本文關(guān)鍵詞：并購溢價結(jié)構(gòu)解析與績效反應(yīng)　出處：《浙江財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：近年來,我國并購交易市場整體呈現(xiàn)不斷增長趨勢,越來越多的上市公司借助資本市場完成并購交易。伴隨著并購熱潮,高溢價成為我國上市公司并購重組的“新常態(tài)”。在溢價率越來越高,甚至高溢價逐漸成為上市公司并購重組“標配”的趨勢下,高溢價收購的資產(chǎn)真的能為上市公司帶來更高的價值嗎?對此,在市場報道上,有不少人提出了質(zhì)疑,認為上市公司動輒出現(xiàn)數(shù)倍甚至數(shù)十倍的高溢價收購現(xiàn)象并不正常。在此背景下,本文基于我國目前的市場環(huán)境和交易制度,探究上市公司并購溢價的形成機理與績效反應(yīng)。本文以2011年至2013年宣告并購交易的A股上市公司為研究對象,股權(quán)交易的并購事件為樣本。首先,對國內(nèi)外有關(guān)并購溢價、并購績效的研究文獻進行梳理,針對目前的研究成果與不足進行述評與展望。其次,按照“并購溢價結(jié)構(gòu)解析——并購溢價消化機制——并購溢價績效反應(yīng)”的研究脈絡(luò)進行理論分析,得出研究假設(shè)。再次,在并購溢價結(jié)構(gòu)解析部分,采用非參數(shù)檢驗和多元回歸分析等方法實證檢驗不同的并購類型和不同的評估方法下并購溢價是否存在差異。在并購溢價績效反應(yīng)部分,采用多因子分析、相關(guān)性分析、多元回歸分析等方法進一步研究并購溢價對并購績效的影響。最后,根據(jù)實證結(jié)論提出相關(guān)建議,并指出研究不足以及對開展進一步研究的展望。研究結(jié)論表明:(1)相對于相關(guān)性并購,多元化并購溢價更高。并購市場的概念炒作和不同行業(yè)的信息不對稱往往會誤導(dǎo)并購方支付過高的溢價。(2)相對于資產(chǎn)基礎(chǔ)法,收益法評估溢價更高。相比資產(chǎn)基礎(chǔ)法,收益法對表外資產(chǎn)的覆蓋率更高,其評估溢價往往也更高。(3)高溢價不一定帶來高績效。上市公司對目標公司本身價值和預(yù)期的協(xié)同效應(yīng)可能存在誤估。一方面,高溢價購入的未必是優(yōu)質(zhì)資產(chǎn);另一方面,即使購入優(yōu)質(zhì)資產(chǎn)能否達到預(yù)期的收益還要看整合的效果。(4)在不同的并購類型中,并購溢價的績效反應(yīng)不同。在相關(guān)性并購中,高溢價能夠帶來高績效;在多元化并購中,高溢價不一定帶來高績效。上市公司對目標公司本身價值和預(yù)期協(xié)同效應(yīng)的誤估主要發(fā)生在多元化并購中。(5)采用收益法或資產(chǎn)基礎(chǔ)法,高溢價都不一定會帶來高績效。原因可能在于資產(chǎn)基礎(chǔ)法在并購交易中的低適用性和收益法的高估值風(fēng)險。研究啟示在于:(1)上市公司管理層在作出并購決策時要從組織戰(zhàn)略出發(fā),重點考察協(xié)同效應(yīng)實現(xiàn)的可能性,對并購的溢價風(fēng)險和整合風(fēng)險進行全方位的控制。(2)評估機構(gòu)和評估人員進行企業(yè)價值評估時要慎重選擇匹配的評估方法,在進行職業(yè)判斷時要有一定的數(shù)據(jù)支撐和邏輯性,防止因估值技術(shù)不當帶來的溢價風(fēng)險。(3)監(jiān)管部門需加強對高溢價多元化并購的監(jiān)管,防范并購交易中的利益輸送或其他損害投資者權(quán)益的情況發(fā)生。(4)投資者需對并購溢價持理性態(tài)度,根據(jù)并購溢價是否有實際業(yè)績支撐做出投資決策。本文的創(chuàng)新點體現(xiàn)在:從研究內(nèi)容來看,已有對并購溢價的研究主要是從并購動機或并購交易特征的角度,鮮有文章從估值溢價的角度對并購溢價進行分析。本文從估值溢價的角度研究評估方法的影響不僅為此系列研究提供了新的經(jīng)驗證據(jù),也為我國并購市場的中介機構(gòu)行為帶來有益的實踐啟示。從研究設(shè)計來看,本文沿著“并購溢價結(jié)構(gòu)解析——并購溢價消化機制——并購溢價績效反應(yīng)”的研究脈絡(luò)進行理論分析和實證研究,現(xiàn)有研究或是對并購溢價的成因從理論方面進行的探討,或是對并購溢價與并購績效的關(guān)系進行簡單的實證,并沒有在實證方面對并購溢價由結(jié)構(gòu)解析到消化機制再到績效反應(yīng)的系統(tǒng)研究。
[Abstract]:In recent years, China's mergers and acquisitions market overall showing a growing trend, more and more listed companies through the capital market to complete the deal. With the merger boom, high premium to become China's listed companies merger and reorganization of the "new normal". The premium rate is more and more high, even high premium gradually become the merger and reorganization of listed companies "standard" trend, a high premium on the acquisition of assets can really bring a higher value for the listed company? In this regard, in market reports, there are many people questioned, that the phenomenon of high premium on the acquisition of listed companies frequently appear several times or even dozens of times is not normal. Under this background, in this paper, China's current market the environment and trading system based on the formation mechanism and Performance Research on reaction merger premium of listed companies. This paper from 2011 to 2013 announcement of mergers and acquisitions A stock listed companies as the research object, equity MampA transaction for the sample. Firstly, the domestic and foreign related research literature acquisition premium, the performance of mergers and acquisitions to sort out the research results on the review and prospect and shortcomings at present. Secondly, the theoretical analysis according to the research context of premium structure -- Analysis of merger premium and premium purchase digestion mechanism, the reaction performance "the research hypothesis. Again, in the premium structure analysis, the type of M & a non parametric test and multiple regression analysis empirical test of different assessment methods. If there is a difference in premium premium performance reaction part, using factor analysis, correlation analysis, multiple regression analysis method to