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论文编号：	12555
作者编号：	2120183002
上传时间：	2021/6/15 19:25:37
中文题目：	股东网络对企业并购绩效的影响研究
英文题目：	The Influence of Shareholder Network on M&A Performance
指导老师：	马连福
中文关键字：	社会网络；股东网络；并购绩效
英文关键字：	Social Network; Shareholder Network; M&A Performance
中文摘要：	社会网络与公司治理相结合是当前的研究重点。并购是资本市场中重要的经济活动，而并购过程中会产生较大的信息不对称。在关系型社会的背景下，社会网络作为非正式机制，对于并购活动中信息资源的配置具有重要的作用。随着股东身份多元化，股东关系复杂化，股东在公司治理中发挥积极的作用，加上我国关系型社会的特征，从静态的角度研究股东具有局限性，股东治理机制的研究需要过渡到股东关系层面。 本文基于上述背景，对并购绩效、社会网络以及股东治理机制相关研究进行梳理，以信息不对称理论、社会网络理论为基础，探索股东网络对企业并购绩效的影响。通过研究发现，股东网络与企业并购绩效之间存在着明显的正向关系，网络中心度越高，企业的并购绩效越好。文章进一步检验了产权性质、经济政策不确定性以及制度环境的影响机制。在产权性质的调节作用下，与非国有企业相比，国有企业股东网络对并购绩效的促进作用会削弱。经济政策不确定性越高，股东网络对企业并购绩效的促进作用越不明显。与法律制度较为完善的地方相比，制度环境较差的地方，股东网络对并购绩效的促进作用越明显。文章进一步验证了股东网络对于长期并购绩效的影响，发现股东网络中心度越高，长期并购绩效越好。 本文具有一定的理论与现实意义：理论层面对于社会网络在并购领域中的研究进行补充，拓展了股东网络的研究视角，进一步深化股东治理机制；现实层面，本研究为企业在并购中降低信息不对称、提升并购收益提供了新视角，从股东关系网络的角度对国有企业以及有关政府部门提供良好的建议。图2幅，表14个，参考文献129篇。
英文摘要：	The social network and corporate governance is the focus of current research. M&A is an important activity in the capital market, there will be greater information asymmetry in the process of M&A. Influenced by relational society, social network plays an important role in the allocation of information resources in mergers and acquisitions. With the diversification of shareholders’ identity and relationship, they are playing an active role in corporate governance. Because of the characteristics of China's relational society, the research of shareholder governance transitions to the shareholders’ relationship. This thesis analyzes the related research on M&A performance, social network and shareholder governance, and explores the impact of shareholder network on M&A performance on the basis of information asymmetry theory and social network theory. The results reflect that there is an obvious positive relationship between shareholder network and M&A performance. Further research suggests that state-owned enterprises will weaken the positive relationship of shareholder network and M&A performance. When economic policy is full of uncertainty, the positive role of shareholder network will be weakened. The role of shareholder network in promoting the performance of M&A is more obvious where the institutional environment is weaker. The thesis further suggests the impact of shareholder network on the BHAR. This thesis has theoretical and practical significance: the research expands the field of social network and shareholder governance. This thesis provides a new perspective for enterprises to reduce information asymmetry and improve M&A performance. Furthermore, the results provide good suggestions for state-owned enterprises and relevant government departments in the terms of shareholder network.
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