稳增长背景下制造业并购支付方式和绩效研究

稳增长背景下,制造业企业通过并购加快产业升级,并购中支付方式的选择关乎公司并购的经济后果。以2008—2013年稳增长背景下的企业合并事件为样本,运用因子分析、均值分析和多元回归分析对支付方式和主并方绩效进行实证研究。研究发现,股票支付方式、含股票的混合支付方式与主并方绩效呈显著正相关关系,而现金支付方式、现金和资产混合支付方式与其呈负相关关系。进一步分析得出,企业管理水平、关联交易、股权制衡度与主并方绩效正相关,而并购资金规模与主并方绩效负相关。

Research on payment mode and performance of M & A in manufacturing industry under background of steady growth

Under the background of steady growth, the industrial upgrading through mergers and acquisitions(M & A)is speeded up by the manufacturing enterprises, and the choice of payment methods in M & A is related to the economic consequences of M & A. Taking the M & A events under the background of steady growth from 2008 to 2013 as samples, an empirical study on the payment methods and the performance of M & A is carried out using the factor analysis, mean analysis and multiple regression analysis. The study finds that there is a significant positive correlation between the stock payment and mixed payment with shares and the performance of M & A, while the cash payment, cash and asset mixed payment have negative correlation. It is shown that the level of enterprise management, related transaction and balance of ownership are positively correlated with performance of M & A, while the M & A scale is negatively correlated with the performance of M & A.