本文選題：換股并購　切入點：公司治理　出處：《武漢大學》2013年博士論文　論文類型：學位論文

【摘要】：企業(yè)并購是企業(yè)發(fā)展的重大決策。西方企業(yè)的并購已經(jīng)經(jīng)歷了長時期的發(fā)展。不同的并購浪潮觸動并激發(fā)了各國商業(yè)結構的重要變革,在中小企業(yè)集結商業(yè)群模式向現(xiàn)有的、包含成千上萬跨國公司模式轉(zhuǎn)變的過程中,并購扮演了極為重要的角色。迄今為止世界范圍內(nèi)已經(jīng)有六次大規(guī)模的并購活動,它們?nèi)缤顺币话阋徊ú▉硪u,但又并非一層不變。事實上,各次并購浪潮都富有鮮明的時代特征�；仡櫴澜缰饕Y本市場上六次大的并購浪潮,并購涉及的主體、規(guī)模、范圍、形式等都愈演愈烈。隨著全球經(jīng)濟化的進程,國際金融環(huán)境日趨寬松,金融特別是金融服務貿(mào)易自由化,以換股并購的方式開始風行全球。 一方面,盡管換股并購目前仍未占據(jù)中國并購市場主導地位,然而換股并購相比現(xiàn)金并購能夠節(jié)約公司現(xiàn)金流、豐富公司支付手段、合理避稅、降低負債率、增強抗風險能力等,加之資本市場上逐漸放寬的法律管制為換股并購在中國的發(fā)展掃清了部分障礙。伴隨著股權分置改革的完成,上市公司換股并購之間的計價難題也得到較為有效的解決。因此,換股并購在中國市場上有很大的發(fā)展前景。另一方而,由于我國資本市場‘發(fā)展歷史較為短暫,并購發(fā)展史則更不成熟,從1999年我國第一起換股并購案例清華同方成功換股并購至今,不過短短14年。截至2013年5月,我國通過換股并購成功的企業(yè)僅僅50余家。對比世界資本市場并購進程可預知,在今后中國的并購市場上,換股并購的比重將逐漸加大,成為未來我國上市公司并購的主要方式之一。但并購方案、手段、法規(guī)以及并購績效低下等都從一定程度上表明換股并購亟需得到進一步的關注和研究,因此對我國上市公司換股并購問題進行系統(tǒng)性研究就很有必要,具有一定的理論意義和實踐指導意義。 本文旨在對中國上市公司換股并購問題進行系統(tǒng)研究,從理論、戰(zhàn)略、操作和績效四個層面組織文章整體架構,主要包含八個章節(jié)。 其中理論層面為本文第二章節(jié),在這一部分對換股并購方式之于資本市場的重要意義進行了闡述,對并購、換股并購等概念、分類、優(yōu)劣、異同和支付形式等進行梳理,并在此章節(jié)對國內(nèi)外換股并購的研究現(xiàn)狀進行梳理回顧,提出換股并購流程及其存在的問題。 戰(zhàn)略層面主要體現(xiàn)在文章第五章節(jié),即對換股并購的公司治理研究。這一部分對公司治理的機制和公司并購之問的關系進行了分析研究,并購做為公司治理外部機制的一種,對公司績效會產(chǎn)生什么樣的影響是本章研究的重點內(nèi)容。在此基礎上,換股并購做為并購的一種,又會進一步對公司治理和公司績效產(chǎn)生什么樣的影響。 操作層而則主要體現(xiàn)在對公司價值評估、會計方法和法律解析的研究上,分別為本文的第三、四、六章節(jié)。第三章則主要對換股并購的實際操作中涉及到的估值問題和換股比率確定方法進行介紹。由于合理的換股比例的確定需要滿足對并購雙方公司進行合理估值的前提,因此首先介紹了現(xiàn)有常用的幾種公司價值評估方法,包括自由現(xiàn)金流法、經(jīng)濟增加值法和可比乘數(shù)估算法。確定了公司價值后,進一步對換股比例換算方法分析介紹,主要包括每股凈資產(chǎn)法、市場價值方法、每股盈利能力法。最后通過對比我國實際發(fā)生的換股并購的案例及其中對換股比例方法的確定進行分析和總結,就實際操作層面中需要注意的估值和比例確定問題提出建議。第四章重點分析研究換股并購中涉及到的會計處理方法和財務信息披露等問題。該章節(jié)以有效市場理論與代理成本理論為基礎,闡述了財務信息的披露對于企業(yè)、投資者、證券市場的重要性。通過介紹在公司合并問題上主要的國際會計準則、美國財務會計準則和我國企業(yè)會計準則的發(fā)展歷程及各自規(guī)定,發(fā)現(xiàn)各準則有趨同變化傾向,但由于我國特定的國情,在具體的會計處理上還是有很多不同之處。隨著會計準則越來越國際化,財務信息披露變得更為重要。本章從會計制度、監(jiān)管機構、企業(yè)自身和投資者四個角度探討了制約我國財務信息披露制度的因素,為了保證投資者能獲得信息,會計準則強制性迫使公司披露信息,市場競爭也會使得公司自愿披露信息來以更低的成本獲得更多的資金。對社會而言,信息的披露有助于實現(xiàn)資源的最優(yōu)配置,影響財富的分配。第六章對上市公司換股并購的法律條款進行了介紹和分析,通過梳理美國、英國、歐盟等市場換股并購的市場法律史、立法流程以及其法律環(huán)境,對國外法律經(jīng)驗進行總結和參照,對比分析了中國金融市場的法律環(huán)境以及制度欠缺的地方,并提出相關建議。 績效層而主要是指本文的第七、八章節(jié)。第七章主要對濰柴動力并購湘火炬以及藍色光標為實現(xiàn)高速擴張進行一系列并購的兩個案例進行了詳細介紹,按照并購雙方的背景介紹、并購動因探究、并購方案解析以及并購績效評價幾個角度展開了詳細的論述。濰柴動力并購湘火炬的案例對于國內(nèi)企業(yè)標桿式的意義在主并方實現(xiàn)了跨資本市場換股并購的操作,較好整合了雙方企業(yè)的優(yōu)勢,最大限度地實現(xiàn)了并購協(xié)同效應。其換股并購方案充分考慮了不同類型股東的利益,特別是為流通股股東提供了合理的選擇權,體現(xiàn)了股東保護的理念。