本文選題：上市公司　切入點：并購基金　出處：《江蘇科技大學》2017年碩士論文

【摘要】：在當前我國經(jīng)濟深化改革以及并購浪潮開啟的情況下,為了更有效率地尋找到優(yōu)質(zhì)并購標的并完成收購;拓寬公司并購融資渠道,緩解公司在外延擴張或跨界轉(zhuǎn)型時的并購投資面臨的融資約束難題;簡化并購監(jiān)管審核流程,縮減并購周期;分攤并購風險,諸多上市公司作為主導發(fā)起人,聯(lián)合私募股權(quán)投資機構(gòu)設立起了并購基金,以此作為上市公司外延擴張或跨界轉(zhuǎn)型的并購整合平臺。本文從上市設立并購基金的視角來研究上市公司的并購績效,去探求上市公司設立的并購基金在后續(xù)的應用過程中是否實現(xiàn)了上市公司設立并購基金的初衷,上市公司通過設立并購基金進行并購能否為上市公司帶來良好的并購績效,為上市公司創(chuàng)造價值。本文通過對上市公司設立的并購基金進行相關(guān)概述,運用描述統(tǒng)計法分析了2011年1月1日至2015年10月31日這一時間段上市公司設立的并購基金現(xiàn)狀,總結(jié)了上市公司所設立的并購基金的基本特征。在此基礎上,運用交易費用理論、協(xié)同效應理論、信號傳遞理論、企業(yè)投資的融資約束理論、代理理論等從理論層面對上市公司通過設立并購基金進行并購的績效進行分析。并以理論作為研究基礎,結(jié)合上市公司設立的并購基金在后續(xù)的應用過程的現(xiàn)實情形,分別采用事件研究法以及案例分析法對上市公司通過設立并購基金進行并購的市場績效與財務績效進行檢驗論證。為更好地檢驗上市公司所設立的并購基金對上市公司并購的影響,本文運用了對比分析法,將上市公司通過設立并購基金進行并購與上市公司直接并購所產(chǎn)生的績效進行了對比。通過研究本文發(fā)現(xiàn):上市公司通過設立并購基金進行并購能夠為上市公司帶來良好的短期市場績效與財務績效。并且,上市公司通過設立并購基金進行并購在尋找并鎖定并購標的、降低并購風險、縮短并購投資周期、優(yōu)化公司資金配置、提高投后管理水平等方面相較于上市公司直接并購而言都存在顯著優(yōu)勢,可以實現(xiàn)上市公司設立并購基金的目的,進一步肯定了上市公司設立的并購基金具有較好的應用前景,在上市公司并購戰(zhàn)略進程中的作用不容小覷。同時,本文還發(fā)現(xiàn)了在上市公司通過設立并購基金進行并購的背后,還存在由環(huán)境變量因素影響而產(chǎn)生的一些問題,本文對此進行了簡析,并從上市公司層面、PE行業(yè)層面、監(jiān)管層面以及法律層面提出了相應的應對之策和建議。
[Abstract]:At present, with the deepening of economic reform and the opening of M & A wave in our country, in order to find the target of high quality M & A more efficiently and complete the acquisition, we should broaden the financing channel of M & A.To alleviate the financing constraints faced by companies in the process of extension expansion or cross-border transformation; to simplify the process of regulatory review of mergers and acquisitions, to shorten the cycle of mergers and acquisitions, to share the risks of mergers and acquisitions, and many listed companies as leading promoters,Joint private equity firms set up M & A funds to serve as a platform for M & A integration in the extension or cross-border transformation of listed companies.This paper studies the M & A performance of listed companies from the perspective of setting up M & A funds on the market, to find out whether the M & A funds set up by listed companies have realized the original intention of establishing M & A funds in the subsequent application process.Whether the listed company can bring good M & A performance and create value for the listed company through the establishment of M & A fund.By summarizing the M & A funds set up by listed companies, this paper analyzes the current situation of M & A funds set up by listed companies during the period from January 1, 2011 to October 31, 2015 by using descriptive statistics.This paper summarizes the basic characteristics of M & A funds set up by listed companies.On this basis, using transaction cost theory, synergetic effect theory, signal transmission theory, financing constraint theory of enterprise investment, agency theory and so on, this paper analyzes the performance of M & A through the establishment of M & A fund in listed companies from the theoretical level.And take the theory as the research foundation, unifies the listed company to set up the merger and acquisition fund in the follow-up application process reality situation,The market performance and financial performance of the listed companies through the establishment of M & A fund are tested and demonstrated by the event research method and the case analysis method respectively.In order to better test the impact of M & A funds set up by listed companies on M & A of listed companies, this paper applies comparative analysis method.This paper compares the performance of the listed company through the establishment of M & A fund and the direct M & A of the listed company.Through the research, it is found that the listed companies can bring good short-term market performance and financial performance to the listed companies through the establishment of M & A funds.In addition, the listed companies through the establishment of M & A funds for M & A are looking for and locking down the targets of M & A, reducing the risk of M & A, shortening the investment cycle of M & A, optimizing the allocation of corporate funds.Compared with the direct merger of listed companies, there are significant advantages in improving the level of post-investment management, which can achieve the purpose of establishing M & A funds of listed companies, and further confirm that the M & A funds set up by listed companies have good application prospects.The role of M & A strategy in listed companies should not be underestimated.At the same time, this paper also found that there are still some problems caused by environmental variables behind the M & A of listed companies through the establishment of M & A funds, this paper briefly analyzes this, and from the level of listed companies, PE industry level.The supervision level and the legal level put forward the corresponding countermeasures and suggestions.
【學位授予單位】：江蘇科技大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F271;F275

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