【作者】 张桂芳；

【导师】 赵毅；

【作者基本信息】 西南政法大学 ， 企业管理， 2015， 硕士

【摘要】 我国资本市场快速发展和国家相关政策的支持为我国机构投资者营造了良好的环境,使其得到了迅猛发展,成为资本市场上的重要力量,机构投资者的治理效用也成为了学者们关注的焦点。而作为企业重要发展方式之一的并购,却较少有学者从这一视角来研究机构投资者的治理效用。本文试图从并购绩效这一视角来研究机构投资者的公司治理效用。本文首先定义相关概念并就相关文献进行梳理和评述;其次阐述了相关理论基础,论述了机构投资者影响并购绩效的作用机理,在此基础上提出本文的研究假设。接着本文以2011和2012年发生并购事件的收购公司为初始研究样本,对初始样本进行筛选与整理后得到263个样本公司。采用事件研究法和会计研究法衡量并购绩效。前者计算并购首次公告日前15天和并购后15天的累计超常收益率,以此衡量并购绩效;后者主要考察并购前一年至并购后一年间并购公司财务指标的变化,应用因子分析法,对选取的8个财务指标综合为3个公共因子并计算他们的综合因子得分,用综合因子得分的差值来衡量并购绩效。对研究假设进行实证检验,得到以下结论:(1)基于事件研究法下的研究发现,机构投资者与并购绩效显著正相关,机构投资者在并购公司中持股比例越高,在事件期内给股东带来的累积超常收益率越高;机构投资者对第一大股东的制衡作用也与并购绩效显著正相关,制衡力越大累积超常收益率越好;(2)基于会计研究法下的研究结果表明,机构制衡投资者对第一大股东的投资者持股比例和机构作用均与并购绩效显著正相关。最后,本文在结论基础上提出了对策与建议,并指出了本文研究存在的不足和未来研究的展望。更多还原

【Abstract】 Rapid development of our capital market and the national relevant policy support has created a good environment for China’s institutional investors, with the rapid development and become and important force in capital market, institutional investors governance effectiveness has become the focus of the scholars. However, merger and acquisition, as one of the important way of enterprise development, few scholars from this view to study the management of institutional investors. This article attempts to study the impact of institutional investors on m&a performance to examine the governance effect of institutional investors.Firstly, this article describes the definition of the relevant concepts and to sort out and comment on relevant literature; secondly expounds the basic theory, and then discusses the mechanism of institutional investors influence the performance of m&a. And on the basis of the proposed, expounds the research hypothesis. Based on the m&a events happended in 2011and2012, buyer company as the initial sample, after filtering and sorting, 263 samples are included. Measure the m&a performance using event study method and accounting study method. In order to measure the performance, the former calculated cumulative abnormal return after 15 days and 15 days before the merger, the latter mainly inspected the previous year to a year after the merger, namely between 2010 and 2012, the changes of financial index of buyer company. This paper selected eight comprehensive financial indicators for the three public factors and their comprehensive factor score was calculated using the comprehensive factor score performance measured by the difference of m&a.To empirically research assumption, get the following conclusions:(1)based on event study method, the study found that institutional investors and m&a performance is significantly positive related to the institutional investors, and the higher the shares of institutional investors hold, the m&a performance better, with the accumulation of extraordinary yield is higher. Institutional investors for the first big shareholder balance and m&a performance is significantly related to the balance of power, the bigger the power of balance, the better of the cumulative abnormal yields.(2)Under the accounting method, the research found that both institutional investors and the balance to big shareholders are significantly positive related to m&a.Finally, based on the conclusions, some countermeasures and suggestions are put forward in this paper, and pointed out the deficiencies and future research prospects.更多还原