發(fā)布時(shí)間：2018-01-05 08:20

  本文關(guān)鍵詞：私募持股、業(yè)績(jī)補(bǔ)償協(xié)議與并購(gòu)溢價(jià)　出處：《華僑大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 私募股權(quán)投資 持股 并購(gòu)溢價(jià) 業(yè)績(jī)補(bǔ)償承諾

【摘要】：近年來,各類不同形式的并購(gòu)活動(dòng)的熱度在證券市場(chǎng)上居高不下。2013年被稱為是“中國(guó)并購(gòu)市場(chǎng)元年”,在這一年中,相關(guān)部門出臺(tái)了一系列政策以鼓勵(lì)并購(gòu)市場(chǎng)發(fā)展,與此同時(shí),也通過這些條文來規(guī)范并購(gòu)行為。此外,在經(jīng)歷過金融危機(jī)后,我國(guó)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(shí)到產(chǎn)業(yè)整合對(duì)企業(yè)發(fā)展的重要性,越來越多地進(jìn)行并購(gòu)重組活動(dòng)來實(shí)現(xiàn)產(chǎn)業(yè)整合。國(guó)內(nèi)并購(gòu)市場(chǎng)在這些內(nèi)外力的作用下迸發(fā)出新的生命力。在經(jīng)歷過一段摸索期后,新時(shí)期中國(guó)并購(gòu)市場(chǎng)也更為規(guī)范化、制度化,并且現(xiàn)已成為大多數(shù)企業(yè)擴(kuò)大經(jīng)營(yíng)規(guī)模,實(shí)現(xiàn)產(chǎn)業(yè)轉(zhuǎn)型的重要途徑。此外,為提高上市公司質(zhì)量,證監(jiān)會(huì)收緊了IPO審核。對(duì)于私募股權(quán)投資機(jī)構(gòu)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(gòu)交易就漸漸也成為他們退出投資項(xiàng)目的重要渠道。并購(gòu)交易往往都會(huì)產(chǎn)生并購(gòu)溢價(jià),而私募股權(quán)投資機(jī)構(gòu)對(duì)其投資的項(xiàng)目有相對(duì)較高的投資回報(bào)要求,他們的存在是否會(huì)對(duì)并購(gòu)溢價(jià)產(chǎn)生影響呢?與此同時(shí),業(yè)績(jī)補(bǔ)償承諾作為一項(xiàng)財(cái)務(wù)工具,也在并購(gòu)交易中頻頻出現(xiàn),關(guān)于這兩者對(duì)并購(gòu)溢價(jià)的作用,目前學(xué)術(shù)界還沒有對(duì)其關(guān)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(gòu)事件為基礎(chǔ),收集并購(gòu)交易數(shù)據(jù)進(jìn)行實(shí)證檢驗(yàn)。首先,探究被并公司私募持股與否狀況對(duì)并購(gòu)溢價(jià)的影響;其次,研究私募股權(quán)投資持股具體狀況對(duì)并購(gòu)溢價(jià)的影響;最后重點(diǎn)討論業(yè)績(jī)補(bǔ)償承諾的簽署對(duì)私募股權(quán)投資持股與并購(gòu)溢價(jià)關(guān)系的影響。實(shí)證檢驗(yàn)結(jié)果表明:(1)私募持股公司在被收購(gòu)時(shí)會(huì)產(chǎn)生更高的并購(gòu)溢價(jià);(2)私募持股的比例越高,被并公司在被并購(gòu)時(shí)的并購(gòu)溢價(jià)越高;(3)被并公司私募股權(quán)投資股東越多,并購(gòu)溢價(jià)越低;(4)業(yè)績(jī)補(bǔ)償承諾的簽署對(duì)私募股權(quán)投資持股與并購(gòu)溢價(jià)的關(guān)系有一定調(diào)節(jié)作用,具體表現(xiàn)在:簽訂業(yè)績(jī)補(bǔ)償協(xié)議能夠加強(qiáng)私募股權(quán)投資持股比例對(duì)并購(gòu)溢價(jià)的影響程度,能夠減弱私募股權(quán)投資股東數(shù)量對(duì)并購(gòu)溢價(jià)的影響程度。最后,本文針對(duì)實(shí)證分析結(jié)果及資本市場(chǎng)的實(shí)際情況,提出了相關(guān)建議。本文分析了私募持股對(duì)并購(gòu)溢價(jià)的影響,同時(shí)探究了業(yè)績(jī)補(bǔ)償承諾對(duì)并購(gòu)溢價(jià)的調(diào)節(jié)作用,不僅豐富了以往的研究,且對(duì)并購(gòu)市場(chǎng)及私募股權(quán)投資市場(chǎng)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(xué)位授予單位】：華僑大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 丁大燕;郭文旌;;PE對(duì)創(chuàng)業(yè)板上市公司經(jīng)營(yíng)績(jī)效的影響分析[J];時(shí)代金融;2016年03期

