九鼎收购中江地产曲线上市的绩效分析

发布时间：2018-09-02 09:30

【摘要】：近年来,国家相继出台了多项政策支持大众创业,同时,资本市场改革也在不断深化。这些市场环境的变化,为私募股权投资行业在项目投资以及退出渠道方面提供了便利,国内设立的私募股权投资基金数量与募集资金数额也随之不断增长,私募股权投资行业得以快速发展。九鼎投资是我国私募股权投资业的佼佼者,无论是资产总额、投资收益或是其他绩效指标,都位居行业前列。2015年,九鼎投资更是通过收购上市公司中江地产,实现了旗下私募股权投资基金业务的上市。这一并购事件不仅使九鼎投资成为了国内第一家真正意义上在主板市场上市的私募股权投资机构,也开创了私募股权投资项目投资退出的新路径。而国内对于私募上市的研究尚停留在对国外案例的研究上,退出渠道研究方面也颇为重复,在此背景下,本文选取这一案例进行分析,来补充现有研究。本人通过研读之前学者的研究著作,提炼出了学者们关于并购的短期市场绩效、私募上市和退出机制的重要研究结果。在借鉴学者研究成果的基础上,本文结合相关理论与国内私募市场的实际状况,对国内第一例私募上市事件——九鼎投资收购中江地产实现曲线上市的案例,进行了深入剖析。文章首先对案例事件进行了简单介绍,随后运用事件研究法对案例的短期市场绩效进行了实证分析。在实证分析中,不仅对收购公告引起的股价波动进行了分析,也加入了对并购重组后股价波动的研究,以检测双方的并购重组是否能够获得良好的短期市场绩效。最后对案例事件的运作模式进行了详尽的分析,以解释市场对并购事件的反应,并为相关机构与投资者提出建议。研究发现,九鼎投资通过收购中江地产曲线上市这一事件获得了良好的短期市场绩效。收购公告的发布为九鼎带来了短期超额收益,同时,九鼎投资与中江地产之间成功的资产重组同样带来了股价的上扬,为公司股东带来了短期财富效应。但是,此次收购事件可能存在消息走漏的情况。在收购公告前公司股价出现短期大幅上涨,但在临近公告日股价回落,可能是内幕消息获得者希望通过打压股价在收购宣告后获取超额收益。就这方面而言,相关部门应加强对并购重组内幕交易的监管,进行并购重组的企业也应重视双方的资产整合,达到双方协同效应的最大化。文章最后通过对案例并购重组事件运作模式的分析,认为九鼎投资收购中江地产之所以能够取得良好的市场绩效,在于九鼎能够结合自身实力与发展现状,在市场上寻找到了合适的并购标的,并在较短的时间内完成了一系列的资产整合,从而实现了并购双方的共赢。
[Abstract]:In recent years, the country has issued a number of policies to support mass entrepreneurship, at the same time, the capital market reform is also deepening. These changes in the market environment have facilitated the private equity investment industry in terms of project investment and exit channels, and the number of private equity investment funds set up in China and the amount of funds raised have also increased. The private equity industry has grown rapidly. Jiuding Investment is a leader in China's private equity investment industry, leading the industry in terms of total assets, investment returns and other performance indicators. In 2015, Jiuding Investment was even more successful through the acquisition of listed company Zhongjiang Real Estate. The realization of the private equity investment fund business listed. This event not only makes Jiuding investment become the first real private equity institution listed on the main board market, but also opens up a new path for private equity investment projects to exit. However, the domestic research on private equity listing is still focused on the study of foreign cases, and the research on exit channels is also quite repetitive. Under this background, this paper selects this case to analyze to supplement the existing research. By studying the previous works of scholars, I have abstracted the important findings of the scholars on the short-term market performance of M & A, private equity listing and exit mechanism. Based on the research results of scholars, this paper analyzes the first case of private equity listing in China-Jiuding investment acquisition of Zhongjiang real estate curve listing case, combined with the relevant theory and the actual situation of domestic private equity market. This paper firstly introduces the case events, and then analyzes the short-term market performance of the cases by using the event research method. In the empirical analysis, not only the stock price fluctuation caused by the acquisition announcement is analyzed, but also the research on the stock price fluctuation after the merger and acquisition restructuring is added to test whether the merger and acquisition reorganization of both sides can obtain good short-term market performance. Finally, the operating mode of case events is analyzed in detail to explain the market response to M & A events and to provide suggestions for relevant institutions and investors. The study found that Jiuding Investment acquired a good short-term market performance through the acquisition of Zhongjiang real estate curve listing event. The announcement brought short-term excess returns, as well as a successful restructuring between Jiuding and Zhongjiang Real Estate, which also brought about a rise in share prices and a short-term wealth effect for shareholders. However, the acquisition incident may exist a leak of information. The share price rose sharply in the short term before the announcement, but retreated near the announcement date, possibly as insider news winners sought to squeeze shares into excess gains after the announcement. In this respect, the relevant departments should strengthen the supervision of insider trading of M & A restructuring, and the enterprises engaged in M & A and reorganization should also attach importance to the asset integration of both sides so as to maximize the synergistic effect between the two sides. Finally, through the analysis of the operation mode of the case M & A and reorganization incident, the author thinks that the reason why Jiuding's investment and acquisition of Zhongjiang Real Estate can achieve good market performance lies in the fact that Jiuding can combine its own strength with its current development situation. In the market, we find the appropriate target of M & A, and complete a series of asset integration in a short time, thus realizing the win-win situation of both parties.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F299.233.4;F271

【相似文献】