内部控制对上市公司并购绩效的影响研究
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摘要
伴随着全球经济持续波动,各国企业的发展与竞争都面临着种种风险,越来越要求企业建立完善的内部控制制度对风险进行管理和控制。作为企业发展与竞争重要手段的企业并购活动,同样充满了各种风险。企业进行并购活动,是为了达到其扩张规模、获取资源和增强核心竞争力的目的,而达到这一目的都需以并购绩效的实现为前提,而并购绩效的好坏直接关系到并购的成功与否。因此,研究内部控制对企业并购绩效的影响,即合理完善的内部控制是否能够有效的防范和控制并购过程中产生的风险,从而提高并购绩效,具有重要的理论意义和现实意义。
本文在全面综述国内外相关研究成果的基础上,按照内部控制和企业并购绩效关系这条主线展开全文,综合运用内部控制和公司并购理论等现代管理学、经济学中的最新成果,采用理论分析与实证分析相结合的研究方法,围绕选题“内部控制对上市公司并购绩效的影响研究”,展开理论与实证两方面的研究和探讨,以期得出内部控制及其各要素对并购绩效的影响及差异。
本文首先构建了内部控制对并购绩效影响的理论分析框架,从风险管理的角度出发,研究和探讨了内部控制对并购绩效影响的作用机理和路径选择。按照《企业内部控制基本规范》等相关法律,划分内部控制五要素(内部环境、风险评估、控制活动、信息与沟通、内部监督),分别讨论各要素对并购绩效的作用机理;并在并购流程细分的基础上,识别各流程风险,研究内部控制对并购绩效影响的路径选择。其次,通过内容分析法建立了内部控制评价指标体系,进而得出内部控制水平综合得分及各要素得分,为下文研究内部控制对并购绩效的影响研究提供数据支持。然后,以2007-2009年中国A股市场中发生并购的上市公司为研究对象,实证检验披露内部控制自我评估报告和内部控制鉴证报告的上市公司并购绩效是否具有显著差异,研究结果表明,内部控制真实性对企业并购绩效有显著影响,披露内部控制自我评估报告和鉴证报告的上市公司并购交易绩效、并购整合绩效均好于比未披露的样本。最后,实证检验了内部控制整体水平及各要素对并购绩效的影响,研究结果说明内部控制水平较高的上市公司具有较高的并购交易绩效和整合绩效。内部控制各要素对并购绩效也具有正向影响,但不同要素对并购交易绩效和并购整合绩效的影响具有差异。
As the global economic instability, the enterprises are required to establish sound internal control system for risk management and control facing all kinds of risks in their development and competition progress. The Merger & Acquisition activities, as an important means of enterprise development and competition, are also facing a lot of risks. For enterprises, the purpose of Merger & Acquisition is to achieve their expansions, access to resources and enhance the core competitiveness, all of which are based on the realization of the performance of Merger & Acquisition. And the performance of Merger & Acquisition has direct relationship with the success of Merger & Acquisition. Therefore, the study on the impact of internal control to the performance of mergers and acquisitions, which is“whether a reasonable internal control can effectively prevent and control the risk and increases the performance of Merger & Acquisition”, has an important theoretical meaningful and realistic significance.
This dissertation focuses on the internal control and the performance of Merger & Acquisition on the basis of a comprehensive review of related studies. It studied and explored the impact and differences of internal control and its composed factors to the performance of Merger & Acquisition, using the latest accomplishments of the internal control and Merger & Acquisition theories, and integrated research methods of theoretical analysis and empirical analyses, rounding the subject of " the impact of internal control to the performance of mergers and acquisitions ".
This article first established theoretical analysis framework about the impact of internal control and its factors to the performance of Merger & Acquisition and researched and examined the mechanisms and path choice in the risk management perspective. It respectively discussed the impact mechanisms of all five factors(internal environment, the risk assessment, control activities, information and communication, internal supervision)to the performance of Merger & Acquisition in accordance with“Internal Control Basic Norms for Chinese Enterprises”, identified and studied the pathway chosen based on the divided process of Merger & Acquisition. Secondly, it established internal control appraisal target system using the method of content analysis, and came to internal control comprehensive score and the factors scores providing data support for the following studies. Then, it empirically tested whether the performances of Merger & Acquisition have significant differences between the companies with internal control own assessment report and without it, and between the companies with internal control certificated report and without it in the motherboard companies of Shanghai and Shenzhen market in 2007-2009.The results show that the Merger & Acquisition performances of the enterprises which disclosed the internal control own assessment report and certificated report are better than those not. Finally, through empirical study of the impact of internal control and its factors to the performance of Merger & Acquisition, it found that the listed companies with higher internal control score have better trade and integrate performance. All of the factors of internal control have positive impact on performance, while different factors have different impact.
