并购融资方式与并购绩效关系的实证研究
发布时间：2019-06-11 12:36
【摘要】： 随着中国经济高速增长,行业渐次开放,崛起的中产阶级带来的巨大消费市场,都使中国成为了并购的热土。在2006年,中国的股改基本完成,真正实现了全流通,这将使市场的股权结构开始呈现分散化的趋势,也将进一步降低市场的估值水平,使得公司并购的成本得以降低,并且在这种全流通的市场环境下,将改变并购市场参与主体的价值取向和行为动机,极大地改善并购绩效,这些都为企业并购扫清了障碍。同时《公司法》、《证券法》的修改,新《上市公司收购管理办法》和《关于推进国有资本调整和国有企业重组的指导意见》的出台,《关于外国投资者并购境内企业的规定》正式实施,极大地推进了中国市场并购重组的市场化进程。 近年来我国的并购呈现出规模越来越大的趋势,这就需要更加庞大的并购资金,融资问题的重要性日益凸显。不同的融资方式、融资数额的多少、成本的高低、风险的大小和融资渠道的开拓和畅通与否都在相当程度上决定着并购活动的有效性,进而影响着并购能否取得最后的成功。 本文的研究重点放在对不同并购融资方式下的并购绩效的比较上,目的是通过实证得到这两者的关系,以期对企业在今后的并购中有所帮助。首先文章对并购融资的相关概念予以界定,并介绍了信号传递理论等并购融资理论作为本文的理论基础。同时对当前使用的并购融资工具及我国并购融资的现状进行了介绍,并且对造成这种现状的原因进行了探讨。在本文的实证阶段,根据样本搜集的实际情况,本文选取了2006年我国上市公司并购事件作为研究对象,共获取样本83家,由于上市公告中没有详细的并购融资信息,所以把样本分为募集资金融资样本(31家)和非募集资金融资样本(52家),并且选取了同行业内没有发生并购的企业作为对照组,获取样本59家。运用因子分析法和回归分析法进行研究分析,得出以下结论:不同类型的融资方式确实会带来不同的并购绩效。使用股权融资进行并购的并购绩效要小于使用其他融资方式的并购绩效,并且并购债务融资与并购绩效正相关,内部现金融资能力与并购绩效负相关。最后,根据研究结论,并对产生的原因进行了分析。
[Abstract]:With the rapid growth of China's economy and the gradual opening up of the industry, the huge consumer market brought about by the rising middle class has made China a hot place for mergers and acquisitions. In 2006, the stock reform in China was basically completed, and the full circulation was really realized, which will make the ownership structure of the market begin to show the trend of decentralization, and will also further reduce the valuation level of the market, so that the cost of mergers and acquisitions can be reduced. In this kind of market environment, the value orientation and behavior motivation of M & A market participants will be changed, and the performance of M & A will be greatly improved, which clears the obstacles for M & A. At the same time, the amendments to the Company Law, the Securities Law, the new measures for the Administration of acquisitions of listed companies and the guidance on promoting the Adjustment of State-owned Capital and the reorganization of State-owned Enterprises have been issued, The formal implementation of the regulations on mergers and acquisitions of domestic Enterprises by Foreign investors has greatly promoted the marketization process of mergers and acquisitions in the Chinese market. In recent years, M & A in China is showing a trend of increasing scale, which requires more and more M & A funds, and the importance of financing is becoming more and more prominent. Different financing methods, the amount of financing, the level of cost, the size of risk and the development and smooth flow of financing channels all determine the effectiveness of M & A activities to a considerable extent, and then affect whether M & A can achieve the final success. This paper focuses on the comparison of M & A performance under different M & A financing methods, in order to obtain the relationship between the two through empirical evidence, in order to be helpful to enterprises in the future M & A. First of all, this paper defines the related concepts of M & A financing, and introduces M & A financing theory such as signal transmission theory as the theoretical basis of this paper. At the same time, this paper introduces the M & A financing tools used at present and the present situation of M & A financing in China, and probes into the causes of this situation. In the empirical stage of this paper, according to the actual situation of the sample collection, this paper selects the M & A event of listed companies in China in 2006 as the research object, and obtains a total of 83 samples, because there is no detailed M & A financing information in the listing announcement. Therefore, the samples were divided into fund-raising samples (31) and non-fund-raising financing samples (52), and 59 samples were obtained by selecting the enterprises without mergers and acquisitions in the same industry as the control group. Using factor analysis and regression analysis, the following conclusions are drawn: different types of financing methods do bring different M & A performance. The M & A performance of M & A using equity financing is smaller than that of M & A using other financing methods, and M & A debt financing is positively correlated with M & A performance, while internal cash financing ability is negatively correlated with M & A performance. Finally, according to the conclusions of the study, and the causes are analyzed.
【学位授予单位】：山东经济学院
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275
本文编号：2497193
[Abstract]:With the rapid growth of China's economy and the gradual opening up of the industry, the huge consumer market brought about by the rising middle class has made China a hot place for mergers and acquisitions. In 2006, the stock reform in China was basically completed, and the full circulation was really realized, which will make the ownership structure of the market begin to show the trend of decentralization, and will also further reduce the valuation level of the market, so that the cost of mergers and acquisitions can be reduced. In this kind of market environment, the value orientation and behavior motivation of M & A market participants will be changed, and the performance of M & A will be greatly improved, which clears the obstacles for M & A. At the same time, the amendments to the Company Law, the Securities Law, the new measures for the Administration of acquisitions of listed companies and the guidance on promoting the Adjustment of State-owned Capital and the reorganization of State-owned Enterprises have been issued, The formal implementation of the regulations on mergers and acquisitions of domestic Enterprises by Foreign investors has greatly promoted the marketization process of mergers and acquisitions in the Chinese market. In recent years, M & A in China is showing a trend of increasing scale, which requires more and more M & A funds, and the importance of financing is becoming more and more prominent. Different financing methods, the amount of financing, the level of cost, the size of risk and the development and smooth flow of financing channels all determine the effectiveness of M & A activities to a considerable extent, and then affect whether M & A can achieve the final success. This paper focuses on the comparison of M & A performance under different M & A financing methods, in order to obtain the relationship between the two through empirical evidence, in order to be helpful to enterprises in the future M & A. First of all, this paper defines the related concepts of M & A financing, and introduces M & A financing theory such as signal transmission theory as the theoretical basis of this paper. At the same time, this paper introduces the M & A financing tools used at present and the present situation of M & A financing in China, and probes into the causes of this situation. In the empirical stage of this paper, according to the actual situation of the sample collection, this paper selects the M & A event of listed companies in China in 2006 as the research object, and obtains a total of 83 samples, because there is no detailed M & A financing information in the listing announcement. Therefore, the samples were divided into fund-raising samples (31) and non-fund-raising financing samples (52), and 59 samples were obtained by selecting the enterprises without mergers and acquisitions in the same industry as the control group. Using factor analysis and regression analysis, the following conclusions are drawn: different types of financing methods do bring different M & A performance. The M & A performance of M & A using equity financing is smaller than that of M & A using other financing methods, and M & A debt financing is positively correlated with M & A performance, while internal cash financing ability is negatively correlated with M & A performance. Finally, according to the conclusions of the study, and the causes are analyzed.
【学位授予单位】：山东经济学院
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275
【引证文献】
相关硕士学位论文 前3条
1 吴玉新;我国上市公司并购协同效应的实证分析[D];天津财经大学;2011年
2 国亚坛;并购融资方式问题研究[D];天津商业大学;2012年
3 罗添添;中国并购基金发展模式选择研究[D];天津财经大学;2012年
，本文编号：2497193
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