中国上市公司连续并购的市场反应研究

发布时间：2018-01-06 19:00

本文关键词：中国上市公司连续并购的市场反应研究　出处：《东华大学》2012年博士论文　论文类型：学位论文

【摘要】：近年来我国并购市场迅速发展,上市公司并购交易日趋活跃。不仅市场内整体并购交易的数量快速递增,单个上市公司并购交易的频率也显著提升。例如,亚泰集团(600881)在1998—2002这短短五年间进行了11起并购交易。可以说,在整体经营发展规划的大方向下,并购已成为中国上市公司的一种常态化资本运作手段,而表现出连贯性与持久性。正因为我国并购市场内上市公司呈现出由单次并购向连续并购转变的趋势性新特征,而过去对单次并购的研究成果无法简单套用于连续并购,使得上市公司的连续并购成为我国资本市场值得研究的新现象。虽然国外学者已经注意到连续并购的新趋势并加以研究,但其视角主要放在上市公司管理层上。而国内学者则还没有展开对于连续并购的研究。因此,研究上市公司连续并购及其资本市场反应的意义在于：其一,可作为单次并购研究的补充,进一步扩充现有并购研究的相关理论；其二,可更为合理、准确的解释当前资本市场的连续并购现象；其三,可为上市公司并购战略的制定、市场投资者心理与行为研究提供一些考量依据。本文以上市公司连续并购为切入点,研究基于连续并购所引发的市场反应行为。文章的主要研究工作如下：第一,内涵研究——针对本课题研究目标,本文首先对连续并购和市场反应的内涵进行分析。一方面,本文分别从理论和实证两个视角对连续并购内涵加以区分。另一方面,文章将连续并购的市场反应与以往研究中将公司经营业绩波动作为市场反应加以区别。第二,影响因素研究——本文围绕所研究核心问题,分别从投资者行为、交易方式与双方特征、并购方管理者行为、并购行业与产业特点以及政府干预等五方面着手,针对上市公司的连续并购交易,对可能造成市场反应波动的各类因素进行区分和梳理。第三,构建短期市场反应模型——本文以传统行为金融学的DHS模型为原型,从上市公司连续并购的角度出发,获得了针对上市公司连续并购的修正DHS市场反应模型——Φ—DHS市场反应模型第四,连续并购短期市场反应实证研究——本文以中国上市公司在2000年至2009年间所进行的并购交易为样本,对Φ—DHS市场反应模型和部分关键因素进行实证检验。第五,长期市场反应模型的构建——在短期市场反应研究结论的基础上,本文以动态面板数据模型为基础构建针对较长时间区间内的上市公司连续并购行为的市场反应理论模型——SYS GMM—市场反应模型。第六,连续并购长期市场反应实证研究——本文利用中国上市公的样本数据对SYS GMM一市场反应模型加以检验,并进一步对实证结果做预测分析。结合所获得的研究结论,本文的创新点在于第一,本文摆脱了单次并购的束缚,选择以中国并购市场发展的新趋势——连续并购为研究主题,探讨了现实意义下连续并购广义与狭义的内涵。第二,有别于国外学者普遍以管理层为视角的研究方式,本文从资本市场投资者的新角度对连续并购展开探索,从而进一步扩充了连续并购的相关理论成果和实证结论。第三,针对连续并购阶次的不断提高,资本市场投资者的心理偏差及其影响因素均发生变化,本文将连续并购的市场反应细分为短期反应与长期反应,并分别构建了有针对性的模型——Φ-DHS市场反应模型与SYS—GMM市场反应模型。第四,本文对Φ—DHS市场反应模型与SYS—GMM市场反应模型进行实证检验。所获结论对于中国上市公司并购策略的规划与预期,投资者心理与行为的研究都有一定的指导意义,因此本研究课题具有较好的现实价值。文章综合利用多种分析方法,较为全面的对中国上市公司连续并购的短期、长期市场反应进行实证检验。研究发现：(1)中国上市公司的连续并购行为存在规律性；(2)市场受到多种心理偏差影响,并具备一定学习能力；(3)市场对上市公司连续并购的反应具有长期性特点。
[Abstract]:In recent years, China's rapid development of the market mergers and acquisitions, mergers and acquisitions of listed companies has become increasingly active in the market. Not only the overall number of transactions increased rapidly, mergers and acquisitions of listed companies a single frequency is also significantly improved. For example, Yatai group (600881) 1998 - 2002 in such a short span of five years between the 11 M & A transactions. It can be said that in the direction of overall business development planning, mergers and acquisitions of listed companies has become China a normalization of means of capital operation, and showed consistency and persistence. Because of mergers and acquisitions in China market listed companies show the new features of the trend changes from single to continuous mergers and acquisitions, the past research results of a single acquisition can not be simple for continuous mergers and acquisitions of the listed companies has become a new phenomenon of continuous mergers and acquisitions in China's capital market.
Although foreign scholars have paid attention to the new trend of continuous acquisition and study, but their perspective on the management of listed companies. The domestic scholars did not work for the study of continuous mergers and acquisitions of listed companies. Therefore, continuous mergers and acquisitions and capital market reaction significance lies in: first, can be used as a single study on mergers and acquisitions, further expansion of the existing theories of MampA research; second, can be more reasonable and accurate interpretation of the continuous phenomenon of mergers and acquisitions in the capital market; thirdly, to develop strategic mergers and acquisitions of listed companies, the market investment of psychology and behavior to provide some basis.
Based on the continuous merger and acquisition of listed companies, this paper studies the market reaction induced by continuous merger and acquisition. The main research work of this article is as follows:
