本文選題：連續(xù)并購　切入點：創(chuàng)業(yè)板　出處：《上海交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：中國并購市場在最近發(fā)展非常迅猛，很多公司特別是上市公司將并購作為公司擴(kuò)張的主要戰(zhàn)略，并且在短期內(nèi)做了很多并購。所以我們選擇并購最為集中的創(chuàng)業(yè)板和中小板，在連續(xù)并購領(lǐng)域進(jìn)行分析，我們使用的樣本包括2007年至今的669次并購。 國外學(xué)者在這個領(lǐng)域的研究以Fuller在2002年發(fā)表的論文最為著名，，其中提到連續(xù)并購在高階并購階次會有依次遞減的效應(yīng)，但是這方面中國的研究比較少且不夠深入，本文針對連續(xù)并購在不同并購階次的不同表現(xiàn)進(jìn)行深入分析。 本文主要使用事件研究法，得出中國創(chuàng)業(yè)板與中小板在連續(xù)并購非上市公司時，具有顯著為正的收益，而且在高階并購階次會有依次遞增的效應(yīng)，這與國外的研究結(jié)果明顯不同。同樣在主板的連續(xù)并購對照組中發(fā)現(xiàn)相似的規(guī)律。 然后本文分析了連續(xù)并購的影響因素，發(fā)現(xiàn)了中國市場比較特別的因素包括股票支付使用與并購績效呈正相關(guān)關(guān)系，轉(zhuǎn)型收購與并購績效呈正相關(guān)關(guān)系。其他的因素，比如相對并購規(guī)模和估值水平與并購績效的關(guān)系則與國內(nèi)外之前的研究比較一致。 之后本文針對連續(xù)并購非上市公司在高階并購階次會有依次遞增的效應(yīng)進(jìn)行深入分析，發(fā)現(xiàn)主要來源于短期影響但長期并不顯著的過分自信效應(yīng)和通過縮短并購間隔實現(xiàn)在牛市多次并購的學(xué)習(xí)效應(yīng)。
[Abstract]:The M & A market in China has developed very rapidly recently. Many companies, especially listed companies, have taken M & A as the main strategy for their expansion, and have made a lot of mergers and acquisitions in the short term. So we have chosen the most concentrated M & A board, the growth Enterprise Board and the small and Medium-sized Board. In the area of successive mergers and acquisitions, we use a sample of 669 mergers and acquisitions since 2007. The research of foreign scholars in this field is most famous in the paper published by Fuller in 2002, in which it is mentioned that successive mergers and acquisitions have a decreasing effect in the order of high order mergers and acquisitions, but there are few and not enough researches in this field in China. This paper analyzes the different performance of successive M & A in different M & A order. This paper mainly uses the event research method to draw the conclusion that China growth Enterprise Market and small and Medium-sized Board have significant positive returns in the continuous mergers and acquisitions of non-listed companies, and will have the effect of increasing in turn in the higher order of mergers and acquisitions. The results are obviously different from those of other countries. Similar rules are also found in the control group of successive mergers and acquisitions on the main board. Then this paper analyzes the influencing factors of continuous M & A, and finds that the special factors in Chinese market include the positive correlation between stock payment and M & A performance, the positive correlation between transformational acquisition and M & A performance, and the other factors. For example, the relationship between relative M & A scale and valuation level and M & A performance is consistent with previous studies at home and abroad. After that, this paper makes a deep analysis on the effect of successive mergers and acquisitions of unlisted companies in the order of higher order mergers and acquisitions. It is found that the overconfidence effect mainly comes from the short-term effect but not obvious in the long run and the learning effect of multiple mergers and acquisitions in bull market is realized by shortening the interval between mergers and acquisitions.
【學(xué)位授予單位】：上海交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F271

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