本文關(guān)鍵詞：中國企業(yè)海外并購的績效評價及其影響因素　出處：《上海交通大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 跨境并購 跨境并購業(yè)績 跨境并購業(yè)績影響因素 事件研究 累計超額收益

【摘要】：隨著經(jīng)濟的快速增長，近年來中國上市公司作為收購方的跨境并購數(shù)量與日俱增。但是由于絕大多數(shù)的此類并購發(fā)生在2007年金融危機之后，這方面的研究還很不充分。 本文收集了金額大于1000萬美元，在2000年至2012年間首次公告并已成功完成的中國上市公司跨境并購交易。運用累計超額收益衡量跨境并購業(yè)績，并通過事件研究的方法，本文對以下兩方面的問題進行了研究：1）跨境并購對收購方股東來說，是創(chuàng)造價值還是摧毀價值；2）跨境并購業(yè)績的影響因素有哪些。 對于第一個問題，，本文的實證研究發(fā)現(xiàn)，收購方股票的累計超額收益在多個事件窗口顯著為正，而累計超額收益在公告日達到最大值說明可能存在并購信息提前泄露的問題。但是在同時考慮了累計超額收益和收購方并購前的市值兩個因素后，中國上市公司的跨境并購對其股東來說是摧毀價值的，這表明較大市值收購方的累計超額收益更可能為負(fù)，而較小市值收購方的累計超額收益更可能為正。 對于第二個問題，本文的實證研究發(fā)現(xiàn)，跨境并購的累計超額收益同收購方的財務(wù)杠桿、流動負(fù)債與總資產(chǎn)的比例，權(quán)益凈利率顯著正相關(guān)，而同收購方的流動比率、速動比率、自由現(xiàn)金流顯著負(fù)相關(guān)。這一結(jié)果表明當(dāng)收購方存在較大比例的負(fù)債，特別是流動負(fù)債融資時，未來還本付息的壓力會使收購方的管理層在進行跨境并購時更加謹(jǐn)慎。債務(wù)能夠?qū)κ召彿焦芾韺悠鸬揭欢ǖ谋O(jiān)督作用，在一定程度上緩解委托代理問題。
[Abstract]:With the rapid growth of economy, the number of cross-border mergers and acquisitions of Chinese listed companies as buyers has been increasing. However, most of such mergers and acquisitions took place after the 2007 financial crisis.
This paper collected amount is greater than $10 million, for the first time the announcement and have been successfully completed in the period from 2000 to 2012 Chinese listed companies in cross-border acquisitions. By using the cumulative abnormal return to measure the performance of cross-border mergers and acquisitions, and through the method of event study, this paper in the following two aspects are studied: 1) cross-border mergers and acquisitions for the acquirer shareholders. Is to create or destroy value value; 2) what are the factors that affect the performance of cross-border mergers and acquisitions.
For the first question, this paper discovers that the acquirer stock cumulative abnormal return in the multiple event window is significantly positive, while the cumulative excess return on the announcement day reached the maximum value of mergers and acquisitions that there may be a problem of information leak. But after considering the cumulative abnormal return and the buyer before the acquisition of the market value of two a factor, Chinese cross-border mergers and acquisitions of listed companies is to destroy the value of shareholders, which indicates that the cumulative excess return large capitalization acquirers are more likely than small market value is negative, and the cumulative excess return the acquirer may be more positive.
For the second problem, this paper discovers that the financial leverage of cross-border mergers and acquisitions of the cumulative excess return with the acquirer, the proportion of total assets and current liabilities, was positively related to net interest rates, while the acquirer's liquidity ratio, quick ratio, free cash flow is negatively correlated. The results show that when the acquisition there are a large proportion of the debt, especially short-term debt financing, the future debt service pressure will make the management buyout more cautious in cross-border mergers and acquisitions. Debt to a supervisory role of the acquirer management, ease the principal-agent problem in a certain extent.

【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F279.23

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本文編號：1409172