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

【摘要】：在當(dāng)前我國經(jīng)濟(jì)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(biāo)的并完成收購;拓寬公司并購融資渠道,緩解公司在外延擴(kuò)張或跨界轉(zhuǎn)型時(shí)的并購?fù)顿Y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?jǐn)偛①忥L(fēng)險(xiǎn),諸多上市公司作為主導(dǎo)發(fā)起人,聯(lián)合私募股權(quán)投資機(jī)構(gòu)設(shè)立起了并購基金,以此作為上市公司外延擴(kuò)張或跨界轉(zhuǎn)型的并購整合平臺(tái)。本文從上市設(shè)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(shè)立的并購基金在后續(xù)的應(yīng)用過程中是否實(shí)現(xiàn)了上市公司設(shè)立并購基金的初衷,上市公司通過設(shè)立并購基金進(jìn)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(jià)值。本文通過對上市公司設(shè)立的并購基金進(jìn)行相關(guān)概述,運(yùn)用描述統(tǒng)計(jì)法分析了2011年1月1日至2015年10月31日這一時(shí)間段上市公司設(shè)立的并購基金現(xiàn)狀,總結(jié)了上市公司所設(shè)立的并購基金的基本特征。在此基礎(chǔ)上,運(yùn)用交易費(fèi)用理論、協(xié)同效應(yīng)理論、信號(hào)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(shè)立并購基金進(jìn)行并購的績效進(jìn)行分析。并以理論作為研究基礎(chǔ),結(jié)合上市公司設(shè)立的并購基金在后續(xù)的應(yīng)用過程的現(xiàn)實(shí)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(shè)立并購基金進(jìn)行并購的市場績效與財(cái)務(wù)績效進(jìn)行檢驗(yàn)論證。為更好地檢驗(yàn)上市公司所設(shè)立的并購基金對上市公司并購的影響,本文運(yùn)用了對比分析法,將上市公司通過設(shè)立并購基金進(jìn)行并購與上市公司直接并購所產(chǎn)生的績效進(jìn)行了對比。通過研究本文發(fā)現(xiàn):上市公司通過設(shè)立并購基金進(jìn)行并購能夠?yàn)樯鲜泄編砹己玫亩唐谑袌隹冃c財(cái)務(wù)績效。并且,上市公司通過設(shè)立并購基金進(jìn)行并購在尋找并鎖定并購標(biāo)的、降低并購風(fēng)險(xiǎn)、縮短并購?fù)顿Y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(shí)現(xiàn)上市公司設(shè)立并購基金的目的,進(jìn)一步肯定了上市公司設(shè)立的并購基金具有較好的應(yīng)用前景,在上市公司并購戰(zhàn)略進(jìn)程中的作用不容小覷。同時(shí),本文還發(fā)現(xiàn)了在上市公司通過設(shè)立并購基金進(jìn)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(jìn)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(yīng)的應(yīng)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(xué)位授予單位】：江蘇科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F271;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李琦;樂菲菲;;我國證券市場內(nèi)幕交易現(xiàn)狀及成因分析[J];上海商學(xué)院學(xué)報(bào);2016年03期

2 池國華;楊金;張彬;;EVA考核提升了企業(yè)自主創(chuàng)新能力嗎?——基于管理者風(fēng)險(xiǎn)特質(zhì)及行業(yè)性質(zhì)視角的研究[J];審計(jì)與經(jīng)濟(jì)研究;2016年01期

3 康永博;王蘇生;彭珂;;并購基金信息披露對上市公司價(jià)值的短期影響[J];大連海事大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2015年06期

4 劉曉慧;;上市公司與PE機(jī)構(gòu)共同設(shè)立并購基金的風(fēng)險(xiǎn)及對策研究[J];時(shí)代金融;2015年26期

5 湯谷良;戴天婧;;中央企業(yè)EVA評(píng)價(jià)制度實(shí)施效果的理論解釋[J];會(huì)計(jì)研究;2015年09期

6 秦容;李迅;張同健;;上市公司并購融資方式對并購績效的影響研究[J];財(cái)會(huì)通訊;2015年20期

7 胥朝陽;;并購重組:傳統(tǒng)制造業(yè)綠色轉(zhuǎn)型的推進(jìn)器[J];會(huì)計(jì)之友;2015年10期

8 顏永平;;PE系并購基金模式淺析[J];現(xiàn)代商業(yè);2015年03期

9 李振軍;曹欽;;BMCC公司基于產(chǎn)業(yè)升級(jí)轉(zhuǎn)型的并購重組及啟示[J];財(cái)務(wù)與會(huì)計(jì)(理財(cái)版);2014年11期

10 王艷;;“誠信創(chuàng)新價(jià)值觀”文化差異度與并購績效——基于2008-2010年滬深上市公司股權(quán)并購事件的經(jīng)驗(yàn)數(shù)據(jù)[J];會(huì)計(jì)研究;2014年09期

相關(guān)碩士學(xué)位論文 前7條

1 王力;我國并購基金運(yùn)作模式研究[D];對外經(jīng)濟(jì)貿(mào)易大學(xué);2014年

2 鄭春苗;基于DEA的上市公司并購重組投資效率研究[D];武漢理工大學(xué);2013年

3 衣龍濤;我國并購基金的組織治理機(jī)制研究[D];北京交通大學(xué);2013年

4 劉益濤;并購基金在中國并購交易中的作用[D];上海交通大學(xué);2013年

5 羅雪臻;不同支付方式對并購績效影響的研究[D];遼寧大學(xué);2013年

6 陳蓉;我國上市公司換股并購對收購公司市場績效影響的實(shí)證研究[D];西南財(cái)經(jīng)大學(xué);2013年

7 李雅君;并購基金并購上市公司的績效研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2012年

，

本文編號(hào)：1719819