發(fā)布時間：2018-01-25 03:25

  本文關(guān)鍵詞： 收購公司 換股并購 市場績效　出處：《西南財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：2005年我國開始實施的股權(quán)分置改革對我國資本市場上的并購重組活動產(chǎn)生了重大且深遠(yuǎn)的影響。在股權(quán)分置改革前,由于上市公司流通股與非流通股的價值不同,在很大程度上限制了上市公司采用股票或股份支付方式進行并購活動,我國上市公司大都以現(xiàn)金作為并購的支付方式,因此股改前我國股票市場上并購的支付方式較為單一。然而,股權(quán)分置改革使阻礙我國資本市場健康發(fā)展的制度障礙得以基本清除,這促進了我國上市公司并購方式的多元化和并購行為的市場化,以股票為支付手段的換股并購等新的并購方式在我國資本市場上得以出現(xiàn)。同時,股權(quán)分置改革使上市公司非流通股大股東的獲利渠道發(fā)生了轉(zhuǎn)變,這將對其主導(dǎo)上市公司實施并購的動機產(chǎn)生重要影響。與股改前更多的掏空上市公司相比,股改后大股東更傾向于通過實施并購來支持上市公司做大市值,這將對我國上市公司實施并購的績效產(chǎn)生積極的影響�？傊�,股權(quán)分置改革完成后非常有必要研究換股并購這一新的并購方式對上市公司績效所產(chǎn)生的影響。 目前已有的文獻中,對我國上市公司換股并購的市場績效進行研究的較少。因此,本文通過考察換股并購是否使收購公司的股東在股票市場上獲得顯著的超額收益,并且深入挖掘并購的關(guān)聯(lián)屬性和收購公司的股權(quán)性質(zhì)與并購市場績效之間的關(guān)系,來總結(jié)換股并購對收購公司短期和長期市場績效的影響,并為收購公司的管理層制定并購決策提供有用的信息,為收購公司選擇恰當(dāng)?shù)闹Ц斗绞揭约澳繕?biāo)公司提供一些幫助。 本文在理論的層面分析并購如何影響公司績效的基礎(chǔ)上,選取我國A股市場上2006年至2010年間進行換股并購的并且已經(jīng)完成股權(quán)分置改革的上市公司為樣本,以收購公司的股價為基礎(chǔ),運用事件研究法,通過分析換股并購事件公告日前后15天收購公司股價的變動來考察換股并購對收購公司短期市場績效的影響,運用連續(xù)持有超常收益法,通過分析換股并購事件公告日后3年內(nèi)收購公司的股票收益率超過市場組合收益率的值來衡量換股并購對收購公司長期市場績效的影響。本文主要分為以下幾個部分： 第一部分為緒論,主要闡述了本文的研究背景與意義,研究思路與框架,研究的方法以及本文的主要貢獻與不足。 第二部分包括概念界定與文獻綜述。概念界定部分,本文在區(qū)分兼并、合并、收購等概念的基礎(chǔ)上結(jié)合我國的實際情況對并購的概念進行了定義,在按照并購的支付方式和購買對象來劃分并購類型時闡述了“換股并購”的概念,并解釋了收購公司和目標(biāo)公司、并購的財務(wù)績效和市場績效的含義。文獻綜述部分,本文將研究并購的短期績效的文獻分目標(biāo)公司、收購公司和并購雙方公司的聯(lián)合績效三類進行了總結(jié),將研究并購的長期績效的文獻分會計收益率法、主成分分析法等以財務(wù)指標(biāo)為基礎(chǔ)的方法和長期事件研究法等以股票市場為基礎(chǔ)的方法進行了評述,通過分析用事件研究法單一地評價并購的短期績效以及考察并購長期績效所采用的以財務(wù)指標(biāo)為基礎(chǔ)的方法的局限性,提出了本文將運用股票市場的評價方法,來研究換股并購對收購公司績效的影響。 第三部分是理論分析與研究假設(shè)的提出。本部分逐一分析了協(xié)同效應(yīng)理論、價值低估理論等并購的價值創(chuàng)造理論,代理理論、掏空理論等并購的價值毀損理論及其對并購績效的影響,在此基礎(chǔ)上通過分析股權(quán)分置改革對我國上市公司實施并購的動機產(chǎn)生的積極影響,提出了本文的研究假設(shè)：股權(quán)分置改革完成后,收購公司換股并購的短期和長期市場績效均為正；構(gòu)成關(guān)聯(lián)交易的收購公司在換股并購后的短期和長期市場績效優(yōu)于不構(gòu)成關(guān)聯(lián)交易的收購公司；國有性質(zhì)的收購公司在換股并購后的短期和長期市場績效優(yōu)于非國有性質(zhì)的收購公司。 第四部分實證檢驗了換股并購對收購公司短期市場績效影響。本文從CSMAR并購重組數(shù)據(jù)庫選取了初始樣本,再按照一定標(biāo)準(zhǔn)篩選出了56個發(fā)生換股并購的收購公司,運用事件研究法的市場模型來估計窗口期(-70，，-20)的參數(shù),通過計算個股在事件期(-15,15)的平均超額收益率以及累計平均超額收益率,來檢驗換股并購事件對收購公司股價的影響程度,研究表明收購公司獲得了顯著為正的CAR,因此在短期內(nèi)換股并購對收購公司的市場績效產(chǎn)生了顯著的積極影響。本文分年度、并購的關(guān)聯(lián)屬性和收購公司的股權(quán)性質(zhì)進行了檢驗后,發(fā)現(xiàn)市場對2008年發(fā)生的換股并購反應(yīng)最好,認(rèn)可度最高,與非關(guān)聯(lián)換股并購相比,關(guān)聯(lián)換股并購給收購公司的股東帶來了更顯著、更持久的財富效應(yīng),對于非國有性質(zhì)的收購公司而言,國有性質(zhì)收購公司在股票市場上的業(yè)績能得到更大的提升。 第五部分實證檢驗了換股并購對收購公司長期市場績效的影響。筆者從CSMAR并購重組數(shù)據(jù)庫選取了初始樣本后再按一定標(biāo)準(zhǔn)篩選出163個收購公司,采用連續(xù)持有超常收益(BHAR)法,在控制上市公司的規(guī)模和權(quán)益賬面-市值比的基礎(chǔ)上,計算收購公司從換股并購首次公告當(dāng)月開始到并購后36個月的BHAR值,統(tǒng)計檢驗后與0沒有顯著差異,結(jié)果表明長期內(nèi)換股并購對收購公司的市場績效沒有產(chǎn)生顯著的影響。在分年度、并購的關(guān)聯(lián)屬性和收購公司的股權(quán)性質(zhì)進行檢驗后,發(fā)現(xiàn)隨著時間的推移,之后年度進行換股并購的收購公司長期市場績效越來越好,換股并購的關(guān)聯(lián)屬性對收購公司的長期市場績效影響不明顯,不同股權(quán)性質(zhì)的收購公司對其換股并購的長期市場績效影響也沒有顯著差異。 第六部分是本文的結(jié)論和建議。