本文關鍵詞：私募持股、業(yè)績補償協議與并購溢價　出處：《華僑大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 私募股權投資 持股 并購溢價 業(yè)績補償承諾

【摘要】：近年來,各類不同形式的并購活動的熱度在證券市場上居高不下。2013年被稱為是“中國并購市場元年”,在這一年中,相關部門出臺了一系列政策以鼓勵并購市場發(fā)展,與此同時,也通過這些條文來規(guī)范并購行為。此外,在經歷過金融危機后,我國企業(yè)的一些固有弊端開始逐漸顯露,企業(yè)家們也開始意識到產業(yè)整合對企業(yè)發(fā)展的重要性,越來越多地進行并購重組活動來實現產業(yè)整合。國內并購市場在這些內外力的作用下迸發(fā)出新的生命力。在經歷過一段摸索期后,新時期中國并購市場也更為規(guī)范化、制度化,并且現已成為大多數企業(yè)擴大經營規(guī)模,實現產業(yè)轉型的重要途徑。此外,為提高上市公司質量,證監(jiān)會收緊了IPO審核。對于私募股權投資機構來說,為了盡快獲得投資收益,他們就必須另辟蹊徑,因此,并購交易就漸漸也成為他們退出投資項目的重要渠道。并購交易往往都會產生并購溢價,而私募股權投資機構對其投資的項目有相對較高的投資回報要求,他們的存在是否會對并購溢價產生影響呢?與此同時,業(yè)績補償承諾作為一項財務工具,也在并購交易中頻頻出現,關于這兩者對并購溢價的作用,目前學術界還沒有對其關系給出具體的回答。本文以2011-2016年中小板與創(chuàng)業(yè)板的并購事件為基礎,收集并購交易數據進行實證檢驗。首先,探究被并公司私募持股與否狀況對并購溢價的影響;其次,研究私募股權投資持股具體狀況對并購溢價的影響;最后重點討論業(yè)績補償承諾的簽署對私募股權投資持股與并購溢價關系的影響。實證檢驗結果表明:(1)私募持股公司在被收購時會產生更高的并購溢價;(2)私募持股的比例越高,被并公司在被并購時的并購溢價越高;(3)被并公司私募股權投資股東越多,并購溢價越低;(4)業(yè)績補償承諾的簽署對私募股權投資持股與并購溢價的關系有一定調節(jié)作用,具體表現在:簽訂業(yè)績補償協議能夠加強私募股權投資持股比例對并購溢價的影響程度,能夠減弱私募股權投資股東數量對并購溢價的影響程度。最后,本文針對實證分析結果及資本市場的實際情況,提出了相關建議。本文分析了私募持股對并購溢價的影響,同時探究了業(yè)績補償承諾對并購溢價的調節(jié)作用,不僅豐富了以往的研究,且對并購市場及私募股權投資市場的發(fā)展有一定借鑒意義。
[Abstract]:In recent years, the heat of various kinds of M & A activities has been high in the securities market. 2013 is called "the first year of Chinese M & A market", in this year. Relevant departments have issued a series of policies to encourage the development of the M & A market, at the same time, through these provisions to regulate M & A. in addition, after the financial crisis. Some inherent malpractices of Chinese enterprises began to reveal gradually, and entrepreneurs began to realize the importance of industrial integration to the development of enterprises. More and more M & A activities to achieve industrial integration. Domestic M & A market in the role of these internal and external forces burst out new vitality. After a period of exploration. In the new era, the M & A market in China has become more standardized and institutionalized, and has become an important way for most enterprises to expand their business scale and realize the industrial transformation. In addition, in order to improve the quality of listed companies. The CSRC tightened the IPO review. For private equity firms, they had to find a different way to get their money back as quickly as possible, so. M & A transactions have gradually become an important channel for them to withdraw from investment projects. M & A transactions tend to produce M & A premiums, while private equity firms have relatively high investment returns on the projects they invest in. Will their presence have an impact on the M & A premium? At the same time, performance compensation commitment as a financial tool, also frequently appeared in M & A transactions, on the role of both on the M & A premium. At present, the academic community has not given a specific answer to its relationship. Based on the M & A events of the small and medium-sized board and the gem in 2011-2016, this paper collects the data of M & A transactions to carry on the empirical test. To explore the effect of private equity status on M & A premium; Secondly, the paper studies the influence of private equity ownership on M & A premium. Finally, the effect of the performance compensation commitment on the relationship between private equity equity holdings and M & A premium is discussed. The empirical results show that: 1) Private equity companies will have a higher M & A premium when they are acquired; (2) the higher the proportion of private equity is, the higher the M & A premium of the merged company is when it is acquired; 3) the more shareholders are invested in private equity, the lower the premium of M & A is. 4) the signing of performance compensation commitment has a certain role in regulating the relationship between private equity equity holdings and M & A premium. Performance compensation agreement can strengthen the impact of the proportion of private equity holdings on the M & A premium, can reduce the number of private equity investment shareholders on the impact of M & A premium. Finally. Based on the empirical analysis results and the actual situation of the capital market, this paper puts forward the relevant recommendations. This paper analyzes the impact of private equity on the M & A premium, and explores the adjustment effect of the performance compensation commitment on the M & A premium. It not only enriches the previous research, but also has certain reference significance for the development of M & A market and private equity market.
【學位授予單位】：華僑大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F271;F832.51

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