發(fā)布時(shí)間：2018-11-09 16:54

【摘要】：換股并購(gòu)是指主并購(gòu)公司通過(guò)將目標(biāo)公司的股票按一定比例換成本公司股票,并且目標(biāo)公司被終止或成為主并購(gòu)公司子公司的方式而進(jìn)行的并購(gòu)。換股并購(gòu)是以股票作為支付方式的。 我國(guó)A股市場(chǎng)上市公司并購(gòu)重組中,換股支付正作為重要方式被運(yùn)用,并且也將是主要發(fā)展方向。但在我國(guó)經(jīng)濟(jì)體制從計(jì)劃經(jīng)濟(jì)向市場(chǎng)經(jīng)濟(jì)轉(zhuǎn)變的過(guò)程中,基于資本市場(chǎng)的換股并購(gòu)對(duì)公司市值效應(yīng)、業(yè)績(jī)效應(yīng)的研究相對(duì)甚少。本文運(yùn)用文獻(xiàn)分析法和比較分析法,采用定性分析與定量分析相結(jié)合,規(guī)范分析與實(shí)證分析相結(jié)合,運(yùn)用事件研究法、計(jì)量模型法、財(cái)務(wù)績(jī)效分析法,以我國(guó)上市公司的換股并購(gòu)事件為樣本,對(duì)目前研究較少的換股并購(gòu)股價(jià)效應(yīng)與業(yè)績(jī)效應(yīng),深入地進(jìn)行了研究。 全文共分為五章,第一章為緒論,介紹了論文研究的背景、目的與意義,研究?jī)?nèi)容與方法,論文的創(chuàng)新與不足之處,并對(duì)國(guó)內(nèi)外研究現(xiàn)狀進(jìn)行了初步闡述；第二章分析了有關(guān)換股并購(gòu)與并購(gòu)效應(yīng)的一些理論,對(duì)換股并購(gòu)的優(yōu)缺點(diǎn)進(jìn)行了介紹,分析了運(yùn)用換股并購(gòu)時(shí)需要考慮的因素,對(duì)換股并購(gòu)中不同的換股比例測(cè)算方法進(jìn)行了分析,包括：每股收益法、每股市價(jià)法、每股凈資產(chǎn)法、“每股收益不被稀釋”約束條件下臨界換股比例的確定以及L-G模型；第三章對(duì)換股并購(gòu)的股價(jià)效應(yīng)進(jìn)行了研究,同時(shí)依據(jù)不同的標(biāo)準(zhǔn)對(duì)樣本公司進(jìn)行分類,并對(duì)不同類型的樣本公司進(jìn)行了對(duì)比分析；第四章對(duì)換股并購(gòu)的業(yè)績(jī)效應(yīng)進(jìn)行了研究,同樣對(duì)不同類型的樣本公司進(jìn)行了對(duì)比分析；第五章結(jié)合現(xiàn)實(shí)中的經(jīng)濟(jì)政策,就如何提高換股并購(gòu)效應(yīng)提出了一些具有探討性的建議。 本文運(yùn)用SPSS及EXCEL軟件,通過(guò)累計(jì)平均超額收益率與各項(xiàng)財(cái)務(wù)指標(biāo)的計(jì)算與檢驗(yàn),得出以下結(jié)論：對(duì)于股價(jià)效應(yīng),換股并購(gòu)事件確實(shí)能為公司股東帶來(lái)正的股價(jià)效應(yīng),且ST類、吸收合并類、深市上市公司、股改后樣本上市公司正的股價(jià)效應(yīng)分別大于非ST類、借殼上市類、滬市上市公司和股改前樣本上市公司；對(duì)于業(yè)績(jī)效應(yīng),換股并購(gòu)有利于上市公司主營(yíng)業(yè)務(wù)盈利能力以及每股收益的提升、但對(duì)自有資金使用效率的提升效果并不顯著,同時(shí),換股并購(gòu)事件對(duì)借殼上市公司主營(yíng)業(yè)務(wù)利潤(rùn)率、每股收益和凈資產(chǎn)收益率的提升作用都明顯高于吸收合并上市公司,換股并購(gòu)事件對(duì)深市上市公司主營(yíng)業(yè)務(wù)利潤(rùn)率、每股收益與凈資產(chǎn)收益率的提升作用均明顯高于滬市上市公司。
[Abstract]:M & A refers to the merger and acquisition of the main M & A company by changing the shares of the target company into its own stock in a certain proportion, and the target company is terminated or become a subsidiary of the main M & A company. M & A is made in stock as payment method. In the M & A of listed companies in China's A-share market, share exchange payment is being used as an important way, and will also be the main development direction. However, in the process of our country's economic system changing from planned economy to market economy, there are few researches on the effect of stock exchange and merger and acquisition based on capital market on the market value and performance effect of the company. This article uses the literature analysis method and the comparative analysis method, the qualitative analysis and the quantitative analysis union, the standard analysis and the demonstration analysis union, uses the event research method, the measurement model method, the financial performance analysis method, Based on the stock exchange M & A events of listed companies in China, the stock price effect and performance effect of stock exchange mergers and acquisitions, which are less studied at present, are studied deeply. The first chapter is the introduction, which introduces the background, purpose and significance, research content and method, innovation and deficiency of the thesis, and gives a preliminary exposition of the current research situation at home and abroad. The second chapter analyzes some theories about M & A and M & A effect, introduces the merits and demerits of M & A, and analyzes the factors to be considered in the application of M & A. This paper analyzes the different measurement methods of the proportion of stock exchange in M & A, including: earnings per share, market value per share, net assets per share, the determination of critical exchange ratio under the constraint of "no dilution per share income" and L-G model; The third chapter studies the stock price effect of stock exchange merger and acquisition, and classifies the sample companies according to different standards, and makes a comparative analysis of different types of sample companies. Chapter four studies the performance effect of stock exchange merger and acquisition, and makes a comparative analysis of different types of sample companies. Chapter five puts forward some suggestions on how to improve the effect of merger and acquisition of stock exchange combined with the economic policy in reality. In this paper, by using SPSS and EXCEL software, through the calculation and test of cumulative average excess return and various financial indexes, we draw the following conclusions: for stock price effect, M & A can bring positive stock price effect to shareholders, and ST class. The positive stock price effect of the sample listed companies after the stock reform is greater than that of the non-ST listed companies, the backdoor listed companies, the Shanghai listed companies and the sample listed companies before the stock reform. For the performance effect, M & A is beneficial to the main business profitability and earnings per share of listed companies, but the efficiency of the use of their own funds is not significant, at the same time, The effect of the merger and acquisition event on the profit margin of the main business, earnings per share and the rate of return on net assets of the backdoor listed companies is obviously higher than that on the absorption of the merged listed companies, and the merger and acquisition event on the profit margin of the main business of the listed companies in Shenzhen Stock Market. Earnings per share and return on net assets are significantly higher than listed companies in Shanghai.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F271;F224

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