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论文编号：	5208
作者编号：	2120112432
上传时间：	2013/6/5 12:24:41
中文题目：	股权结构对中国企业跨国并购绩效的影响研究
英文题目：	Study of the Influence of Ownership Structure on
指导老师：	薛有志
中文关键字：	Study of the Influence of Ownership Structure on
英文关键字：	Cross-border Merger&Acquisition, Equity Ownership Structure, M&A Performance, Ownership Concentration, Ownership Property, Managerial Ownership
中文摘要：	近几年，随着中国经济的不断发展和政府“走出去”战略的提出，中国企业开始纷纷踏上海外经营的道路，掀起了一股跨国并购的浪潮。然而遗憾的是，在中国企业推进跨国并购的过程中，“高速化与规模化”并没有换来“效率化与效果化”。根据商务部研究院的相关研究显示，到目前为止，中国企业跨国并购的成功率不到一半。目前对中国企业跨国并购的研究还处于起步阶段，学者的研究重点主要集中在跨国并购决策过程、并购后整合以及跨国并购绩效影响因素上，并且以定性研究和案例研究为主，而对于现代公司治理机制最基本的规则层面上的制度安排——股权结构影响跨国并购绩效的作用机理和因素分析几乎是一片空白。股权结构是现代治理结构的基础，决定了公司治理中各相关利益主体商业行为的差异，最终对跨国并购绩效产生影响。相应的，探索企业不同股权结构对跨国并购绩效的影响，对于指导我国企业进行科学的跨国并购行为具有一定的价值。因此，本文通过对国内外相关研究文献的回顾和梳理，以委托-代理理论、利益相关者理论和资源基础理论为基础，分析了股权结构影响跨国并购绩效的作用机理，提出研究假设，进而以发生在2007年至2010年的76起中国A股上市公司的跨国并购案例为样本，通过回归分析等方法验证了假设，得出如下结论：股权集中度越高，对跨国并购绩效的抑制作用越明显；国有股权性质与跨国并购绩效呈负相关关系；管理层持股会抑制中国企业跨国并购绩效。上述研究结论表明，股权结构对中国企业跨国并购绩效确实存在显著的影响作用。最后，针对本文的研究结论，作者提出了一些政策性建议。
英文摘要：	In recent years, with the development of China’s economy and the implement of the “making way into the world market” government strategy, Chinese enterprises started out for the threshold of launching overseas business, raising a wave of cross-border merger and acquisition (M&A). Unfortunately, during the process of cross-border M&A, against expectation, efficiency and effect did not come along with high speed and enlarged scale. According to the research from an academy of the Ministry of Commerce, only less than half of cross-border M&A launched by Chinese enterprises has received positive results so far. For now, the research on Chinese enterprises’ cross-border M&A is still at the beginning stage. Previous researches mainly focused on the decision making process, post-merger integration and the factors that affected cross-border M&A performance, and most of the researches were qualitative investigation and case study. While the equity ownership structure works as most fundamental institutional arrangement in modern corporate governance mechanism, however, the study on the mechanism and factor analysis of how the equity ownership structure influences cross-border M&A is almost blank. As the foundation of modern governance structure, equity ownership structure usually determines the difference of every stakeholder’s conduct in business and eventually influent the cross-board M&A performance. Accordingly, in order to guide Chinese enterprises in scientific cross-border M&A activities, it will be a worthwhile endeavor to explore mechanism of how the enterprises’ different equity ownership structures influence the cross-border M&A performance. Therefore, by reviewing and examining the relevant research literature, this paper analyzed mechanism of how the equity ownership structures influence the cross-border M&A performance and generated 3 research hypotheses, on the basis of principal-agent theory, stakeholder theory and resource-based view. After that, it took the 76 cross-border M&A cases happened in Chinese listed companies from 2007 to 2010 as research sample, verified hypotheses by regression analysis and arrived the result that: 1. There is a negative correlation between the level of ownership concentration and cross-border M&A performance; 2. There is a negative correlation between state ownership property and cross-border M&A performance; 3. There is a negative correlation between managerial ownership and cross-border M&A performance. The results above showed that equity ownership did have the significant influence on Chinese corporations’ cross-border M&A performance. At the end, the author offered some constructive proposals based on this conclusion.
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