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论文编号：	8478
作者编号：	2120142406
上传时间：	2016/6/13 14:38:23
中文题目：	政治关联与中国企业海外并购绩效研究
英文题目：	Political relationship and the performance of Chinese enterprises'' overseas mergers and acquisitions
指导老师：	林润辉
中文关键字：	政治关联；海外并购；并购绩效；中国企业
英文关键字：	Political Relationship;Overseas Mergers and Acquisitions; Performances of Mergers and Acquisitions; Chinese enterprises
中文摘要：	2015年12月1日人民币纳入SDR，这将为中国融入全球金融体系做出极大贡献，帮助中国打开资本账户，让利率和汇率交由市场决定。自2001年中国加入WTO的十五年来，中国走出去的步伐愈发稳健，中国的企业更是在国家战略的鼓励和自身发展的需要下，不断加快创新对外投资以及合作方式，探索国际化经营道路并深入开展海外并购活动。同时，国家政策以及资源，对于企业的经营管理、开拓创新和发展走向也十分重要。政治关联属性正是其重要体现之一。政治关联可以理解为政府和企业之间的一种非正式的联结，可以为企业与政府进行信息沟通和利益交换。 目前关于政治关联的研究大致分为政治关系和政治干预两种。而政治关联与企业海外并购方面的研究非常少，相对集中于单一时间段的绩效研究或侧重国内上市企业价值与政治关联方面的研究。 本研究通过分析中国上市公司的2003年-2014年的390宗并购事件，探索政治关联与中国企业海外并购绩效的关系，研究发现，在并购行为方面，政治关联与中国企业海外并购的并购金额正相关，在并购融资能力方面，政治关联与企业的总负债以及现金比率均正相关，说明政治关联为企业带来信用贷款等优惠政策，提高了企业的总负债以及较好的短期偿债能力等。同时政治关联和海外并购的短期绩效成正相关，说明短期来看，政治关联为中国企业走出去提供了指引性帮助和开拓性支持。另外，实证分析结果显示，政治关联与中国企业海外并购的长期绩效不显著，说明企业海外并购面临复杂的海外市场环境，国内外制度和市场资源的差异等为企业长远发展带来很强的不确定性。同时，针对政治关联属性和董事会政治关联比例两个自变量的深入分析，探索出了公司引入独立董事进而带来政治关联价值的倾向性等。 本研究为公司在实施海外并购活动提供了更加客观的判断，进而减少并购盲目性，促进并购更有效进行，规避风险，引导决策。同时，有利于改善监督管理机制和规范市场行为，为立法和监督管理政策提供参考依据，有利于中国企业的海外业务拓展尤其是海外并购事业的健康发展。
英文摘要：	Since December 1, 2015 ，RMB was included to the SDR, which will help china integrate into the global financial system and make a significant contribution. It helps China open the capital account, so that interest rates and exchange rates will be decided by the market. China has joined the WTO for five years since 2001, its steady pace goes increasingly, With the national strategy and the need of themselves, the Chinese enterprises are encouraged to improve their development, which promote foreign investment to continue to accelerate innovation and cooperation, to explore international operations and carry out the road overseas M & A activities. The rapid development of overseas M & A activities are very significant for the national economic. In the meanwhile, the national political environment of the organization is very important, it is clear that the company has the right to use the resources of the key point. National policies and resources for business management, innovation and development trend is also very important. It is one of its political association properties important manifestations. Political association can be understood as a kind of informal links between government and business, communication and information can be exchanged for the interests of government and business. Current research on political association is broadly divided into two political relations and political interference that positive and negative effects of the two. The Political associated with corporate mergers and acquisitions overseas is very little and the research is relatively concentrated in a single period of performance studies or focus on the value associated with the political aspects of domestic listed enterprises. By analyzing the Chinese Listed Companies in 2003–2014, we find 390 M & A events, exploring the relationship between politics associated with the performance of Chinese enterprises overseas mergers and acquisitions, the amount of Chinese politics associated with the acquisition of the Overseas positive correlation in acquisition finance capabilities, political relation to total liabilities and cash ratio of enterprises are positively correlated, indicating that political association for the enterprise credit and other preferential policies, improving the overall corporate debt and preferred short-term solvency. While short-term performance and political association of overseas acquisitions positively correlated, indicating that the short term, the political association of Chinese enterprises to go help, and guidance provided pioneering support. In addition, the empirical analysis shows that politics is associated with long-term performance of Chinese enterprises overseas mergers and acquisitions was not significant, indicating that companies facing complex overseas mergers and acquisitions overseas market environment, institutional differences between domestic and international markets and resources, as the long-term development of enterprises is not strong certainty. At the same time, in-depth analysis of the property of political association and political association Board proportion of the two arguments, and explore the company's introduction of independent directors and thus bring about political bias and other related values. The research company in the implementation of overseas mergers and acquisitions to provide a more objective judgment, thereby reducing acquisition blindness and promote mergers and acquisitions more effectively, avoid risks, guide decision-making. At the same time, it helps to improve the supervision and management mechanism and standardize the market behavior, provide reference for legislation and supervision and management policies in favor of overseas business development of Chinese enterprises, especially the healthy development of the cause of overseas acquisitions.
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