在藍色光標通過并購快速擴張的案例中,本文研究了其在并購非上市公司時所采用的三種交易結構以及各自的優(yōu)劣,并且從公關傳媒行業(yè)自身特點的角度出發(fā),結合國外類似公司的成功案例,對藍色光標的發(fā)展路徑進行了對比分析。充分揭示了換股并購對企業(yè)而言的積極作用。第八章為本文的實證研究部份,在該部分,本文運用事件研究法和財務指標對比法進行了對比分析,并利用事件研究法以檢驗資本市場對換股并購事件的反應。本部分的實證樣本山384個主并公司組成,通過描述統(tǒng)計分析可得,上市公司換股并購非上市公司是我國換股并購市場上的主流模式。通過對異常收益以及累計異常收益的計算和檢驗,發(fā)現(xiàn)我國市場上存在一定的內(nèi)幕交易行為,并且換股并購能給主并公司股東帶來顯著的正向財富增加,該實證結果也和相關的國內(nèi)研究較為一致。在實證基礎上,本章還給換股并購的具體實踐提供了四條建議,分別為繼續(xù)完善相關法律,防止內(nèi)幕交易擾亂市場秩序；加強公司治理的合理性,完善內(nèi)部制約機制；加強會計信息的披露；推動市場競爭,進一步讓市場發(fā)揮自身的調(diào)節(jié)和資源配置作用,實現(xiàn)企業(yè)的合理定價。 本文的創(chuàng)新點主要體現(xiàn)在以下幾個方面： 第一,對換股并購問題進行了比較系統(tǒng)和全面地分析研究。由于換股并購問題在中國仍然屬于一個較為新鮮的話題,縱觀國內(nèi)已有的關于換股并購問題的文獻,主要集中于對換股并購的某一個具體方面如換股比例確定、換股并購法律問題或并購財務分析等進行研究,尚缺乏一篇較為完整和全面地文章對換股并購問題進行詳細和深入探析,這也是本文的出發(fā)點。 第二,對換股并購的法律問題進行了詳細和充分地研究。對比國內(nèi)外的法律制度環(huán)境和條款,由于國外資本市場發(fā)展比較充分,法律規(guī)定也比較完善,因此借鑒國外換股并購法律規(guī)定為國內(nèi)換股并購不足條款的完善和建設提供了參考。本文對美國、英國、歐盟等地區(qū)換股并購法律的重要規(guī)定和先進經(jīng)驗進行了梳理介紹,并整理出國內(nèi)法律欠缺部分,在理論上具有一定的指導意義。 第三,較為全而的案例分析和總結。目前國內(nèi)關于換股并購問題的文獻大多集中于某個特定的并購案例,本文對國內(nèi)多起較為成功的換股并購案例均有詳有略地進行了介紹,并對其并購經(jīng)驗進行了總結。對國內(nèi)具有代表性案例的深入分析以及比較,使得我們的研究成果更具備指導實踐的作用,同時也更能為監(jiān)管層提供參照。 第四,更為全面的數(shù)據(jù)。實證方面,本文選取了滬深兩市1998-2013年的384個換股并購案例作為研究對象。運用事件研究法對目前國內(nèi)發(fā)生的換股并購的績效進行了檢驗,我們的數(shù)據(jù)更為全面,也更具備代表性。
[Abstract]:Enterprise merger is an important decision for the development of enterprises. The western enterprise M & A has experienced a long period of development. Different touch and inspire a wave of mergers and acquisitions important changes in the business structure of various countries, business model to the existing group gathered in the small and medium-sized enterprises, the process of transformation of mode of multinational companies including tens of thousands of mergers and acquisitions, play a very important role. So far the world has six large-scale mergers and acquisitions, they are like the tide waves struck, but not the same. In fact, the wave of mergers and acquisitions are full of distinctive characteristics of the times. Reviewing the six tides of merger and acquisition in the world's main capital markets, mergers and acquisitions involving the subject, scale the scope, form are intensified. The globalization process, the international financial environment is becoming increasingly loose, especially the financial liberalization of trade in financial services, with the acquisition of the convertible. The style began to go around the world.
