政府干预、多元化并购与企业风险

发布时间：2018-03-29 23:05

本文选题：多元化并购　切入点：企业风险　出处：《浙江财经大学》2015年硕士论文

【摘要】：随着有关上市公司资产重组和股权收购法律法规的健全和完善以及股权全流通时代的到来，多元化并购现象逐渐登上我国资本市场的舞台，而其对上市公司的价值影响问题也成为了一项重要的课题。目前，国内外学术界侧重于研究上市公司多元化并购对公司绩效的影响，虽然也是对企业价值的反映，但并不全面，即使拥有较好的业绩，过度的并购扩张可能会使企业陷入财务困境，，但目前学术界对于多元化并购所可能产生的风险影响却探讨的较少。此外，上市公司的多元化并购扩张行为及其所带来的经济后果，在很大程度上都与我国特殊的制度背景相关，甚至后者还会对企业的并购行为起到决定性的支配作用，所以为了更深入地研究基于我国特殊制度背景下的多元化并购活动，本文引入了政府干预这一变量，以寻找多元化并购可能的动因，并试图解决以下两方面问题：第一，多元化并购如何影响企业的风险；第二，政府干预的企业实施的多元化并购是否会对企业的风险产生影响。本文以2005-2010年实施多元化并购的沪深A股上市公司为样本，搜集了并购前两年（t-2、t-1）、并购当年（t）和并购后两年（t+1、t+2）的数据作为实证研究的基础，从纵向的角度，研究了多元化并购样本自身并购前后的风险变化情况；从横向的角度，以相同时期内的同业并购样本作为对照样本，对比研究了多元化并购样本与同业并购样本在并购之后的风险变化情况，并通过加入政府干预这一调节变量，在上述两项研究的基础上，观察其是否会对研究结果有更进一步的影响。实证研究发现：不论是多元化并购的上市公司自身并购前后，还是与同业并购的上市公司相比较，多元化的并购活动都会在一定程度上加大企业的风险；进一步研究，在政府干预这一调节变量的作用下，多元化并购对企业风险会有不同程度的正向影响。本文的研究丰富了对多元化并购所产生的经济后果的认识，同时对加快股权分置改革和转变政府职能具有一定的启示作用。
[Abstract]:With the perfection and perfection of the laws and regulations of assets reorganization and equity acquisition of listed companies and the arrival of the era of full circulation of equity, the phenomenon of diversified mergers and acquisitions has gradually stepped onto the stage of the capital market in our country. At present, the academic circles at home and abroad focus on the study of the impact of diversified mergers and acquisitions on the performance of listed companies, although it is also a reflection of corporate value, but not comprehensive. Even with better performance, excessive M & A expansion may lead to financial distress, but the academic community is now less concerned about the possible risk implications of diversified mergers and acquisitions. The diversified M & A expansion of listed companies and its economic consequences are to a large extent related to the special institutional background of our country, and even the latter will play a decisive role in the M & A behavior of enterprises. Therefore, in order to study diversification M & A activities under the background of our special system, this paper introduces the variable of government intervention to find out the possible motivation of diversification M & A, and tries to solve the following two problems: first, How to influence the risk of the enterprise; second, whether the diversified merger and acquisition implemented by the government intervention will have an impact on the risk of the enterprise. Based on the data of Shanghai and Shenzhen A-share listed companies with diversified M & A from 2005 to 2010, this paper collects the data of two years before M & A, two years before M & A, two years after M & A, and two years after M & A, as the basis of empirical research. This paper studies the risk changes of multiple M & A samples before and after M & A. From a horizontal point of view, the M & A samples in the same period are taken as control samples. This paper compares the risk changes between diversified M & A samples and peer M & A samples after M & A, and by adding the regulatory variable of government intervention, on the basis of the above two studies, The empirical study finds that: whether it is before or after the merger of the listed companies in diversified mergers and acquisitions, or compared with the listed companies in the same industry mergers and acquisitions, Diversification of M & A activities will increase the risks of enterprises to a certain extent; further research, under the role of government intervention in this regulatory variable, The study in this paper enriches the understanding of the economic consequences of diversified mergers and acquisitions, and at the same time, it has a certain enlightening effect on speeding up the reform of split share structure and transforming the functions of the government.
【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D630;F271;F275

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