further study the impact of mergers and acquisitions premium on acquisition performance. Finally, put forward relevant recommendations according to the empirical conclusions, and pointed out the lack of research and to carry out further research The future. Research findings show that: (1) compared with the correlation of mergers and acquisitions, diversified merger premium higher. Information asymmetry in the concept of speculation merger market and different industries tend to mislead the acquirer to pay high premium. (2) relative to the asset based approach, income approach valuation premium higher. Compared with the asset based approach, income method of off balance sheet assets higher coverage, the premium assessment often is higher. (3) the high premium does not necessarily bring high performance. The listed company may mistakenly estimate synergistic effects on Target Corp itself and the expected value. On the one hand, is not necessarily a high premium to acquire quality assets; on the other hand, even if the purchase of high quality the assets can get the expected return depends on the integration effect. (4) in different types of mergers and acquisitions, mergers and acquisitions. The different reaction performance premium in related acquisition, high premium can bring high performance in diversified acquisition, high; The premium does not necessarily bring high performance. The synergistic effect of listed companies on the Target Corp itself and the expected value of miscalculation occurs mainly in the diversified merger. (5) using the income or asset based approach, the high premium will not necessarily bring high performance. The risk valuation may be attributed to the asset base in a deal for low and the income method. The enlightenment is: (1) the management of Listed Companies in mergers and acquisitions to make decisions on the basis of organizational strategy, focus on the possibility of synergistic effect, control the full range of premium risk and integration risk. (2) evaluation method, to carefully select the appraisal institution and evaluation personnel of enterprise value assessment, in the occupation judgment should have certain data support and logic, to prevent undue risk premium valuation techniques. (3) regulatory authorities need to strengthen the high profit The price of diversified Merger Regulation, prevent the occurrence of mergers and acquisitions in the transfer of benefits or other damage to the interests of investors. (4) investors should hold a rational attitude to premium, according to whether the actual performance of MampA premium support to make investment decisions. The innovation of this paper lies in: from the perspective of research content, research on the existing premium mainly from the merger or acquisition transaction motive characteristic angle, there is rarely analysis of the merger premium from a premium valuation perspective. This paper studies the effects of evaluation methods from the perspective of the valuation premium not only this series study provides new empirical evidence, the practice also brings enlightenment for the intermediary activities of merger and acquisition market in China from. Study design, this research logic along the "Acquisition Premium structure -- Analysis of merger premium digestion mechanism -- premium performance reaction" in Science Theory analysis and empirical research, the existing research is to explore the causes of mergers and acquisitions or premium from theory, or simple empirical on the relationship between premium and performance of M & A, and there is no systematic research on MampA premium by structure analysis to digestion mechanism to be in the empirical performance.

【學(xué)位授予單位】：浙江財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F832.51;F275

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本文編號：1414359