2 曹婷;馮照楨;李婉麗;;風(fēng)險(xiǎn)資本、投資期界與新上市企業(yè)并購(gòu)——基于中小板與創(chuàng)業(yè)板企業(yè)的實(shí)證研究[J];財(cái)貿(mào)研究;2015年06期

3 吳繼忠;焦玉姍;;私募股權(quán)投資基金特征與支持企業(yè)成長(zhǎng)性研究——基于創(chuàng)業(yè)板的數(shù)據(jù)[J];重慶工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2016年01期

4 于成永;滕穎;;制度質(zhì)量、金融發(fā)展與并購(gòu)溢價(jià)[J];國(guó)際商務(wù)財(cái)會(huì);2015年11期

5 朱景仰;;我國(guó)上市公司并購(gòu)定價(jià)問題研究[J];國(guó)際商務(wù)財(cái)會(huì);2015年06期

6 潘旭穎;陳海聲;;投資者保護(hù)、市場(chǎng)化水平對(duì)技術(shù)并購(gòu)溢價(jià)的影響[J];財(cái)會(huì)月刊;2014年24期

7 孟澤;;股權(quán)投資并購(gòu)?fù)顺龅亩▋r(jià)策略分析——基于信號(hào)傳遞博弈模型[J];商場(chǎng)現(xiàn)代化;2014年32期

8 呂長(zhǎng)江;韓慧博;;業(yè)績(jī)補(bǔ)償承諾、協(xié)同效應(yīng)與并購(gòu)收益分配[J];審計(jì)與經(jīng)濟(jì)研究;2014年06期

9 趙立新;姚又文;;對(duì)重組盈利預(yù)測(cè)補(bǔ)償制度的運(yùn)行分析及完善建議[J];證券市場(chǎng)導(dǎo)報(bào);2014年04期

10 葛偉杰;張秋生;張自巧;;支付方式、融資約束與并購(gòu)溢價(jià)研究[J];證券市場(chǎng)導(dǎo)報(bào);2014年01期

相關(guān)博士學(xué)位論文 前2條

1 朱暉;基于創(chuàng)業(yè)板的風(fēng)險(xiǎn)投資IPO市場(chǎng)效應(yīng)研究[D];華南理工大學(xué);2014年

2 王秀華;利益相關(guān)者企業(yè)價(jià)值管理研究[D];中國(guó)海洋大學(xué);2012年

相關(guān)碩士學(xué)位論文 前8條

1 周琳瑯;基于管理層激勵(lì)視角的并購(gòu)溢價(jià)研究[D];海南大學(xué);2014年

2 肖婧;機(jī)構(gòu)投資者、投資者保護(hù)與公司業(yè)績(jī)關(guān)系的實(shí)證研究[D];新疆財(cái)經(jīng)大學(xué);2011年

3 王娟;風(fēng)險(xiǎn)投資介入中小企業(yè)公司治理的過程與效果研究[D];浙江財(cái)經(jīng)學(xué)院;2010年

4 夏銳;風(fēng)險(xiǎn)投資對(duì)企業(yè)經(jīng)營(yíng)績(jī)效的影響研究[D];南京財(cái)經(jīng)大學(xué);2011年

5 苗偉峰;對(duì)賭協(xié)議之法理探究[D];蘭州大學(xué);2010年

6 闞磊;私募股權(quán)投資對(duì)中國(guó)中小企業(yè)的影響[D];復(fù)旦大學(xué);2009年

7 陳武清;對(duì)賭協(xié)議的實(shí)踐運(yùn)用與法律風(fēng)險(xiǎn)防范研究[D];華東政法大學(xué);2008年

8 雷玉;我國(guó)上市公司并購(gòu)動(dòng)機(jī)與并購(gòu)溢價(jià)之間關(guān)系的理論與實(shí)證分析[D];廈門大學(xué);2006年

，

本文編號(hào)：1382318