异质机构投资者持股对公司并购绩效的影响

发布时间：2018-07-06 11:08

  本文选题：机构投资者 + 机构投资者异质性　； 参考：《南京大学》2017年硕士论文

【摘要】：当前,世界经济不确定事件、不可预见性风险和多样化的挑战复杂严峻。国内产能过剩和需求结构升级的矛盾仍然突出,经济增长内生动力不强,一些领域金融风险也初现端倪,中国经济面临着一定的下行压力。在这种形势下,调整优化产业结构,加快企业并购重组是中国经济转型的必由之路。中国传统经济以银行渠道的间接融资为主,这种融资方式主要是为成熟、现金流稳定的较大规模企业服务,要想实现创新驱动发展,就必然会出现大部分创新型企业不断涌现和消失,要想继续依靠银行融资已经不再可能,通过股市实现融资便成为创新驱动经济发展、实现"十三五"时期产业结构升级目标的关键途径。随着我国资本市场不断的完善与发展,尤其在国家"超常规发展机构投资者"的政策支持下,机构投资者已经逐渐成为我国资本市场上一股不可忽视的力量。已有大量的文献表明,机构投资者的存在对上市公司的治理以及经营绩效产生了积极影响。本文从企业并购的角度出发,围绕资本市场上机构投资者持股对公司并购绩效的影响这一问题,探讨了不同类型的机构投资者对企业并购绩效的综合影响。关于机构投资者的分类,本文采用从整体到局部,从宏观到微观,循序渐进的研究步骤,先按照机构投资者的类型将其分为独立型和非独立型机构投资者;然后对独立型机构投资者的主要类型——基金,按照投资组合换手率高低分为激进型和稳健型机构投资者,更全面深入地分析了当前我国机构投资者的结构特征。在衡量企业并购绩效时,以企业并购后一年度的净资产收益率ROE作为长期绩效的替代变量,以企业首次宣告并购期间的股价累积超额收益率CAR作为短期绩效的替代变量,从企业内部和外部更全面地研究并购活动对公司发展的影响。在选取2011年至2014年的沪深两市A股上市公司中的成功并购事件为样本,对不同类型机构投资者持股比例与企业并购绩效进行回归分析后,本文得出以下结论:(1)机构投资者持股比例越高,公司并购绩效越好;(2)独立型机构投资者对公司并购绩效的积极影响更为显著,非独立型机构投资者一定程度上对公司并购绩效产生了消极影响;(3)激进型机构投资者相对于稳健型机构投资者对公司并购的绩效影响更为显著。(4)无论是何种类型的机构投资者,都对稳定市场起到了积极的作用。由此可以认为,尽管我国机构投资者发展还很不成熟,跟发达资本市场存在着较大的差距,但是依旧在国内资本市场中发挥着"价值发现"和"稳定市场"两大职能。随着国家相关政策法规制度的进一步完善和健全,相信在不久的将来,我国机构投资者一定会成为资本市场上的中流砥柱,在国家经济转型、企业并购重组的浪潮中发挥关键作用。
[Abstract]:At present, the uncertain events of the world economy, unpredictable risks and the challenges of diversification are complex and severe. The contradiction between domestic overcapacity and upgrading of demand structure is still prominent, the endogenous motive force of economic growth is not strong, and financial risks in some fields are also emerging. China's economy is facing a certain downward pressure. In this situation, adjusting and optimizing the industrial structure and speeding up the M & A is the only way for China's economic transformation. The traditional Chinese economy is dominated by indirect financing through bank channels, which mainly serves large scale enterprises with mature and stable cash flows, in order to achieve innovation-driven development. It is inevitable that most innovative enterprises will continue to emerge and disappear. It is no longer possible to continue to rely on bank financing. Financing through the stock market will become an innovation driving economic development. The key way to realize the target of upgrading industrial structure in the period of the 13th five-year plan. With the continuous improvement and development of China's capital market, especially with the support of the government's policy of "super regular development of institutional investors", institutional investors have gradually become a force that can not be ignored in the capital market of our country. A large number of literatures have shown that the existence of institutional investors has a positive impact on the governance and business performance of listed companies. From the point of view of M & A, this paper discusses the comprehensive influence of different types of institutional investors on corporate M & A performance, focusing on the impact of institutional investor ownership on corporate M & A performance in the capital market. As for the classification of institutional investors, this paper adopts the research steps from whole to local, from macro to micro, step by step, and divides them into independent and non-independent institutional investors according to the types of institutional investors. Then, the main type of independent institutional investors, funds, is divided into radical and robust institutional investors according to the turnover rate of portfolio, and the structural characteristics of institutional investors in our country are analyzed more comprehensively and deeply. When measuring the performance of M & A, the ROE of the year after M & A is taken as the substitute variable of long-term performance, and the cumulative excess rate of return of stock price during the first announcement of M & A is regarded as the substitute variable of short-term performance. To study the influence of M & A activities on the development of the company from both inside and outside. From 2011 to 2014, the successful M & A events of A-share listed companies in Shanghai and Shenzhen stock markets were selected as samples, and the regression analysis was carried out between different types of institutional investors' shareholding ratio and corporate M & A performance. This paper draws the following conclusions: (1) the higher the shareholding ratio of institutional investors, the better the corporate M & A performance; (2) the positive impact of independent institutional investors on corporate M & A performance is more significant. Non-independent institutional investors to some extent have a negative impact on corporate M & A performance; (3) radical institutional investors have more significant impact on corporate M & A performance than robust institutional investors. (4) regardless of the type of institutional investors, Both have played a positive role in stabilizing the market. It can be concluded that although the development of institutional investors in our country is still immature and there is a big gap with the developed capital market, it still plays the two functions of "value discovery" and "stable market" in the domestic capital market. With the further improvement and perfection of the relevant national policies and regulations, I believe that in the near future, the institutional investors in our country will certainly become the mainstay of the capital market and transform in the national economy. The wave of M & A plays a key role.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F275
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本文编号：2102585