First, according to the research target of the study content, this paper firstly discusses the connotation of continuous mergers and acquisitions and market reaction were analyzed. On the one hand, this paper from the two perspectives of theoretical and empirical analysis about the connotation of continuous acquisition of distinction. On the other hand, the market reaction will be continuous mergers and acquisitions with previous research in the operating performance of the company as the market fluctuation the reaction to be distinguished.
Second, study on the influence factors of this paper -- around the core research, separately from the investor behavior, and the characteristics of transactions, mergers and acquisitions management behavior, mergers and acquisitions and industry characteristics of the industry and government intervention in five aspects, for the continuous acquisition of listed companies, trading, classify and sort of all kinds of factors that may cause fluctuations in the market reaction.
Third, build a short-term market reaction model. Based on the traditional behavioral finance DHS model, from the perspective of continuous mergers and acquisitions of listed companies, we get a modified DHS market reaction model for listed companies, namely, the DHS market reaction model.
Fourth, the empirical research of continuous M & a short term market reaction. This paper takes the M & A transactions between Chinese listed companies from 2000 to 2009 as the sample, and carries out an empirical test on the DHS market reaction model and some key factors.
Fifth, build long-term market reaction model based on short-term market reaction -- Study on the dynamic panel data model as the theoretical foundation of model of market reaction for long time interval of Listed Companies -- SYS GMM continuous mergers and acquisitions market reaction model.
Sixth, empirical research on the long-term market reaction of continuous mergers and acquisitions. Based on the sample data of Chinese listed companies, we test the market reaction model of SYS GMM, and further predict and analyze the empirical results.
In combination with the conclusions obtained, the innovation points of this paper are
First, this article breaks away from the constraints of single acquisition, chooses the new trend of China's M & a market development -- continuous M & A as the research topic, and discusses the connotation of continuous acquisition in broad sense and narrow sense in the sense of reality.
Second, it is different from foreign scholars' research methods from the perspective of management. This paper explores the continuous M & A from the new perspective of capital market investors, and further expands the relevant theoretical achievements and empirical conclusions of continuous mergers and acquisitions.
Third, in order to continuously improve the continuous mergers and acquisitions, and the influence factors of psychological deviation of investors in the capital market have changed, the market reaction will be subdivided for short-term continuous mergers and acquisitions and long-term reaction reaction, and builds the market - with -DHS reaction model and SYS GMM model of market reaction.
Fourth, the Phi - DHS market reaction model and SYS - GMM market reaction model for empirical analysis. The conclusions for the planning and strategy of mergers and acquisitions of listed companies is expected to China, have a certain guiding significance for the research on investor psychology and behavior, so this research has practical value is good.
Using a variety of analytical methods in this paper, the more comprehensive of the China listed companies merger short-term, long-term market reaction for the empirical test. The study found that: (1) the regularity of the continuous mergers and acquisitions of listed companies China; (2) market by the various influence of psychological deviation, and have certain learning ability; (3) market the listed company merger is a long-term continuous reaction.

【学位授予单位】：东华大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F271;F224;F832.51

【引证文献】