本文選題：證券公司 + 并購業(yè)務(wù)��； 參考：《西南財經(jīng)大學(xué)》2012年碩士論文

【摘要】：并購(MA)是企業(yè)的合并(merger)與收購(acquisition)兩種財務(wù)活動的總稱。企業(yè)成長主要通過內(nèi)部擴(kuò)充和外部擴(kuò)充兩種途徑,內(nèi)部擴(kuò)充是通過企業(yè)自身的內(nèi)部積累進(jìn)行投資,使公司規(guī)模穩(wěn)定漸進(jìn)地成長,而外部擴(kuò)充則是激烈驟進(jìn)的成長方式,即是通過企業(yè)的并購。并購作為企業(yè)重要的外部擴(kuò)張方式已經(jīng)在西方國家發(fā)展了上百年,我國的并購活動也已經(jīng)有了二十多年的歷史,隨著市場日益自由化的趨勢,企業(yè)間的競爭也越來越激烈,為了能充分利用時間價值,盡快擴(kuò)大規(guī)模和整合資源,并購以其高效率的優(yōu)勢成為越來越多企業(yè)進(jìn)行擴(kuò)張戰(zhàn)略時的首選,2000年全球并購活動交易總額達(dá)到3.4萬億美元,占當(dāng)年世界經(jīng)濟(jì)總量的十分之一強(qiáng)。 證券公司是主營資本市場業(yè)務(wù)的金融機(jī)構(gòu),在其發(fā)展初期,證券承銷和經(jīng)紀(jì)業(yè)務(wù)是最基礎(chǔ)和核心的業(yè)務(wù)。隨著19世紀(jì)末20世紀(jì)初美國第一次并購浪潮的掀起,證券公司的并購業(yè)務(wù)也開始逐漸發(fā)展起來,到了今天,并購業(yè)務(wù)已經(jīng)成為西方發(fā)達(dá)國家證券公司的核心業(yè)務(wù)之一。我國證券市場形成較晚,證券公司發(fā)展也相對落后,證券公司的并購業(yè)務(wù)發(fā)展至今尚不足二十年,主要收入仍然來自于傳統(tǒng)的投資銀行業(yè)務(wù),但隨著國內(nèi)并購市場的持續(xù)活躍,我國證券公司的并購業(yè)務(wù)也得到了迅猛發(fā)展,越來越多的公司開始認(rèn)可證券公司在并購活動中的作用。 統(tǒng)計數(shù)據(jù)顯示,近年來,在經(jīng)濟(jì)發(fā)展和國家政策推動的共同作用下,我國的并購業(yè)務(wù)數(shù)量呈現(xiàn)高速增長趨勢,2006年發(fā)生并購1469起,2007年前11個月發(fā)生并購1738起,交易量總值801億美元,2010年發(fā)生并購2903起,交易量1115.06億美元,2011年前11個月發(fā)生并購2505起,交易量1093.81億美元。在此潮流下,從事并購財務(wù)顧問業(yè)務(wù)的證券公司也成為主要受益者之一,根據(jù)ChinaVenture投中集團(tuán)的統(tǒng)計報告,2009年11月1日至2010年10月31日,全球披露的涉及中國企業(yè)的已完成的近1000起并購交易中,公布了并購財務(wù)顧問機(jī)構(gòu)的達(dá)74起,涉及總部位于中國大陸的證券公司32家,2011年前11個月披露了獨立財務(wù)顧問機(jī)構(gòu)的并購事件有440起,涉及總部位于中國大陸的證券公司近50家。 在并購活動愈演愈烈的今天,有一個疑問仍在困擾著人們：并購活動是否能為企業(yè)創(chuàng)造價值?從并購活動出現(xiàn)至今,并購活動對企業(yè)績效的影響始終是人們在對并購活動進(jìn)行研究的過程中關(guān)注的焦點。為了解決這個疑問,國內(nèi)外經(jīng)濟(jì)學(xué)家從各個角度進(jìn)行了大量的的研究,但得出的結(jié)論頗具分歧,始終無法達(dá)成共識。而隨著證券公司并購業(yè)務(wù)的發(fā)展及其對企業(yè)并購活動越來越多的參與,又有一個新的問題擺在了人們面前：證券公司在企業(yè)并購活動中起到了什么樣的作用,證券公司提供的并購策劃和獨立財務(wù)顧問業(yè)務(wù)是否能提高企業(yè)績效,是否能在企業(yè)的并購活動中創(chuàng)造價值? 為回答上述問題提供一個研究的角度和一些值得參考的結(jié)論是本課題的研究目的和方向。 本文從對相關(guān)理論和研究成果的評述入手,對企業(yè)并購和證券公司的并購業(yè)務(wù)相關(guān)理論進(jìn)行了敘述,總結(jié)了到目前為止國內(nèi)外對企業(yè)并購績效的研究方法和研究結(jié)論,在此基礎(chǔ)上提出“有證券公司參與下的并購活動中企業(yè)并購績效的變動優(yōu)于無證券公司參與的情況”這一假設(shè),并進(jìn)一步針對該假設(shè)收集有關(guān)數(shù)據(jù),使用事件研究法進(jìn)行實證檢驗,得出“證券公司的參與沒有改善被并購企業(yè)的并購績效,對并購企業(yè)績效的改善也并不顯著”的結(jié)論。根據(jù)上述結(jié)論,進(jìn)一步分析了原因和研究的局限性,并結(jié)合我國證券公司參與企業(yè)并購的必要性,對并購企業(yè)、被并購企業(yè)、證券公司和政府分別提出并購企業(yè)更多地考慮聘請證券公司、被并購企業(yè)審慎選擇是否聘用證券公司參與并購活動、證券公司提高自身業(yè)務(wù)水平、以及政府營造更好的企業(yè)并購環(huán)境的建議。 文章主要內(nèi)容如下： 1.企業(yè)并購績效的研究現(xiàn)狀 目前企業(yè)績效的實證研究方法有事件研究法、經(jīng)營業(yè)績對比法、個案研究法三種主要方法,以及管理層調(diào)查研究方法、診斷性研究、資產(chǎn)剝離收購比率、資本成本回收率等其他檢驗方法。 國內(nèi)外經(jīng)濟(jì)學(xué)家運用以上實證研究方法對企業(yè)并購績效進(jìn)行了大量的研究,通過對研究結(jié)論的匯總和比較,可以看出： 對并購活動給被并購企業(yè)績效帶來的影響看法比較一致,都認(rèn)為被并購企業(yè)在并購發(fā)生后的短期內(nèi)有顯著正收益,但從長期來看收益則不顯著。在并購活動對總體績效影響的看法上,除了個別研究認(rèn)為無顯著收益外,多數(shù)觀點都認(rèn)為在并購當(dāng)期總體有顯著正收益,隨著時間推移收益的顯著性減弱,并在一年以上的長期中逐漸消失。而對并購企業(yè)績效受到的影響則存在很大爭議,不論是從短期還是長期進(jìn)行考察,都既有研究認(rèn)為并購企業(yè)獲得顯著正收益,也有結(jié)論認(rèn)為其收益顯著為負(fù),但認(rèn)為收益為負(fù)者占多數(shù)。 