企业生命周期、并购策略与市场绩效

发布时间：2018-04-05 08:59

本文选题：企业生命周期　切入点：政治关联　出处：《湖南大学》2015年硕士论文

【摘要】：近年来,随着我国资本市场的发展和并购环境的优化,并购事件逐年激增,企业应如何借助并购手段使其更好地发挥优化资源配置、增强上市公司竞争优势的作用越来越成为理论界和管理实践界共同关注的一个重要课题,这引发了本研究对企业并购决策的思考。本研究运用2006-2012年间上市公司并购非平衡面板数据进行实证分析,基于资源基础观,探讨了企业处于不同生命阶段的并购策略选择,并引入政治关联这一特殊因素,深入分析政治关联对企业并购策略的影响及其对企业生命周期与并购策略关系的调节作用。在此基础上,进一步分析了企业不同并购策略选择的市场反应,以及政治关联对并购策略与市场绩效关系的调节影响。实证结果表明:企业处于不同的生命周期阶段,对并购策略的选择也显著不同。处于成长期的企业显著倾向于相关并购,而处于成熟期和衰退期的企业对不同并购策略并没有表现出明显的偏好性,同时,官员型政治关联促进企业的非相关并购倾向;不同并购策略产生的市场绩效也有显著差异,非相关并购的市场绩效优于相关并购,而强官员型政治关联的存在降低企业非相关并购的市场绩效。该研究结果对企业合理制定并购决策以及投资者应如何正确看待企业并购事件有一定的启示意义。
[Abstract]:In recent years, with the development of capital market and the optimization of M & A environment in our country, the M & A events have proliferated year by year. How should enterprises make better use of the means of M & A to optimize the allocation of resources?The role of enhancing the competitive advantage of listed companies has become an important issue of common concern in the field of theory and management practice, which leads to the consideration of M & A decision in this study.This study uses the non-equilibrium panel data of mergers and acquisitions of listed companies from 2006 to 2012 to make an empirical analysis. Based on the resource-based view, the paper discusses the strategic choice of mergers and acquisitions in different life stages of enterprises, and introduces the special factor of political connection.This paper deeply analyzes the influence of political connection on M & A strategy and its regulating effect on the relationship between enterprise life cycle and M & A strategy.On this basis, the market reaction of different M & A strategies and the influence of political connection on the relationship between M & A strategy and market performance are further analyzed.The empirical results show that: enterprises are in different life cycle stages, and the choice of M & A strategy is also significantly different.The enterprises in the growing period are significantly inclined to the related M & A, while the enterprises in the mature and declining period have no obvious preference for different M & A strategies. Meanwhile, the official political association promotes the non-related M & A tendency of the enterprises.The market performance of non-related mergers and acquisitions is better than that of related mergers and acquisitions, while the existence of strong political association of officials reduces the market performance of non-related mergers and acquisitions.The results of this study have certain enlightening significance for enterprises to make rational decision on M & A and how investors should treat M & A events correctly.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F271;F275;D0

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