On the one hand, although the convertible merger has yet to occupy Chinese merger market dominant position, but compared to save the company's cash flow cash merger convertible merger, rich means of payment, reasonable tax avoidance, reduce the debt ratio, enhance the ability to resist risk, legal regulation and the gradual relaxation of capital market for the development of the convertible merger cleared in the Chinese part obstacles. With the completion of the share reform of listed companies, between the acquisition of the convertible pricing problem can be solved more effectively. Therefore, convertible merger has great prospects in the Chinese market. On the other hand, because of China's capital market "the relatively short history of the development history of the development of mergers and acquisitions is more immature. From 1999 China's first convertible merger case qinghuatongfang convertible merger success so far, but within 14 years. As of May 2013, China's successful enterprises through convertible merger Just more than 50. Compared to the world's capital market mergers and acquisitions process can predict, in the future Chinese market mergers and acquisitions, the acquisition of the convertible proportion will gradually increase, become one of the main ways of mergers and acquisitions of Chinese Listed Companies in the future. But the acquisition plan, methods, regulations and low performance of mergers and acquisitions show to some extent from the convertible merger need further the attention and research, so the listed companies in China stock exchange merger problems in systematic research is necessary, it has certain theoretical significance and practical significance.
The purpose of this paper is to systematically study the issue of M & A in China's listed companies, and to organize the whole framework from four levels, including theory, strategy, operation and performance, including eight chapters.
The theory in the second chapter, in this part of the convertible merger way to capital market significance is discussed, on mergers and acquisitions, convertible merger concept, classification, advantages and disadvantages, similarities and differences and the form of payment to sort out, and the present research status at home and abroad this chapter combs the convertible merger review, put forward to change the acquisition process and the existing problems.
The strategic level is mainly reflected in the fifth chapter, the research on the acquisition of the convertible corporate governance. This part of the corporate governance mechanism and corporate mergers and acquisitions are analyzed, mergers and acquisitions as a external mechanisms of corporate governance and will affect what is the focus of the research content of the performance of the company. On this basis, convertible merger is a merger, will produce what kind of impact on corporate governance and corporate performance.
The operation layer is mainly embodied in the assessment of the value of the company, accounting research methods and legal analysis, respectively in the third, fourth and six chapters. The third chapter mainly introduces the method of determining the actual operation of the acquisition of the convertible relates to the valuation and conversion ratio. Due to determine the reasonable exchange rate to meet the needs of the premise reasonable valuation of the acquisition of two companies, so firstly this paper introduces several evaluation methods, the existing value, including the free cash flow method, economic value added method and comparable multiplier estimation method. To determine the value of the company, to further exchange rate conversion method introduced, mainly including the net assets per share, the market value method. Profitability per share method. Finally by comparing China's actual case occurred and determination of the convertible merger exchange ratio method are analyzed and summarized, it To determine the proposed problems need attention valuation and the proportion of the actual operation level. The fourth chapter focuses on the analysis of convertible merger related to the accounting treatment and financial information disclosure and other issues. This chapter is based on the theory of effective market theory and agency cost, expounds the financial information disclosure for enterprises, investors, the importance of the securities market the merger of the company. Through the introduction of the major international accounting standards, the development course of the financial accounting standards and accounting standards for enterprises of our country and their respective regulations, found that the convergence criteria tend to change, but because of the special situation of our country, there are still many differences in the specific accounting treatment with accounting standards. More and more international financial information disclosure becomes more and more important. This chapter from the accounting system, supervision mechanism, four aspects of the enterprise itself and to restrict investors The system factors of financial information disclosure in our country, in order to ensure that investors can get information, the mandatory accounting standards forced the company to disclose information, market competition will make the company voluntary disclosure of information to get more funds at lower costs. For society, the information disclosure can help to achieve the optimal allocation of resources, influence the distribution of wealth. The sixth chapter of the legal provisions of listed companies convertible merger are introduced and analyzed, through combing the United States, Britain, the European Union market convertible merger market of legal history, the legislative process and the legal environment for foreign legal experience and reference, comparative analysis of the legal environment Chinese financial markets and local system lack, and put forward relevant suggestions.
