后股權(quán)分置時(shí)代上市公司并購(gòu)長(zhǎng)期績(jī)效研究
發(fā)布時(shí)間：2018-11-27 07:51
【摘要】：股權(quán)分置改革為市場(chǎng)化并購(gòu)奠定了基礎(chǔ),積壓已久的并購(gòu)重組動(dòng)力日益顯現(xiàn)。后股權(quán)分置時(shí)代,上市公司并購(gòu)能否創(chuàng)造價(jià)值?并購(gòu)市場(chǎng)績(jī)效受到哪些因素的影響,隱藏在并購(gòu)行為背后的深層次原因是什么?這些問(wèn)題都是現(xiàn)階段中國(guó)資本市場(chǎng)發(fā)展中值得研究的重要問(wèn)題。 本文采用定量分析與定性分析相結(jié)合的方法,基于后股權(quán)分置時(shí)代中國(guó)資本市場(chǎng)的制度背景,借鑒國(guó)外成熟而廣泛運(yùn)用的長(zhǎng)期績(jī)效評(píng)價(jià)方法----累積超額收益(BHAR),探討了并購(gòu)交易特征、股權(quán)結(jié)構(gòu)對(duì)收購(gòu)公司長(zhǎng)期市場(chǎng)績(jī)效的影響。本文首先回顧了與并購(gòu)相關(guān)的研究和理論,然后結(jié)合中國(guó)資本市場(chǎng)的不同時(shí)期的制度特征,特別是股權(quán)分置時(shí)期和后股權(quán)分置改革時(shí)期,對(duì)并購(gòu)績(jī)效及其影響因素做了理論分析與研究假設(shè)。然后,本文從2006-2007年間我國(guó)A股市場(chǎng)上市公司發(fā)生的并購(gòu)事件中,以完整性、普遍性為原則挑選了946個(gè)樣本。首先,利用CSMAR和Wind資訊計(jì)算出這些樣本在并購(gòu)后1-36個(gè)月的BHAR;再?gòu)牟①?gòu)交易特征和收購(gòu)方股權(quán)結(jié)構(gòu)兩個(gè)大的方面對(duì)樣本進(jìn)行分類,其中,并購(gòu)交易特征包括：股權(quán)性質(zhì)、同屬管轄、關(guān)聯(lián)屬性、并購(gòu)類型、融資模式和支付方式,股權(quán)屬性包括：最終控制人背景、機(jī)構(gòu)投資者持股比例和第一大股東持股比例。按照這些分類對(duì)樣本進(jìn)行分組,對(duì)每一組進(jìn)行比較,檢驗(yàn)其并購(gòu)績(jī)效的差異；再分別以并購(gòu)交易特征和股權(quán)屬性為解釋變量與BHAR做多元回歸。通過(guò)這些實(shí)證研究,檢驗(yàn)了之前的理論分析和研究假設(shè)。得出結(jié)論是,文中所選取樣本的并購(gòu)長(zhǎng)期績(jī)效為負(fù),收購(gòu)方股東財(cái)富遭受了損失,這一結(jié)果與股權(quán)分置改革前差異不大,但不能因此而否定股權(quán)分置改革的積極效應(yīng),造成這種結(jié)果的可能是由于樣本區(qū)間處于牛市和熊市交替的階段,在并購(gòu)過(guò)程中由于資產(chǎn)價(jià)格高估而發(fā)生嚴(yán)重的過(guò)度支付,從而使得價(jià)值受損；并購(gòu)交易特征對(duì)并購(gòu)長(zhǎng)期績(jī)效無(wú)顯著的直接影響,而股權(quán)結(jié)構(gòu)對(duì)并購(gòu)長(zhǎng)期績(jī)效解釋力較強(qiáng),其中,大股東持股比例與并購(gòu)長(zhǎng)期績(jī)效正相關(guān),體現(xiàn)了股改正面的制度效應(yīng),最終控制人背景為非國(guó)有的收購(gòu)方能獲得更好的長(zhǎng)期績(jī)效,這與股改對(duì)上市公司的激勵(lì)程度有關(guān),機(jī)構(gòu)投資者持股比例與并購(gòu)長(zhǎng)期績(jī)效負(fù)相關(guān),這不符合股改在理論上的對(duì)并購(gòu)的促進(jìn)作用,有可能是樣本區(qū)間的股市和經(jīng)濟(jì)環(huán)境導(dǎo)致了這一結(jié)果。
[Abstract]:The reform of split share structure has laid the foundation for market M & A, and the long backlog of M & A and reorganization has become increasingly apparent. After the split share structure era, can M & A of listed companies create value? What factors affect the market performance of M & A, and what are the underlying reasons behind M & A? These problems are important problems worth studying in the development of Chinese capital market at present. Based on the institutional background of China's capital market in the post-equity split era, this paper adopts the method of combining quantitative analysis and qualitative analysis, and draws lessons from the mature and widely used long-term performance evaluation method-cumulative excess return (BHAR),) in foreign countries. This paper discusses the characteristics of M & A transaction and the influence of ownership structure on long-term market performance. This paper first reviews the research and theories related to M & A, and then combines the institutional characteristics of different