本文關(guān)鍵詞：上市公司重大資產(chǎn)重組中發(fā)行股份購買資產(chǎn)定價研究　出處：《中央民族大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 定價機(jī)制 定價影響因素 定價合理性

【摘要】：我國重大資產(chǎn)重組始于1993年,經(jīng)近二十年發(fā)展,上市公司重大資產(chǎn)重組數(shù)量陡然直上,形式日趨多樣,涉及金額越來越大。2009年度滬深兩市共計57家上市公司獲中國證監(jiān)會批準(zhǔn)進(jìn)行重大資產(chǎn)重組。其中,發(fā)行股份購買資產(chǎn)家數(shù)占比為87.71%,發(fā)行規(guī)模占比為74.79%,平均交易規(guī)模達(dá)到20億左右�？梢�,發(fā)行股份購買資產(chǎn)已成為重大資產(chǎn)重組的主導(dǎo)方式,股份支付的手段創(chuàng)新給重大資產(chǎn)重組打開了新的空間。 發(fā)行股份購買資產(chǎn)的重大資產(chǎn)重組交易中,資產(chǎn)定價是最核心的問題。它所涉及到的定價機(jī)制、定價公允性、利益分配等問題,都是決定交易是否成功的關(guān)鍵因素。因此,研究重大資產(chǎn)重組中發(fā)行股份購買資產(chǎn)定價,對確保資產(chǎn)重組的順利進(jìn)行、維護(hù)交易雙方或新老股東的利益、提高資本市場的交易效率具有重要的意義。 基于上述觀點(diǎn),本文以定價為契機(jī),主體由定價機(jī)制、定價影響因素和定價合理性這三大問題支撐,主要研究和創(chuàng)新工作如下： (1)將定價機(jī)制劃分為四個階段 按照價格／價值變動(即由標(biāo)的資產(chǎn)的賬面價值、標(biāo)的資產(chǎn)的資產(chǎn)評估值、標(biāo)的資產(chǎn)的交易價格、擬發(fā)行股票的價格、最終股份發(fā)行價)過程,將重大資產(chǎn)重組中發(fā)行股份購買資產(chǎn)定價劃分為四個階段,分別是：資產(chǎn)評估、交易定價、股票定價、發(fā)行調(diào)價。對每一階段中定價日期、定價方法、及其評價指標(biāo)詳細(xì)論述,為重組資產(chǎn)定價的實(shí)務(wù)操作提供了現(xiàn)實(shí)指導(dǎo)。 (2)新增三個變量進(jìn)行交易價格影響因素實(shí)證研究 以往重組資產(chǎn)定價影響因素研究集中在重組方式、評估方法、關(guān)聯(lián)交易對交易價格的影響。本文實(shí)證研究中新增重組動因、上市公司、國有控股三個變量,經(jīng)非參數(shù)檢驗(yàn)和回歸分析得出上市公司和國有控股對交易價格呈顯著負(fù)相關(guān)關(guān)系,進(jìn)一步完善了重大資產(chǎn)重組的交易價格影響研究。 (3)修正交易定價合理性評價指標(biāo)——股價變動率 本文沿用“若股價變動率為正數(shù),則視重大資產(chǎn)重組中發(fā)行股份購買資產(chǎn)定價合理”的判定方法,在股價變動率上做了相關(guān)修正,主要表現(xiàn)在兩個方面： 一是,選取了短期股價變動率和長期股價變動率兩個指標(biāo),并認(rèn)為僅當(dāng)資產(chǎn)重組效應(yīng)帶來的長短期股價變動率同時為正數(shù)時,交易定價才合理； 二是,重大資產(chǎn)重組股價變動,主要來自資產(chǎn)重組效應(yīng)和同期大盤變動這兩股推動力,選取資產(chǎn)重組效應(yīng)帶來的股價變動率(即；重組上市公司的股價變動率減同期大盤變動幅度的結(jié)果)作為判定指標(biāo)。
[Abstract]:China's major asset restructuring began in 1993, after nearly 20 years of development, the number of major asset restructuring of listed companies has increased sharply, and the forms are becoming more and more diverse. A total of 57 listed companies in the Shanghai and Shenzhen stock markets were approved by the CSRC to carry out major asset restructuring in 2009. Among them, the number of assets purchased by issuing shares accounted for 87.71%. The proportion of issuance scale is 74.79 and the average transaction scale is about 2 billion. It can be seen that issuing shares to purchase assets has become the dominant way of major asset restructuring. The innovation of means of share payment opens up new space for major asset reorganization. Asset pricing is the core issue in the major asset restructuring transactions in which shares are issued to purchase assets. It involves pricing mechanism, pricing fairness, benefit distribution and so on. Therefore, studying the pricing of asset purchase by issuing shares in major asset restructuring will ensure the smooth progress of asset restructuring and safeguard the interests of both sides of the transaction or new and old shareholders. It is of great significance to improve the trading efficiency of the capital market. Based on the above views, this paper takes pricing as a turning point, the main body is supported by pricing mechanism, pricing influence factors and pricing rationality. The main research and innovation work is as follows: The pricing mechanism is divided into four stages Change in price / value (i.e. book value of the underlying asset, valuation value of the underlying asset, transaction price of the underlying asset, price of the stock to be issued, and final issue price of the shares). This paper divides the pricing of issue and purchase assets into four stages: asset evaluation, transaction pricing, stock pricing, issue price adjustment, and pricing dates and pricing methods in each stage. And its evaluation indexes are discussed in detail, which provides practical guidance for the practical operation of asset restructuring pricing. 2) empirical study on the influencing factors of transaction price by adding three new variables In the past, the research on the influencing factors of recombination asset pricing focused on the restructuring methods, evaluation methods and the impact of related party transactions on the transaction price. In this paper, three variables are added to the empirical study: restructuring motivation, listed companies, and state-owned holding. By non-parametric test and regression analysis, it is concluded that there is a significant negative correlation between the listed company and the state-owned holding, which further improves the research on the transaction price impact of major asset restructuring. Revised Index of rationality Evaluation of transaction pricing-rate of change in Stock Price This paper adopts the method of "if the rate of change of stock price is positive, then considers the pricing of the issue of shares to be reasonable in the recombination of major assets", and makes some relevant amendments to the rate of change of stock price, which is mainly manifested in two aspects: First, the short-term and long-term stock price change rate are selected, and it is considered that the transaction pricing is reasonable only if the long-term and short-term stock price change rate brought by the asset restructuring effect is both positive. Second, the major asset restructuring stock price changes, mainly from the asset restructuring effect and the same period market changes these two driving forces, select the asset restructuring effect brought about by the stock price change rate (that is; The recombination listed company's stock price change rate minus the same period big market movement range result) as the judgment index.
【學(xué)位授予單位】：中央民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F233;F832.51;F224

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