本文選題：互聯(lián)網(wǎng)企業(yè) + 并購(gòu)對(duì)股價(jià)的影響��； 參考：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2016年碩士論文

【摘要】：自企業(yè)這個(gè)概念產(chǎn)生以來,企業(yè)的目的和價(jià)值就是發(fā)展壯大,而并購(gòu)的產(chǎn)生,給企業(yè)鋪了一條業(yè)務(wù)擴(kuò)張、戰(zhàn)略調(diào)整、多元化經(jīng)營(yíng)的捷徑。每一次科技水平的提高,思維認(rèn)知的拓展,都會(huì)造成大量的并購(gòu)行為,而隨著互聯(lián)網(wǎng)的興起,互聯(lián)網(wǎng)企業(yè)的上市融資、并購(gòu)重組、業(yè)務(wù)拓展等一系列活動(dòng)越來越頻繁,有逐步形成第六次并購(gòu)浪潮的趨勢(shì)。互聯(lián)網(wǎng)行業(yè)競(jìng)爭(zhēng)激烈,企業(yè)要想在競(jìng)爭(zhēng)中脫穎而出,除了加強(qiáng)自身能力、保持客戶粘性之外,也需要通過并購(gòu)來占據(jù)競(jìng)爭(zhēng)優(yōu)勢(shì),既削弱潛在競(jìng)爭(zhēng)者,又增強(qiáng)自身實(shí)力。對(duì)互聯(lián)網(wǎng)企業(yè)并購(gòu)研究可以讓我們判斷互聯(lián)網(wǎng)企業(yè)并購(gòu)活動(dòng)能否真正提高企業(yè)價(jià)值,維護(hù)股東權(quán)益,保持客戶粘性。本文采用事件分析方法,選取2008年1月1日至2015年12月31日間94例互聯(lián)網(wǎng)企業(yè)并購(gòu)事件作為樣本,采用超額累積收益率法(CAR),以公告日(-30,30)天為事件窗口期,分析橫向、縱向以及多元化并購(gòu)對(duì)短期股價(jià)波動(dòng)的影響。同時(shí)選取2009年1月1日至2013年12月31日間53例并購(gòu)事件作為樣本,采用連續(xù)持有超額收益率法(BHAR),以公告月(0,24)為事件窗口期,分析并購(gòu)在長(zhǎng)期內(nèi)對(duì)股價(jià)的影響。最終得出,短期內(nèi),并購(gòu)事件會(huì)拉高公司股價(jià),對(duì)企業(yè)有積極影響,而在長(zhǎng)期內(nèi),并購(gòu)事件卻會(huì)拉低公司股價(jià),對(duì)企業(yè)有消極影響。并購(gòu)事件提前泄露、市場(chǎng)投資者偏愛短線交易是造成其結(jié)果的重要原因。本文分為五個(gè)部分,第一部分,導(dǎo)論,簡(jiǎn)要闡述本文研究背景,研究?jī)?nèi)容以及文獻(xiàn)綜述;第二部分,介紹本文并購(gòu)、互聯(lián)網(wǎng)企業(yè)的定義和特點(diǎn)以及并購(gòu)相關(guān)理論、分析方法的歸納;第三部分,互聯(lián)網(wǎng)企業(yè)并購(gòu)對(duì)于股價(jià)影響的一般分析,闡述互聯(lián)網(wǎng)企業(yè)并購(gòu)特點(diǎn)和現(xiàn)狀,分析并購(gòu)對(duì)股價(jià)的影響;第四部分,并購(gòu)對(duì)于股價(jià)的影響實(shí)證分析,通過事件分析法分析互聯(lián)網(wǎng)企業(yè)并購(gòu)前后股價(jià)波動(dòng);第五部分,研究總結(jié)與展望。
[Abstract]:Since the concept of enterprise came into being, the purpose and value of enterprise is to develop and strengthen, and the emergence of M & A has paved a shortcut for business expansion, strategic adjustment and diversified management. With the rise of the Internet, the emergence of the Internet, the listing and financing of Internet enterprises, mergers and acquisitions, business expansion and other activities are becoming more and more frequent. There is a gradual formation of the sixth wave of mergers and acquisitions trend. The competition in the Internet industry is fierce, enterprises want to stand out in the competition, in addition to strengthening their own ability and maintaining customer stickiness, they also need to occupy the competitive advantage through mergers and acquisitions, which not only weaken the potential competitors but also strengthen their own strength. The research on the merger and acquisition of Internet enterprises can help us judge whether the M & A activities of Internet enterprises can really improve the value of enterprises, safeguard the rights and interests of shareholders, and maintain the stickiness of customers. This paper adopts event analysis method, selects 94 cases of Internet M & A events from January 1, 2008 to December 31, 2015 as a sample, adopts the method of excess cumulative rate of return (CARN), and takes the announcement day (-30 days) as the event window period, and analyzes the horizontal side. The impact of vertical and diversified mergers and acquisitions on short-term stock price volatility. At the same time, 53 cases of M & A events from January 1, 2009 to December 31, 2013 are selected as samples, and the method of continuous excess return is adopted to analyze the impact of M & A on stock price in the long run. Finally, in the short run, M & A events will increase the share price of the company and have a positive impact on the enterprise, while in the long run, the M & A event will lower the share price of the company and have a negative impact on the enterprise. The leakage of M & A events and the preference of market investors for short-term trading are the important reasons for the result. This paper is divided into five parts, the first part, the introduction, briefly describes the research background, research content and literature review, the second part, introduces the definition and characteristics of the Internet enterprises, as well as the theory of M & A. The third part, the general analysis of the impact of Internet M & A on stock price, expounds the characteristics and status of M & A of Internet enterprises, analyzes the impact of M & A on stock price; the fourth part, the impact of M & A on stock price empirical analysis. This paper analyzes the stock price fluctuation before and after mergers and acquisitions through event analysis.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F49;F832.51

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