發(fā)布時(shí)間：2018-01-24 11:36

  本文關(guān)鍵詞： 海外并購 溢價(jià)率 影響因素 自由現(xiàn)金流量　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：全球化理念從20世紀(jì)80年代開始就在全球范圍內(nèi)普遍傳播,世界各國之間逐步加大了在政治、經(jīng)濟(jì)上的相互依存度,各國企業(yè)不僅僅在國內(nèi)市場(chǎng)拓展業(yè)務(wù),也開始將投資方向轉(zhuǎn)向國外,中國作為最大的發(fā)展中國家也加入了全球化的浪潮中,并且發(fā)展迅速,其對(duì)外直接投資不管在金額上還是數(shù)量上都是全球最多的。自從2013年中國國家主席習(xí)近平提出了"一帶一路"的戰(zhàn)略構(gòu)想,給中國企業(yè)提供了許多區(qū)域合作平臺(tái),讓企業(yè)"走出去"有了越來越多的機(jī)會(huì)來開展海外投資和海外并購活動(dòng),其構(gòu)想使得更多的國家企業(yè)聯(lián)系在一起,逐漸形成一個(gè)巨大的世界經(jīng)濟(jì)體系,更重要的是也帶動(dòng)了我國經(jīng)濟(jì)的快速發(fā)展。但是表面上海外擴(kuò)張形勢(shì)十分壯觀,細(xì)細(xì)分析卻發(fā)現(xiàn)海外并購的結(jié)果并沒有達(dá)到預(yù)期的目標(biāo),一方面投入了巨大的人力物力,最終宣告失敗,一方面雖并購成功,但經(jīng)營業(yè)績并沒有提升,甚至下滑,而這其中過高的并購價(jià)格導(dǎo)致過多的并購成本是失敗的一個(gè)比較重要的原因,這種溢價(jià)不僅巨大,而且出現(xiàn)高溢價(jià)的現(xiàn)象十分普遍,我國的海外并購本身具有的"中國特色",如今卻被冠以了"中國溢價(jià)"的特殊標(biāo)簽。整個(gè)海外并購的過程是一個(gè)復(fù)雜而且漫長的過程,從制定企業(yè)的發(fā)展規(guī)劃,到盡職調(diào)查目標(biāo)公司,再到確定交易成交價(jià),這其中每個(gè)程序都可能出現(xiàn)導(dǎo)致海外并購溢價(jià)產(chǎn)生的因素,要解決中國企業(yè)海外并購高溢價(jià)的難題,就要先找出它的影響因素和影響程度�；诤Ｍ獠①徱鐑r(jià)的國內(nèi)外研究現(xiàn)狀,并梳理了相關(guān)基本理論,如協(xié)同效應(yīng)理論、價(jià)值低估理論、自由現(xiàn)金流假說和過度自信假說,結(jié)合我國海外并購的現(xiàn)狀,找出可能影響海外并購溢價(jià)的因素,提出了 12個(gè)研究假設(shè)。實(shí)證研究部分,在1999年-2015年間共收集了 178個(gè)海外并購樣本,從七個(gè)方面分析導(dǎo)致海外并購出現(xiàn)溢價(jià)的影響因素,包括自由現(xiàn)金流量、信息不對(duì)稱、管理者自信、平均資本成本以及三種協(xié)同效應(yīng)。通過回歸分析發(fā)現(xiàn),自由現(xiàn)金流、信息不對(duì)稱、過度自信和經(jīng)營協(xié)同效應(yīng)四個(gè)因素都與海外并購溢價(jià)率呈正相關(guān)關(guān)系,而財(cái)務(wù)協(xié)同效應(yīng)與海外并購溢價(jià)率呈負(fù)相關(guān)關(guān)系,說明自由現(xiàn)金流的增加、信息不對(duì)稱的出現(xiàn)、管理者的盲目自信以及協(xié)同效應(yīng)的產(chǎn)生都導(dǎo)致我國海外并購溢價(jià)率的上升,而平均資本成本和管理協(xié)同效應(yīng)與海外并購溢價(jià)率的相關(guān)性不顯著。
[Abstract]:Since 1980s, the concept of globalization has been spread all over the world. The countries in the world have gradually increased their interdependence in politics and economy, and the enterprises of all countries have not only expanded their business in the domestic market. China, as the largest developing country, has joined the tide of globalization and is developing rapidly. Its foreign direct investment is the world's largest in terms of both volume and quantity. Chinese President Xi Jinping has proposed the "Belt and Road" strategy since 2013. It has provided many regional cooperation platforms for Chinese enterprises, giving them more and more opportunities to make overseas investment and overseas M & A activities, and the concept has brought more national enterprises together. Gradually forming a huge world economic system, more importantly, also driving the rapid development of China's economy, but on the surface of the expansion situation outside Shanghai is very spectacular. Careful analysis found that the results of overseas mergers and acquisitions did not reach the desired goal, on the one hand invested huge manpower and material resources, and finally failed, on the other hand, although the merger and acquisition success, but the business performance has not been improved. Even decline, and the excessive price of M & A resulting in excessive M & A costs is a more important reason for failure, this premium is not only huge, but also the phenomenon of high premiums is very common. China's overseas M & A has its own "Chinese characteristics", but now it is labeled "China premium". The whole process of overseas M & A is a complicated and long process. From making the development plan of the enterprise to the target company of due diligence, to setting the transaction price, each of these procedures may have the factors that lead to the oversea M & A premium. In order to solve the problem of high premium of oversea mergers and acquisitions of Chinese enterprises, it is necessary to find out its influencing factors and degree of influence first. Based on the status quo of overseas M & A premium research at home and abroad, and combing the relevant basic theory. Such as synergy theory, undervaluation theory, free cash flow hypothesis and overconfidence hypothesis, combined with the status quo of overseas mergers and acquisitions in China, to find out the factors that may affect the premium of overseas mergers and acquisitions. In the part of empirical research, 178 overseas M & A samples were collected from 1999 to 2015. This paper analyzes the influencing factors of oversea M & A premium from seven aspects, including free cash flow, information asymmetry, manager confidence, average capital cost and three synergistic effects. The four factors of free cash flow, information asymmetry, overconfidence and business synergy are all positively correlated with the overseas M & A premium rate, while the financial synergy effect has a negative correlation with the oversea M & A premium rate. It shows that the increase of free cash flow, the appearance of information asymmetry, the blind confidence of managers and the production of synergy all lead to the rise of premium rate of overseas M & A in China. However, the average cost of capital and management synergy are not significantly correlated with the premium rate of overseas M & A.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F271;F832.51

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