本文關(guān)鍵詞：內(nèi)部資本市場(chǎng)在集團(tuán)并購(gòu)中的融資替代效應(yīng)研究　出處：《山東大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 內(nèi)部資本市場(chǎng) 融資替代效應(yīng) 集團(tuán)并購(gòu)

【摘要】：近兩年在全球并購(gòu)?fù)饫鋬?nèi)熱的背景下,中國(guó)并購(gòu)之風(fēng)仍然愈演愈烈,形成了愈加多元化的企業(yè)集團(tuán),而妥善解決并購(gòu)融資問(wèn)題是并購(gòu)成功的重要前提之一在現(xiàn)代市場(chǎng)經(jīng)濟(jì)條件下,通常來(lái)講資金的獲取主要有兩種渠道：一是通過(guò)外部資本市場(chǎng),即證券市場(chǎng)和信貸市場(chǎng)；二是通過(guò)企業(yè)內(nèi)部自有資金獲取。而對(duì)于集團(tuán)企業(yè)來(lái)講,集團(tuán)內(nèi)部還存在另一融資平臺(tái)——內(nèi)部資本市場(chǎng),通過(guò)形成一個(gè)內(nèi)部資本市場(chǎng),多元化的企業(yè)集團(tuán)可以將內(nèi)部產(chǎn)生的現(xiàn)金流儲(chǔ)蓄起來(lái),以便把資本配置到最有用的地方。集團(tuán)內(nèi)部資本市場(chǎng)的出現(xiàn)豐富了集團(tuán)成員企業(yè)并購(gòu)的融資渠道,是對(duì)我國(guó)外部資本市場(chǎng)的補(bǔ)充。那么,集團(tuán)內(nèi)部資本市場(chǎng)能否在其成員企業(yè)并購(gòu)中起到融資替代效應(yīng),而其自身特征又如何影響其融資替代效應(yīng)的發(fā)揮便成為新的研究方向。 本文綜述了國(guó)內(nèi)外相關(guān)研究成果,采用規(guī)范研究與實(shí)證研究相結(jié)合的方法,借鑒國(guó)內(nèi)外研究,對(duì)集團(tuán)內(nèi)部資本市場(chǎng)在企業(yè)并購(gòu)中的融資替代效應(yīng)進(jìn)行了系統(tǒng)研究。首先,本文運(yùn)用內(nèi)部資本市場(chǎng)理論、交易成本理論、信息不對(duì)稱(chēng)理論及優(yōu)序融資理論對(duì)內(nèi)部資本市場(chǎng)在并購(gòu)中的融資替代效應(yīng)進(jìn)行了理論分析；其次,本文對(duì)內(nèi)部資本市場(chǎng)已有文獻(xiàn)進(jìn)行綜述,發(fā)現(xiàn)內(nèi)部資本市場(chǎng)能緩解外部融資約束,而對(duì)其內(nèi)部融資替代效應(yīng)卻鮮少涉及；再次,本文通過(guò)分析已有文獻(xiàn)及理論分析,提出假設(shè),并創(chuàng)造性地建立模型；最后,本文選取了2010～2011年期間我國(guó)A股市場(chǎng)的165起集團(tuán)并購(gòu)事件作為研究主樣本,以381起非集團(tuán)并購(gòu)事件為對(duì)比樣本,采用描述性統(tǒng)計(jì)、Pearson相關(guān)性分析及多元線性回歸分析的方法對(duì)本文所提假設(shè)分析研究。 研究結(jié)果表明,集團(tuán)內(nèi)部資本市場(chǎng)能夠在企業(yè)并購(gòu)中發(fā)揮融資替代效應(yīng),而其替代效應(yīng)發(fā)揮程度與集團(tuán)內(nèi)部資本市場(chǎng)效率顯著正相關(guān),與集團(tuán)內(nèi)部資本市場(chǎng)規(guī)模則顯著負(fù)相關(guān)。本文分析研究所得結(jié)論,提出了高效發(fā)揮集團(tuán)內(nèi)部資本市場(chǎng)在并購(gòu)中融資替代效應(yīng)的幾點(diǎn)建議意見(jiàn),希望能夠?yàn)槲覈?guó)集團(tuán)成員企業(yè)并購(gòu)的發(fā)展提供借鑒。
[Abstract]:The past two years in the global M & A Raisin in the background, the merger and acquisition of China wind is still growing, forming a more diversified enterprise group, and properly solve the financing problem is one of the important premise of success in the modern market economy condition, usually to obtain capital mainly has two ways: one is through the external capital market. That the stock market and the credit market; the two is obtained by internal funds. For group enterprises, there is another group of internal financing platform, internal capital market, through the formation of an internal capital market, diversified enterprise group can be internally generated cash flow savings, in order to put capital to the most useful place. The group's internal capital market has enriched the members of the group enterprise mergers and acquisitions financing channels, is a supplement to the external capital market in our country. Therefore, whether the internal capital market can play a financing substitution effect in its member M & A, and how its own characteristics affect its financing substitution effect has become a new research direction.
This paper reviews the relevant research results at home and abroad, using the method of combining normative research and empirical research, research from home and abroad, on the financing substitution effect of internal capital market in mergers and acquisitions in the system. First, this paper uses the internal capital market theory, transaction cost theory, asymmetric information theory and financing substitution effect the pecking order theory of internal capital market in mergers and acquisitions are analyzed; secondly, this paper summarizes the existing literature on internal capital market, found that the internal capital market can ease external financing constraints, and the internal financing substitution effect is rarely involved; thirdly, through the analysis of literature and theoretical analysis, put forward the hypothesis. And creatively establish model; finally, this paper selects 2010~2011 years during the 165 groups of China A stock market mergers and acquisitions as the research main kind Based on 381 samples from non group mergers and acquisitions, descriptive statistics, Pearson correlation analysis and multiple linear regression analysis were used to analyze the hypotheses proposed in this paper.
The results show that the internal capital market financing can play a substitution effect in enterprise merger and acquisition, and the substitution effect play a degree of group internal capital market efficiency was positively correlated with the group's internal capital market scale is negatively correlated. This paper analysis the research conclusions, puts forward some suggestions on efficiency of internal capital market in the M & A financing substitution effect, hoping to provide reference for the development of China's enterprise group members to mergers and acquisitions.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.5;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 畢金玲;;內(nèi)部資本市場(chǎng)理論綜述[J];邊疆經(jīng)濟(jì)與文化;2007年03期

