本文關鍵詞： 并購溢價 資產溢價 期權溢價 協(xié)同溢價　出處：《湖南大學》2012年碩士論文　論文類型：學位論文

【摘要】：隨著企業(yè)間并購活動不斷增加，學者們越發(fā)關注對并購成功率起著重要作用的并購溢價。在總結了現有并購溢價研究成果的基礎上，，本文將并購溢價分為資產溢價、期權溢價和協(xié)同效應溢價三類。本文選取2006-2010年間以上市公司作為目標企業(yè)的協(xié)議收購案例，研究我國并購市場的現狀，尋找我國并購市場中溢價存在的深層次原因。 為尋找三類溢價的影響因素，在理論分析的基礎之上，本文分別對樣本數據進行實證分析，結果表明，資產溢價水平與目標企業(yè)的加權凈資產收益率、市凈率、凈資產收益率的增長率和目標企業(yè)市值顯著相關；期權溢價與每股收益的增長率、凈資產收益率的增長率、資產負債率和目標企業(yè)市值的波動率顯著相關；協(xié)同溢價與加權凈資產收益率、市盈率、凈資產收益率的增長率、市凈率和收購比例顯著相關；而并購溢價只與加權凈資產收益率、凈資產收益率的增長率、市凈率和資產負債率顯著相關。為更全面地考慮相關影響因素，將目標企業(yè)歷史業(yè)績與宏觀經濟環(huán)境加入模型，結果發(fā)現，目標企業(yè)的歷史業(yè)績會顯著地影響并購溢價的水平；2008年金融危機后我國的經濟刺激政策顯著地提高了溢價的水平。為研究三類溢價與并購總體溢價之間的相互關系，對相關變量進行實證分析，結果表明，三類溢價水平的高低不同，對應并購總體溢價的決定因素也不同。最后，本文將樣本按行業(yè)進行分類研究，結果表明，并購方并購工業(yè)企業(yè)時，并購溢價主要為資產溢價，而對非工業(yè)企業(yè)并購時，并購溢價主要為期權溢價。制造業(yè)的并購溢價水平與目標企業(yè)的凈資產收益率和流通股比例顯著相關，其并購溢價主要是資產溢價，而批發(fā)零售業(yè)的并購溢價主要是期權溢價。 總體上看，我國上市公司的并購溢價主要由資產溢價構成。因此，在我國未來的并購活動中，并購方應更關注看漲期權與協(xié)同效應帶來的價值增值，這樣，不僅能提高并購成功的可能性，還能提高資源配置的效率。
[Abstract]:With the increasing of M & A activities between enterprises, scholars pay more and more attention to the M & A premium which plays an important role in the success rate of M & A. on the basis of summarizing the existing research results of M & A premium. In this paper, M & A premium is divided into asset premium, option premium and synergy premium. This paper studies the present situation of China's M & A market and finds out the deep reasons for the existence of premium in China's M & A market. In order to find the influencing factors of the three types of premiums, based on the theoretical analysis, this paper makes empirical analysis on the sample data, and the results show that the level of asset premium and the weighted return on net assets of the target enterprises. The growth rate of price-to-book ratio and return on net assets is significantly related to the target firm market value; The option premium is significantly correlated with the growth rate of earnings per share, the rate of return on net assets, the asset-liability ratio and the volatility of the target firm market value; The synergistic premium is significantly related to the growth rate of weighted net asset return, price-earnings ratio, net asset return rate, price-to-book ratio and acquisition ratio. The M & A premium is only significantly related to the weighted return on net assets, the growth rate of the rate of return on net assets, the price-to-book ratio and the ratio of assets and liabilities. The historical performance and macroeconomic environment of the target enterprise are added to the model. The results show that the historical performance of the target enterprise will significantly affect the level of M & A premium. In 2008, China's economic stimulus policy significantly increased the level of premium after the financial crisis. In order to study the relationship between the three types of premiums and the overall premium of M & A., the empirical analysis of relevant variables shows that. The three types of premium levels are different, corresponding to the overall premium of M & A. the determinants of the overall premium are also different. Finally, this paper classifies the samples by industry, the results show that the merger and acquisition of industrial enterprises. M & A premium is mainly asset premium, while for non-industrial enterprises, M A premium is mainly option premium. The level of M & A premium in manufacturing industry is significantly related to the return on net assets of target enterprises and the ratio of tradable shares. M & A premium is mainly asset premium, while wholesale retail M & A premium is mainly option premium. Generally speaking, the M & A premium of listed companies in China is mainly composed of asset premium. Therefore, in the future M & A activities in China, M & A parties should pay more attention to the value added brought by call option and synergy. It can not only improve the possibility of M & A success, but also improve the efficiency of resource allocation.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F271

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