我国国有企业并购动因与并购绩效研究
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摘要
近年来,国有企业的并购活动越来越活跃,一来是为了适应国家调整国民经济结构的战略影响,二来是全球金融危机给我国国有企业带来了前所未有的扩张良机。我国国有企业的并购,有成功的案例,也有失败的教训。在这样的背景下,结合企业并购的相关理论来探讨我国国有企业并购的特殊性,将为企业迎接新一轮的并购活动提供有效的理论和方法支持。本文从以下几个方面展开对国有企业并购问题的研究。
(1)国有企业在实现企业价值增值的同时,还承担着更多的社会责任和国家责任,因此,其并购动因与一般并购活动相比具有一定的特性。本文运用效率理论、委托代理理论和并购浪潮理论,对我国国有企业并购动因和一般企业并购动因的相同点和不同点展开了分析,系统提出了4类12个方面的国有企业并购动因,并对国有企业的并购模式进行了分析。
(2)并购绩效的考核是对国有企业并购活动进行评价的重要内容,也可以为以后的并购活动提供参考信息。本文基于国有企业并购活动绩效横向比较的视角,从财务和非财务两个指标维度,建立了全面的国有企业并购活动绩效评价指标体系,并进行了实证研究。
(3)研究并购绩效的影响因素对未来的并购活动具有很高的参考价值。本文基于相关理论对国有企业并购与一般并购绩效影响因素的相同点及特性进行了理论分析,在此基础上提出了影响国有企业并购绩效的5个方面共计21个关键因素,并对其中的并购策略性因素对并购绩效的影响进行了实证研究。
(4)对我国四个重要行业的国有企业并购现状与相关案例进行了分析,在此基础上,从政府在国企并购中的定位、并购前的准备、并购方案的制定、并购后的整合四个方面提出了我国国有企业开展并购活动的建议。
In recent years, state-owned enterprises merge&acquisitions (M&A) are becoming more and more active. One of the two main reasons is the strategic influence of economic structure adjusting which is being implemented by Chinese government, the other is that the globally financial crisis has brought about an unprecedented opportunity for those state-owned enterprise which are willing to expand. Some state-owned enterprises successfully executed M&A, but there are still some failed. Under this background, exploring the particularity of state-owned enterprises M&A on the basis of M&A theories will provide state-owned enterprises effectively theoretical and methodological support in the future M&A activities. This doctoral dissertation studies the M&A issues of state-owned enterprises from the following aspects:
(1) Not only should the state-owned enterprises make value added, but also assume much social responsibilities, the M&A motivation of state-owned enterprises is not totally the same as that of other enterprises. Base on the relative thoeries, the similarities and the differiences of the M&A motivation between state-owned enterprises and general analyzed,12kinds of motivation in four aspects are sumed up. M&A patterns of state-owned enterprises are explored as well.
(2) M&A performance analysis is the most important aspect for evaluating the M&A activities of state-owned cnterprises. It could provide useful information for the following M&A activities as well. From the visual angle of performance horizontal comparision, this doctoral disertation constructs an overall indicator system for state-owned enterprises' M&A performance evaluation based on both financial and non-financial indicators. An empirical study is used afterwards to prove the feasibility of this system.
(3) To sum up the key factors which would affect the M&A performance is very valuable. This doctoral disertation analyze the similarities and the differiences between state-owned enterprises M&A and general M&A based on relative theories. And then the key affecting factors of the state-owned enterprises M&A performance is sumed up, which include21items in5aspects. An empirical study is also used to probe into the relationship of performance and the key affecting factors in tactical aspect.
(4) M&A present situations and cases in four important industries in China are analyzed. Then suggestions about state-owned enterprises M&A are put forward in four aspects, which are positioning of the government, preparations before M&A activity, development of the M&A scheme, and the integration after M&A activity.
(1)国有企业在实现企业价值增值的同时,还承担着更多的社会责任和国家责任,因此,其并购动因与一般并购活动相比具有一定的特性。本文运用效率理论、委托代理理论和并购浪潮理论,对我国国有企业并购动因和一般企业并购动因的相同点和不同点展开了分析,系统提出了4类12个方面的国有企业并购动因,并对国有企业的并购模式进行了分析。
(2)并购绩效的考核是对国有企业并购活动进行评价的重要内容,也可以为以后的并购活动提供参考信息。本文基于国有企业并购活动绩效横向比较的视角,从财务和非财务两个指标维度,建立了全面的国有企业并购活动绩效评价指标体系,并进行了实证研究。
(3)研究并购绩效的影响因素对未来的并购活动具有很高的参考价值。本文基于相关理论对国有企业并购与一般并购绩效影响因素的相同点及特性进行了理论分析,在此基础上提出了影响国有企业并购绩效的5个方面共计21个关键因素,并对其中的并购策略性因素对并购绩效的影响进行了实证研究。
(4)对我国四个重要行业的国有企业并购现状与相关案例进行了分析,在此基础上,从政府在国企并购中的定位、并购前的准备、并购方案的制定、并购后的整合四个方面提出了我国国有企业开展并购活动的建议。
In recent years, state-owned enterprises merge&acquisitions (M&A) are becoming more and more active. One of the two main reasons is the strategic influence of economic structure adjusting which is being implemented by Chinese government, the other is that the globally financial crisis has brought about an unprecedented opportunity for those state-owned enterprise which are willing to expand. Some state-owned enterprises successfully executed M&A, but there are still some failed. Under this background, exploring the particularity of state-owned enterprises M&A on the basis of M&A theories will provide state-owned enterprises effectively theoretical and methodological support in the future M&A activities. This doctoral dissertation studies the M&A issues of state-owned enterprises from the following aspects:
(1) Not only should the state-owned enterprises make value added, but also assume much social responsibilities, the M&A motivation of state-owned enterprises is not totally the same as that of other enterprises. Base on the relative thoeries, the similarities and the differiences of the M&A motivation between state-owned enterprises and general analyzed,12kinds of motivation in four aspects are sumed up. M&A patterns of state-owned enterprises are explored as well.
(2) M&A performance analysis is the most important aspect for evaluating the M&A activities of state-owned cnterprises. It could provide useful information for the following M&A activities as well. From the visual angle of performance horizontal comparision, this doctoral disertation constructs an overall indicator system for state-owned enterprises' M&A performance evaluation based on both financial and non-financial indicators. An empirical study is used afterwards to prove the feasibility of this system.
(3) To sum up the key factors which would affect the M&A performance is very valuable. This doctoral disertation analyze the similarities and the differiences between state-owned enterprises M&A and general M&A based on relative theories. And then the key affecting factors of the state-owned enterprises M&A performance is sumed up, which include21items in5aspects. An empirical study is also used to probe into the relationship of performance and the key affecting factors in tactical aspect.
(4) M&A present situations and cases in four important industries in China are analyzed. Then suggestions about state-owned enterprises M&A are put forward in four aspects, which are positioning of the government, preparations before M&A activity, development of the M&A scheme, and the integration after M&A activity.
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