我国上市公司矿业并购的市场反应研究

发布时间：2018-05-28 09:48

本文选题：矿业并购 + 市场反应　；参考：《中南大学》2013年硕士论文

【摘要】：摘要：从2003年开始,全球矿业进入以中国为代表的新兴国家工业化、城市化进程为驱动力的第三个周期。从2002年以来,全球矿业资本市场兴起一股整合风潮,特别是2007年以来,矿业并购风起云涌,高潮迭起。在全球寻找矿业资源的大潮之中,中国业已成为—个重要买家。我国的矿业并购呈现出纷繁的特点,无论是在并购的动机还是并购的方式上主并企业间都有差异。本文的研究正是在矿业并购的大潮之下,考察我国上市公司矿业并购行为引起的市场反应,以及各类并购交易特征对公司市场表现的影响。本文首先对并购的概念进行了界定,对并购动因和绩效相关的经济学理论进行了综述,并对国内外学者的相关研究成果进行了回顾。然后基于前人的理论和研究成果构建了“M-S-E(并购动因-交易结构-并购效应)”模型。在该模型下采用短期事件研究法考察在上市公司股东进行矿业并购的短期累积超额收益,同时使用方差分析以及多元回归分析的研究方法,分析并购动机、关联交易属性、并购方式、并购矿种以及并购支付方式等因素对市场表现的影响。实证结果表明,在矿业繁荣期,国内并购市场对于矿业并购的反应明显,上市公司进行的并购行为短期绩效改善作用显著,股东能从并购事件中获得平均13.53%的累计超额收益率。从影响并购市场反应的因素来看,战略性并购的市场反应显著高于财务性并购,关联交易的并购事件的市场反应显著高于非关联交易,资产并购的市场反应显著高于股权并购、股权支付的市场反应显著高于现金支付,非金属矿并购的超额收益率略高于金属矿并购,但不显著。基于此研究结论,文章提出了相关建议：矿业并购是企业成长的一个重要方式,企业应该实施与主业相关的战略并购,在进行并购时,企业要精心设计交易结构。
[Abstract]:Absrtact: since 2003, the global mining industry has entered the third cycle of industrialization with urbanization as the driving force in the emerging countries represented by China. Since 2002, there has been a wave of integration in the global mining capital market, especially since 2007, mining mergers and acquisitions have been surging and rising. China has become an important buyer in the midst of a global search for mining resources. The mining M & A of our country presents numerous characteristics, whether in the motive of M & A or in the way of M & A, there are differences between the main and the enterprises. Under the tide of mining M & A, this paper investigates the market reaction caused by mining M & A behavior of listed companies in China, and the influence of all kinds of M & A transaction characteristics on the market performance of companies. This paper first defines the concept of M & A, summarizes the economic theories related to M & A motivation and performance, and reviews the related research results of domestic and foreign scholars. Then the M-S-E (M & A driver-transaction structure-M & A effect) model is constructed based on the previous theories and research results. Under this model, the short-term cumulative excess returns of mining mergers and acquisitions by shareholders of listed companies are investigated by using short-term event research method. Meanwhile, the research methods of variance analysis and multivariate regression analysis are used to analyze the motivation of M & A and the attributes of related transactions. The influence of M & A mode, M & A mineral type and M A payment method on market performance. The empirical results show that in the boom period of mining industry, the domestic M & A market has obvious response to mining M & A, the short-term performance of M & A of listed companies is improving significantly, and shareholders can obtain an average of 13.53% cumulative excess return from M & A events. The market response of strategic M A is significantly higher than that of financial M A, the market reaction of related transaction M A is significantly higher than that of non-affiliated transaction, and the market reaction of asset M A is significantly higher than that of equity M A. The market reaction of equity payment was significantly higher than that of cash payment, and the excess yield of non-metal mining M & A was slightly higher than that of metal mining, but not significant. Based on this conclusion, the paper puts forward some relevant suggestions: mining M & A is an important way for the growth of enterprises, enterprises should implement strategic mergers and acquisitions related to the main business, and enterprises should carefully design the transaction structure when conducting mergers and acquisitions.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.1;F271

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