發(fā)布時(shí)間：2018-03-23 07:41

  本文選題：并購(gòu)套利　切入點(diǎn)：并購(gòu)類(lèi)型　出處：《西南財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：隨著我國(guó)資本市場(chǎng)的不斷完善,并購(gòu)重組與并購(gòu)套利也將成為投資者日益關(guān)注的熱點(diǎn)問(wèn)題,并購(gòu)套利投資策略作為事件驅(qū)動(dòng)的一種典型投資策略,在國(guó)外資本市場(chǎng)上是一種較為成熟且運(yùn)用普遍的投資策略,在國(guó)內(nèi)市場(chǎng)上,受制于制度上的障礙(如以前未引入賣(mài)空機(jī)制)并購(gòu)套利投資策略并沒(méi)有成為一種常態(tài)化的投資策略,但是隨著制度建設(shè)的不斷完善、國(guó)內(nèi)產(chǎn)業(yè)整合及并購(gòu)案例的增多以及投資者專(zhuān)業(yè)素養(yǎng)得到增強(qiáng),并購(gòu)套利投資策略肯定會(huì)有更好的發(fā)展勢(shì)頭。本文主要構(gòu)成分為兩個(gè)部分,第一部分主要是對(duì)與并購(gòu)套利相關(guān)理論和概念的闡述,第二部分主要為運(yùn)用理論對(duì)國(guó)內(nèi)外并購(gòu)案例的解析,具體到相關(guān)章節(jié)的布局中,主要內(nèi)容如下： 第一章為導(dǎo)論,本章首先介紹了研究的背景,并說(shuō)明了全篇的框架結(jié)構(gòu)與提出了研究的意義；第二章為理論分析與概念闡述。主要說(shuō)明了與并購(gòu)套利相關(guān)理論,主要闡述了并購(gòu)溢價(jià)以及市場(chǎng)有效性理論與并購(gòu)套利的關(guān)系；并購(gòu)套利的含義及類(lèi)型；影響并購(gòu)套利成功與否的因素；并購(gòu)套利全球市場(chǎng)的歷史經(jīng)驗(yàn)業(yè)績(jī)情況等內(nèi)容；第三章為國(guó)外案例分析。主要闡述了輝瑞收購(gòu)惠氏并購(gòu)案以及強(qiáng)生收購(gòu)Synthes并購(gòu)案的案例,結(jié)合案例說(shuō)明了并購(gòu)操作流程、影響并購(gòu)套利的因素以及并購(gòu)溢價(jià)與并購(gòu)套利的關(guān)系；第四章為國(guó)內(nèi)案例的分析,除了與國(guó)外案例相同的研究方法,此章還結(jié)合國(guó)內(nèi)實(shí)際對(duì)風(fēng)險(xiǎn)因素進(jìn)行了揭示。 對(duì)于并購(gòu)套利,本文在研究國(guó)內(nèi)外典型案例的情況下,得出結(jié)論：雖然與國(guó)外發(fā)達(dá)資本市場(chǎng)存在差異,但是國(guó)內(nèi)的并購(gòu)交易任然存在諸多套利機(jī)會(huì),所以通過(guò)適當(dāng)分析與操作,可以獲得令人理想的套利收益。并購(gòu)套利也會(huì)隨著我國(guó)資本市場(chǎng)制度建設(shè)的不斷完善而成為資本市場(chǎng)上一種常態(tài)化的投資手段,可以被基金經(jīng)理、機(jī)構(gòu)投資者等廣泛運(yùn)用。
[Abstract]:With the continuous improvement of the capital market in China, M & A restructuring and M & A arbitrage will also become a hot issue that investors pay more attention to day by day. As a typical investment strategy driven by events, M & A arbitrage investment strategy is a typical investment strategy. In the foreign capital market is a more mature and the use of universal investment strategy, in the domestic market, The arbitrage investment strategy of M & A has not become a regular investment strategy, but with the continuous improvement of system construction, the arbitrage investment strategy is restricted by institutional obstacles (such as no short selling mechanism has been introduced in the past), and the investment strategy of M & A arbitrage has not become a regular investment strategy. With the increase of domestic industrial integration and M & A cases, as well as the enhancement of investor professionalism, the M & A arbitrage investment strategy will certainly have a better development momentum. The first part is mainly about the theories and concepts related to M & A arbitrage. The second part is the analysis of M & A cases at home and abroad by using the theory, and the main contents are as follows:. The first chapter is the introduction, this chapter first introduces the background of the research, and explains the frame structure of the whole article and the significance of the research. The second chapter is the theoretical analysis and conceptual elaboration. It mainly expounds the relationship between M & A premium and the theory of market effectiveness and M & A arbitrage, the meaning and type of M & A arbitrage, the factors influencing the success of M & A arbitrage, the historical experience and performance of M & A arbitrage global market, etc. The third chapter is the case analysis of foreign countries. It mainly expounds the case of Pfizer's acquisition of Wyeth and Johnson's acquisition of Synthes, and explains the operation flow of M & A, the factors influencing M & A arbitrage and the relationship between M & A premium and M & A arbitrage. The fourth chapter is the analysis of domestic cases. In addition to the same research methods as foreign cases, this chapter also reveals the risk factors combined with the domestic practice. With regard to M & A arbitrage, this paper concludes that although there are differences between M & A arbitrage and developed capital markets at home and abroad, there are still many arbitrage opportunities in domestic M & A transactions. Therefore, through proper analysis and operation, we can obtain the ideal arbitrage income. M & A arbitrage will also become a regular investment means in the capital market with the continuous improvement of China's capital market system construction, and can be used by the fund manager. Institutional investors and other widely used.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.5

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本文編號(hào)：1652512