并購融資方式與并購績效關(guān)系的實證研究
發(fā)布時間：2019-06-11 12:36
【摘要】： 隨著中國經(jīng)濟高速增長,行業(yè)漸次開放,崛起的中產(chǎn)階級帶來的巨大消費市場,都使中國成為了并購的熱土。在2006年,中國的股改基本完成,真正實現(xiàn)了全流通,這將使市場的股權(quán)結(jié)構(gòu)開始呈現(xiàn)分散化的趨勢,也將進一步降低市場的估值水平,使得公司并購的成本得以降低,并且在這種全流通的市場環(huán)境下,將改變并購市場參與主體的價值取向和行為動機,極大地改善并購績效,這些都為企業(yè)并購掃清了障礙。同時《公司法》、《證券法》的修改,新《上市公司收購管理辦法》和《關(guān)于推進國有資本調(diào)整和國有企業(yè)重組的指導(dǎo)意見》的出臺,《關(guān)于外國投資者并購境內(nèi)企業(yè)的規(guī)定》正式實施,極大地推進了中國市場并購重組的市場化進程。 近年來我國的并購呈現(xiàn)出規(guī)模越來越大的趨勢,這就需要更加龐大的并購資金,融資問題的重要性日益凸顯。不同的融資方式、融資數(shù)額的多少、成本的高低、風(fēng)險的大小和融資渠道的開拓和暢通與否都在相當(dāng)程度上決定著并購活動的有效性,進而影響著并購能否取得最后的成功。 本文的研究重點放在對不同并購融資方式下的并購績效的比較上,目的是通過實證得到這兩者的關(guān)系,以期對企業(yè)在今后的并購中有所幫助。首先文章對并購融資的相關(guān)概念予以界定,并介紹了信號傳遞理論等并購融資理論作為本文的理論基礎(chǔ)。同時對當(dāng)前使用的并購融資工具及我國并購融資的現(xiàn)狀進行了介紹,并且對造成這種現(xiàn)狀的原因進行了探討。在本文的實證階段,根據(jù)樣本搜集的實際情況,本文選取了2006年我國上市公司并購事件作為研究對象,共獲取樣本83家,由于上市公告中沒有詳細的并購融資信息,所以把樣本分為募集資金融資樣本(31家)和非募集資金融資樣本(52家),并且選取了同行業(yè)內(nèi)沒有發(fā)生并購的企業(yè)作為對照組,獲取樣本59家。運用因子分析法和回歸分析法進行研究分析,得出以下結(jié)論:不同類型的融資方式確實會帶來不同的并購績效。使用股權(quán)融資進行并購的并購績效要小于使用其他融資方式的并購績效,并且并購債務(wù)融資與并購績效正相關(guān),內(nèi)部現(xiàn)金融資能力與并購績效負相關(guān)。最后,根據(jù)研究結(jié)論,并對產(chǎn)生的原因進行了分析。
[Abstract]:With the rapid growth of China's economy and the gradual opening up of the industry, the huge consumer market brought about by the rising middle class has made China a hot place for mergers and acquisitions. In 2006, the stock reform in China was basically completed, and the full circulation was really realized, which will make the ownership structure of the market begin to show the trend of decentralization, and will also further reduce the valuation level of the market, so that the cost of mergers and acquisitions can be reduced. In this kind of market environment, the value orientation and behavior motivation of M & A market participants will be changed, and the performance of M & A will be greatly improved, which clears the obstacles for M & A. At the same time, the amendments to the Company Law, the Securities Law, the new measures for the Administration of acquisitions of listed companies and the guidance on promoting the Adjustment of State-owned Capital and the reorganization of State-owned Enterprises have been issued, The formal implementation of the regulations on mergers and acquisitions of domestic Enterprises by Foreign investors has greatly promoted the marketization process of mergers and acquisitions in the Chinese market. In recent years, M & A in China is showing a trend of increasing scale, which requires more and more M & A funds, and the importance of financing is becoming more and more prominent. Different financing methods, the amount of financing, the level of cost, the size of risk and the development and smooth flow of financing channels all determine the effectiveness of M & A activities to a considerable extent, and then affect whether M & A can achieve the final success. This paper focuses on the comparison of M & A performance under different M & A financing methods, in order to obtain the relationship between the two through empirical evidence, in order to be helpful to enterprises in the future M & A. First of all, this paper defines the related concepts of M & A financing, and introduces M & A financing theory such as signal transmission theory as the theoretical basis of this paper. At the same time, this paper introduces the M & A financing tools used at present and the present situation of M & A financing in China, and probes into the causes of this situation. In the empirical stage of this paper, according to the actual situation of the sample collection, this paper selects the M & A event of listed companies in China in 2006 as the research object, and obtains a total of 83 samples, because there is no detailed M & A financing information in the listing announcement. Therefore, the samples were divided into fund-raising samples (31) and non-fund-raising financing samples (52), and 59 samples were obtained by selecting the enterprises without mergers and acquisitions in the same industry as the control group. Using factor analysis and regression analysis, the following conclusions are drawn: different types of financing methods do bring different M & A performance. The M & A performance of M & A using equity financing is smaller than that of M & A using other financing methods, and M & A debt financing is positively correlated with M & A performance, while internal cash financing ability is negatively correlated with M & A performance. Finally, according to the conclusions of the study, and the causes are analyzed.
