【摘要】：換股并購是以股票作為支付方式的并購，與現(xiàn)金并購方式相比，，不僅可以使企業(yè)免于陷入巨大的資金壓力，而且在財(cái)務(wù)上可合理避稅并讓并購雙方達(dá)到共贏。因此在國內(nèi)外的并購市場上得到了廣泛的應(yīng)用。但是我國公司并購起步較晚，到目前為止，換股并購還沒有占據(jù)并購市場的主導(dǎo)地位，還存在一些不完善的地方，因此進(jìn)一步加強(qiáng)深入換股并購的研究，有著重要意義，不僅能夠豐富和完善并購價(jià)值理論，同時(shí)能夠引導(dǎo)上市公司進(jìn)行換股并購時(shí)采用更合理的方式，降低交易成本，降低并購之后整合的難度，使公司更好的發(fā)展。 本文首先介紹了換股并購的相關(guān)理論，并結(jié)合我國的實(shí)際情況對于換股并購的動(dòng)因進(jìn)行分析，作為此次研究的理論支撐和基礎(chǔ)。選取了自2001年到2011年間發(fā)生的23起換股并購案例作為研究樣本，運(yùn)用事件研究法對并購活動(dòng)中主并方的短期績效和進(jìn)行實(shí)證研究，運(yùn)用財(cái)務(wù)指標(biāo)法對長期績效進(jìn)行實(shí)證研究，結(jié)果表明：我國上市公司換股并購的行為，在并購發(fā)生后的較短時(shí)間內(nèi)產(chǎn)生了少量的正的累計(jì)超額收益，但是財(cái)務(wù)指標(biāo)法對長期績效的研究結(jié)果表明，換股合并對于收購方公司長期績效沒有產(chǎn)生有利影響或者說是使得股東財(cái)富遭受到了明顯的損失。最后，對研究結(jié)果進(jìn)行了多角度的分析，并提出了一些政策建議。
[Abstract]:Stock exchange M & A is a kind of M & A with stock as payment mode. Compared with cash M & A, it can not only avoid the huge financial pressure, but also can avoid tax reasonably and make both M & A and M & A win together. Therefore, it has been widely used in the M & A market at home and abroad. However, the merger and acquisition of Chinese companies started relatively late, so far, the stock exchange M & A has not occupied the dominant position in the M & A market, and there are still some imperfections, so it is of great significance to further strengthen the research on the merger and acquisition of stock exchange. It can not only enrich and perfect the theory of M & A value, but also guide the listed companies to adopt more reasonable ways to reduce transaction costs, reduce the difficulty of integration after M & A, and make the company develop better. This paper first introduces the relevant theories of stock exchange M & A, and analyzes the motivation of M & A based on the actual situation of our country, as the theoretical support and basis of this study. From 2001 to 2011, 23 cases of stock exchange M & A were selected as the research samples, and the short-term performance of merger and acquisition was studied by event research method, and the long-term performance was studied by financial index method. The results show that the behavior of M & A of listed companies in China produces a small amount of positive accumulative excess returns in a short period of time after M & A, but the results of the study on the long-term performance of the financial index method show that, The merger has no beneficial effect on the long-term performance of the acquirer or makes the shareholder's wealth suffer obvious loss. Finally, the research results are analyzed from various angles, and some policy suggestions are put forward.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F271;F275;F832.51

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