本文選題：海外并購溢價 + 信息不對稱��； 參考：《杭州電子科技大學(xué)》2015年碩士論文

【摘要】：我國加入WTO后，國民經(jīng)濟實現(xiàn)快速發(fā)展。目前又在“走出去”戰(zhàn)略的鼓勵下，越來越多的中國企業(yè)積極拓寬國際市場，實施海外并購。但是隨著中國企業(yè)海外并購規(guī)模的不斷擴大，“中國溢價”現(xiàn)象驚人。中國企業(yè)為了成功實現(xiàn)海外并購，所報出的價格遠高于被并購方企業(yè)市場價值的正常水平。值得注意的是，高溢價并不能保證海外并購的成功。中鋁注資力拓計劃流產(chǎn)，四川騰中重工并購美國悍馬失利，中海油被迫退出對優(yōu)尼科的并購，中石油竟購高庚失�。�.這些失敗的慘痛案例可以很好的證明這一點。那么中國企業(yè)為何愿意支付高溢價，影響中國企業(yè)海外并購溢價的因素又是什么。 本文以此為立足點，把并購溢價問題置于中國的海外并購環(huán)境中，以2008-2013年金融危機爆發(fā)后引起的新一輪并購浪潮為特征，采用手工收集的方式選取成功進行海外并購的54個中國A股上市公司為樣本，，并以信息不對稱理論、自由現(xiàn)金流假說、管理層過度自信假說、企業(yè)國際化經(jīng)營理論為基礎(chǔ)選取本文的相關(guān)變量，進而建立模型，最后運用SPSS17.0統(tǒng)計學(xué)軟件，通過對變量的描述性分析、相關(guān)性分析、共線性檢驗、多元線性回歸分析以及穩(wěn)健性檢驗，從而得出并購雙方的信息不對稱程度、主并企業(yè)自由現(xiàn)金流量、管理層過度自信、國際化程度與海外并購溢價率之間的關(guān)系。依據(jù)上文的實證分析，本文得出如下結(jié)論：（1）并購雙方的信息不對稱會引發(fā)企業(yè)海外并購過程中的溢價支付；(2)海外并購企業(yè)擁有的自由現(xiàn)金流量會放大并購中的溢價程度；（3）海外并購企業(yè)管理層的過度自信會在一定程度上加劇并購中的溢價程度；（4）海外并購企業(yè)的國際化程度能有效抑制并購中的溢價程度。最后根據(jù)實證結(jié)果，從充分做好盡職調(diào)查，完善現(xiàn)金股利分配制度，建立科學(xué)合理的決策機制和程序，鼓勵技術(shù)、產(chǎn)品出口四個方面提出有關(guān)政策建議。
[Abstract]:After our country joins WTO, national economy realizes fast development. At present, more and more Chinese enterprises actively broaden the international market and implement overseas mergers and acquisitions under the encouragement of "going out" strategy. However, as the scale of overseas M & A of Chinese enterprises expands, the phenomenon of "China premium" is striking. In order to achieve successful overseas M & A, Chinese companies quote prices far above the normal level of market value of M & A companies. It is worth noting that the high premium does not guarantee the success of overseas mergers and acquisitions. Chinalco aborted its plan to inject Rio Tinto, Sichuan Tengzhong lost its bid for Hummer, CNOOC was forced to pull out of Unocal's merger and PetroChina failed to buy Gao Geng. These tragic cases of failure are a good example of this. So why are Chinese companies willing to pay a high premium, and what are the factors that affect the premium. From this standpoint, this paper puts the issue of M & A premium in China's overseas M & A environment, which is characterized by a new wave of M & A caused by the outbreak of the 2008-2013 financial crisis. In this paper, 54 Chinese A-share listed companies with successful overseas mergers and acquisitions are selected as samples by hand collection, and the information asymmetry theory, free cash flow hypothesis, management overconfidence hypothesis are used. On the basis of the theory of enterprise internationalization management, we select the relevant variables in this paper, and then establish the model. Finally, we use SPSS17.0 statistical software, through the descriptive analysis of variables, correlation analysis, linear test. Multivariate linear regression analysis and robustness test show the relationship between the degree of information asymmetry, free cash flow, overconfidence of management, degree of internationalization and premium rate of overseas mergers and acquisitions. Based on the empirical analysis above, This paper draws the following conclusion: 1) asymmetric information between the two sides of M & A will lead to the premium payment in the process of overseas M & A; (2) Free cash flow of overseas M & A enterprises will amplify the degree of premium in M & A; 3) overseas M & A enterprises The overconfidence of management will increase the degree of premium in M & A to a certain extent) the degree of internationalization of overseas M & A enterprises can effectively restrain the degree of premium in M & A. Finally, according to the empirical results, this paper puts forward the relevant policy suggestions from four aspects: fully doing due diligence, perfecting the cash dividend distribution system, establishing scientific and reasonable decision-making mechanism and procedure, encouraging technology and product export.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F832.51;F279.2;F271

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