本文選題：創(chuàng)業(yè)板上市公司 + 超募率��； 參考：《浙江工商大學(xué)》2014年碩士論文

【摘要】：我國(guó)創(chuàng)業(yè)板自2009年10月開(kāi)板至今將近四年了,圍繞它產(chǎn)生了大量的關(guān)注、爭(zhēng)議和批評(píng),最受關(guān)注的問(wèn)題是“三高”(高發(fā)行價(jià)、高超募率、高市盈率)和成長(zhǎng)性下降。雖然人們認(rèn)為這些問(wèn)題不利于創(chuàng)業(yè)板的發(fā)展,但缺乏嚴(yán)謹(jǐn)?shù)膶?shí)證研究來(lái)表明它們確實(shí)對(duì)創(chuàng)業(yè)板企業(yè)的戰(zhàn)略決策存在影響。我們發(fā)現(xiàn)的創(chuàng)業(yè)板上市公司的一個(gè)異常現(xiàn)象為研究這個(gè)問(wèn)題提供了契機(jī),即創(chuàng)業(yè)板上市公司似乎格外熱衷購(gòu)并,購(gòu)并頻率比主板公司高出一倍。無(wú)論是從創(chuàng)業(yè)板上市公司作為高成長(zhǎng)企業(yè)的定位,還是以往研究發(fā)現(xiàn)的企業(yè)成長(zhǎng)規(guī)律來(lái)看,這都是反常的。 本文認(rèn)為創(chuàng)業(yè)板上市公司購(gòu)并頻繁的現(xiàn)象與其“三高”以及成長(zhǎng)可持續(xù)性問(wèn)題關(guān)系密切,由此進(jìn)行了理論分析并提出研究假設(shè),旨在探究這些購(gòu)并行為背后的驅(qū)動(dòng)因素,同時(shí)對(duì)這些購(gòu)并行為帶來(lái)的短期績(jī)效進(jìn)行實(shí)證研究,分析創(chuàng)業(yè)板上市公司購(gòu)并的驅(qū)動(dòng)因素對(duì)績(jī)效的影響,從而為創(chuàng)業(yè)板上市公司的發(fā)展提供指導(dǎo)性建議。 本文通過(guò)回顧和總結(jié)國(guó)內(nèi)外對(duì)購(gòu)并動(dòng)因和績(jī)效的研究成果,探究創(chuàng)業(yè)板上市公司購(gòu)并行為背后的驅(qū)動(dòng)因素及其對(duì)績(jī)效的影響。第1章主要是提出問(wèn)題,闡述選題背景,介紹研究的理論意義和實(shí)踐意義,并說(shuō)明研究思路。第2章介紹了國(guó)內(nèi)外關(guān)于購(gòu)并驅(qū)動(dòng)因素和購(gòu)并績(jī)效的研究結(jié)論,做出文獻(xiàn)評(píng)述,奠本文的理論基礎(chǔ)。第3章主要從創(chuàng)業(yè)板購(gòu)并頻繁的現(xiàn)象著手,進(jìn)行理論分析并提出研究假設(shè),最后通過(guò)實(shí)證研究驗(yàn)證假設(shè)的合理性,以探求購(gòu)并的驅(qū)動(dòng)因素。第4章則延續(xù)了前文對(duì)驅(qū)動(dòng)因素的研究,在理論奠定和假設(shè)提出的基礎(chǔ)上,分析創(chuàng)業(yè)板市場(chǎng)的總體購(gòu)并績(jī)效,以及購(gòu)并的驅(qū)動(dòng)因素對(duì)績(jī)效的影響。第5章則對(duì)論文研究進(jìn)行總結(jié),結(jié)合實(shí)踐給出指導(dǎo)建議,并提出本文的不足與后續(xù)研究可能的改進(jìn)之處。 本文得出如下主要結(jié)論： 1.創(chuàng)業(yè)板上市公司感知到的成長(zhǎng)壓力會(huì)促使其做出購(gòu)并決策,購(gòu)并方在購(gòu)并前的成長(zhǎng)速度越慢,其購(gòu)并偏好性越大,而此時(shí)購(gòu)并績(jī)效表現(xiàn)也越差。 2.創(chuàng)業(yè)板上市公司的高超募率對(duì)其購(gòu)并行為有一定的驅(qū)使作用,上市時(shí)超募率越高,購(gòu)并可能性越大,而此時(shí)購(gòu)并績(jī)效卻更差。 3.創(chuàng)業(yè)板上市公司的成長(zhǎng)速度會(huì)調(diào)節(jié)超募率與購(gòu)并可能性之間的正相關(guān)關(guān)系,企業(yè)成長(zhǎng)速度越慢,購(gòu)并傾向受超募率的影響越大。 4.創(chuàng)業(yè)板上市公司的購(gòu)并行為總體上帶來(lái)了短期的績(jī)效提升。 5.企業(yè)能從前期的購(gòu)并行為中積累經(jīng)驗(yàn),從而有效地促進(jìn)后續(xù)購(gòu)并行為的績(jī)效提升。 此外,無(wú)論是對(duì)企業(yè)的購(gòu)并偏好,還是對(duì)企業(yè)的購(gòu)并績(jī)效,管理層持股比例在本文的研究中并未體現(xiàn)出顯著性的調(diào)節(jié)作用。
[Abstract]:The gem of our country has been opened for nearly four years since October 2009. It has generated a great deal of attention, controversy and criticism around it. The most concerned issues are the "three high" (high issue price, high raising ratio, high price-earnings ratio) and the decline of growth. Although it is considered that these problems are not conducive to the development of the gem, there is a lack of rigorous empirical research to show that they do have an impact on the strategic decisions of gem enterprises. An abnormal phenomenon found in gem provides an opportunity for us to study this problem, that is, gem listed companies seem to be particularly keen on mergers and acquisitions, and the frequency of mergers and acquisitions is twice as high as that of mainboard companies. Whether it is the orientation of the gem listed companies as a high growth enterprise or the growth law found by previous studies, this is abnormal. This paper holds that the frequent mergers and acquisitions of listed companies on the gem are closely related to their "three highs" and the issue of sustainability of growth, so this paper makes a theoretical analysis and