在前面五部分相關(guān)的分析基礎(chǔ)上,得出了本文的結(jié)論：換股并購對收購公司的短期市場績效產(chǎn)生了顯著的正向影響,而對收購公司的長期市場績效沒有顯著的影響,構(gòu)成關(guān)聯(lián)交易的收購公司的短期市場績效優(yōu)于不構(gòu)成關(guān)聯(lián)交易的收購公司,國有性質(zhì)的收購公司短期市場績效優(yōu)于非國有性質(zhì)的收購公司。據(jù)此,筆者建議上市公司可以優(yōu)先選擇集團內(nèi)部的企業(yè)進行并購,投資者可以根據(jù)并購的特點做出更好的投資決策。 本文的主要貢獻表現(xiàn)在以下幾個方面： (1)選題角度較新穎。目前國內(nèi)研究換股并購這一新的并購方式對收購公司市場績效影響的文獻較為少見,而本文選取的是股權(quán)分置改革完成后的換股并購樣本,來研究換股并購對收購公司市場績效的影響。 (2)研究內(nèi)容較為全面。本文同時考察了換股并購對收購公司的短期和長期市場績效的影響,并且還分年度、并購的關(guān)聯(lián)性質(zhì)以及收購公司的股權(quán)性質(zhì)來考察了換股并購對收購公司市場績效影響的差異,研究內(nèi)容較為詳實。 (3)研究結(jié)論與其他文獻不一致。本文實證檢驗了換股并購的長期市場績效后發(fā)現(xiàn),換股并購對收購公司的長期市場績效沒有產(chǎn)生顯著影響,這與其他學(xué)者研究得出收購公司股東的財富在換股并購后的1-3年內(nèi)遭受了顯著損失的結(jié)論不一致。這可以為管理層制定公司并購決策提供建議,并為監(jiān)管部門和投資者提供相關(guān)的信息。 本文的不足體現(xiàn)在： (1)在長期內(nèi),收購公司換股并購后的市場績效很可能受到宏觀經(jīng)濟變化的影響,由于受限于樣本和數(shù)據(jù),本文在計算收購公司的BHAR值時沒有控制公司的行業(yè)來消除宏觀經(jīng)濟變化的影響。 (2)由于受到數(shù)據(jù)和樣本的限制,本文僅研究了收購公司換股并購后3年的長期市場績效,時間不夠長可能導(dǎo)致研究結(jié)論不具有較強的說服力。
[Abstract]:In 2005, China began to implement the reform of non tradable shares has a significant and far-reaching impact on China's capital market mergers and acquisitions activity. Before the shareholder structure reform, due to the different listed companies tradable shares and non tradable shares value, to a great extent restrict the mergers and acquisitions stocks or shares with payment by listed companies, listed companies in China are mostly in the form of cash acquisition payment, so before the reform of China's stock market mergers and acquisitions payment way is single. However, the reform of non tradable shares to institutional barriers that impede the healthy development of China's capital market is basically clear, which promotes the market diversification of listed company mergers and acquisitions in China the mergers and acquisitions behavior, stock acquisitions means of payment and other new convertible acquisitions appear in the capital market of our country. At the same time, the reform of non tradable shares of the listed company Change of non tradable shareholders profit channels, this will be the leading listed companies to implement the merger motivation have an important impact. Compared with the pre reform more emptied of listed companies after the reform, large shareholders tend to through the implementation of mergers and acquisitions to support the listed company bigger market capitalization, the implementation of China's listed companies mergers and acquisitions the performance have a positive impact. In conclusion, after the reform of non tradable shares is very necessary to study the influence of this new convertible merger of mergers and acquisitions of listed companies performance.
