本文關(guān)鍵詞： 關(guān)聯(lián)并購 并購動因 并購績效　出處：《石河子大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：關(guān)聯(lián)并購是指發(fā)生于上市公司與其控股股東、董事之間的重組行為,或是同受控股股東控制的所有其他關(guān)聯(lián)各方之間的兼并收購行為。根據(jù)國泰安數(shù)據(jù)庫統(tǒng)計(jì),2009年至2013年,我國上市公司共成功實(shí)施4659宗兼并收購,其中1894宗涉及關(guān)聯(lián)交易,約占總并購事件的41%,而這1894宗并購事件中有615宗與控股股東或?qū)嶋H控制人相關(guān)。已有研究表明,關(guān)聯(lián)交易上市公司樣本中存在支持行為的上市公司占33.46%,支持的金額也多達(dá)上市公司總市值的20.34%,因此,控股股東的支持行為作為“掏空”的對立面,也是研究大股東行為極為重要的一個(gè)方面。辯證地看,關(guān)聯(lián)并購只是關(guān)聯(lián)交易的一種特殊交易形式,因此,這種交易形式最初并無正當(dāng)與不正當(dāng)之分,然而實(shí)際中,關(guān)聯(lián)并購更多的是在非市場化的條件下發(fā)生的,目前的研究較少關(guān)注其正面作用,我國資本市場尚不成熟,投資者易于盲從“羊群效應(yīng)”,那些出于“支持”真正目的的關(guān)聯(lián)并購有可能就此被忽略。對于一家上市公司,控股股東擁有絕對的操控權(quán),如果其出于“支持”目的的關(guān)聯(lián)并購更多的是幫助上市公司脫離財(cái)務(wù)困境,或者進(jìn)行企業(yè)內(nèi)外部的資源整合,以期達(dá)到產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化,最終提高企業(yè)的經(jīng)營效率的目的,則對于此種出于“支持”目的的行為評價(jià)可以從并購發(fā)生前后的短期、中長期績效的對比評價(jià)中得以明顯體現(xiàn)。本文以2012年粵運(yùn)交通在控股股東省交通集團(tuán)的主導(dǎo)下關(guān)聯(lián)并購省汽運(yùn)集團(tuán)的事件為例,通過分析控股股東主導(dǎo)下的并購事件真正動機(jī)是出于“支持”的利益輸送動機(jī)和出于“產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化”的資源整合動機(jī),后面運(yùn)用事件研究法和股價(jià)描述性分析法來評價(jià)短期績效,以財(cái)務(wù)指標(biāo)法衡量中長期績效,并總結(jié)粵運(yùn)交通并購的成功經(jīng)驗(yàn),最后對研究對象“粵運(yùn)交通”今后發(fā)展提出若干建議。希望這可以為粵運(yùn)交通進(jìn)一步發(fā)揮并購的資源整合效應(yīng),實(shí)現(xiàn)企業(yè)的可持續(xù)發(fā)展增添助力。
[Abstract]:Affiliated mergers and acquisitions refer to the reorganization between listed companies and their controlling shareholders and directors, or mergers and acquisitions between listed companies and all other affiliated parties under the control of controlling shareholders. According to Cathay Pacific database statistics, from 2009 to 2013, A total of 4659 mergers and acquisitions were successfully carried out by listed companies in China, of which 1894 involved related transactions, which accounted for 411th of the total M & A incidents, while 615 of these 1894 mergers and acquisitions were related to controlling shareholders or actual controllers. The number of listed companies with supporting behavior in the sample of affiliated trading listed companies accounts for 33.466.The amount of support is as much as 20.34of the total market value of the listed companies. Therefore, the supporting behavior of the controlling shareholders is taken as the opposite of "tunneling." It is also an important aspect to study the behavior of large shareholders. Dialectically, affiliated mergers and acquisitions are only a special transaction form of related party transactions. Therefore, this kind of transaction form has no distinction between proper and improper at first, but in practice, Most of the related mergers and acquisitions take place under the condition of non-marketization. At present, less attention has been paid to the positive effect of the related mergers and acquisitions, and the capital market of our country is not yet mature. Investors tend to blindly follow the "herd effect," and those connected mergers and acquisitions that "support" the real purpose are likely to be ignored. For a listed company, controlling shareholders have absolute control. If the associated mergers and acquisitions for the purpose of "support" are more to help the listed companies out of financial distress, or to integrate internal and external resources, in order to achieve the optimization of industrial structure, and ultimately improve the efficiency of enterprises. The evaluation of such behavior for "support" purposes may range from the short term before and after the merger, The comparison and evaluation of medium and long term performance can be clearly reflected in this paper. This paper takes the incident of the merger and acquisition of provincial auto transport group under the control shareholder provincial transportation group in 2012 as an example. By analyzing the real motive of M & A under the control shareholder's leadership, the motive of "supporting" and "optimizing the industrial structure" is the motive of resource integration. In the end, we use event research method and stock price descriptive analysis method to evaluate short-term performance, measure medium- and long-term performance by financial index method, and sum up the successful experience of traffic merger and acquisition of Guangdong Province. Finally, some suggestions are put forward for the future development of "Guangdong Transport Transportation", which is expected to give full play to the resource integration effect of M & A and to realize the sustainable development of enterprises.
【學(xué)位授予單位】：石河子大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F512.6;F271

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