本文在全面综述国内外相关研究成果的基础上,按照内部控制和企业并购绩效关系这条主线展开全文,综合运用内部控制和公司并购理论等现代管理学、经济学中的最新成果,采用理论分析与实证分析相结合的研究方法,围绕选题“内部控制对上市公司并购绩效的影响研究”,展开理论与实证两方面的研究和探讨,以期得出内部控制及其各要素对并购绩效的影响及差异。
本文首先构建了内部控制对并购绩效影响的理论分析框架,从风险管理的角度出发,研究和探讨了内部控制对并购绩效影响的作用机理和路径选择。按照《企业内部控制基本规范》等相关法律,划分内部控制五要素(内部环境、风险评估、控制活动、信息与沟通、内部监督),分别讨论各要素对并购绩效的作用机理;并在并购流程细分的基础上,识别各流程风险,研究内部控制对并购绩效影响的路径选择。其次,通过内容分析法建立了内部控制评价指标体系,进而得出内部控制水平综合得分及各要素得分,为下文研究内部控制对并购绩效的影响研究提供数据支持。然后,以2007-2009年中国A股市场中发生并购的上市公司为研究对象,实证检验披露内部控制自我评估报告和内部控制鉴证报告的上市公司并购绩效是否具有显著差异,研究结果表明,内部控制真实性对企业并购绩效有显著影响,披露内部控制自我评估报告和鉴证报告的上市公司并购交易绩效、并购整合绩效均好于比未披露的样本。最后,实证检验了内部控制整体水平及各要素对并购绩效的影响,研究结果说明内部控制水平较高的上市公司具有较高的并购交易绩效和整合绩效。内部控制各要素对并购绩效也具有正向影响,但不同要素对并购交易绩效和并购整合绩效的影响具有差异。
As the global economic instability, the enterprises are required to establish sound internal control system for risk management and control facing all kinds of risks in their development and competition progress. The Merger & Acquisition activities, as an important means of enterprise development and competition, are also facing a lot of risks. For enterprises, the purpose of Merger & Acquisition is to achieve their expansions, access to resources and enhance the core competitiveness, all of which are based on the realization of the performance of Merger & Acquisition. And the performance of Merger & Acquisition has direct relationship with the success of Merger & Acquisition. Therefore, the study on the impact of internal control to the performance of mergers and acquisitions, which is“whether a reasonable internal control can effectively prevent and control the risk and increases the performance of Merger & Acquisition”, has an important theoretical meaningful and realistic significance.
This dissertation focuses on the internal control and the performance of Merger & Acquisition on the basis of a comprehensive review of related studies. It studied and explored the impact and differences of internal control and its composed factors to the performance of Merger & Acquisition, using the latest accomplishments of the internal control and Merger & Acquisition theories, and integrated research methods of theoretical analysis and empirical analyses, rounding the subject of " the impact of internal control to the performance of mergers and acquisitions ".
This article first established theoretical analysis framework about the impact of internal control and its factors to the performance of Merger & Acquisition and researched and examined the mechanisms and path choice in the risk management perspective. It respectively discussed the impact mechanisms of all five factors(internal environment, the risk assessment, control activities, information and communication, internal supervision)to the performance of Merger & Acquisition in accordance with“Internal Control Basic Norms for Chinese Enterprises”, identified and studied the pathway chosen based on the divided process of Merger & Acquisition. Secondly, it established internal control appraisal target system using the method of content analysis, and came to internal control comprehensive score and the factors scores providing data support for the following studies. Then, it empirically tested whether the performances of Merger & Acquisition have significant differences between the companies with internal control own assessment report and without it, and between the companies with internal control certificated report and without it in the motherboard companies of Shanghai and Shenzhen market in 2007-2009.The results show that the Merger & Acquisition performances of the enterprises which disclosed the internal control own assessment report and certificated report are better than those not. Finally, through empirical study of the impact of internal control and its factors to the performance of Merger & Acquisition, it found that the listed companies with higher internal control score have better trade and integrate performance. All of the factors of internal control have positive impact on performance, while different factors have different impact.
引文
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