本文關鍵詞：中國上市公司并購經驗、組織學習與跨國并購績效研究　出處：《東華大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 并購經驗 組織學習 并購能力 國有股權性質 跨國并購績效

【摘要】：2016年,中國資本出海進程開始全面提速,中企海外投資呈現井噴,中化工、海航、中聯重科集團等紛紛加入跨國并購行列。業內人士普遍認為,基于國內經濟發展的現實和企業國際化的需求,中國企業海外并購熱潮已是大勢所趨。然而,跨國并購交易活動本身異常復雜且有難度,而相比較西方國家企業,中國企業走出去歷程尚短,經驗學習不足。商務部的最新報告顯示,中國企業的海外項目只有13%獲得了投資回報,63%是非盈利甚至虧損的。這一結果也引起了學者和企業自身對跨國并購的反思,那么影響我國企業出海并購績效的因素究竟有哪些,他們能否以及該如何運用以往的并購經驗來取得預期績效一度成為該領域的熱點研究。本文從經驗學習出發,構建了經驗學習——并購能力——并購績效模型,試圖在理論推演的基礎上,通過樣本驗證來揭開經驗學習與跨國并購績效間關系之謎。主要選取了中國上市公司在2005年到2013年間發生的135起跨國并購事件為樣本,經過描述性統計和層次回歸分析,驗證了并購經驗的學習效果(并購績效)并試探性研究了影響經驗學習與績效關系的因素。首先我們實證分析了并購經驗與并購后經營績效的關系,發現總體來說,并購經驗越豐富,企業跨國并購績效呈現逐漸變差的趨勢,進一步來說,隨著時間的推移兩者是“倒U型”的非線性關系。接著根據并購經驗來源地不同,分析了跨國并購經驗與國內并購經驗對跨國并購績效影響的表現差異,同樣得出了兩類并購經驗均負向作用于跨國并購績效的結論,但是跨國并購經驗的影響程度明顯高于國內并購經驗。這一結果說明并購經驗學習并非簡單的拿來主義,經驗帶來的效應也不一定都是正效應,經驗學習的運用還要考慮環境適應性和經驗異質性問題;同時也表明,光靠經驗學習并不能產生經驗效應,資源基礎觀認為基于經驗學習和資源稟賦的并購能力才是企業跨國并購成功的關鍵,并購企業憑借正確的經驗學習和所擁有的資源保證了一定的并購能力,從而能夠在并購活動中做到資源配置的優化。于是,本文在分析經驗學習和并購績效的直接關系后,基于中國特殊的現實情境,結合組織學習、資源支持理論進一步引入了國有控股這一企業性質對經驗與績效關系的調節作用。通過對國有企業分樣本的實證分析發現,國有跨國企業并購時,企業股權性質正向調節了經驗和跨國并購績效間關系,不過出于政策性負擔,政府的“支持之手”效應主要體現在經營虧損的國有企業中。最后,本文結論可以給予企業與政府幾點啟示。第一,企業所積累的并購經驗并不一定有助于提升跨國并購績效,因而不能一味憑借經驗做判斷,忽視了并購經驗在新環境中的適用性以及并購經驗本身的異質性對經驗學習效果產生的影響;第二,企業在重視經驗學習對并購作用的基礎上,還要遵循科學的學習機制,刻意學習以培養出真正有競爭力的并購技能再應用用到實踐活動中,最終得以實現績效改善;第三,政府在參與國企跨國并購時應繼續秉持理性和負責的態度,更多的發揮資源效應,扶持跨國企業進行海外擴張。
[Abstract]:In 2016, Chinese sea capital process began full speed, overseas investment blowout, in the chemical industry, HNA, ZOOMLION group have joined the ranks of transnational mergers and acquisitions. The industry generally believe that the development of the domestic economy and the reality of enterprise internationalization based on the needs of Chinese enterprises overseas mergers and acquisitions is represent the general trend. However, transnational mergers and acquisitions activity itself complicated and difficult, but compared to Western companies, China enterprises to process short out, experience learning deficiencies. The latest report from the commerce department showed Chinese enterprises overseas project only 13% received a return on investment, 63% is a non profit or even a loss. This result has attracted scholars and enterprises to reflect on their own for cross-border mergers and acquisitions, then the factors influencing the performance of mergers and acquisitions of Chinese enterprises to what they can, and how to use the past to get experience in mergers and acquisitions The desired performance has become the hot spot of research in this field. In this paper, learning from the experience of the construction of learning - acquisition ability of M & a performance model, tries to based on theoretical deduction, through the sample verification to reveal the experience and the relationship between the performance of transnational merger mystery. Mainly selected China listed companies from 2005 to 2013 the 135 transnational merger and acquisition events as samples, through descriptive statistics and regression analysis, to verify the results of learning experience in mergers and acquisitions (M & a performance) and a tentative research on the factors that influence the experience of learning and performance. Firstly, we analyze the relationship of operating performance after the merger and acquisition experience, found that the overall experience in mergers and acquisitions the rich, transnational merger and acquisition has gradually become the trend of poor performance, further, with the two time is "nonlinear inverted U" According to the experience in mergers and acquisitions. Relationship between different sources, analyzes the differences of influence of transnational mergers and acquisitions experience and domestic experience in mergers and acquisitions of transnational mergers and acquisitions performance, also obtain two types of experience in mergers and acquisitions are a negative effect on the performance of transnational merger conclusions, but the degree of influence of transnational mergers and acquisitions experience significantly higher than domestic experience in mergers and acquisitions. The results show that m learning experience is not a simple ism effect brought by experience are not necessarily positive effect, use the experience of learning but also consider the environmental heterogeneity problem of adaptability and experience; also show that rely on experience and learning experience cannot produce effect, resource based view of experiential learning and resource acquisition ability is based on the key to success of the transnational mergers and acquisitions with the experience of learning the right and have the resources to ensure a certain acquisition ability, which can To optimize the allocation of resources in mergers and acquisitions activities. So, based on the direct analysis of relationship between learning and acquisition performance experience, China special circumstances based on the combination of organizational learning, resource support theory is further introduced the regulation of state-owned enterprise nature of the relationship between experience and performance. On the basis of empirical sub sample of state-owned enterprises the analysis found that the state-owned multinational mergers and acquisitions, corporate equity nature experience and positive regulation of transnational mergers and acquisitions performance relationship, but for the policy burden, the government supporting the "hand" effect is mainly reflected in the operating losses of state-owned enterprises. Finally, the conclusion of this paper can give some enlightenment of enterprise and government. First, the the accumulation of enterprise mergers and acquisitions experience does not necessarily help to improve the performance of cross-border mergers and acquisitions, so do not blindly experience judgment, ignore the experience in mergers and acquisitions in the new environment The impact of heterogeneity and applicability of mergers and acquisitions experience itself on learning experience; second, enterprises in the importance of learning experience based on merger effect, learning mechanism should follow the scientific, intentional learning to cultivate truly competitive acquisition skills application practice used to improve performance, and ultimately achieve third; and the government should continue to uphold the rational and responsible attitude in state-owned enterprises involved in cross-border mergers and acquisitions, resources to play more effect, support the multinational enterprises in overseas expansion.

【學位授予單位】：東華大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271

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本文編號：1387421