联系我们

论文查询结果	返回搜索

论文编号：	9296
作者编号：	2120152494
上传时间：	2017/6/19 20:04:33
中文题目：	企业并购对战略转型绩效的影响研究
英文题目：	The Influence of Merger and Acquisition on Performance of Corporate Strategic Transformation
指导老师：	薛有志
中文关键字：	企业并购；战略转型；转型绩效
英文关键字：	Merger and Acquisition; Strategic Transformation; Transformation Performance
中文摘要：	随着全球一体化进程的不断加速，世界各个经济体有着越来越密不可分的联系。与此同时，中国近年来的迅速发展，也取得了举世瞩目的成绩。即便如此，中国经济依然有更进一步的空间和潜力。在中国经济转型的大背景下，企业纷纷通过调整自己的战略，以便更好的适应环境，获取相关的优势资源，支持企业能够在未来有健康和长远的发展。在企业进行战略转型的过程中，可以有多条路径进行选择。是通过外部扩张进行战略转型，还是通过内部成长？但在兼并重组政策的带动下，中国已经开启了新一轮并购重组浪潮。仅2016年，中国市场的交易数量达11409宗，相较于2015年上升21%；交易金额达到7700亿美元。数量如此庞大的并购活动是否可以为企业战略转型、中国经济转型提供帮助，仍然没有定论。 企业并购影响战略转型的作用机理是什么？并购的哪些方面会影响战略转型后的企业绩效？同样的并购对每个类型的战略转型影响一样吗？这些问题都是在实际的经济生活中，在战略转型的实践活动中，企业的管理者们可能遇到的重要问题。以往的学者对并购和并购绩效的研究已经不胜枚举，得到的结论却一直相距甚远，在不同的情境条件下差别极大。本文以企业资源论为基础，结合企业并购过程中的重要方面，开展并购对战略转型绩效的影响研究。同时，本文还将进一步深入探讨企业并购对行业战略转型绩效和地区战略转型绩效的分别影响。 在进行理论分析的逻辑推演基础上，本文以2011年至2015年我国A股深上市公司为研究样本，进行了实证分析和结果检验。本文的研究结果表明，发生过与战略转型有关的并购会正向促进战略转型绩效，所以该种并购会对战略转型产生积极作用。另外，并购方式、并购发生的次数、和发生完并购以后标的企业的控制权是否会发生变更也在一定程度上影响了企业战略转型效果。以上研究假设均通过了显著性检验，得到了有效验证。一方面，本文的研究有利于丰富企业并购和战略转型路路径的相关理论，另一方面，也可以为我国企业战略转型的实践活动作为一定参考，产生一定的经济价值和实际意义。
英文摘要：	With the acceleration of the process of globalization, the worldwide economies are more closely linked and China's rapid development has achieved remarkable success in recent years. However, the economy in China still have great potentials to further develop. Against a background of China's economic transformation, enterprises have adjusted their strategies in order to better adapt to the new environment and access to relevant advantageous resources. These strategies will determine future health and long-term development of enterprises. In the course of enterprise strategic transformation, there are multiple paths to choose. Both external expansion and internal growth are candidate solutions. Nevertheless, China is beginning a new wave of mergers driven by relevant policies on mergers and acquisitions. The only time in 2016, the number of transactions in the market of China increased by 21% compared with that in 2015 and reached 11409. Furthermore, the transaction amount was $770 billion. There is no definite conclusion yet whether such a large number of merger and acquisition activities can help corporate strategy and China's economic transformation. What is the mechanism that how mergers affect strategic transformation? What influence will some aspects of mergers will have on enterprise performance? Will the effect of the same type of merge on enterprises be identical when their strategic transformation is different? These issues, faced with business managers, are in real economic life and practice of strategic transformation. The topics about mergers and performance of mergers have been extensively studied, but conclusions acquired by different researchers were inconsistent and significantly varied in different situations. Based on the theory of enterprise resources and combined with the important aspects of the merger process, the author studies the influence of mergers on performance of strategic transformation. In addition, the author further discusses the influence of mergers on performance of industry strategy transformation and the performance of area strategy transformation respectively. Based on theoretical analysis and logical deduction, the author implements empirical analysis and result test using data of listed companies in Shanghai and Shenzhen stock markets between 2011-2015. Results show that the strategic restructuring-related mergers promote the performance of strategic transformation and this kind of mergers have positive influence on strategic transformation. Furthermore, merger patterns, merger times and whether the control right changes after mergers, to some extent, also have some influence on the effect of strategic transformation. All these research hypotheses passed significance tests and have been verified. On one hand, this study will enrich relevant theories about enterprise merger and strategic transformation road path. On the other hand, it will give some instruction on the strategic transformation of Chinese enterprises, generating economic value and practical significance.
查看全文：	预览  下载(下载需要进行登录)