我國制造業(yè)企業(yè)跨國并購績效的影響因素研究
發(fā)布時間：2018-07-21 19:03
【摘要】：隨著世界經濟一體化的深入發(fā)展,世界各地跨國并購的規(guī)模和影響越來越大。我國企業(yè)在自身高速發(fā)展的同時,也逐漸加入到跨國并購的浪潮中。其中,在我國跨國并購總額中制造業(yè)企業(yè)所占的比重一直很高。因此,研究影響我國制造業(yè)企業(yè)跨國并購績效的因素以及在這些因素影響下的并購績效的變化,具有重要的現實意義。 本文是在綜合當前國內外學者對影響并購績效的因素現有研究成果的基礎上,將影響制造業(yè)并購績效的因素分別從政治、經濟、文化、管理和法律五個方面來全面分析；在當前我國制造業(yè)并購現狀方面,通過搜集2000-2012年116家制造業(yè)企業(yè)跨國并購案例,對并購交易額、并購數量、并購區(qū)位等方面歸納；在跨國并購績效方面,篩選了30家制造業(yè)企業(yè)作為樣本,通過對這些樣本企業(yè)財務績效運算,得出我國制造業(yè)企業(yè)跨國并購績效整體上是先降后升的趨勢；隨后,在并購績效分析基礎上,選取了8個可量化的影響因素為自變量,以企業(yè)跨國并購后第二年的綜合績效為因變量,通過多元線性回歸分析發(fā)現只有文化差異、獲得目標企業(yè)權益、并購經驗與因變量顯著相關,而其他影響因素沒有通過顯著性檢驗。最后,本文提出了一些提高我國制造業(yè)跨國并購績效的措施,這些措施主要是針對并購前戰(zhàn)略和計劃的明確、并購后整合工作的重視以及法律法規(guī)的完善等方面。
[Abstract]:With the development of the world economic integration, the scale and influence of cross-border M & A around the world is increasing. Chinese enterprises in their own rapid development, but also gradually joined in the wave of cross-border mergers and acquisitions. Among them, manufacturing enterprises account for a high proportion in the total amount of M & A in China. Therefore, it is of great practical significance to study the factors that affect the performance of transnational mergers and acquisitions of manufacturing enterprises in China and the changes of performance of mergers and acquisitions under the influence of these factors. On the basis of synthesizing the current research results of domestic and foreign scholars on the factors affecting the performance of M & A, this paper comprehensively analyzes the factors affecting the performance of M & A in the manufacturing industry from five aspects: politics, economy, culture, management and law. In the current situation of manufacturing M & A in our country, through collecting 116 cases of transnational M & A of manufacturing enterprises from 2000 to 2012, the paper sums up the M & A transaction volume, the quantity of M & A, the location of M & A and so on. This paper selects 30 manufacturing enterprises as samples, and by calculating the financial performance of these sample enterprises, draws the conclusion that the overall performance of transnational M & A of manufacturing enterprises in our country is decreasing first and then rising, and then, on the basis of M & A performance analysis, Eight quantifiable influencing factors are selected as independent variables, and the comprehensive performance of the second year after cross-border M & A is taken as dependent variable. Through multiple linear regression analysis, we find that there are only cultural differences to obtain the target enterprise rights and interests. M & A experience was significantly correlated with dependent variables, while other factors did not pass the significance test. Finally, this paper puts forward some measures to improve the performance of cross-border M & A in our manufacturing industry. These measures are mainly aimed at the clarity of pre-merger strategy and plan, the importance of integration after M & A, and the perfection of laws and regulations.
【學位授予單位】：沈陽理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F424;F271
本文編號：2136525
[Abstract]:With the development of the world economic integration, the scale and influence of cross-border M & A around the world is increasing. Chinese enterprises in their own rapid development, but also gradually joined in the wave of cross-border mergers and acquisitions. Among them, manufacturing enterprises account for a high proportion in the total amount of M & A in China. Therefore, it is of great practical significance to study the factors that affect the performance of transnational mergers and acquisitions of manufacturing enterprises in China and the changes of performance of mergers and acquisitions under the influence of these factors. On the basis of synthesizing the current research results of domestic and foreign scholars on the factors affecting the performance of M & A, this paper comprehensively analyzes the factors affecting the performance of M & A in the manufacturing industry from five aspects: politics, economy, culture, management and law. In the current situation of manufacturing M & A in our country, through collecting 116 cases of transnational M & A of manufacturing enterprises from 2000 to 2012, the paper sums up the M & A transaction volume, the quantity of M & A, the location of M & A and so on. This paper selects 30 manufacturing enterprises as samples, and by calculating the financial performance of these sample enterprises, draws the conclusion that the overall performance of transnational M & A of manufacturing enterprises in our country is decreasing first and then rising, and then, on the basis of M & A performance analysis, Eight quantifiable influencing factors are selected as independent variables, and the comprehensive performance of the second year after cross-border M & A is taken as dependent variable. Through multiple linear regression analysis, we find that there are only cultural differences to obtain the target enterprise rights and interests. M & A experience was significantly correlated with dependent variables, while other factors did not pass the significance test. Finally, this paper puts forward some measures to improve the performance of cross-border M & A in our manufacturing industry. These measures are mainly aimed at the clarity of pre-merger strategy and plan, the importance of integration after M & A, and the perfection of laws and regulations.
【學位授予單位】：沈陽理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F424;F271
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，本文編號：2136525
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