At present, the existing literature, research on China's listed companies convertible merger market performance is less. Therefore, this paper investigates whether the convertible merger of acquiring company's shareholders receive significant excess returns in the stock market, and the relationship between ownership property and market performance in-depth mining association attribute and the acquiring company merger and acquisition, to summarize the convertible merger of acquiring company short-term and long-term market performance, and provide useful information for the management of the acquiring company merger decision, to provide some help for the acquiring company to choose appropriate payment and Target Corp.
In this paper theoretical analysis of mergers and acquisitions based on how to affect the company's performance, selection of China A stock market from 2006 to 2010 for the acquisition of the convertible and have completed the share reform of listed companies as a sample, with the shares of the acquiring company as the basis, using the event study method, through the analysis of convertible merger announcement before the event 15 days after the acquiring company's stock price changes of convertible merger of acquiring company short-term market performance, using continuous hold abnormal return method, through the analysis of convertible merger announcement date within 3 years after the acquiring company stock returns than the market portfolio returns to measure the value of convertible merger of acquiring company long-term market performance. This paper is mainly divided into the following parts:
The first part is the introduction, which mainly expounds the background and significance of the research, the thinking and framework of the research, the method of research and the main contributions and shortcomings of this article.
The second part includes the definition and literature review. The definition, with this distinction in mergers, acquisitions, based on the concept of combining the actual situation of our country on the concept of mergers and acquisitions are defined, in accordance with the merger payment and purchase object to divide the type of merger when on a "convertible merger" concept. And explain the acquiring company and Target Corp, financial performance and market performance of mergers and acquisitions. The meaning of the literature review, this paper will study the short-term performance of mergers and acquisitions of literature Target Corp, acquiring company and the merger with both the company's three performance are summarized, the research on long term performance of mergers and acquisitions of literature the accounting rate of return, to stock market based method based on financial index such as principal component analysis and long-term event studies were reviewed in this paper, through the analysis of event research method One is to evaluate the short-term performance of mergers and acquisitions, and to investigate the limitations of the financial indicators based on the long-term performance of mergers and acquisitions. This paper applies the stock market evaluation method to study the impact of M & A on acquiring company performance.