對企業(yè)并購績效的研究角度,除了考慮企業(yè)在并購交易中的地位不同對并購績效造成的影響外,還考慮了并購形式、支付方式、并購類型、關(guān)聯(lián)方關(guān)系、行業(yè)差異、企業(yè)的成長型和價值型特征、文化沖突和企業(yè)規(guī)模等對并購績效的影響。 2.實證研究過程 通過對文獻(xiàn)的總結(jié),發(fā)現(xiàn)從證券公司參與對企業(yè)并購績效影響的角度進(jìn)行研究的文獻(xiàn)不多,因此本文選擇從這一角度出發(fā)使用事件研究法對2011年國內(nèi)發(fā)生的并購事件進(jìn)行研究,期望為該研究方向貢獻(xiàn)一些有參考價值的結(jié)論。 為達(dá)到研究目的,本文提出兩個假設(shè)： 假設(shè)一：在有證券公司擔(dān)任獨立財務(wù)顧問的并購活動中,被并購企業(yè)并購前后績效的變化優(yōu)于無證券公司參與的并購活動。 假設(shè)二：在有證券公司擔(dān)任獨立財務(wù)顧問的并購活動中,并購企業(yè)并購前后績效的變化優(yōu)于無證券公司參與的并購活動。 然后根據(jù)一定標(biāo)準(zhǔn)從在滬、深兩個證券交易所A股市場掛牌的上市公司2011年公告的并購事件中選取58個做為樣本,將這些樣本事件按照有無證券公司參與、及參與并購的上市公司在交易中的地位進(jìn)行分類,使用事件研究法市場模型進(jìn)行非正常報酬率檢驗,通過分析這些樣本的平均累積非正常收益率在窗口期內(nèi)的分布,考察并購公告對樣本事件涉及的上市公司股價的影響,并比較各種分類下樣本事件涉及的上市公司績效的變動情況,最終形成結(jié)論。 3.研究結(jié)論 對于被并購企業(yè),有證券公司參與情況下的并購其公司績效變動差于無證券公司參與的情況,與假設(shè)不符,可能的原因是所選樣本在并購形式和交易支付方式上的差異,以及并購的實質(zhì)性等因素對檢驗結(jié)果造成的干擾。從被并購公司的整體情況看,被并購公司沒有從并購活動中獲得收益,可能的原因是受樣本量限制,個別行業(yè)的結(jié)論不足以推斷至總體。 對于并購企業(yè),有證券公司參與情況下的并購其公司績效變動優(yōu)于無證券公司參與的情況,與假設(shè)相符。從并購公司的整體情況看,并購公司僅在公告日有顯著收益,兩日后回落到原水平,之后繼續(xù)呈下降趨勢,即并購企業(yè)也未從并購活動中獲得收益。 4.針對我國證券公司參與企業(yè)并購提出建議 根據(jù)本文實證結(jié)論和我國證券公司參與企業(yè)并購現(xiàn)狀,本文提出如下建議： (1)并購企業(yè)更多地考慮聘請證券公司參與并購； (2)被并購企業(yè)審慎選擇是否聘請證券公司參與并購； (3)證券公司提高自身業(yè)務(wù)水平； (4)政府營造更良好的企業(yè)并購環(huán)境。
[Abstract]:M & A (MA) is the general name of two financial activities of enterprise merger (merger) and acquisition (acquisition). Enterprise growth mainly through internal expansion and external expansion of the two ways, internal expansion is through the internal accumulation of enterprise itself to invest, making the company scale steady and gradual growth, and external expansion is a fierce and sudden growth mode. It is through the merger and acquisition of enterprises. As an important external expansion mode of the enterprise, merger and acquisition has developed in the western countries for a hundred years. The merger and acquisition activities in our country have also had a history of more than 20 years. With the trend of the increasingly liberalization of the market, the competition among enterprises is becoming more and more fierce. In order to make full use of the time value, the scale can be expanded as soon as possible. And integration of resources, mergers and acquisitions with its high efficiency has become the first choice for more and more enterprises to expand the strategy. In 2000, the total amount of global mergers and acquisitions reached 3 trillion and 400 billion US dollars, accounting for 1/10 of the total world economy in the year.
Securities companies are the financial institutions of the main capital market business. In the early stages of its development, securities underwriting and brokerage business are the most basic and core business. With the first wave of merger and acquisition in the late nineteenth Century and early twentieth Century, the merger and acquisition business of securities companies began to develop gradually. Today, the merger and acquisition business has become the West. As one