puts forward research hypotheses in order to explore the driving factors behind these mergers and acquisitions. At the same time, this paper makes an empirical study on the short-term performance of these mergers and acquisitions, and analyzes the influence of the driving factors on the performance of the listed companies in the gem, so as to provide guidance suggestions for the development of listed companies on the gem. This paper reviews and summarizes the domestic and foreign research results on the motivation and performance of mergers and acquisitions, and explores the driving factors behind the merger behavior of listed companies in the gem and its impact on performance. The first chapter is to put forward questions, explain the background of the topic, introduce the theoretical and practical significance of the research, and explain the research ideas. Chapter 2 introduces the domestic and foreign research conclusions on merger driving factors and merger performance, and makes a literature review, laying the theoretical foundation of this paper. The third chapter mainly starts from the phenomenon of frequent mergers and acquisitions on the gem, carries on the theoretical analysis and puts forward the research hypothesis, finally verifies the rationality of the hypothesis through the empirical research, in order to explore the driving factor of the merger. The fourth chapter continues the previous research on the driving factors, on the basis of theoretical foundation and hypothesis put forward, analyzes the overall merger performance of gem market, as well as the effect of merger drivers on performance. In chapter 5, the author summarizes the research and gives some suggestions on the basis of practice, and points out the deficiency of this paper and the possible improvement of the following research. The growth pressure perceived by listed companies on the gem will urge them to make merger and acquisition decisions. The slower the growth rate of mergers and acquisitions before the acquisition, the greater the preference for mergers and acquisitions, and at this time, the performance of mergers and acquisitions is also worse. 2. The high raising rate of gem companies has a certain driving effect on their merger and acquisition behavior. The higher the rate of over-raising when listed, the greater the possibility of mergers and acquisitions, and the worse the performance of mergers and acquisitions is at this time. The growth rate of listed companies on the gem will adjust the positive correlation between the over-raising rate and the possibility of merger and acquisition. The slower the growth rate, the greater the tendency of acquisition and merger will be affected by the over-raising rate. 4. On the whole, the acquisition and merger behavior of listed companies on the gem has brought about short-term performance improvement. 5. 5%. Enterprises can accumulate experience from previous mergers and acquisitions, thus effectively promoting the performance of subsequent mergers and acquisitions. In addition, no matter whether the preference of M & A or the performance of M & A, the proportion of managerial shareholding does not reflect the significant regulatory role in this study.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F271;F275

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