本文關鍵詞：中國上市公司連續(xù)并購的市場反應研究　出處：《東華大學》2012年博士論文　論文類型：學位論文

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【摘要】：近年來我國并購市場迅速發(fā)展,上市公司并購交易日趨活躍。不僅市場內(nèi)整體并購交易的數(shù)量快速遞增,單個上市公司并購交易的頻率也顯著提升。例如,亞泰集團(600881)在1998—2002這短短五年間進行了11起并購交易�？梢哉f,在整體經(jīng)營發(fā)展規(guī)劃的大方向下,并購已成為中國上市公司的一種常態(tài)化資本運作手段,而表現(xiàn)出連貫性與持久性。正因為我國并購市場內(nèi)上市公司呈現(xiàn)出由單次并購向連續(xù)并購轉(zhuǎn)變的趨勢性新特征,而過去對單次并購的研究成果無法簡單套用于連續(xù)并購,使得上市公司的連續(xù)并購成為我國資本市場值得研究的新現(xiàn)象。 雖然國外學者已經(jīng)注意到連續(xù)并購的新趨勢并加以研究,但其視角主要放在上市公司管理層上。而國內(nèi)學者則還沒有展開對于連續(xù)并購的研究。因此,研究上市公司連續(xù)并購及其資本市場反應的意義在于：其一,可作為單次并購研究的補充,進一步擴充現(xiàn)有并購研究的相關理論；其二,可更為合理、準確的解釋當前資本市場的連續(xù)并購現(xiàn)象；其三,可為上市公司并購戰(zhàn)略的制定、市場投資者心理與行為研究提供一些考量依據(jù)。 本文以上市公司連續(xù)并購為切入點,研究基于連續(xù)并購所引發(fā)的市場反應行為。文章的主要研究工作如下： 第一,內(nèi)涵研究——針對本課題研究目標,本文首先對連續(xù)并購和市場反應的內(nèi)涵進行分析。一方面,本文分別從理論和實證兩個視角對連續(xù)并購內(nèi)涵加以區(qū)分。另一方面,文章將連續(xù)并購的市場反應與以往研究中將公司經(jīng)營業(yè)績波動作為市場反應加以區(qū)別。 第二,影響因素研究——本文圍繞所研究核心問題,分別從投資者行為、交易方式與雙方特征、并購方管理者行為、并購行業(yè)與產(chǎn)業(yè)特點以及政府干預等五方面著手,針對上市公司的連續(xù)并購交易,對可能造成市場反應波動的各類因素進行區(qū)分和梳理。 第三,構建短期市場反應模型——本文以傳統(tǒng)行為金融學的DHS模型為原型,從上市公司連續(xù)并購的角度出發(fā),獲得了針對上市公司連續(xù)并購的修正DHS市場反應模型——Φ—DHS市場反應模型 第四,連續(xù)并購短期市場反應實證研究——本文以中國上市公司在2000年至2009年間所進行的并購交易為樣本,對Φ—DHS市場反應模型和部分關鍵因素進行實證檢驗。 第五,長期市場反應模型的構建——在短期市場反應研究結論的基礎上,本文以動態(tài)面板數(shù)據(jù)模型為基礎構建針對較長時間區(qū)間內(nèi)的上市公司連續(xù)并購行為的市場反應理論模型——SYS GMM—市場反應模型。 第六,連續(xù)并購長期市場反應實證研究——本文利用中國上市公的樣本數(shù)據(jù)對SYS GMM一市場反應模型加以檢驗,并進一步對實證結果做預測分析。 結合所獲得的研究結論,本文的創(chuàng)新點在于 第一,本文擺脫了單次并購的束縛,選擇以中國并購市場發(fā)展的新趨勢——連續(xù)并購為研究主題,探討了現(xiàn)實意義下連續(xù)并購廣義與狹義的內(nèi)涵。 第二,有別于國外學者普遍以管理層為視角的研究方式,本文從資本市場投資者的新角度對連續(xù)并購展開探索,從而進一步擴充了連續(xù)并購的相關理論成果和實證結論。 第三,針對連續(xù)并購階次的不斷提高,資本市場投資者的心理偏差及其影響因素均發(fā)生變化,本文將連續(xù)并購的市場反應細分為短期反應與長期反應,并分別構建了有針對性的模型——Φ-DHS市場反應模型與SYS—GMM市場反應模型。 第四,本文對Φ—DHS市場反應模型與SYS—GMM市場反應模型進行實證檢驗。所獲結論對于中國上市公司并購策略的規(guī)劃與預期,投資者心理與行為的研究都有一定的指導意義,因此本研究課題具有較好的現(xiàn)實價值。 文章綜合利用多種分析方法,較為全面的對中國上市公司連續(xù)并購的短期、長期市場反應進行實證檢驗。研究發(fā)現(xiàn)：(1)中國上市公司的連續(xù)并購行為存在規(guī)律性；(2)市場受到多種心理偏差影響,并具備一定學習能力；(3)市場對上市公司連續(xù)并購的反應具有長期性特點。
[Abstract]:In recent years, China's rapid development of the market mergers and acquisitions, mergers and acquisitions of listed companies has become increasingly active in the market. Not only the overall number of transactions increased rapidly, mergers and acquisitions of listed companies a single frequency is also significantly improved. For example, Yatai group (600881) 1998 - 2002 in such a short span of five years between the 11 M & A transactions. It can be said that in the direction of overall business development planning, mergers and acquisitions of listed companies has become China a normalization of means of capital operation, and showed consistency and persistence. Because of mergers and acquisitions in China market listed companies show the new features of the trend changes from single to continuous mergers and acquisitions, the past research results of a single acquisition can not be simple for continuous mergers and acquisitions of the listed companies has become a new phenomenon of continuous mergers and acquisitions in China's capital market.
Although foreign scholars have paid attention to the new trend of continuous acquisition and study, but their perspective on the management of listed companies. The domestic scholars did not work for the study of continuous mergers and acquisitions of listed companies. Therefore, continuous mergers and acquisitions and capital market reaction significance lies in: first, can be used as a single study on mergers and acquisitions, further expansion of the existing theories of MampA research; second, can be more reasonable and accurate interpretation of the continuous phenomenon of mergers and acquisitions in the capital market; thirdly, to develop strategic mergers and acquisitions of listed companies, the market investment of psychology and behavior to provide some basis.
Based on the continuous merger and acquisition of listed companies, this paper studies the market reaction induced by continuous merger and acquisition. The main research work of this article is as follows:
First, according to the research target of the study content, this paper firstly discusses the connotation of continuous mergers and acquisitions and market reaction were analyzed. On the one hand, this paper from the two perspectives of theoretical and empirical analysis about the connotation of continuous acquisition of distinction. On the other hand, the market reaction will be continuous mergers and acquisitions with previous research in the operating performance of the company as the market fluctuation the reaction to be distinguished.
Second, study on the influence factors of this paper -- around the core research, separately from the investor behavior, and the characteristics of transactions, mergers and acquisitions management behavior, mergers and acquisitions and industry characteristics of the industry and government intervention in five aspects, for the continuous acquisition of listed companies, trading, classify and sort of all kinds of factors that may cause fluctuations in the market reaction.
Third, build a short-term market reaction model. Based on the traditional behavioral finance DHS model, from the perspective of continuous mergers and acquisitions of listed companies, we get a modified DHS market reaction model for listed companies, namely, the DHS market reaction model.
Fourth, the empirical research of continuous M & a short term market reaction. This paper takes the M & A transactions between Chinese listed companies from 2000 to 2009 as the sample, and carries out an empirical test on the DHS market reaction model and some key factors.
Fifth, build long-term market reaction model based on short-term market reaction -- Study on the dynamic panel data model as the theoretical foundation of model of market reaction for long time interval of Listed Companies -- SYS GMM continuous mergers and acquisitions market reaction model.
Sixth, empirical research on the long-term market reaction of continuous mergers and acquisitions. Based on the sample data of Chinese listed companies, we test the market reaction model of SYS GMM, and further predict and analyze the empirical results.
In combination with the conclusions obtained, the innovation points of this paper are
First, this article breaks away from the constraints of single acquisition, chooses the new trend of China's M & a market development -- continuous M & A as the research topic, and discusses the connotation of continuous acquisition in broad sense and narrow sense in the sense of reality.
Second, it is different from foreign scholars' research methods from the perspective of management. This paper explores the continuous M & A from the new perspective of capital market investors, and further expands the relevant theoretical achievements and empirical conclusions of continuous mergers and acquisitions.
Third, in order to continuously improve the continuous mergers and acquisitions, and the influence factors of psychological deviation of investors in the capital market have changed, the market reaction will be subdivided for short-term continuous mergers and acquisitions and long-term reaction reaction, and builds the market - with -DHS reaction model and SYS GMM model of market reaction.
Fourth, the Phi - DHS market reaction model and SYS - GMM market reaction model for empirical analysis. The conclusions for the planning and strategy of mergers and acquisitions of listed companies is expected to China, have a certain guiding significance for the research on investor psychology and behavior, so this research has practical value is good.
Using a variety of analytical methods in this paper, the more comprehensive of the China listed companies merger short-term, long-term market reaction for the empirical test. The study found that: (1) the regularity of the continuous mergers and acquisitions of listed companies China; (2) market by the various influence of psychological deviation, and have certain learning ability; (3) market the listed company merger is a long-term continuous reaction.

【學位授予單位】：東華大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F271;F224;F832.51

【引證文獻】

相關期刊論文 前1條

1 孔相;;投資者對于并購公告反應的研究綜述[J];經(jīng)營管理者;2013年24期

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本文編號：1389095