Matching Items (5)

158085-Thumbnail Image.png

波动行情中A股医药企业并购行为和投资者市场反应研究

Description

企业并购作为一项重要的经济手段,在世界经济主体的活动中承担着重要的角色。相较于企业内部积累式的扩张,并购是企业快速扩大规模、或者进入新领域的非常好的途径。近年来,中国上市医药企业的并购层不出穷,然而,并购是否在恰当的时机进行,同时又是否达成预期的目标,对于多数主并购企业及其经营者而言,未有定论。上市药企拥有大量二级市场投资者股东,针对A股上市医药企业的并购行为进行评价,最直接及有效的方式是对并购事件引发的市场反应进行检验,市场反应是投资者针对事件评价的表现。

本文在西方系统化的并购理论基础上,试图通过引入行业及企业层面的相关变量对近几年(2013年至2018年)A股医药并购事件的短期效绩水平进行评价。通过逐层递进的方式,对“在A股医药行业波动及其收益影响下,医药企业并购决策对市场投资者反应(公告期绩效)的影响”进行了探讨。

本文首先通过对文献综述、企业并购及市场反应理论、企业并购绩效及其市场投资者反应影响因素等做了系统的概念及理论的阐述和总结。

其次,分别通过事件研究法、多元回归分析法对379家企业共428起并购事件进行不同层面(行业层面:市场波动及收益;企业层面:企业规模、负债率、并购规模、企业盈利能力、企业性质、并购前12个月是否存在并购)影响因素条件下,不同并购决策的市场投资者反应实证研究。并对企业并购的相关内外部控制变量和并购市场投资者反应(绩效)的相互关系进行了探讨。为医药并购决策者以及投资人提供参考。

关键词: 企业并购;并购绩效;行业波动;市场投资者反应

Contributors

Agent

Created

Date Created
  • 2020

158029-Thumbnail Image.png

我国建筑行业高管激励与企业企业绩效的关系研究 ——基于中国上市建筑业企业数据

Description

在现代企业的运营过程中,构建高效的高管激励机制已经成为提高公司治理水平的关键。但对于我国建筑行业上市公司而言,由于受到宏观经济、政策环境特别是行业性质等内外部因素影响,建筑业企业高管激励与企业绩效传导机制有其特殊性,其有效性还有待检验。从现有研究文献分析看,总体上高管激励机制与公司业绩关系的研究结果并不一致,就建筑行业而言,还鲜有实证研究文献。本文以我国建筑业上市公司为研究对象,对建筑行行业高管激励机制与公司绩效的相关性展开实证研究,具有理论价值与实践意义。

本文依据“规范研究-实证检验-对策分析”的研究路径,主要可以分为三大部分:首先,通过规范性研究,文章梳理了相关理论基础与研究成果,揭示了当前我国建筑行业上市公司高管激励机制的建设水平,构建了高管激励与公司业绩关系研究的理论框架。其次,实证研究方面,文章运用我国110家A股建筑上市公司2013-2018年相关数据进行了描述性统计、相关性检验与多元回归分析。研究结果发现,我国高管短期薪酬激励与企业绩效正相关;建筑企业的高管长期持股激励机制不健全;短期薪酬激励对企业绩效的正影响在国有控股企业比在非国有控股企业更强;短期薪酬激励对企业绩效的正影响在大型企业比在中小型企业更强。实证检验结果与理论假设并不完全一致,可见我国建筑上市公司的高管激励机制尚不能够充分发挥作用;最后,综合考虑理论分析与实证检验的结果,为提高公司业绩,剔除实际控制人,本文认为我国建筑企业应该坚定高管激励可以提高企业绩效的认识,但针对不同业务类型、产权性质和生命周期中不能一概而论,应结合企业实际情况应该采取不同的激励方式。

关键词:高管激励;企业绩效;建筑行业;上市企业;含金量

Contributors

Agent

Created

Date Created
  • 2020

156261-Thumbnail Image.png

The Performance Effects of Cross-Industry Mergers and Acquisitions at Firms Listed in China’s Growth Enterprises Market

