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论文编号：	10008
作者编号：	2120162751
上传时间：	2018/6/6 18:23:56
中文题目：	企业并购绩效的影响因素研究 ——基于资源基础理论和企业动态能力理论
英文题目：	Research on the Influencing Factors of Mergers and Acquisitions Performance: Based on Resource-based view and Corporate Dynamic Capability Theory
指导老师：	胡望斌
中文关键字：	企业内部资源禀赋；资源利用能力；行业；产权性质；并购绩效
英文关键字：	internal resource endowments; resource utilization capabilities; industry; nature of property rights; M&A performance
中文摘要：	近些年来我国的TMT（Technology, Media, Telecom）产业蓬勃发展，具有竞争优势的大公司兼并小公司的案例越来越多。大公司之间的强强联合也屡见不鲜。并且我国经济现在处于结构调整和产业升级的转型时期，并购作为一种快速的扩张方式，成为企业转型的重要手段之一。无论是新的经济形式的发展还是传统产业的转型升级都促进了我国并购活动的逐渐增多。并购虽然是实现企业快速扩张的一种高效的方式，但是现有的研究表明，并购的失败率却非常高，并购并非总是可以为收购方公司股东创造财富，甚至在很多情况下使得并购方公司股东遭受大量的损失。企业采用并购战略的最终目的都是为了提高企业的经营绩效，所以研究企业并购绩效的影响因素具有一定的现实价值。 本文在资源基础观和企业动态能力理论的基础之上，选取我国沪深两市2011年至2015年发生的356起并购案例作为研究样本来进行实证研究，首先本文探索了并购企业的内部资源禀赋和资源利用能力对企业绩效的影响关系，然后探索了并购双方所处行业对该关系的调节作用，最后探寻国有企业产权性质在企业的内部资源禀赋和资源利用能力对企业绩效的关系中的调节作用。本文从资源基础观和企业动态能力的视角研究企业的并购绩效，希望可以对现有的企业并购理论做出一些补充。 本文的研究结果证实了拥有丰富的内部资源和更好地资源利用能力可以帮助企业在并购的各个流程发挥重要作用从而取得并购的成功。并且，本文通过研究发现当并购双方处于相关行业，并购企业内部资源禀赋和资源利用能力对企业并购绩效的正向影响更强。这一结论启示管理者在选择目标公司的时候，选取同一行业的标的公司会比跨行业并购会有更好的绩效表现。同时本文的实证结果表明国有企业的产权性质可以正向调节企业的内部资源禀赋和资源利用能力对并购绩效的影响作用，从而证实了由于政府和国有企业之间的特殊联系使得政府在国企并购的过程中更多的是发挥“支持之手”的角色，从而丰富了有关国有企业的实证研究。
英文摘要：	In recent years, China's TMT (Technology, Media, Telecom) industry is booming, and there are more and more cases where big companies with competitive advantages merge small companies. Strong and strong alliances between big companies are also common. And recently, China's economy is in a period of structural adjustment and industrial upgrading. As a rapid expansion method, mergers and acquisitions have become one of the important means for corporate transformation. Both the development of new economic forms and the transformation and upgrading of traditional industries have promoted the gradual increase of M&A activity in China. Although M&A is an efficient way to achieve rapid business expansion, existing research shows that the failure rate of mergers and acquisitions is very high. M&A does not always create wealth for the shareholders, and in many cases it makes mergers and acquisitions companies Shareholders suffered a lot of losses. The ultimate goal of companies adopting M&A strategy is to improve the business performance of the company. Therefore, the influencing factors of researching M&A performance have certain practical value. Based on the resource-based view and the dynamic capability theory of the enterprise, this paper selects 356 mergers and acquisitions cases from 2011 to 2015 as research samples for empirical research. First of all, this paper explores the relationship between internal resource endowments and resource utilization capabilities of M&A firms and their impact on corporate performance. Then, it explores the regulatory effect of the industries in which both sides of M&A are located, and finally, the paper explores the regulation effect of property rights of state-owned enterprises on the relationship between enterprise's internal resource endowment and resource utilization ability. This article studies the M&A performance of the company from the perspective of resource-based view and dynamic capabilities of the enterprise, and hopes to make some supplements to the current M&A theory. The results of this study confirm that having a wealth of internal resources and better resource utilization capabilities can help companies play an important role in the various processes of mergers and acquisitions to achieve the success of mergers and acquisitions. Moreover, this study found that when M&A parties are in related industries, M&A firms' internal resource endowments and resource utilization capabilities have a stronger positive impact on corporate M&A performance. This conclusion suggests that when managers select a target company, the selected companies in the same industry will have better performance than cross-industry mergers and acquisitions. At the same time, the empirical results of this paper show that the nature of the property rights of state-owned enterprises can positively regulate the influence of internal resource endowments and resource utilization capabilities of companies on M&A performance, thus confirming that the government’s special relationship with state-owned enterprises makes the government’s acquisition of state-owned enterprises. In the process, the role of “supporting hand” is more often played, thereby enriching the empirical research on state-owned enterprises.
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