【作者】 王毅；

【导师】 王培辉；

【作者基本信息】 河北大学 ， 金融（专业学位）， 2019， 硕士

【摘要】 当今,我国的证券业的整合趋势不断加强,同时,各券商为了提高市场的占有率,扩大经营规模,也纷纷走上了融合之路。但就目前证券市场行情来看,行业巨头缺乏,行业集中度还是比较低的。从资本市场来看,只有把企业做大做强,抢占市场先机,才能在资本市场上站稳脚跟,证券公司之间的并购能够快速积累资本,扩大公司规模,实现规模化经营,扩大市场份额的目的。本文以方正证券并购民族证券为例,阐述了我国第一例上市证券公司并购的经典案例,具有较强的代表性,对并购的动因和绩效研究具有重要意义。本文首先对方正证券并购民族证券的背景进行了分析,对并购动因与绩效的相关文献进行了梳理;其次对方正证券、民族证券在进行并购行为前的状况进行了详细的介绍,对并购过程进行了回顾;再次,从市场环境、公司战略、政策影响等方面剖析了对方正证券并购民族证券的内部与外部动因,并短期与中长期两个维度对并购绩效进行解析,研究发现,短期内方正证券在并购后累积超额收益为正值,从长期来看由于合并导致的中长期业绩受到整合和股东纠纷的影响,业绩增长开始恶化。企业发展战略目的与并购后经营绩效之间的平衡需要在并购前得到慎重的考虑。最后,针对平衡战略目的需求和企业经营绩效两个层面,以及人员安排、股东之间的矛盾和双方发展优势,本文得出了几点启示。更多还原

【Abstract】 Today,the integration trend of China’s securities industry continues to strengthen.At the same time,in order to increase market share and expand business scale,various securities companies have embarked on the road of integration.For the capital market,only by seizing the opportunity to become bigger and stronger can it occupy a favorable position in the industry.Merger and acquisition between securities companies is one of the ways to expand the scale of the company and quickly accumulate capital.The merger and acquisition of "founder securities" and "national securities" is the first successful merger and acquisition case of a listed securities company in China.At the same time,this case is also a typical case of the merger and acquisition of small and medium-sized securities companies by large and medium-sized securities companies.It has a good representation and is of great significance to the research on the motivation and performance of the merger and acquisition.Firstly,this paper analyzes the motivation of "founder securities" merger and acquisition of "national securities" from the perspectives of policy promotion,operating environment drive,company strategic transformation,market expansion and synergistic effect.Then,based on the event research method,the short-term m&a performance was analyzed,and it was found that Founder securities obtained a positive cumulative excess return before and after the announcement of m&a.Medium and long term performance due to merger is affected by the running-in and shareholder disputes,performance growth began to deteriorate.The balance between corporate development strategy objectives and post-merger business performance needs to be carefully considered before mergers and acquisitions.Finally,this paper draws some inspirations for balancing strategic needs and business performance,as well as personnel arrangements,conflicts between shareholders and development advantages of both parties.更多还原