本文選題：創(chuàng)業(yè)板上市公司　切入點：并購夭折　出處：《華南理工大學》2013年碩士論文　論文類型：學位論文

【摘要】：2008年12月份國務(wù)院、證監(jiān)會、銀監(jiān)會、國資委和商務(wù)部出臺了一系列與并購相關(guān)的政策，極大地鼓勵和促進了企業(yè)并購，尤其是海外并購。2009年1月，國務(wù)院提出了十大產(chǎn)業(yè)振興規(guī)劃，以降低企業(yè)負擔、增加企業(yè)收入，并于2009年3月20日起，陸續(xù)出臺了十大產(chǎn)業(yè)振興規(guī)劃細則。之后，中國產(chǎn)業(yè)內(nèi)部兼并與重組的速度明顯加快了，從2009年1月1日到2012年12月31日為止，根據(jù)聚源數(shù)據(jù)庫的統(tǒng)計顯示，所有上市公布的收購、兼并信息已達1706條之多。當然，海外并購也相當熱鬧。2012年上半年，海外并購中以中石油、中化集團等能源行業(yè)的并購最為緊湊，鋼鐵、有色金屬行業(yè)的海外并購也不少。 但是，我們也注意到，中國公司的海外并購似乎也不是那么順利的。2009年6月5號，中國鋁業(yè)公司發(fā)布公告稱，力拓集團董事會已宣布放棄合作。中鋁195億美元注資力拓交易就這樣“夭折”了。而由于蒙古政府的反對，在連續(xù)兩次延期之后，今年9月3號晚，中國鋁業(yè)也同樣無奈宣布其對南戈壁的收購失敗。2009年北汽競購歐寶，在開出收購籌碼最優(yōu)厚的情況下，北汽依然被拒之門外。 而隨著中國產(chǎn)業(yè)結(jié)構(gòu)及產(chǎn)品結(jié)構(gòu)的調(diào)整，上市公司對高科技的需求日益增長，并且挑起了風險投資的大梁。據(jù)介紹，到去年底，深滬兩地股票交易所取得國家高新技術(shù)企業(yè)資格認證的上市公司已達一百四十四家，另有一百多家上市公司介入了高新技術(shù)領(lǐng)域。因此，本論文著眼于高科技領(lǐng)域的并購情況，把焦點放在并購公告后是否能完成并購這一環(huán)節(jié)上。我們希望能搞清楚：并購夭折在我國高科技公司當中發(fā)生的比例高嗎？如果并購中途夭折的比例比較高，那么導致夭折的原因又有哪些？這些原因是否可以克服？如果完成并購的比例比較高，那么這些成功完成并購公司是否具有某些共同的特征？ 高科技公司具有研發(fā)投入大、風險高、人力資本高度密集、回報高，成長速度快的特點，在目前各類板塊的上市公司中，創(chuàng)業(yè)板上市公司的特征最為符合高科技公司的特性。因此，本文第二章對所討論的高科技公司作了界定，以我國高科技公司板塊——創(chuàng)業(yè)板的上市公司作為本文研究的公司樣本，并對并購夭折進行了界定。隨后本章描述了我國目前的并購情況，特別是創(chuàng)業(yè)板上市公司并購的基本現(xiàn)狀，并把創(chuàng)業(yè)板上市公司并購夭折的情況與主板上市公司并購夭折的情況進行簡單對比。 本文第三章對并購夭折的原因進行了理論上的分析，認為并購夭折的原因可以分為公司財務(wù)原因、經(jīng)濟環(huán)境原因、地域跨度原因和其他原因。 本文第四章主要通過實證方法對上章探討的并購夭折原因進行測試及預(yù)測并購結(jié)果。測試結(jié)果表明，在創(chuàng)業(yè)板上市公司并購夭折的原因中，公司財務(wù)原因?qū)Σ①徹舱鄣挠绊懛浅ｏ@著，而經(jīng)濟環(huán)境原因、地域跨度原因?qū)Σ①徑Y(jié)果的影響并不顯著。預(yù)測結(jié)果均與實際結(jié)果完全一致，但由于預(yù)測樣本較少，，因此預(yù)測結(jié)果的正確率有一定局限性。 本文第五章理性地思考了并購夭折對創(chuàng)業(yè)板上市公司的影響，認為并購夭折對創(chuàng)業(yè)板上市公司的影響既有消極的一面，也有積極的一面。 本文第六章主要是針對上述的研究成果，為創(chuàng)業(yè)板上市公司的并購提出一些建議和意見,如避免并購規(guī)模過大、選擇合適的經(jīng)濟環(huán)境時機、避免準備不足的并購等。希望本文能為打算并購的創(chuàng)業(yè)板上市公司提供一點參考和幫助。
[Abstract]:In 2008 December the State Council, the Commission, the CBRC, the SASAC and the Ministry of Commerce issued a series of policies associated with mergers and acquisitions, greatly encourage and promote mergers and acquisitions, especially overseas merger and acquisition of.2009 in January, the State Council put forward ten industrial revitalization plan, in order to reduce the burden on enterprises, increase revenue, and in March 20, 2009 and have introduced ten industrial revitalization planning rules. After that, China industry mergers and acquisitions significantly faster, from January 1, 2009 until December 31, 2012, according to statistics source database shows that all listed announced the acquisition, merger information has reached as much as 1706. Of course, overseas mergers and acquisitions is quite lively.2012 the first half of the year, overseas mergers and acquisitions in the oil, Sinochem and other energy industry mergers and acquisitions is the most compact, iron and steel, nonferrous metal industry overseas mergers and acquisitions is no less.
However, we also note that the China companies overseas mergers and acquisitions seems not so smooth.2009 in June 5th, the Aluminium Corp announced that the Rio Tinto board has announced to give up cooperation. Al $19 billion 500 million Rio deal just died. Because the Mongolia government opposition, after two consecutive delay this year the evening of September 3rd, China aluminum also reluctantly announced its acquisition of South Gobi failed.2009 Beiqi Opel on a chip, the acquisition of the most generous cases, Beiqi still was rejected.
