【作者】 胡烁霞；

【导师】 许小平；

【作者基本信息】 华中科技大学 ， 国际贸易学， 2005， 硕士

【摘要】 随着经济一体化程度的加快,企业并购已成为资本积聚高速扩张一条非常快捷的道路,我国至1997年起,并购重组已步入快车道,超越新股发行(IPO)成为证券市场资源配置的最主要环节。正因为并购重组处于如此重要的地位,所以我们更应该正确认识并购重组的绩效,这有利于企业科学决策,并且是确立立法与监管的基本价值取向的基础。本文采用事件研究法,以1999-2003年中国上市公司中发生了兼并收购的收购公司和股权转让、资产剥离的目标公司为研究对象,对所有的收购公司和目标公司进行了定量研究。结果表明,收购公司在公告日前15个交易日至公告日后15个交易日的区间里获得3.98%的显著的累积超额收益,而目标公司并未获得显著的累积超额收益,第10日时目标公司的CAR下降到了-1.11%。因为我国的并购重组并未真正市场化,大多数仍为政府主导,收购公司没有竞争对手,成本低; 而目标公司因为不能提出价格上的条件,所以很难获得显著的累积超额收益率。根据不同的并购类型、公司所属行业以及比重最大的股权种类,分别对收购公司和目标公司的绩效是否有显著的提高进行了实证分析。实证分析表明,股权收购类比资产收购、整体收购更能获得稳定显著的累积超额收益率; 而股权转让和资产剥离类目标公司的累积超额收益率在公告日之后有大幅的下降,这也与所有目标公司没有获得显著的累积超额收益率的研究结果一致。在各种行业中,只有商业类收购公司和目标公司都获得了显著的累积超额收益率; 在各种比重最大的股权种类中,国家股、法人股类公司获得的累积超额收益率远远超过了A股流通股的并购重组。由此可见,在我国要加强并购的市场化,加强收购公司的竞争机制,减少政府的干预,加强监管的力度,控制不良动机驱动下的并购交易。更多还原

【Abstract】 Along with the step of economy integration, corporation merger and acquisition have speeded up the capital accumulation in the world, and in China Corporation M&A have progressed in a rapid rate from 1997, which exceeds the IPO to be the largest part of resource configuration in the security business. Because of the importance, the performance of M&A should be known clearly, it is good to making the correct decision, legislating and Managing. This paper uses the event study framework to test the event of M&A of listed companies in China during 1999 to 2003 and makes an empirical study. The result shows that the acquiring company can be significantly brought the cumulating abnormal rate (CAR) of 3.98% in the event window; but the target company can’t be significantly brought the CAR which declines to the -1.11% in the tenth day. Because the M&A has not been marketable, the most cases are controlled by the government, so the acquiring company doesn’t have the rivals and has the low cost, but the target company can’t increase its price and can’t have a good performance. According to the type of M&A, Industry, largest ratio of shareholder, the paper analyses the performance of the acquiring company and target company, and it indicates that share acquiring can be brought the most significant CAR than the assets acquiring and complete acquiring and the CAR of the share transfer and assets transfer of target company declined rapidly after the announcement of M&A which accords with the result of all the target company. In the different Industries, the commercial Industry of acquiring company and target company has got the significant CAR. In the different largest ratio of shareholders, CAR of the national and institutional shareholder are far more than the A shareholder. Finally, the findings show that the market environment should be founded, the competition should be strengthen in the acquiring company, the government control should be reduced, the management should be enhanced and the bad motive M&A should be controlled.更多还原