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论文编号：	6332
作者编号：	2120122616
上传时间：	2014/6/8 14:38:03
中文题目：	股权结构对我国上市公司并购绩效影响的实证研究
英文题目：	An Empirical Study of the Ownership Structure’s Impact on M&A Performance of the Listed Companies in China
指导老师：	王全喜
中文关键字：	并购绩效；股权结构；因子分析；差量评价
英文关键字：	M & A Performance；Ownership Structure；Factor Analysis；Differential Evaluation
中文摘要：	2008年的金融危机使我国公司在面临挑战的同时，也获得了发展的机遇，我国政府出台了鼓励并购活动的一系列政策，使得我国公司并购活动有增无减。由于并购活动在一定程度上能够达到提高资源配置效率和降低公司营运成本的目的，现已成为我国上市公司成长和发展的日常活动之一。但是并购活动能否提高公司绩效，股东的持股比例以及分布情况如何影响公司并购绩效，是人们非常关心的问题。因此，本文从股权结构角度来分析其对并购绩效产生的影响，对于完善公司治理机制、规范发展资本市场有着重要的意义。 本文首先对股权结构、并购绩效等相关概念进行界定和说明，然后在对国内外研究现状进行回顾的基础上，分析股权结构对于并购绩效影响的作用机理，主要是从股权集中度、股权制衡度、管理层持股和国有股比例方面来分析，由此提出五个研究假设。最后，以2009年至2012年我国上市公司为样本，采用因子分析法来衡量并购绩效，并使用多元线性回归模型对并购绩效以及并购绩效差量进行实证分析。 本文通过实证研究发现，从整体上来讲，我国上市公司并购绩效并没有得到提升，并购结果并不理想。对于股权结构与并购绩效的关系，本文得出以下结论：第一大股东持股比例与并购绩效在短期内显著正相关；股权集中度与并购绩效显著负相关，与并购绩效差量正相关，但并不明显；股权制衡度与并购绩效显著正相关；管理层持股与并购绩效显著正相关，与并购绩效差量显著负相关；国有股比例与并购绩效显著正相关，与并购绩效差量显著负相关。最后，结合研究结论和我国国情，从股权结构与并购绩效的关系出发对如何提高上市公司并购绩效提出一些建议。
英文摘要：	After the financial crisis in 2008, the Chinese companies faced challenges, but also got the opportunity of development. Because the Chinese government introduced some policies to encourage mergers and acquisitions activities, which made Mergers and Acquisitions activities continue unabated. M & A activity which can improve the efficiency of resource allocation and reduce operational costs has become one of the daily activities of listed companies to grow and develop. But the problem that people are very concerned about is if M & A can improve corporate performance and how the proportion of shareholders stockholding and its distribution can affect M & A performance. Therefore, this paper analyzes how the ownership structure impacts on M & A performance, in order to improve corporate governance mechanism, regulate the development of capital market. Firstly, this paper describes the concepts of the ownership structure and M & A performance. And then this paper reviews the research status at home and abroad. On the basis, this paper analyzed theoretically how the ownership structure affect M & A performance, primarily from the aspects of the ownership concentration, equity restriction, the proportion of management stockholding and the proportion of state-owned shares, which put forward five hypotheses. Finally, choosing Chinese listed companies from 2009 to 2012 as samples, this paper uses the factor analysis to measure the performance of M & A, and uses the multiple linear regression model to conduct the empirical analysis for M & A performance and its change. In this paper, empirical studies have found that M & A performance of listed companies has not been improved as a whole, that is to say, the results are not satisfactory. For the relationship between ownership structure and M & A performance, we draw the following conclusions. The proportion of the largest shareholder stockholding has a strong positive correlation with M & A performance in the short term. The ownership concentration has a strong negative correlation with M & A performance, but positively correlates with the change of M & A performance, and not obviously. The relationship between equity restriction and M & A performance is a strong positive correlation. Both the proportion of management stockholding and the proportion of state-owned shares have a strong positive correlation with M & A performance, but negatively correlate with the change of M & A performance. Finally, combining research findings with the actual situation of our country, this paper makes some suggestions about how to improve the performance of M & A by improving the ownership structure of listed companies.
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