of the core business of the national securities company, China's securities market has formed relatively late, the development of securities companies is relatively backward, the development of the merger and acquisition business of the securities companies is still less than twenty years, the main income is still from the traditional investment banking business, but with the continuous active merger and acquisition in China, the merger and acquisition business of China's securities companies It has also been developing rapidly. More and more companies begin to recognize the role of securities companies in M & A activities.
Statistics show that, in recent years, in the joint role of economic development and national policy, the number of mergers and acquisitions in China has shown a high growth trend. In 2006, there were 1469 mergers and acquisitions, 1738 mergers and acquisitions in the first 11 months of 2007. The total volume of transactions was $80 billion 100 million. In 2010, there were 2903 mergers and acquisitions, trading volume of $111 billion 506 million, and 11 in 2011. In this month, there are 2505 mergers and acquisitions of $109 billion 381 million. Under this trend, securities companies engaged in M & a financial advisors have also become one of the main beneficiaries. According to the ChinaVenture group's statistical report, from November 1, 2009 to October 31, 2010, the global disclosure of nearly 1000 mergers and acquisitions involving Chinese enterprises was completed. 74 of the financial advisory bodies were announced, involving 32 securities companies based in mainland China, and 11 months before 2011 revealed 440 mergers and acquisitions by independent financial advisers, involving nearly 50 securities companies based in mainland China.
As mergers and acquisitions become more and more intense today, there is a question still puzzling people: can M & A activities create value for enterprises? Since the emergence of M & A activities, the impact of M & A activities on corporate performance has always been the focus of attention in the study of M & A activities. In order to solve this question, economics at home and abroad A large number of studies have been carried out from various angles, but the conclusions are quite different and can not reach a consensus. With the development of the merger and acquisition of securities companies and the increasing participation in M & A activities, there is a new problem in front of the people: what kind of securities companies have played in the activities of mergers and acquisitions. Can the merger and acquisition plan and independent financial advisory business provided by securities companies improve the performance of enterprises, and whether they can create value in the M & A activities of enterprises?
In order to answer the above questions, a research perspective and some worthy conclusions are the purpose and direction of the research.
