本文選題：煤炭上市公司　切入點：并購價值效應(yīng)　出處：《太原理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：并購作為一種有效的資源配置方式,已成為企業(yè)擴張的主要途徑。尤其在經(jīng)濟快速發(fā)展、國際競爭加劇以及產(chǎn)業(yè)結(jié)構(gòu)調(diào)整的需求等背景下,我國也已成為亞太地區(qū)的主要并購市場。很多企業(yè)利用并購來擴大企業(yè)的規(guī)模,增強企業(yè)核心競爭力,實現(xiàn)并購的協(xié)同價值效應(yīng)。然而,大量的并購交易發(fā)生后,并購企業(yè)的發(fā)展形勢卻相當(dāng)嚴(yán)峻。據(jù)統(tǒng)計,實現(xiàn)并購交易目標(biāo)的不足25%。煤炭企業(yè)從2008年起,實施了大規(guī)模并購重組活動。煤炭企業(yè)的并購重組能否實現(xiàn)并購目標(biāo),產(chǎn)生預(yù)期的價值效應(yīng),既是亟待研究的重要問題,也是當(dāng)前該領(lǐng)域研究的熱點。 論文歸納了國內(nèi)外針對并購價值效應(yīng)的研究文獻(xiàn),為本文的研究奠定理論基礎(chǔ)；然后對我國發(fā)生并購的煤炭上市公司的并購價值效應(yīng)進(jìn)行實證研究；最后針對研究的結(jié)論提出相關(guān)的建議,并就本文研究的不足提出以后的研究方向。 論文通過對我國并購市場現(xiàn)狀以及煤炭上市公司并購情況進(jìn)行描述性統(tǒng)計發(fā)現(xiàn),我國煤炭行業(yè)并購以國內(nèi)煤炭企業(yè)并購為主,在并購市場中顯著活躍。進(jìn)一步,針對煤炭上市公司的并購價值效應(yīng)問題,論文運用事件研究法研究了煤炭上市公司并購的短期價值效應(yīng)；運用EVA評價體系對煤炭上市公司并購的長期價值效應(yīng)進(jìn)行了評價。 論文研究結(jié)果顯示：并購行為為煤炭上市公司帶來了顯著的短期價值效應(yīng),主要是由于投資者對并購行為前景看好,認(rèn)為并購可以擴大企業(yè)的市場占有率,增強企業(yè)的市場競爭力。但是,該并購所帶來的短期價值效應(yīng)并不能持久。從并購后企業(yè)的長期價值效應(yīng)來看,并購行為并未使并購企業(yè)產(chǎn)生正向的價值效應(yīng),反而出現(xiàn)了價值的毀損,這主要是由于并購之后并購方整合協(xié)同效應(yīng)還未顯現(xiàn)。進(jìn)一步對單位資本EVA (EVAPC)的實證結(jié)果顯示：與并購前一年相比,并購后一年EVAPC值的上升數(shù)超過了下降的數(shù)量。分析認(rèn)為：對目標(biāo)企業(yè)進(jìn)行并購后的整合行為,導(dǎo)致單位資本的利用率顯著提高,從而EVAPC值的上升數(shù)增多 最后,根據(jù)本文對煤炭上市公司并購價值效應(yīng)的研究結(jié)論提出如下建議：完善我國的資本市場,進(jìn)一步提升公司信息披露的完整性和準(zhǔn)確性；在企業(yè)的市場活動中盡量減少政府行為的干預(yù)；煤炭上市公司應(yīng)重視并購之后的整合行為,使并購行為真正實現(xiàn)其價值效應(yīng)。
[Abstract]:M & A, as an effective way of allocating resources, has become the main way for enterprises to expand, especially in the context of rapid economic development, intensified international competition and the demand of industrial structure adjustment, etc. China has also become the main M & A market in the Asia-Pacific region. Many enterprises use M & A to expand the scale of enterprises, enhance the core competitiveness of enterprises and realize the synergistic value effect of mergers and acquisitions. However, after a large number of M & A transactions have taken place, However, the development situation of M & A enterprises is quite severe. According to statistics, less than 25% of them have achieved the target of M & A transactions. Since 2008, coal enterprises have implemented large-scale M & A and reorganization activities. Producing the expected value effect is not only an important problem to be studied, but also a hot spot in this field. This paper summarizes the domestic and foreign literature on the value effect of M & A, which lays a theoretical foundation for this study, and then makes an empirical study on the value effect of M & A of coal listed companies in China. Finally, some suggestions are put forward for the conclusion of the study, and the future research direction is put forward in view of the deficiency of this paper. Through the descriptive statistics on the present situation of China's M & A market and the M & A situation of listed coal companies, it is found that the M & A of coal industry in our country is mainly domestic coal enterprise M & A, which is active in the M & A market. Aiming at the problem of M & A value effect of coal listed company, this paper studies the short-term value effect of coal listed company M & A by the method of event research, and evaluates the long-term value effect of coal listed company M & A by using EVA evaluation system. The results show that M & A brings significant short-term value effect to coal listed companies, mainly because investors have a good prospect of M & A, and think M & A can expand the market share of enterprises. However, the short-term value effect brought about by the merger and acquisition is not sustainable. From the long-term value effect of the enterprise after the merger and acquisition, the M & A behavior does not make the M & A enterprise produce positive value effect. This is mainly due to the fact that the synergetic effect of merger and acquisition integration has not been shown yet. Further empirical results of unit capital EVA / EVAPCshow that compared with the previous year, The increase of EVAPC value in one year after M & A exceeds the number of decrease. The analysis shows that the integration behavior of target enterprises after M & A leads to a significant increase in the utilization rate of unit capital and thus the increase of EVAPC value. Finally, according to the conclusion of this paper on the value effect of M & A of coal listed companies, the following suggestions are put forward: perfecting the capital market of our country, further improving the completeness and accuracy of company information disclosure; In the market activities of enterprises, government intervention should be minimized, and coal listed companies should pay attention to the integration after mergers and acquisitions, so as to realize the value effect of mergers and acquisitions.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F426.21;F271

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