2 張運(yùn)來(lái);王峰娟;;內(nèi)部資本市場(chǎng)的主體及其功能定位[J];商業(yè)研究;2010年07期

3 馮麗霞;代楊楊;;內(nèi)部資本市場(chǎng)緩解融資約束的實(shí)證研究[J];財(cái)會(huì)月刊;2009年12期

4 周業(yè)安,韓梅;上市公司內(nèi)部資本市場(chǎng)研究——以華聯(lián)超市借殼上市為例分析[J];管理世界;2003年11期

5 萬(wàn)良勇;;集團(tuán)內(nèi)部資本市場(chǎng)、產(chǎn)權(quán)性質(zhì)與上市公司融資約束——基于中國(guó)上市公司的實(shí)證研究[J];華南理工大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2010年02期

6 周傳麗;柯萍;;內(nèi)部資本市場(chǎng)融資約束效應(yīng):金字塔結(jié)構(gòu)下的實(shí)證研究[J];華南師范大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2010年06期

7 曾雪云;;內(nèi)部資本市場(chǎng)的研究進(jìn)程:一個(gè)文獻(xiàn)綜述[J];金融評(píng)論;2011年06期

8 楊棉之;;內(nèi)部資本市場(chǎng) 公司績(jī)效與控制權(quán)私有收益——以華通天香集團(tuán)為例分析[J];會(huì)計(jì)研究;2006年12期

9 楊棉之;孫健;盧闖;;企業(yè)集團(tuán)內(nèi)部資本市場(chǎng)的存在性與效率性[J];會(huì)計(jì)研究;2010年04期

10 王峰娟;謝志華;;內(nèi)部資本市場(chǎng)效率實(shí)證測(cè)度模型的改進(jìn)與驗(yàn)證[J];會(huì)計(jì)研究;2010年08期

相關(guān)碩士學(xué)位論文 前2條

1 鄭潔;企業(yè)集團(tuán)內(nèi)部資本市場(chǎng)與外部融資約束研究[D];華中科技大學(xué);2010年

2 代楊楊;內(nèi)部資本市場(chǎng)對(duì)融資約束影響的實(shí)證研究[D];長(zhǎng)沙理工大學(xué);2009年

，

本文編號(hào)：1398565