我国上市公司并购溢价影响因素的实证研究

发布时间：2018-02-04 06:56

本文关键词： 并购溢价资产溢价期权溢价协同溢价　出处：《湖南大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着企业间并购活动不断增加，学者们越发关注对并购成功率起着重要作用的并购溢价。在总结了现有并购溢价研究成果的基础上，，本文将并购溢价分为资产溢价、期权溢价和协同效应溢价三类。本文选取2006-2010年间以上市公司作为目标企业的协议收购案例，研究我国并购市场的现状，寻找我国并购市场中溢价存在的深层次原因。为寻找三类溢价的影响因素，在理论分析的基础之上，本文分别对样本数据进行实证分析，结果表明，资产溢价水平与目标企业的加权净资产收益率、市净率、净资产收益率的增长率和目标企业市值显著相关；期权溢价与每股收益的增长率、净资产收益率的增长率、资产负债率和目标企业市值的波动率显著相关；协同溢价与加权净资产收益率、市盈率、净资产收益率的增长率、市净率和收购比例显著相关；而并购溢价只与加权净资产收益率、净资产收益率的增长率、市净率和资产负债率显著相关。为更全面地考虑相关影响因素，将目标企业历史业绩与宏观经济环境加入模型，结果发现，目标企业的历史业绩会显著地影响并购溢价的水平；2008年金融危机后我国的经济刺激政策显著地提高了溢价的水平。为研究三类溢价与并购总体溢价之间的相互关系，对相关变量进行实证分析，结果表明，三类溢价水平的高低不同，对应并购总体溢价的决定因素也不同。最后，本文将样本按行业进行分类研究，结果表明，并购方并购工业企业时，并购溢价主要为资产溢价，而对非工业企业并购时，并购溢价主要为期权溢价。制造业的并购溢价水平与目标企业的净资产收益率和流通股比例显著相关，其并购溢价主要是资产溢价，而批发零售业的并购溢价主要是期权溢价。总体上看，我国上市公司的并购溢价主要由资产溢价构成。因此，在我国未来的并购活动中，并购方应更关注看涨期权与协同效应带来的价值增值，这样，不仅能提高并购成功的可能性，还能提高资源配置的效率。
[Abstract]:With the increasing of M & A activities between enterprises, scholars pay more and more attention to the M & A premium which plays an important role in the success rate of M & A. on the basis of summarizing the existing research results of M & A premium. In this paper, M & A premium is divided into asset premium, option premium and synergy premium. This paper studies the present situation of China's M & A market and finds out the deep reasons for the existence of premium in China's M & A market. In order to find the influencing factors of the three types of premiums, based on the theoretical analysis, this paper makes empirical analysis on the sample data, and the results show that the level of asset premium and the weighted return on net assets of the target enterprises. The growth rate of price-to-book ratio and return on net assets is significantly related to the target firm market value; The option premium is significantly correlated with the growth rate of earnings per share, the rate of return on net assets, the asset-liability ratio and the volatility of the target firm market value; The synergistic premium is significantly related to the growth rate of weighted net asset return, price-earnings ratio, net asset return rate, price-to-book ratio and acquisition ratio. The M & A premium is only significantly related to the weighted return on net assets, the growth rate of the rate of return on net assets, the price-to-book ratio and the ratio of assets and liabilities. The historical performance and macroeconomic environment of the target enterprise are added to the model. The results show that the historical performance of the target enterprise will significantly affect the level of M & A premium. In 2008, China's economic stimulus policy significantly increased the level of premium after the financial crisis. In order to study the relationship between the three types of premiums and the overall premium of M & A., the empirical analysis of relevant variables shows that. The three types of premium levels are different, corresponding to the overall premium of M & A. the determinants of the overall premium are also different. Finally, this paper classifies the samples by industry, the results show that the merger and acquisition of industrial enterprises. M & A premium is mainly asset premium, while for non-industrial enterprises, M A premium is mainly option premium. The level of M & A premium in manufacturing industry is significantly related to the return on net assets of target enterprises and the ratio of tradable shares. M & A premium is mainly asset premium, while wholesale retail M & A premium is mainly option premium. Generally speaking, the M & A premium of listed companies in China is mainly composed of asset premium. Therefore, in the future M & A activities in China, M & A parties should pay more attention to the value added brought by call option and synergy. It can not only improve the possibility of M & A success, but also improve the efficiency of resource allocation.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F271

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