去产能背景下建材行业并购绩效研究
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摘要
文章从去产能与提升财务绩效两个角度出发,研究了并购对建材行业企业的影响。从去产能角度,利用因子分析法构造去产能评价指标,通过分析并购前后去产能指标的变化,发现并购能有效推动建材行业企业去产能目标的实现;文章运用DEA方法衡量企业的财务绩效,发现并购后财务绩效存在一定程度上的降低。鉴于此,从产品优化角度,通过引入产品结构变动率变量,建立并验证了并购对公司绩效的影响路径模型,指出公司要以市场需求为导向合理进行并购活动,并重视并购后的整合工作。
This paper studies the influences of mergers and acquisitions(M&A) on building material enterprises from two perspectives—reducing excess capacity and improving financial performance.From the perspective of reducing excess capacity,this paper constructs the evaluation indicator of reducing excess capacity in the way of analyzing the factors.By analyzing the changes in the indicators before and after the M&A,it demonstrates that the realization of reducing excess capacity in building material enterprises can be effectively promoted by M&A.However,using the DEA method to measure the financial performance of the companies,this paper has found a certain extent of decline in their financial performance.Therefore,from the perspective of product optimization,this paper has established and validated the model of the M&A's influence on the companies' performance by introducing rate of product structure change,pointing out that the companies should conduct M&A activities reasonably based on the market demands and attach importance to the integration after the M&A.
This paper studies the influences of mergers and acquisitions(M&A) on building material enterprises from two perspectives—reducing excess capacity and improving financial performance.From the perspective of reducing excess capacity,this paper constructs the evaluation indicator of reducing excess capacity in the way of analyzing the factors.By analyzing the changes in the indicators before and after the M&A,it demonstrates that the realization of reducing excess capacity in building material enterprises can be effectively promoted by M&A.However,using the DEA method to measure the financial performance of the companies,this paper has found a certain extent of decline in their financial performance.Therefore,from the perspective of product optimization,this paper has established and validated the model of the M&A's influence on the companies' performance by introducing rate of product structure change,pointing out that the companies should conduct M&A activities reasonably based on the market demands and attach importance to the integration after the M&A.
引文
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[13]刘畅,韩爱华,沈锡茜.基于因子分析法的上市公司并购绩效评价[J].统计与决策,2017(10):179-181.
[14]李心丹,朱洪亮,张兵,等.基于DEA的上市公司并购效率研究[J].经济研究,2003(10):15-24,90.
[15]刘玉瀛.我国钢铁业的并购重组、市场结构及产业效率研究[D].天津:南开大学经济学院,2012.
[16]钱爱民,付东.政治关联与企业产能过剩:基于政府治理环境视角的实证检验[J].北京工商大学学报:社会科学版,2017,32(1):19-30.
[17]修宗峰,黄健柏.市场化改革、过度投资与企业产能过剩:基于我国制造业上市公司的经验证据[J].经济管理,2013(7):1-12.
[18]Weston J F,Mitchell M L,Mulherin J H,et al.Takeovers,Restructuring,and Corporate Governance[M].Englewood:Prentice Hall,2001.
[2]周劲,付保宗.产能过剩的内涵、评价体系及在我国工业领域的表现特征[J].经济学动态,2011(10):58-64.
[3]Jensen M C.The modern industrial revolution,exit,and the failure of internal control systems[J].Journal of Finance,1993,48(3):831-880.
[4]国家行政学院经济学教研部课题组,张占斌,张孝德.产能过剩治理研究[J].经济研究参考,2014(14):53-62,91.
[5]李正旺,周靖.产能过剩的形成与化解:自财税政策观察[J].改革,2014(5):106-115.
[6]Bruner R F.Does M&A pay?A survey of evidence for the decision-maker[J].Journal of Applied Finance,2002(12):48-68.
[7]Alexandridis G,Antypas N,Travlos N.Value creation from M&A:New evidence[J].Journal of Corporate Finance,2017,45:632-650.
[8]宋维佳,乔治.我国资源型企业跨国并购绩效研究:基于短期和中长期视角[J].财经问题研究,2014(7):98-105.
[9]晏国菀,谢光华.董事联结、董事会职能与并购绩效[J].科研管理,2017,38(9):106-115.
[10]Healy P M,Palepu K G,Ruback R S.Does corporate performance improve after mergers?[J].Journal of Financial Ecomomics,1990,31(2):135-175.
[11]邢嘉威,陈新刚.地方政府干预对企业并购绩效影响的初步研究:以房地产上市企业对非上市企业收购为例[J].金融理论与实践,2016(10):40-46.
[12]葛结根.并购支付方式与并购绩效的实证研究:以沪深上市公司为收购目标的经验证据[J].会计研究,2015(9):74-80,97.
[13]刘畅,韩爱华,沈锡茜.基于因子分析法的上市公司并购绩效评价[J].统计与决策,2017(10):179-181.
[14]李心丹,朱洪亮,张兵,等.基于DEA的上市公司并购效率研究[J].经济研究,2003(10):15-24,90.
[15]刘玉瀛.我国钢铁业的并购重组、市场结构及产业效率研究[D].天津:南开大学经济学院,2012.
[16]钱爱民,付东.政治关联与企业产能过剩:基于政府治理环境视角的实证检验[J].北京工商大学学报:社会科学版,2017,32(1):19-30.
[17]修宗峰,黄健柏.市场化改革、过度投资与企业产能过剩:基于我国制造业上市公司的经验证据[J].经济管理,2013(7):1-12.
[18]Weston J F,Mitchell M L,Mulherin J H,et al.Takeovers,Restructuring,and Corporate Governance[M].Englewood:Prentice Hall,2001.