Description

This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the

This study investigates the performance effects of cross-industry mergers and acquisitions (M&A) using a sample of firms listed in China’s Growth Entrepreses Market (GEM). Compared to firms listed in the Shanghai and Shenzhen Stock Exchanges, firms listed in the GEM are much smaller and tend to derive the majority of their revenues from a single industry. I first analyze the motives for firms listed in the GEM to engage in M&As and propose a set of factors that may influence their likelihood of M&A activities. Using data on 55 cross-industry M&As between January 1, 2012 and December 31, 2016, I find that investor generally responded positively in short-term, as indicated by the positive accumulated abonormal returns over the first five trading days following the announcements. Meanwhile, I found no evidence that investors benefited from cross-industry M&As in long-term over three years after the event. Further analysis suggests that the short-term effects of cross-industry M&As by GEM listed firms were influenced by the target firm’s market valuation, whether the M&A was paid by cash, the amount of the payment, and the degree of difference between the acquiring firm’s and the target firm’s industries. These findings have important implications for the investors and senior executives of firms listed in the GEM.

Contributors

Agent

Created

Date Created
  • 2018

157103-Thumbnail Image.png

中国水环境企业战略联盟模式研究

Description

中国水环境行业当前正处在以质量驱动、效率提升为主导的发展阶段,为积极响应国家政策以及环境发展导向,平衡公众日益增长的公共品需求同公共品短缺、低效之间的矛盾,抓住市场发展机遇,提高企业市场竞争中的核心能力,水环境行业必须要明确资本驱动、效率导向、服务标准提高要求下的价值流方向,加快行业发展动力的创新改革。因此,本文立足政府充分授权下的水环境企业战略联盟模式(具体体现为BOT模式)影响因素研究,包括如下几部分内容:

第一,界定政府充分授权下水环境企业战略联盟内涵,分析其形成的理论基础、水环境企业战略联盟的类型、发展差异性及战略联盟动因。通过梳理战略联盟理论国内外研究现状回顾及评述,提出政府充分授权下水环境企业战略联盟模式研究的主要问题。

第二,探索政府充分授权下水环境企业战略联盟模式的影响因素。通过对水环境基础设施战略联盟项目合同关键内容的深入分析,识别出政府充分授权下水环境企业战略联盟模式的关键影响因素。

第三,实证分析各关键因素对政府充分授权下水环境企业战略联盟模式效果的影响。运用回归分析方法对项目规模、政府政策、监督管理、激励机制、风险分配和投资回报对联盟模式效果的影响进行实证检验,验证了各影响因素对政府充分授权下水环境企业战略联盟模式效果的正向作用。

最后,对政府充分授权下水环境企业战略联盟模式影响因素及作用研究的结论进行总结。

Contributors

Agent

Created

Date Created
  • 2019

156369-Thumbnail Image.png

The Incentive Effect of Valuation Adjustment Mechanism Agreement on Firms’ Ability to Meet Performance Commitments

Description

Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income).

Valuation adjustment mechanism has been widely applied in acquisitions of listed companies in China today, and is usually agreed upon future financial performance indicators of acquired companies (mostly net income). This paper examines how changes of key contents of VAM agreement affect firms’ ability to meet performance commitments from the perspective of incentive effects. Empirical results show that as the performance goals set in VAM agreement becomes higher, the incentive for management to meet performance commitments will initially increase and then decrease, so that the ratio of actual profits to promised profits for target firms will reach peak at some reasonable performance goal and then decrease. Second, as the level of the information asymmetry between buyer and seller turns higher, the incentive effect of performance goals becomes lower. Third, compared with cash-based compensation, stock-based compensation shows significantly higher incentive effects on promisors thus increasing the ability for target firms to achieve performance commitments.

Contributors

Agent

Created

Date Created
  • 2018