The Research To The Influential Factors Of State-owned Conglomerate M&a Efficiency

Enterprise group is one of the enterprises and the market organization form of alternative,is between enterprise and market "dual intermediates",has many characteristics,such as integration of resources,improve efficiency,enterprise merger,acquisition and reorganization is an important way to create enterprise group,is to realize the rapid expansion of enterprises and the main economic means of diversification,it is also an important way to realize the mixed ownership reform.Implementation of state-owned conglomerate m&a can optimize the economic layout structure of state-owned enterprises and improve the efficiency of the state-owned assets supervision,enhance the level of economy of state-owned assets and strong in the "supply side" the effective implementation of the reform,is also an important means to promote China's economic structural reform.Its theoretical significance lies in:(1)in the state-owned enterprise group as the research object,on the relevant theories of the m&a efficiency carding and research,contribute to the use of the theory of the reform of state-owned enterprises and the development;(2)the transaction costs theory,property rights theory,such as mergers and acquisitions organic combination of theory and agency theory and corporate governance theory,research and analysis the factors affecting the efficiency of m&a of state-owned enterprise group,provide theoretical model for the development of state-owned enterprises mergers and acquisitions.(3)On the basis of theoretical analysis,establish the performance evaluation system of state-owned enterprise group,to determine the factors affecting the efficiency of m&a of enterprises group,for our country state-owned enterprise groups,a new round of mergers and acquisitions to provide strong support.Practical significance:(1)the state-owned conglomerate m&a is in itself a strong practical and operational activities,the state-owned conglomerate m&a mode and operation mechanism,under the train of thought about how to standardize the behavior of the government to provide specific guidance for state-owned conglomerate mergers and acquisitions,for our country state-owned enterprises a new round of merger and acquisition activity to provide new ideas and new methods.(2)On the m&a theory as a guide,in-depth analysis systematically the influence factors of efficiency of state-owned conglomerate m&a in our country,to promote the implementation of the operation mechanism of state-owned enterprise groups.(3)state-owned enterprise group as the main body of merger and acquisition activity,has the distinct Chinese characteristics.State-owned conglomerate m&a has the characteristics of general merger and acquisition,and also has its own characteristics.To study the efficiency of state-owned conglomerate m&a can understand the current situation of the state-owned conglomerate mergers and acquisitions as well as the risk and problems,to improve the state-owned conglomerate m&a performance with the operating efficiency of the state-owned enterprise group which has important reference value.The first part is the introduction,this paper first introduces the research background and significance,from the aspect of reality and national macro expounds the research background of state-owned conglomerate m&a efficiency and its influencing factors,and elaborated in this paper,we study the theory meaning and realistic meaning.Secondly listed in this paper,the research contents and train of thought.Again to review of related literature,summarizes the m&a and m&a performance and m&a performance and evaluation method,the factors influencing m&a performance study three aspects of literature at home and abroad,to summarizes the influence factors of theoretical preparation.Finally,this paper involves the acquisition,state-owned enterprise groups,such as mergers and acquisitions performance concept is defined.At the same time,research methods and innovation of this paper are pointed out.The second part is the theoretical basis and assumptions,the first to review the transaction costs associated with mergers and acquisitions theory,efficiency theory,principal-agent theory.Secondly through the theoretical analysis the influence factors of affect the efficiency of state-owned conglomerate mergers and acquisitions.Finally from the internal level,the external level and m&a characteristics level three aspects proposed the hypothesis.The third part is the research design,first introduced in this paper,the sample selection and data sources,this paper screening of five years from 2008 to 2012,339 m&a enterprise group,a total of 1695 samples.Secondly introduces the SFA research methods and applicable conditions.Finally,the variable is defined at the same time in this paper,the measuring method.The fourth part is the empirical analysis.By using stochastic frontier(SFA)and Frontier4.1 application study of factors that influence efficiency of state-owned conglomerate mergers and acquisitions,measure the value of efficiency.To analyze the empirical results and the results are explained,the result shows that state-owned conglomerate m&a performance with "dry middle school",enterprise property,trading of the relative size,mergers and acquisitions related subject choice.The study also found that the state-owned enterprise group study of mergers and acquisitions in the performance of the conglomerate mergers.The fifth part is the conclusion and Suggestions,summarizes the empirical conclusions.In view of the conclusion from the enterprise level(1)perfect corporate governance mechanism(2)pay attention to the integration of merger,acquisition and reorganization(3)the emphasis on quantity attach more importance to quality in acquisition(4)choose to suit their own m&a strategy.From government level(1)set up and improve the property rights trading market(2)actively guide state-owned conglomerate mergers and acquisitions activity(3)to promote coordinated development of different regional mergers and acquisitions(4)regulate the government behavior of mergers and acquisitions.Strive to achieve to promote the efficiency of state-owned conglomerate mergers and acquisitions.