并购类型、管理者过度自信与并购绩效

发布时间：2017-12-27 18:40

本文关键词：并购类型、管理者过度自信与并购绩效　出处：《华侨大学》2016年硕士论文　论文类型：学位论文

【摘要】：“并购”是当前证券市场上的热门话题,在经济“新常态”的今年,并购重组依旧是两市中耀眼的“明星”之一。虽然当前对并购绩效的研究已取得丰硕成果,但基于并购短期市场反应与长期绩效对并购事件反映的差异性、并购类型对此差异性的影响、以及管理者过度自信对并购类型与并购绩效关系的调节却鲜有涉及。本文以2009-2011年的并购事件为基础,收集其并购当年、并购后三年的样本数据(数据涵盖期间2009-2014年),采用T检验、多元回归等方法进行实证检验。首先,探究并购短期市场反应和长期绩效对并购事件的反映是否具有差异性;其次,研究并购类型对这种差异性的影响;最后,立足行为金融视角,重点讨论管理者过度自信对并购类型与并购绩效关系的影响。此外,本文还尝试引入并购对赌协议的签署及目标公司的上市属性对并购长期绩效的影响,以丰富以往研究。实证检验结果表明:(1)并购短期市场反应与长期绩效对并购事件的反映具有差异性:并购能引起显著的短期市场反应,产生正的平均累计超额报酬率Car,而并购完成后的长期绩效呈现出先降后升的趋势;(2)并购类型对短期市场反应与长期绩效影响的差异性表现在:并购短期市场反应不会因并购类型的不同而产生显著差异,而相关并购的长期绩效显著优于非相关并购,且这种作用主要体现在并购完成后的第二与第三年;(3)管理者过度自信对并购类型与并购绩效间的关系具有一定调节作用,具体表现在:管理者过度自信显著提高非相关并购的短期市场反应,却显著降低了并购长期绩效,且管理者过度自信对非相关并购长期绩效的降低程度远大于相关并购,对样本进行分年度划分,发现管理者过度自信对并购类型与长期绩效的影响不因并购完成时间的长短而有所差异;(4)目标公司的上市属性能够显著提高并购长期绩效;而本文未能证实并购对赌协议的签署能起到并购后绩效激励的作用。最后,针对文章实证结果及实际情况,分别从宏观、中观、微观三个角度提出建议。本文分析了并购短期市场反应与长期绩效对并购事件反映的差异性,基于并购类型,同时探究了管理者过度自信对并购绩效的调节作用,且于研究中尝试性分析并购对赌协议的签署以及目标公司的上市属性对并购绩效的影响,不仅丰富了以往的研究,且对并购市场有一定借鉴意义。
[Abstract]:"Merger and acquisition" is a hot topic in the current securities market. In the "new normal" economy this year, M & A is still one of the dazzling "stars" in the two cities. Although the current study on the performance of mergers and acquisitions has achieved fruitful results, but the difference of acquisitions of short-term market reaction and long-term performance of mergers and acquisitions, mergers and acquisitions events reflect this type of influence, difference and management based on overconfidence regulation on the relationship between the type of M & A and M & A performance rarely involved. Based on 2009-2011 years' Merger and acquisition events, we collected sample data of the three years after the merger and acquisition (data covering 2009-2014 years), and used T test and multiple regression to conduct empirical tests. First of all, to explore whether to reflect the merger events have different acquisitions of short-term market reaction and long-term performance; secondly, effects of merger type for this difference; finally, based on the behavioral finance perspective, focusing on the effect of Managerial Overconfidence on the relationship between the type of M & A and M & a performance. In addition, this paper also attempts to introduce the signing of M & A and the impact of the listed properties of Target Corp on the long-term performance of M & A, so as to enrich the previous research. The empirical results show that: (1) with differences reflect the merger short-term market reaction and long-term performance of mergers and Acquisitions: mergers and acquisitions can lead to short-term market reaction was positive, the average cumulative abnormal return rate of Car, while the long term performance after the completion of the show first and decreased later; (2) difference effect of merger type on short-term market reaction and long-term performance in mergers and Acquisitions: short-term market reaction will not produce significant differences due to different types of mergers and acquisitions, and long-term performance related to mergers and acquisitions is significantly better than non related mergers and acquisitions, and this effect is mainly reflected in the completion of the acquisition of second and third years; (3) managers'overconfidence has a moderating effect on the relationship between the types of merger and acquisition performance, specific performance in: Overconfidence significantly improve the short-term market reaction of non related mergers and acquisitions, but significantly reduced the long-term performance of mergers and acquisitions Effect, and reduce the degree of overconfidence on non related M & a performance is far greater than the related merger, the samples were divided into the year, found that the managerial overconfidence type of MampA and long-term performance of the influence of the length of time to complete the merger vary; (4) the listed property of Target Corp can significantly improve the long term this paper did not confirm the performance; and signed the merger on the gambling agreement can play a role in post merger performance incentive. Finally, in view of the empirical results and the actual situation, the suggestions are put forward from three perspectives, macro, medium and micro. This paper analyzes the difference between the acquisition of short-term market reaction and long-term performance of mergers and acquisitions reflect, based on the type of MampA and also explores the managerial overconfidence on the performance of mergers and acquisitions regulation, and research to analysis of the impact of the property listed merger and Target Corp signed an agreement on gambling on the performance of mergers and acquisitions, not only enrich the past in the study, and have certain reference significance to the merger and acquisition market.
【学位授予单位】：华侨大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F271

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