【作者】 刘玉瀛；

【导师】 陈文玲；

【作者基本信息】 南开大学 ， 产业经济学， 2012， 博士

【摘要】 钢铁业属于资本密集型和资源密集型产业，其生产技术特点决定了规模经济是该产业效率和竞争力的关键要素，因此钢铁企业通过并购重组从而追逐大型化和规模化一直是一种潮流。20世纪初以来，钢铁业已经发生过五次国际性的大规模并购重组，通过一系列并购重组，全球钢铁业的集中度持续上升，大企业的市场实力和竞争优势明显加强，钢铁业已经进入了由超强、超大企业集团主宰业界发展的时代。面对国际上钢铁业结构调整的加快，我国钢铁业市场集中度低、落后产能过剩、自主创新能力不强等劣势不断显现。为了改变这种格局，从20世纪90年代后期开始，我国钢铁业正式步入并购重组的进程，希望通过并购重组这一途径整合有效资源、优化市场结构、形成规模经济和协同效应，从而提高生产率和促进技术创新。在这一大背景下，本文对我国钢铁业多年以来并购重组条件下的演进特征、市场结构变动、资源配置效率和技术进步水平进行全面的阐释和实证分析，从而研究我国钢铁业并购重组的结构效应和产业绩效，从中找出关键性矛盾，并根据主要问题进行针对性的发展对策研究。本文在归纳总结产业组织、并购重组、并购效率等相关理论和文献的基础上，主要进行了五方面的研究。首先，在全面把握我国钢铁业并购重组演进特征和国内外发展环境的基础上，对我国钢铁业并购重组过程中存在的问题进行深度剖析；其次，运用市场结构理论和方法，对我国钢铁业的组织结构和市场集中度进行指标衡量，并对国内外钢铁业市场结构的差异性进行国际比较，从企业规模经济、下游产业链市场容量、行业进出壁垒与各级政府行为等四个层面解释我国钢铁业并购重组的市场结构变动效应；第三，采用二阶段方法，对企业并购重组与资源配置效率之间的因果关系和影响机理进行模型分析。第一阶段主要采用基于松弛变量的DEA数据包络分析法对我国钢铁业主要上市公司2005-2010年的纯技术效率和规模效率进行了评价，从不同年份、不同区域、不同规模三个视角对公司效率的变化特点进行比较。第二阶段主要采用Tobit回归分析法，考察各种影响因素对钢铁上市公司效率影响的方向和强度；第四，阐述了外部技术环境变化、管理手段的变革对并购重组活动的影响，以及并购重组活动通过增强企业内部核心业务的技术积累、突破行业壁垒获取关键技术、促进技术扩散和溢出以及促进企业软技术提升等途径对技术进步产生的影响。在此基础上，按照整体、区域、分类、规模和典型企业五个方面，利用Malmquist生产率指数，对我国钢铁上市公司的技术进步指数进行了动态效率评价；第五，结合我国钢铁业市场结构、产业效率和技术进步变化趋势的分析和结论，从优化市场进入退出壁垒、鼓励跨区域和海外并购、强化优胜劣汰激励与约束机制、并购重组后的多角度整合、权衡政府作用和市场机制的关系、延伸产业链和产品链等多个视角，提出提高钢铁业集中度和效率以及促进技术进步方面的对策建议。本文结合钢铁业的技术经济特征和发展阶段，围绕该产业世界范围内的钢铁业大规模并购重组这一热点问题，将并购重组绩效研究嵌入到SCP的分析框架，将并购重组的业绩绩效分析提升到产业效率研究的层面，从并购重组的视角提出了我国钢铁业发展方式转型的制度创新路径。更多还原

【Abstract】 The steel industry is capital-intensive and resource-intensive industry。 Itsproduction technology characteristics determine that the economy of scale is the keyelement of the industry’s efficiency and competitiveness. So it has been a trend thatsteel enterprises pursue large-scale and large-scale through mergers and acquisitions.Since the beginning of the20th century, the steel industry has had four large-scaleinternational mergers and acquisitions. Through a series of mergers and acquisitionsrestructuring, the global steel industry’s degree of concentration has been continuingto rise. The market strength and competitive advantage of large enterprises have beenstrengthened significantly. The steel industry has entered into the era where thesuper-large enterprise groups dominate the development of the industry. Facing withthe speeding up of structural adjustment of the international steel industry, the lowmarket concentration, backward overcapacity, weak independent innovation ofChina’s steel industry constantly appear. In order to change this pattern, China’s steelindustry has formally entered a process of mergers and acquisitions since the late1990s, with the hope of the integration of effective resources, optimization of themarket structure, economies of scale and synergies through mergers and acquisitionsto increase productivity and promote technological innovations. With this background,this paper carried out a comprehensive explanation and empirical analysis of theevolution characteristics of the M&A conditions, changes in market structure,efficiency of resource allocation and level of technological progress of China’s steelindustry for recent years to study the structure of China’s steel industry mergers andacquisitions effects and industry performance, to find out the key contradictions, andto carry out the development countermeasures according to the major issues.On the basis of the summary of industrial organization, M&A and restructuring,and efficiency, this paper includes five study areas. First of all, on the basis of acomprehensive grasp of China’s steel industry M&A’s evolution characteristics andthe development environment at home and abroad, this paper analysis the problems inthe process of China’s steel industry’s M&A; Second, by using theories and methods of market structure, we measured China’s steel industry organizational structure andmarket concentration, compared the differences of domestic and foreign steel industrymarkets’ structure, and explain the effect of changes in the market structure of China‘s steel industry M&A from the points of the enterprise economies of scale,downstream industry chain’s market capacity, the barriers in and out of the industryand government behavior. Third, by using two-stage DEA approach, this paperanalyzed a causal relationship and the influence mechanism between M&A and theefficiency of resource allocation. The first stage measures the purely technicalefficiency and scale efficiency of China’s main steel listed companies from2005to2010by DEA method with relaxation variables, and compared change characteristicsof the company’s efficiency from three perspectives of year, region and size. Thesecond stage used Tobit regression analysis to examine the direction and intensity ofthe impact of various factors on the efficiency of the steel companies. Forth, thispaper explained the influence of the external technical environment and managementtools change on mergers and acquisitions activities, as well as the influence onmergers and acquisitions activity by enhancing the accumulation of internal corebusiness technology, breaking industry barriers to access to key technologies,promoting of technology diffusion and spillover and promoting business soft skillsupgrading. On this basis, in accordance with the overall, regional, classification, sizeand five typical enterprises, the paper carried out the evaluation of dynamic efficiencyof the technical progress index of listed China’s steel companies using of theMalmquist productivity index. Fifth, combined with the market structure of China’ssteel industry, industrial efficiency, technological advancement trend analysis andconclusions from the optimization of market entry and exit barriers, the paperpromoted technological progress suggestion to increase the concentration andefficiency of the steel industry. These suggestions include encouraging inter-regionaland overseas mergers and acquisitions, strengthening the survival of the fittestincentive and restraint mechanisms, multi-angle integration of mergers andacquisitions, weighting the relationship between the role of government and marketmechanisms, extending industrial chain and product chain and so on,This paper combined the technical and economic characteristics of the steel industry and stage of development with the world-wide steel industry M&A trend, M&A performance study was embedded into the framework of the SCP analysis. Last,the paper put forward the system innovation path of the steel industry developmentfrom the perspective of mergers and acquisitions.更多还原