中国上市公司纵向并购的动因及绩效研究

华中科技大学硕士学位论文中国上市公司纵向并购的动因及绩效研究姓名：贺文哲申请学位级别：硕士专业：工商管理指导教师：夏新平20061025I193719982005IIAbstractAsawayofcorporatemergersandacquisitionsverticalmergersandacquisitions(M&A)havealreadyattractedalotofattentioninCoaseTimesof1937.aseriesofclassichypotheses,suchassavingtransactioncosts,exclusiveofassetsandeconomyofscope,indicatethemotivationofverticalmergersandacquisitionsandalsoprovideapowerfulexplanationofsomeoligopolies’verticalmergersuchasFord,StandardOilet.c,whichstillinfluencetheglobaleconomy.Butefficiencyofverticalmergersandacquisitionshasbeenthecontroversyfocusofforeignscholarsformanyyears.Fromthebeginningin1998,VerticalM&AoflistedcompaniesinChinaisconstantlyincreasing.therearehundredsin2005,andoutstandinginthetelecommunications,computer,automobilemanufacturing,utilities,medicine,paper,petrochemicalandmanyotherindustries.VerticalM&AofenterprisesinChinahavebecomeanimportantwayofmergersandacquisitions,andattractedtheattentionoftherelevantgovernmentdepartments.So,fromthispointofview,therearepracticalsignificancetostudythecausesandperformanceofverticalmergersandacquisitions.Thispaperanalyzesthemotivationandperformanceoftheverticalmergerusethemethodsofthecombinationoftheoreticalandempirical.Westernscholars’theoryandempiricalmethodsofsavingtransactioncosts,exclusiveofassetsandfinancialanalysismethodsandevent-studymethodologysupporttothestudyofChineseenterprises’verticalM&A.Thinkingchina'seconomicenvironment,thispaperthinkthat:alongwiththedeepeningofChina'sM&A,VerticalM&Ahasgraduallydevelopedintoanimportantacquisitiontype;ononehand,itissomachindustryproductionthatmakemergerclimaxintheseyears,theotherhand,China'scapitalmarketreformoftheequitydivisionandenterprisesystemintegrationprovidconditionstoVerticalM&A.ThemainpurposeofIIIverticalM&AofChineseenterprisesistosavetransactioncosts,stabilizeresourcesandcontrolsaleschannels.throuthempiricalstudying,thispaperthinkthat:ifwelookfromtheangleoffinancialperformance,verticalM&Aisbeneficialtothefinancialperformanceimprovementtosomeextent.China’sMarkethasashort-termpositiveleadingandlaggingreaction.However,inalong-term,itwillnotbringsuchagoodreturnandmarketeffect.So,ontheonehand,thegovernmentshouldmakeorrevisedforpropersupervision,ontheotherhand,createagoodeconomicenvironmentandpoliciestosupportthismerger.KeyWords:VerticalM&AM&AmotivationM&Aperformance111.119372019991998200521.2Perry1231.31123234419982002200620025651.41.4.11.4.21998200262002722.12.1.12.1.2RonaldCoase19378(Williamson)Klein,CrawFordandAlchian,1978(GrossmanandHart,19869(1983)2.1.3Yip,1982BaldwinCaves,1985197119741973197619791951198219782.2102.2.1MontgomeryWilson1986CalomirisKarceski1998Rild1998Mueller1980200080102000199419981119951998188162002199519993362.2.21969FamaFisherJensenRoll1969Event-studyMethodologyCaves1989Madden(1981)Jensen(1983)·802.11.33.62.1DeYong(1993)TFA198719893842002199920005910CumulativeAbnormalReturn,CARCAR121333.13.1.11919151930191619252085%278236R.19705002781917278236171619172,0002,00085%143.1.2209090199055%19997020902090199927209010115197080188620802002802002101622060(FTC)(Wilk1968Allen1971Bernhardt1977Hart&Tirole,1990)150FTC2217450%8475%3.1173.119481963%2300070600010194820593000-500014400012196315Wilk60FTC43%37%69%1960HartTirole(1990)196019503903.23.3183.21999.12InfoSpace.comSaraide2000.32000.42000.8CabletronSystemsIndusRiverNetworks2000.11PortalSolution422000.11CiscoSystemsActiveVoice2000.65291.com3.32000.12000.2ValcanVenturesTheSportingNews2000.32000.4e2000.6Scoot.comLoot.com2000.8Tom.com2000.12IternetNews.comEarthWeb2000.319ISPICP20001()1083.21949205020508080201996200058020002003703.420WTO3.419982002199819992000200120026610412615058166824391202120032213200512222005SPSPSPSPSPCP3.53.5SP2005-20052PDA20055SharpEdgeIVR20061MMSIVR20053200511200512200512WAP2005120055200510K-JAVA2006123420032003BPBPPKIBMPC2444.14.1.14.1.24.1.31CSMAB1998200220031998——200220011998200019992001254%834.14.119981999200020012002()66824392:12343X1X2X3X4X5X1X2X3X4/X5/÷264112233(......)/iiiiiiiijijiFXXXXbαααα=++++4.1123......iiiiijbαααα=++++4.2iFiijαijibijijXij4.1.4X1X2X3X4X5SPSSStatisticalPzckagefortheSocialSciences1-112345(2.7751.3560.5910.2080.071)/5.001iiiiiFXXXXX=++++4.327012345(2.6651.0740.0810.4340.017)/4.271iiiiiFXXXXX=++++4.41112345(3.0850.9480.670.210.087)/5iiiiiFXXXXX=++++4.52212345(3.1960.8480.6770.2170.063)/5.001iiiiiFXXXXX=++++4.619982002101FF−−21FF−−21FF−-2.05-3.313.43-2.05-3.3104.24.201FF−−11FF−−21FF−−10FF−20FF−21FF−-2.05E-05-3.31E-053.43E-06-1.26E-052.39E-053.66E-050.430.520.510.640.570.48F-1F0F1F2201FF−−21FF−−〈021FF−−〉04.128-0.000035-0.00003-0.000025-0.00002-0.000015-0.00001-0.00000500.0000050.00001F0-F-1F1-F-1F2-F-14.1314.1.5200120031995——19982011021670//4.34.3FF0-F-1F1-F0F1-F-1F2-F1F2-F-1F3-F2F3-F-11616166633-0.0200.0240.0040.101-0.341-0.147-0.4260.1880.4380.5630.6670.5000.3330.66729162003200010200094.44.4FF0-F-1F1-F-1F1-F0F2-F1F2-F0F2-F-1-0.22625-5.01947-4.793222.164942-2.62828-2.854530.30.20.30.70.30.3121995199820001998200219982090301998WTO4.24.2.1·DeYong(1993)200320034.2.231FamaFisherJensenRoll196920