【摘要】：近年來,國家相繼出臺(tái)了多項(xiàng)政策支持大眾創(chuàng)業(yè),同時(shí),資本市場改革也在不斷深化。這些市場環(huán)境的變化,為私募股權(quán)投資行業(yè)在項(xiàng)目投資以及退出渠道方面提供了便利,國內(nèi)設(shè)立的私募股權(quán)投資基金數(shù)量與募集資金數(shù)額也隨之不斷增長,私募股權(quán)投資行業(yè)得以快速發(fā)展。九鼎投資是我國私募股權(quán)投資業(yè)的佼佼者,無論是資產(chǎn)總額、投資收益或是其他績效指標(biāo),都位居行業(yè)前列。2015年,九鼎投資更是通過收購上市公司中江地產(chǎn),實(shí)現(xiàn)了旗下私募股權(quán)投資基金業(yè)務(wù)的上市。這一并購事件不僅使九鼎投資成為了國內(nèi)第一家真正意義上在主板市場上市的私募股權(quán)投資機(jī)構(gòu),也開創(chuàng)了私募股權(quán)投資項(xiàng)目投資退出的新路徑。而國內(nèi)對(duì)于私募上市的研究尚停留在對(duì)國外案例的研究上,退出渠道研究方面也頗為重復(fù),在此背景下,本文選取這一案例進(jìn)行分析,來補(bǔ)充現(xiàn)有研究。本人通過研讀之前學(xué)者的研究著作,提煉出了學(xué)者們關(guān)于并購的短期市場績效、私募上市和退出機(jī)制的重要研究結(jié)果。在借鑒學(xué)者研究成果的基礎(chǔ)上,本文結(jié)合相關(guān)理論與國內(nèi)私募市場的實(shí)際狀況,對(duì)國內(nèi)第一例私募上市事件——九鼎投資收購中江地產(chǎn)實(shí)現(xiàn)曲線上市的案例,進(jìn)行了深入剖析。文章首先對(duì)案例事件進(jìn)行了簡單介紹,隨后運(yùn)用事件研究法對(duì)案例的短期市場績效進(jìn)行了實(shí)證分析。在實(shí)證分析中,不僅對(duì)收購公告引起的股價(jià)波動(dòng)進(jìn)行了分析,也加入了對(duì)并購重組后股價(jià)波動(dòng)的研究,以檢測雙方的并購重組是否能夠獲得良好的短期市場績效。最后對(duì)案例事件的運(yùn)作模式進(jìn)行了詳盡的分析,以解釋市場對(duì)并購事件的反應(yīng),并為相關(guān)機(jī)構(gòu)與投資者提出建議。研究發(fā)現(xiàn),九鼎投資通過收購中江地產(chǎn)曲線上市這一事件獲得了良好的短期市場績效。收購公告的發(fā)布為九鼎帶來了短期超額收益,同時(shí),九鼎投資與中江地產(chǎn)之間成功的資產(chǎn)重組同樣帶來了股價(jià)的上揚(yáng),為公司股東帶來了短期財(cái)富效應(yīng)。但是,此次收購事件可能存在消息走漏的情況。在收購公告前公司股價(jià)出現(xiàn)短期大幅上漲,但在臨近公告日股價(jià)回落,可能是內(nèi)幕消息獲得者希望通過打壓股價(jià)在收購宣告后獲取超額收益。就這方面而言,相關(guān)部門應(yīng)加強(qiáng)對(duì)并購重組內(nèi)幕交易的監(jiān)管,進(jìn)行并購重組的企業(yè)也應(yīng)重視雙方的資產(chǎn)整合,達(dá)到雙方協(xié)同效應(yīng)的最大化。文章最后通過對(duì)案例并購重組事件運(yùn)作模式的分析,認(rèn)為九鼎投資收購中江地產(chǎn)之所以能夠取得良好的市場績效,在于九鼎能夠結(jié)合自身實(shí)力與發(fā)展現(xiàn)狀,在市場上尋找到了合適的并購標(biāo)的,并在較短的時(shí)間內(nèi)完成了一系列的資產(chǎn)整合,從而實(shí)現(xiàn)了并購雙方的共贏。
[Abstract]:In recent years, the country has issued a number of policies to support mass entrepreneurship, at the same time, the capital market reform is also deepening. These changes in the market environment have facilitated the private equity investment industry in terms of project investment and exit channels, and the number of private equity investment funds set up in China and the amount of funds raised have also increased. The private equity industry has grown rapidly. Jiuding Investment is a leader in China's private equity investment industry, leading the industry in terms of total assets, investment returns and other performance indicators. In 2015, Jiuding Investment was even more successful through the acquisition of listed company Zhongjiang Real Estate. The realization of the private equity investment fund business listed. This event not only makes Jiuding investment become the first real private equity institution listed on the main board market, but also opens up a new path for private equity investment projects to exit. However, the domestic research on private equity listing is still focused on the study of foreign cases, and the research on exit channels is also quite repetitive. Under this background, this paper selects this case to analyze to supplement the existing research. By studying the previous works of scholars, I have abstracted the important findings of the scholars on the short-term market performance of M & A, private equity listing and exit mechanism. Based on the research results of scholars, this paper analyzes the first case of private equity listing in China-Jiuding investment acquisition of Zhongjiang real estate curve listing case, combined with the relevant theory and the actual situation of domestic private equity market. This paper firstly introduces the case events, and then analyzes the short-term market performance of the cases by using the event research method. In the empirical analysis, not only the stock price fluctuation caused by the acquisition announcement is analyzed, but also the research on the stock price fluctuation after the merger and acquisition restructuring is added to test whether the merger and acquisition reorganization of both sides can obtain good short-term market performance. Finally, the operating mode of case events is analyzed in detail to explain the market response to M & A events and to provide suggestions for relevant institutions and investors. The study found that Jiuding Investment acquired a good short-term market performance through the acquisition of Zhongjiang real estate curve listing event. The announcement brought short-term excess returns, as well as a successful restructuring between Jiuding and Zhongjiang Real Estate, which also brought about a rise in share prices and a short-term wealth effect for shareholders. However, the acquisition incident may exist a leak of information. The share price rose sharply in the short term before the announcement, but retreated near the announcement date, possibly as insider news winners sought to squeeze shares into excess gains after the announcement. In this respect, the relevant departments should strengthen the supervision of insider trading of M & A restructuring, and the enterprises engaged in M & A and reorganization should also attach importance to the asset integration of both sides so as to maximize the synergistic effect between the two sides. Finally, through the analysis of the operation mode of the case M & A and reorganization incident, the author thinks that the reason why Jiuding's investment and acquisition of Zhongjiang Real Estate can achieve good market performance lies in the fact that Jiuding can combine its own strength with its current development situation. In the market, we find the appropriate target of M & A, and complete a series of asset integration in a short time, thus realizing the win-win situation of both parties.
【學(xué)位授予單位】：上海師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F299.233.4;F271

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