing the competitiveness of enterprises. The main motivation of M & A is to seek the synergetic effect after M & A, which reflects the effect of enterprise resource integration and the result of capital distribution, and is the embodiment of the benefit of M & A. in 2015, there are 103 tourism listed companies in our country. Among them, 97 have entered the domestic capital market and 6 have landed in the overseas capital market. There were 15 M & A events of tourism listed companies in 2015, but the effect of resource integration after the completion of M & A was poor, and the benefits of M & A increased less. Many scholars have studied the synergy effect of M & A to find out the possible reasons for the poor integration of M & A resources in order to reduce the risk of M & A, to provide theoretical basis for enterprises to adopt M & A behavior, and to promote the better implementation of M & A activities. This paper reviews the literature of qualitative and quantitative analysis of M & A synergy, and evaluates the M & A synergy effect of 25 tourism listed companies. After analyzing the existing literature, this paper selects 12 financial indicators reflecting the comprehensive ability of enterprises to evaluate the merger and acquisition synergy of tourism listed companies. The financial indicators mainly include the indicators of investment and earnings, such as net assets per share. Return on net assets and basic earnings per share; indicators of solvency, such as current ratio, liquidity ratio, turnover ratio of accounts receivable and asset-liability ratio; indicators of profitability, such as net profit margin and return on assets; Indicators of operational capacity, such as inventory turnover, fixed assets turnover, and total asset turnover. Then the relative value of synergy in four years after M & A is evaluated by principal component analysis. The seven factors that may affect the synergistic value of M & A mainly include the payment mode of M & A, the relative scale of M & A, the proportion of tradable shares, the performance before M & A, the growth of M & A scale and the degree of equity concentration, etc. Through the correlation analysis of seven influencing factors and the synergy effect of M & A, the paper determines four relatively significant factors, including the proportion of cash payment, the performance before M & A, the growth of scale before M & A and the degree of equity concentration. According to these four factors, the synergetic effect of four years after M & A is classified and analyzed. It is found that the synergy effect of tourism listed companies in four years after merger and acquisition is not good and the value level is low, and the number of enterprises that realize positive synergy effect is relatively small. 2) Tourism enterprises can realize synergy effect within one year after M & A. However, the persistence of synergetic effect is poor (37) the explanation of M & A synergetic effect is relatively small, only cash payment ratio, performance before M & A. There are four factors influencing the scale growth and equity concentration before M & A. (4) the proportion of cash payment in M & A is higher, the performance before M & A is lower, the growth of scale before M & A is slow and the degree of equity concentration is high, etc. So that four years after the merger and acquisition synergy effect is not ideal.
【学位授予单位】：兰州交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F592.6;F271

【参考文献】