The third part is the theoretical analysis and research hypothesis. This part analyzes the theory of synergy theory, underestimate the value of M & a value creation theory, agency theory, theory of MampA tunneling value damage theory and its influence on the performance of mergers and acquisitions, on the basis of the positive impact of non tradable shares reform of Listed Companies in China the implementation of merger motivation, this paper put forward the hypothesis: after the reform of non tradable shares of acquiring company stock exchange merger of short-term and long-term market performance are positive; short-term and long-term market performance constitutes a connected transaction of the acquiring company in the stock exchange merger after the superior does not constitute a connected transaction acquiring company; state-owned acquiring company of state-owned property the short-term and long-term market performance in convertible after the merger is better than acquiring company.
The fourth part examines the convertible merger impact on short-term market performance. This paper from the acquiring company CSMAR mergers and acquisitions database from the initial samples, then according to certain standard screening out of 56 occurrence of convertible merger of acquiring company, the market model using event study method to estimate the window period (-70, -20) parameters, through the calculation of stock in the event period (-15,15) the average excess return and the cumulative average abnormal return rate, to test the impact of convertible merger events on shares of acquiring company, research shows that acquiring company got significant positive CAR, so in the short term of convertible merger acquiring company market performance has a significant positive impact. This year, equity the nature and attributes of the acquiring company merger after inspection, found the market for convertible merger reaction occurred in 2008, the highest recognition, and non Compared with related stock exchange mergers and acquisitions, related stock swap has brought a more significant and lasting wealth effect to acquiring company shareholders. For non-state-owned acquiring company, state-owned property acquiring company's performance in the stock market can be further improved.
The fifth part examines the convertible merger of acquiring company long-term market performance. The author selected from the CSMAR database of mergers and acquisitions after the initial sample according to certain standards of selecting 163 acquiring company, with the continuous hold abnormal return (BHAR) method, based on the book size and equity control of listed companies on the market ratio, calculation acquiring company from the convertible merger first notice the beginning of the month to 36 months after the acquisition of BHAR value, and after the statistical test results show that there is no significant difference between the 0, the long term market performance of convertible merger of acquiring company produced no significant impact. In the year, the nature of equity and the associated property acquiring company MampA after inspection found with the passage of time, after the year of the acquisition of the convertible acquiring company long-term market performance is getting better and better, long-term acquisition of the convertible associated attributes of acquiring company The impact of market performance is not obvious, and there is no significant difference in the long-term market performance of the acquiring company with different equity properties.
The sixth part is the conclusion and suggestion. In front of the five part of the analysis based on the conclusions drawn in this paper: the short-term market performance of convertible merger of acquiring company has a significant positive effect, and has no significant effect on the acquiring company's long-term market performance, which is better than the short-term market performance of the acquiring company does not constitute a connected transaction related transactions of the acquiring company, the acquiring company short-term market performance is better than that of state-owned properties of non state-owned acquiring company. Accordingly, the author suggest that the listed company can give priority to internal enterprise mergers and acquisitions, investors can make better investment decisions according to the characteristics of mergers and acquisitions.
The main contributions of this paper are shown in the following aspects:
(1) the research perspective is relatively new. At present domestic research on the impact of this new convertible merger of mergers and acquisitions of acquiring company market performance literature is rare, and is selected in this paper after the reform of non tradable shares of the convertible merger sample, to study the influence on the market performance of convertible merger of acquiring company.
(2) the content is comprehensive. This paper also investigated the convertible merger of acquiring company's short-term and long-term market performance, and also the annual merger related properties as well as the acquiring company's equity nature examines the difference influence on the market performance of convertible merger of acquiring company, the research content is detailed.
(3) the conclusion of the study is not consistent with other literature. This paper examines the long-term market performance after the acquisition of the convertible, convertible merger of acquiring company's long-term market performance has no effect, and the other scholars find that the shareholders of the acquiring company's wealth in the stock and purchase after 1-3 years suffered a significant loss of inconsistent conclusions this can provide some suggestions for management company mergers and acquisitions decision, and provide relevant information for regulators and investors.
The shortcomings of this article are reflected in the following:
(1) in the long run, the market performance of acquiring company after M & A is likely to be affected by macroeconomic changes. Because of limited samples and data, this paper does not control the company's industry to eliminate the impact of macroeconomic change when calculating the BHAR value of acquiring company.
(2) due to the limitation of data and samples, this paper only studies the long-term market performance of acquiring company after 3 years of M & A, and the time is not long enough, which may lead to the conclusion that the conclusion is not convincing.

【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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