periods of China's capital market, especially the period of split share structure and the period of post-split share structure reform. This paper makes theoretical analysis and research hypothesis on M & A performance and its influencing factors. Then, this paper selects 946 samples from the mergers and acquisitions of listed companies in China's A-share market in 2006-2007, based on the principles of integrity and universality. First, use CSMAR and Wind information to calculate the BHAR; of these samples between 1 and 36 months after the acquisition. Then it classifies the samples from two aspects: the characteristics of M & A transaction and the ownership structure of the acquirer. Among them, the characteristics of M & A transaction include: equity nature, jurisdiction, association attribute, type of M & A, financing mode and payment method. The ownership attributes include: the background of the ultimate controller, the proportion of institutional investors holding shares and the proportion of the largest shareholders. According to these classifications, the samples are grouped, each group is compared to test the differences of M & A performance. Then, the characteristics of M & A transaction and equity attributes are taken as the explanatory variables and the multiple regression with BHAR. Through these empirical studies, the previous theoretical analysis and research hypotheses are tested. It is concluded that the long-term performance of M & A in the sample selected in this paper is negative, and the shareholder wealth of the acquirer suffers a loss. This result is not different from that before the split share structure reform, but the positive effect of the split share structure reform cannot be negated because of this. This result may be due to the sample interval in the bull market and bear market alternate stage, in the process of mergers and acquisitions due to the overvaluation of asset prices and serious overpayment, thus making the value of damage; The characteristics of M & A transactions have no significant direct effect on the long-term performance of M & A, while the ownership structure has a strong explanatory power on the long-term performance of M & A. Among them, the proportion of large shareholders holding shares is positively related to the long-term performance of M & A, which reflects the positive institutional effect of stock reform. Finally, the acquirers with non-state-owned background can obtain better long-term performance, which is related to the incentive degree of the listed companies. The proportion of institutional investors holding shares is negatively related to the long-term performance of mergers and acquisitions. This is not in line with the theoretical role of stock reform in promoting mergers and acquisitions. It is possible that the stock market and economic environment in the sample range led to this result.