【學(xué)位授予單位】：山東經(jīng)濟學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：F275
本文編號：2497193
[Abstract]:With the rapid growth of China's economy and the gradual opening up of the industry, the huge consumer market brought about by the rising middle class has made China a hot place for mergers and acquisitions. In 2006, the stock reform in China was basically completed, and the full circulation was really realized, which will make the ownership structure of the market begin to show the trend of decentralization, and will also further reduce the valuation level of the market, so that the cost of mergers and acquisitions can be reduced. In this kind of market environment, the value orientation and behavior motivation of M & A market participants will be changed, and the performance of M & A will be greatly improved, which clears the obstacles for M & A. At the same time, the amendments to the Company Law, the Securities Law, the new measures for the Administration of acquisitions of listed companies and the guidance on promoting the Adjustment of State-owned Capital and the reorganization of State-owned Enterprises have been issued, The formal implementation of the regulations on mergers and acquisitions of domestic Enterprises by Foreign investors has greatly promoted the marketization process of mergers and acquisitions in the Chinese market. In recent years, M & A in China is showing a trend of increasing scale, which requires more and more M & A funds, and the importance of financing is becoming more and more prominent. Different financing methods, the amount of financing, the level of cost, the size of risk and the development and smooth flow of financing channels all determine the effectiveness of M & A activities to a considerable extent, and then affect whether M & A can achieve the final success. This paper focuses on the comparison of M & A performance under different M & A financing methods, in order to obtain the relationship between the two through empirical evidence, in order to be helpful to enterprises in the future M & A. First of all, this paper defines the related concepts of M & A financing, and introduces M & A financing theory such as signal transmission theory as the theoretical basis of this paper. At the same time, this paper introduces the M & A financing tools used at present and the present situation of M & A financing in China, and probes into the causes of this situation. In the empirical stage of this paper, according to the actual situation of the sample collection, this paper selects the M & A event of listed companies in China in 2006 as the research object, and obtains a total of 83 samples, because there is no detailed M & A financing information in the listing announcement. Therefore, the samples were divided into fund-raising samples (31) and non-fund-raising financing samples (52), and 59 samples were obtained by selecting the enterprises without mergers and acquisitions in the same industry as the control group. Using factor analysis and regression analysis, the following conclusions are drawn: different types of financing methods do bring different M & A performance. The M & A performance of M & A using equity financing is smaller than that of M & A using other financing methods, and M & A debt financing is positively correlated with M & A performance, while internal cash financing ability is negatively correlated with M & A performance. Finally, according to the conclusions of the study, and the causes are analyzed.
【學(xué)位授予單位】：山東經(jīng)濟學(xué)院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2010
【分類號】：F275
【引證文獻】
相關(guān)碩士學(xué)位論文 前3條
1 吳玉新;我國上市公司并購協(xié)同效應(yīng)的實證分析[D];天津財經(jīng)大學(xué);2011年
2 國亞壇;并購融資方式問題研究[D];天津商業(yè)大學(xué);2012年
3 羅添添;中國并購基金發(fā)展模式選擇研究[D];天津財經(jīng)大學(xué);2012年
，本文編號：2497193
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