The performance layer mainly refers to the seventh, eighth chapter. The seventh chapter mainly introduces in detail the acquisition torch and two case to achieve rapid expansion of BlueFocus a series of mergers and acquisitions of Weichai Power, introduced in accordance with the acquisition of both the background and motives of mergers and Acquisitions Program research, analysis the mergers and acquisitions performance evaluation several aspects discussed in detail Weichai torch. M & A case for domestic enterprises in the main benchmark significance and Realization of the cross party capital market convertible merger operation, better integration of both the advantages of enterprises, to maximize the realization of the merger synergies. The convertible merger scheme takes full account of the different types of shareholders, especially to provide reasonable choice for shareholders, reflects the shareholder protection concept. In the rapid expansion of the blue cursor through M & A case, this paper studies The use of mergers and acquisitions in the non-listed company of the three trading structures and their advantages and disadvantages, and starting from the PR industry view of their own characteristics, combined with successful cases of similar foreign companies, the development path of the blue cursor were compared. Fully reveals the convertible merger positive effects on enterprises. The eighth chapter is the empirical study part of this paper, in this part, this paper uses the event study method and financial index comparison are analyzed, and to test the convertible merger to the capital market by using the event study method response. This part of the empirical sample and the 384 main mountain company, through descriptive statistics analysis, the listed company convertible merger of non-listed company is China's convertible merger on the market mainstream mode. Based on the abnormal returns and cumulative abnormal returns calculation and inspection, found on the market in China. In the insider trading behavior, and convertible merger to shareholders and bring positive wealth increased significantly, the empirical results and domestic related research is consistent. Based on the empirical results, this chapter gives the concrete practice of convertible merger provides four suggestions respectively to improve relevant laws, to prevent insider disturb the market order, strengthen the rational transaction; corporate governance, improve internal control mechanisms; strengthen the disclosure of accounting information; to promote market competition, further allow the market to play its own regulation and resource allocation function, reasonable pricing realization of enterprises.
The innovation of this article is mainly reflected in the following aspects:
First, a systematic and comprehensive analysis. The problem of the convertible merger convertible merger problem is still a relatively new topic in China, throughout the domestic existing problems of convertible merger literature, mainly focused on the acquisition of the convertible a certain specific aspects such as the exchange rate, of convertible merger legal issues or mergers and acquisitions of financial analysis, the lack of a more complete and comprehensive, this paper gives a detailed and deep analysis of Convertible M & A, this is also the starting point of this paper.
Second, the legal issues of convertible merger in detail and fully studied. The comparison of domestic and foreign legal system environment and conditions, because foreign capital market more fully, the law is perfect, so learn from the improvement and construction of foreign convertible Merger Law for the domestic shortage in terms of convertible merger provides a reference to the United States in this paper. In Britain, the European Union and other regions, the important provisions of the convertible merger and summarizes the advanced experience, and sort out the domestic legal deficiencies, has certain guiding significance in theory.
Third, more comprehensive case analysis and summary. Currently on the convertible merger problems literature mostly concentrated in a particular case of the domestic mergers and acquisitions, many successful cases have set a slightly convertible merger was introduced, and the experience is summarized. The representative case of China the in-depth analysis and comparison, the results of our research have guiding practice, but also it will provide a reference for regulators.
Fourth, more comprehensive data. The empirical analysis, this article selects the CSI two 384 convertible 1998-2013 years of mergers and acquisitions as the research object. By using the method of event study at home and the acquisition of the convertible performance was tested, our data is more comprehensive, more representative of the preparation.

【學位授予單位】：武漢大學
【學位級別】：博士
【學位授予年份】：2013
【分類號】：F271;F832.51

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