With the Chinese industrial structure and the adjustment of product structure, the listed company's growing demand for high-tech, and provoked the risk investment of the beam. According to the introduction, by the end of last year, Shenzhen and Shanghai Stock Exchange made the national high-tech enterprise qualification of the listed companies has reached one hundred and forty-four, and another more than 100 listed companies involved in the high-tech field. Therefore, this paper focuses on mergers and acquisitions in the field of high technology to focus on whether or not to complete the merger announcement after the M & A links. We hope to make clear: mergers and acquisitions occurred in die among China's high-tech company, a high proportion of aborted? If M & a relatively high proportion, then lead to death cause what are these reasons? Whether can overcome? If a relatively high proportion of the completion of the merger, so the company has successfully completed the acquisition of some co The same characteristics?
The company has a high-tech R & D investment, high risk, human capital intensive, high return characteristics, growth speed, at present all kinds of plates of listed companies, the characteristics of GEM listed companies most consistent with the characteristics of high-tech companies. Therefore, the second chapter discusses the high-tech companies are defined, to me our high-tech company board - GEM listed companies as research samples, and the acquisition of abortion was defined. Then this chapter describes China's current situation of mergers and acquisitions, especially the basic situation of the GEM listed company merger and acquisition, and the acquisition of companies listed on GEM and the motherboard to abort the mergers and acquisitions of listed companies die the simple comparison.
The third chapter makes a theoretical analysis of the reasons for the failure of mergers and acquisitions. It concludes that the reasons for the failure of mergers and acquisitions can be divided into financial reasons, economic and environmental reasons, geographical span reasons and other reasons.
The fourth chapter mainly through empirical method of chapter m abortion reasons test and forecast the results of mergers and acquisitions. The test results show that the acquisition of the cause for the adoption of the GEM listed companies, corporate financial reasons has a significant impact on mergers and acquisitions failed, and the economic environment, the region span reasons affecting the acquisition results is not significant. The prediction results are consistent with the actual results, but due to the few prediction samples have certain limitations so correct rate of prediction results.
The fifth chapter thinks rationally about the impact of M & A Abort on GEM listed companies, and concludes that the impact of M & A on GEM companies has both negative and positive aspects.
The sixth chapter is mainly based on the above research results, for the GEM listed company merger and put forward some suggestions and opinions, such as mergers and acquisitions to avoid too large, select the appropriate timing of the economic environment, to avoid the lack of preparation of mergers and acquisitions. I hope this paper can provide some reference and help the listed companies of gem to mergers and acquisitions.

【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F271;F832.51

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