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论文编号：	4236
作者编号：	2120102298
上传时间：	2012/6/5 23:34:45
中文题目：	企业并购经验、董事会特征对并购战略决策的影响研究
英文题目：	Research on the influence of acquisition experience and board characteristics on acquisition strategic decision：based on listed company empirical evidence of nonferrous metal industry
指导老师：	周建
中文关键字：	企业并购，组织学习，公司治理，并购经验，董事会特征
英文关键字：	Acquisition, Organizational learning, Corporate governance, Acquisition experience, Board characteristics
中文摘要：	现有许多相关的研究表明，由于企业受到内部与外部多种因素的影响，企业通过并购战略所获得的绩效大部分都不理想。以往关于企业并购的研究主要集中在并购的绩效和失败的原因上。近年来，部分学者开始将关注焦点转移到企业并购的过程。目前，学者们已经从组织学习、公司治理等角度分别对影响企业并购决策的影响因素进行了探索与分析。本文以现有的研究为基础，提出研究问题：以往的并购经验与董事会特征如何影响企业采用并购战略决策。 本文首先回顾了相关理论基础，具体包括企业并购相关理论，如企业并购的基本概念以及基本分类等；组织学习理论相，如组织学习的定义、组织学习基本模型等；公司治理相关理论，如公司治理基本概念，古典管家理论、委托代理理论、现代管家理论、利益相关者理论的基本内容，董事会的职能和特征等。基于以上相关理论，本文详细分析了企业以往的并购经验、企业所处行业的并购经验及董事会特征对企业实施并购战略可能性的影响，并提出相应假设。由于本文的研究中，企业的并购战略决策的实质是在某一特定时点上由某种性质变化而构成的事件，普通的多元回归分析法并不适用，因此，本文利用事件史分析方法中的Cox比例风险模型，基于我国2001至2010年深沪两市的有色金属行业的上市公司并购相关数据，对本文假设进行实证分析。在整体样本分析的基础上，本文根据我国《上市公司行业分类指引》，将研究样本分成两组子样本，一组包括横向并购案例，另一组包括纵向和混合并购案例，进而利用这两组子样本的Cox比例风险模型分析来检验模型的稳健性。 实证分析结果显示，企业的并购经验对企业做出后续并购战略决策的可能性显著正相关，而董事会规模与董事长-CEO二职兼任两项董事会特征对企业做出后续并购战略决策的可能性显著负相关。本文通过实证分析，探索了我国企业并购战略决策过程，一定程度上补充了我国企业并购理论。
英文摘要：	Many prior studies prove that most the performance of acquisition strategic is unsatisfactory because of internal and external factors. Prior studies on acquisition strategy focus on the acquisition performance and the factors on acquisition failure. In recent years, some scholars began to shift their attention to the process of acquisition. At present, scholars have explored and analysed the factors which affect the enterprise acquisition decisions from the point of view of theories on organization studies and corporate governance. Based on the existing research, this thesis puts forward the research question, namely how the prior acquisition experience and board characteristics affect the enterprise acquisition decisions. This thesis first reviewed the related theoretical basis. First, the M&A theory, including the basic concept of M&A and basic classification. Second, the organizational learning theory, including the definition of organizational learning and the basic model of organizational learning. Third, the corporate governance theory, including the basic concept of corporate governance, classical stewardship theory, the principal-agent theory, modern stewardship theory, stakeholder theory, the functions and features of the board. This thesis makes a detailed analysis on the influence, which the business acquisition experience, industry acquisition experience and board characteristics have on the enterprise acquisition decisions. Then this thesis puts forward corresponding hypotheses. Because the essence of the acquisition decision is the event which is composed of the changes in some properties at a particular point in time, common multiple regression analysis is not applicable. Therefore, the method using in this thesis is COX’s Proportional Hazard Model of event history analysis. Hypotheses are tested on the acquisition events of non-ferrous metal enterprises during the period from 2001 to 2010. To test the robustness, the research sample split into two subsamples according to listed company industry classification guide in our country. One subsample only includes the horizontal acquisition cases, and the other one includes vertical and conglomerate acquisition cases. This thesis concluded that acquisition experience have a positive effect on the acquirers’ subsequent acquisitions, board size and CEO duality all have negative effects on the acquirers’ subsequent acquisitions. The purpose of this thesis is to make contribution on exploring the acquisition decision process of the enterprises in our country, and supplement acquisition theory for enterprises in our county.
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