Starting with the review of relevant theories and research achievements, this paper describes the related theories of merger and acquisition and the merger and acquisition of securities companies, summarizes the research methods and conclusions on the performance of mergers and acquisitions at home and abroad so far, and on this basis puts forward the performance of mergers and acquisitions in the merger and acquisition activities under the participation of securities companies. The change is better than the assumption that the non securities companies participate in the case, and the conclusion is that the participation of the securities companies does not improve the M & a performance of the M & A enterprises and the improvement of the performance of the M & A enterprises is not significant. Further analysis of the reasons and the limitations of the research, and combined with the necessity of China's securities companies to participate in the merger and acquisition, the merger and acquisition enterprise, the merger and acquisition enterprise, the securities company and the government put forward more consideration of the merger and acquisition companies to employ securities companies, the prudent selection of the merger and acquisition companies to engage in mergers and acquisitions, securities companies, securities companies To improve their business level, and the government to create a better environment for mergers and acquisitions.
The main contents of the article are as follows:
1. research status of M & a performance
At present, the empirical research methods of enterprise performance include event research method, operation performance comparison method, case study method three main methods, as well as management survey research method, diagnostic research, asset divestiture acquisition ratio, capital cost recovery rate and other other testing methods.
The domestic and foreign economists have done a lot of research on the performance of M & A by using the above empirical research methods. Through the summary and comparison of the research conclusions, we can see that:
The impact of M & A on the performance of the merged enterprises is quite consistent, and it is considered that the M & A enterprises have significant positive returns in the short term after the merger and acquisition, but the earnings are not significant in the long run. In the view of the impact of M & A activities on the overall performance, most of the views are considered to be in the view that there is no significant income. There are significant positive returns in the current period of M & A, and the significance of earnings decreases with the passage of time, and it is gradually disappearing in the long term for more than a year. However, the majority of them are negative.
In the study of the performance of M & A, in addition to considering the impact of the different status of enterprises on M & a performance, it also takes into account the influence of M & a form, payment mode, type of merger, association, industry difference, enterprise growth and value characteristics, cultural conflict and enterprise scale on M & a performance.
2. empirical research process
Through the summary of the literature, it is found that there are few literature on the impact of the participation of securities companies on the performance of mergers and acquisitions. Therefore, this paper selects from this point of view to study the merger and acquisition events in China in 2011 by using the event study method, hoping to contribute some valuable conclusions to the researchers.
In order to achieve the purpose of the study, this paper puts forward two hypotheses:
Hypothesis 1: in the M & A activities of a securities company as an independent financial adviser, the changes in the performance of the merged enterprises before and after the merger and acquisition are better than the mergers and acquisitions without the participation of the securities companies.
Hypothesis two: in the M & A activities of a securities company as an independent financial adviser, the change of performance before and after merger and acquisition is better than that of non securities companies.
Then, according to a certain standard, 58 samples are selected from the merger and acquisition of the listed companies listed in the A stock market of the two stock exchanges in Shanghai and Shenzhen Stock Exchange in 2011. These samples are classified according to the participation of the securities companies, and the status of the listed companies involved in the merger and acquisition in the transaction, and the market model of the event research method is used. Through the analysis of the abnormal return rate test, by analyzing the distribution of the average cumulative abnormal return rate in the window period of these samples, the influence of the merger announcement on the stock price of the listed companies involved in the sample event is examined, and the changes in the performance of the listed companies involved in the various classification events are compared, and finally the conclusion is formed.
3. research conclusions
In the case of merger and acquisition, the change of corporate performance under the participation of a securities company is less than the participation of the non securities company, which is not consistent with the hypothesis. The possible reason is the difference between the selected samples in the form of M & A and the payment mode of the transaction, and the interference from the substantive factors such as the merger and acquisition. As a whole, the M & a company has not obtained the benefit from the M & A activities. The possible reason is the limitation of the sample size, and the conclusion of the individual industry is not enough to be inferred to the general.
In the case of merger and acquisition, the performance changes of mergers and acquisitions under the participation of the securities companies are better than those of the non securities companies, which are consistent with the assumptions. From the overall situation of the merger and acquisition companies, the merger and acquisition companies only have a significant profit on the day of the announcement. After two days, they fall back to the original level, and then continue to decline. That is, the merger and acquisition enterprises have not survived the merger and acquisition. Gain gains in motion.
4., suggestions for China's securities companies to participate in mergers and acquisitions.
Based on the conclusions of this paper and the current situation of China's securities companies participating in mergers and acquisitions, the following suggestions are made:
(1) mergers and acquisitions enterprises are more likely to invite securities companies to participate in mergers and acquisitions.
(2) mergers and acquisitions companies carefully choose whether to hire securities companies to participate in mergers and acquisitions;
(3) securities companies to improve their own business level;
(4) the government creates a better environment for mergers and acquisitions.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F271

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