我国上市公司并购溢价实证研究

发布时间：2018-01-02 14:13

本文关键词：我国上市公司并购溢价实证研究　出处：《北京化工大学》2012年硕士论文　论文类型：学位论文

【摘要】：并购溢价对于企业并购能否成功意义重大,它有助于并购方对目标公司合理定价,克服并购中的盲目性,它将为公司进行并购定价提供参考,提高并购效率。但国内这方面的研究相对缺乏,所以本文选择上述问题进行探讨和研究。将并购溢价单独作为一个问题来研究,既有理论价值又有现实意义。本文的研究采用常规统计与实证研究方法,首先,对前人的理论成果和经验证据进行了全面而仔细的回顾和梳理,在理论基础和经验证据分析的基础上提出假设。其次,本文对中国大陆沪深两市的上市公司进行了样本的筛选,共有144起并购案例进入样本。最后,在此基础上,对样本数据进行分类常规统计,并且进行描述性统计分析和多元线性回归分析,得出结果。主要结论如下：1、跨行业并购溢价低于同行业并购的溢价。2、股市行情与并购溢价成正相关关系。3、控股权交易的溢价水平高于非控股权交易的溢价水平,即控股权转移与并购溢价正相关。基于上述实证研究结果,本文得出结论：企业并购双方在并购时除了参考不同情况下并购溢价水平,还应该考虑影响公司并购溢价的主要因素包括：是否跨行业并购、目标公司所属行业的净资产收益率、是否控股权转移以及目标公司是否国有控股。最后,根据以上结论,本文结合我国市场现状对相关影响因素进行了解释,并且在论文结尾对进一步研究方向作了必要的说明。
[Abstract]:M & A premium is of great significance to the success of M & A. It is helpful for the M & A parties to price the target company reasonably and overcome the blindness in M & A. It will provide a reference for the M & A pricing. To improve the efficiency of mergers and acquisitions, however, there is a relatively lack of research in this area in China, so this paper chooses the above problems to be discussed and studied. It is of theoretical value and practical significance to study the M & A premium as a separate issue. This paper uses the conventional statistical and empirical research methods, first of all, the previous theoretical results and empirical evidence are comprehensively and carefully reviewed and combed. On the basis of theoretical basis and empirical evidence analysis, the hypothesis is put forward. Secondly, this paper selects samples of listed companies in Shanghai and Shenzhen stock markets in mainland China, and 144 M & A cases enter the sample. Finally. On this basis, the sample data are classified into conventional statistics, and descriptive statistical analysis and multiple linear regression analysis are carried out, and the results are obtained. The main conclusions are as follows: 1, the cross-industry M & A premium is lower than that of the same industry M & A premium. The stock market price has a positive correlation with M & A premium. 3. The premium level in controlling equity trading is higher than that in non-controlling equity transactions, meaning that the transfer of controlling shares is positively related to the premium of mergers and acquisitions. Based on the above empirical research results, this paper draws a conclusion: the M & A premium level of both parties in M & A in addition to referring to different circumstances. The main factors that influence the M & A premium include: cross-industry M & A, the return on net assets of the target company, the transfer of controlling shares and whether the target company is owned by the state. Finally, according to the above conclusions, this paper explains the relevant factors according to the market situation in China, and at the end of the paper, the direction of further research is explained.
【学位授予单位】：北京化工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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