【作者】 李明；

【导师】 徐强；

【作者基本信息】 南京航空航天大学 ， 金融学， 2011， 硕士

【摘要】 并购是企业进行规模扩张的一种有效方式,而并购能否给收购企业带来收益一直是学术界争论的话题。虽然国外学者采用各种研究方法对企业并购的绩效进行了大量的实证分析,但是仍然没有得出统一的结论。随着中国市场开放程度的提高及股份全流通时代的到来,并购的市场化特征越来越明显,并购也逐渐成为规模扩张的主要形式,因此并购能否给企业带来收益成为了我国学者关注的焦点。本文在总结国内外研究成果的基础上,以2006年和2007年我国A股市场发生的116家上市公司作为研究样本,以收购方为研究对象,从交易特征与收购公司特征两者对并购绩效的直接影响和交互影响两个方面进行了实证分析。实证表明,在考虑单因素的情况下,支付方式对短期并购绩效影响较为明显,现金支付方式在短期内产生了正的财富绩效,从而论证了信号理论的存在;并购类型的不同对短期并购绩效也有显著影响,非相关性的并购能给投资者带来财富的增加,而相关性的并购却给投资者带来了财富的损失;关联属性对并购绩效的影响也主要表现在短期,关联并购能给投资者带来财富收益;相对规模对并购的长期绩效有显著的负面影响,在短期来看并不明显;股权性质对并购的长期绩效有显著影响,国有控股的收购公司能够带来经营绩效的提高。考虑因素之间的交互影响的情况下,关联属性与股权性质的交互项与短期绩效呈正相关;支付方式与股权性质的交互项与并购绩效呈正相关;支付方式与高管持股的交互项与并购绩效呈不显著的负相关;股权性质与并购类型的交互项与并购绩效呈显著正相关;高管持股与相对规模的交互项与短期绩效呈正相关;股权性质与相对规模的交互项与长期绩效呈正相关。更多还原

【Abstract】 Enterprise-scale mergers and acquisitions are an effective way to expand, while mergers can bring benefits to the acquired businesses has been the subject of academic debate. Although the foreign scholars have made a lot of empirical analysis on various research methods, but it still did not reach a unified conclusion. With the increased openness of the Chinese market and the shares of tradable era, M & A market becoming more and more obvious, mergers and acquisitions have gradually become the main form of expansion of the size, so M & A revenue to the enterprise could become the concern of scholars focus.This paper summarizes research results at home and abroad, based on the 2006 and 2007 occurred in China between A-share market with 116 listed companies as samples,the paper analysis from the trading characteristics and features of the acquisition of two companies, we use of event study method and accounting of the acquirer’s M & A Performance for empirical analysis.Evidence shows that , payment has more obvious short-term impact on M & A Performance when only considering of a single factor, cash payment can generate wealth in the short term, which demonstrated the existence of the signal theory; different types of M & A also significantly influence ,the acquisition of non-related increase in wealth to give investors, and related acquisitions gave investors a loss of wealth; associated attributes influence the performance of mergers and acquisitions mainly in the short term, the associated M & A give investors a wealth of benefits; relative size of of mergers and acquisitions have a significant negative impact on the performance in the long-term,bet in the short term is not obvious; equity nature has significant impact on the long-term performance of mergers and acquisitions, the acquisition of state-owned holding company could bring business performance improvement. Consideration the interaction between the effects of cases, associated property and equity nature of the interaction term and short-term performance has a positive correlation; payment and the equity nature of the interaction terms with the short-term performance was negatively correlated,and with long-term performance was a positive correlation; payment and managerial ownership term was directly proportional to short-term performance and inverse to long-term performance; the interaction terms of type and equity nature was significantly positively related to performance; the interaction term of Executive Ownership and the relative size and short-term performance was negatively Related; the the interaction terms of equity nature and relative size was negatively correlated with long-term performance.更多还原