【作者】 刘欣；

【导师】 赵息；

【作者基本信息】 天津大学 ， 工商管理， 2018， 硕士

【摘要】 一直以来,并购重组都是国内外投资者和学术界的关注焦点。近些年,在稳增长背景下,我国产业结构调整以及供给侧结构性改革政策的出台再一次推动了并购重组的浪潮。作为去杠杆的重要手段,并购受到了传统周期性企业的青睐。而在并购的各环节中,支付方式的选择既能帮助企业有效实现既定目标,也能给企业带来巨大风险。因此,支付方式的合理选择关乎公司战略性发展,对支付方式与并购绩效的研究也能够为并购方提供参考价值。本文以2011年-2013年传统周期性企业并购事件为研究样本,选择事件研究法、财务指标法评价不同支付方式的短期和长期绩效。研究发现:不同类型支付方式的并购绩效表现存在显著差异。采用现金支付时,短期内能够获得了显著为正的超额收益,而长期绩效在并购发生后持续下降,至并购后第三年开始有所改善且变化显著;采用股票支付时,短期并购绩效较为稳定但出现负向收益,而长期绩效在并购当年显著增加,随后则出现明显下降。进一步研究发现,与现金支付方式相比,资本结构是股票支付方式下并购绩效改善的主要影响因素。本文创新之处在于全面考察支付方式对并购绩效的影响,不仅分析了不同支付方式对绩效的直接影响,还分析了支付方式与资本结构对并购绩效的交互影响。同时,分别从投资者角度和企业并购效率角度出发,综合使用事件研究法、财务指标法对短期和长期绩效进行全面分析,并考虑其他影响因素,提高实证研究的合理性。更多还原

【Abstract】 M&A has always been the focus of attention of investors and academics at home and abroad.Under the background of steady growth,the policies of adjustment of China’s industrial structure and the supply-side structural reform have promoted the wave of M&A again in recent year.M&A,as an important means of deleveraging,has been favored by the traditional cyclical enterprises.Whether M&A success or not will have a lasting impact on enterprises.In the M&A process,a reasonable choice of payment method is very important for the success implementation of M&A activities.Therefore,the research on method choice and M&A performance can provide reference value for company.This thesis chooses the M&A events of shanghai and Shenzhen stock market of A-share from 2011 to 2013 as the study samples,using event study method and accounting index method to analyze short-term and long-term performance of different payment method.We find that the M&A performance in different payment method have significant difference.When they choose cash payment,the significant positive results can be obtained in short term and long-term performance don’t have a increase tendency until the third year.However,when they choose stock payment,short-term performance of M&A varies insignificantly,while the long-term performance increase in the current year and then decrease significantly in the following years.We further find that capital structure is the main influence factor of performance improvement using stock payment in contrast with cash payment.The innovation of this paper not only analyzes the direct influence of different payment method on M&A performance,but also analyzes the interactive influence of payment method and capital structure on it.At the same time,This article considers other influencing factors and improves the rationality of the article.更多还原