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成本粘性与并购绩效的关系探究

2021-01-27 16:05:56分类:MBA论文 阅读:

 

学霸论文网是一家专业提供论文定制修改服务的网站,上10年的论文经验,无论是本科论文、硕士论文还是MBA论文,博士论文,大家都能为您提供方便、快捷、安全的论文服务。以下是学霸论文网小编为您整理的一篇MPA论文MBA论文艺术论文范本,本文是关于成本粘性与并购绩效的关系探究。本文通过对成本与并购绩效的关系进行研究,一方面可以从理论上揭示企业成本决策对并购后企业绩效提升产生影响的作用机制,另一方面也可以完善企业的成本管理实践,提升企业的投资效率。本文基于委托代理理论与企业治理理论对股权结构的调节作用进行了分析和验证,股权集中度和股权制衡度通过影响管理层的成本调整决策在成本粘性与并购绩效之间起到调节作用,本文的研究结果有助于管理层从股权结构的角度提升企业的治理水平,避免盲目的成本调整决策,从而提高并购绩效。代写一篇硕士论文多少钱!
 摘 要 随着我国经济结构调整力度的不断加大以及市场竞争的日益激烈,自2007年开始,我国参与并购活动的上市企业数量不断增加,但从并购效果来看,并购成功率不高。对于进行并购的主并方企业来说,如何提高并购后的企业绩效是股东与管理层重点关注的问题。现有研究指出,并购过程中的资源整合是影响绩效提升的关键因素,而管理层的成本管理决策会影响到企业的资源整合效率,但是目前理论界关于成本与并购绩效之间关系的研究并不多。因此,本文通过对成本与并购绩效的关系进行研究,一方面可以从理论上揭示企业成本决策对并购后企业绩效提升产生影响的作用机制,另一方面也可以完善企业的成本管理实践,提升企业的投资效率。

  本文从管理层的资源调整行为以及管理层决策中的自利动机视角对成本粘性与并购绩效之间的关系进行分析并提出假设。在此基础上,结合委托代理理论和企业治理理论对股权结构的调节作用进行分析并提出假设。本文在利用主成分分析法对并购后企业的绩效进行评价的基础上通过构建多元线性回归模型的方法对假设进行验证。
  
  本文得到的研究结论是,发生并购交易的上市企业中的成本粘性会对主并方企业并购后短期的绩效提升产生显着的负向影响;股权结构在成本粘性与并购绩效之间起显着调节作用:股权集中度显着强化了成本粘性对并购绩效的负向影响作用;而股权制衡度在成本粘性对并购绩效的负向影响关系中起到了显着的弱化作用。基于以上研究结论,本文提出完善成本控制体系,优化并购交易中的资源配置;优化股权结构,增强股东的制衡能力;加强信息披露,增强中小股东参与权等建议。

成本粘性与并购绩效的关系探究

  
  关键词:   成本粘性;并购绩效;股权结构。
  

  Abstract

  
  With the increasing of China's economic restructuring and the increasingly fierce market competition, more and more enterprises in China acquire competitive advantage through M & A. Since 2007, the number of listed enterprises participating in M & A activities in China has been increasing, but from the point of view of the effect of M & A, the success rate of M & A is not high. How to improve the performance of M & A is the focus of shareholders and management. The existing research points out that the integration of resources in the process of M & A is the key factor affecting the performance improvement, and the cost management decision of management will affect the efficiency of resource integration of enterprises, but there are not many researches on the relationship between cost and M & A performance in the theoretical circle at present. Therefore, through the study of the relationship between cost and M & A performance, this dissertation can theoretically reveal the mechanism of the effect of enterprise cost decision on M &A performance, on the other hand, it can perfect the cost management practice of enterprises and improve the efficiency of enterprise investment.
  
  Based on the theory of scale economy and strategic management and other relevant theories, this dissertation analyzes the relationship between cost stickiness and M & A performance. On this basis, combined with the principal-agent theory and corporate governance theory to analyze the regulatory role of equity structure and put forward assumptions. The hypothesis was verified by principal component analysis and multivariate regression model.
  
  The conclusion of this dissertation is that the cost stickiness of listed companies in M & A transactions will have a significant negative effect on the short-term performance improvement after M & A; the equity structure plays a significant role in regulating the cost stickiness and M & A performance: the ownership concentration significantly strengthens the negative effect of cost stickiness on M & A performance; and the equity balance plays a significant weakening role in the negative influence of cost stickiness on M & A performance.
  
  Based on the above conclusions, this dissertation improves the cost control system, optimizes the allocation of resources in M & A transactions, puts forward to optimize the ownership structure and enhance the ability of shareholders' checks and balances, and strengthens the information disclosure to enhance the participation rights of minority shareholders.
  
  Keywords:    Cost stickiness , M & A performance , Equity structure。
  

  第1章   绪 论

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