【學(xué)位授予單位】：江西財(cái)經(jīng)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
本文編號(hào)：2359943
[Abstract]:The reform of split share structure has laid the foundation for market M & A, and the long backlog of M & A and reorganization has become increasingly apparent. After the split share structure era, can M & A of listed companies create value? What factors affect the market performance of M & A, and what are the underlying reasons behind M & A? These problems are important problems worth studying in the development of Chinese capital market at present. Based on the institutional background of China's capital market in the post-equity split era, this paper adopts the method of combining quantitative analysis and qualitative analysis, and draws lessons from the mature and widely used long-term performance evaluation method-cumulative excess return (BHAR),) in foreign countries. This paper discusses the characteristics of M & A transaction and the influence of ownership structure on long-term market performance. This paper first reviews the research and theories related to M & A, and then combines the institutional characteristics of different periods of China's capital market, especially the period of split share structure and the period of post-split share structure reform. This paper makes theoretical analysis and research hypothesis on M & A performance and its influencing factors. Then, this paper selects 946 samples from the mergers and acquisitions of listed companies in China's A-share market in 2006-2007, based on the principles of integrity and universality. First, use CSMAR and Wind information to calculate the BHAR; of these samples between 1 and 36 months after the acquisition. Then it classifies the samples from two aspects: the characteristics of M & A transaction and the ownership structure of the acquirer. Among them, the characteristics of M & A transaction include: equity nature, jurisdiction, association attribute, type of M & A, financing mode and payment method. The ownership attributes include: the background of the ultimate controller, the proportion of institutional investors holding shares and the proportion of the largest shareholders. According to these classifications, the samples are grouped, each group is compared to test the differences of M & A performance. Then, the characteristics of M & A transaction and equity attributes are taken as the explanatory variables and the multiple regression with BHAR. Through these empirical studies, the previous theoretical analysis and research hypotheses are tested. It is concluded that the long-term performance of M & A in the sample selected in this paper is negative, and the shareholder wealth of the acquirer suffers a loss. This result is not different from that before the split share structure reform, but the positive effect of the split share structure reform cannot be negated because of this. This result may be due to the sample interval in the bull market and bear market alternate stage, in the process of mergers and acquisitions due to the overvaluation of asset prices and serious overpayment, thus making the value of damage; The characteristics of M & A transactions have no significant direct effect on the long-term performance of M & A, while the ownership structure has a strong explanatory power on the long-term performance of M & A. Among them, the proportion of large shareholders holding shares is positively related to the long-term performance of M & A, which reflects the positive institutional effect of stock reform. Finally, the acquirers with non-state-owned background can obtain better long-term performance, which is related to the incentive degree of the listed companies. The proportion of institutional investors holding shares is negatively related to the long-term performance of mergers and acquisitions. This is not in line with the theoretical role of stock reform in promoting mergers and acquisitions. It is possible that the stock market and economic environment in the sample range led to this result.
【學(xué)位授予單位】：江西財(cái)經(jīng)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
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 陳茸;資產(chǎn)重組對(duì)我國(guó)上市公司績(jī)效的影響及實(shí)證分析[J];重慶大學(xué)學(xué)報(bào)(自然科學(xué)版);2004年04期
2 李善民,朱滔,陳玉罡,曾昭灶,王彩萍;收購(gòu)公司與目標(biāo)公司配對(duì)組合績(jī)效的實(shí)證分析[J];經(jīng)濟(jì)研究;2004年06期
3 高見,陳歆瑋;中國(guó)證券市場(chǎng)資產(chǎn)重組效應(yīng)分析[J];經(jīng)濟(jì)科學(xué);2000年01期
4 蘭秋軍,馬超群,甘國(guó)君,吳建宏;中國(guó)股市弱有效嗎?——來(lái)自數(shù)據(jù)挖掘的實(shí)證研究[J];中國(guó)管理科學(xué);2005年04期
5 賴步連;楊繼東;周業(yè)安;;異質(zhì)波動(dòng)與并購(gòu)績(jī)效——基于中國(guó)上市公司的實(shí)證研究[J];金融研究;2006年12期
6 杜興強(qiáng);聶志萍;;中國(guó)上市公司并購(gòu)的短期財(cái)富效應(yīng)實(shí)證研究[J];證券市場(chǎng)導(dǎo)報(bào);2007年01期
7 陳信元,張?zhí)镉?資產(chǎn)重組的市場(chǎng)反應(yīng)——1997 年滬市資產(chǎn)重組實(shí)證分析[J];經(jīng)濟(jì)研究;1999年09期
8 李善民;朱滔;;管理者動(dòng)機(jī)與并購(gòu)績(jī)效關(guān)系研究[J];經(jīng)濟(jì)管理;2005年04期
9 鄧淑芳;姚正春;李志文;;收購(gòu)人層級(jí)與收購(gòu)后上市公司長(zhǎng)期績(jī)效[J];南開管理評(píng)論;2006年06期
10 范從來(lái),袁靜;成長(zhǎng)性、成熟性和衰退性產(chǎn)業(yè)上市公司并購(gòu)績(jī)效的實(shí)證分析[J];中國(guó)工業(yè)經(jīng)濟(jì);2002年08期
，本文編號(hào)：2359943
本文鏈接：http://sikaile.net/guanlilunwen/zhqtouz/2359943.html
最近更新
教材專著
