上市公司重大资产重组中发行股份购买资产定价研究

发布时间：2018-01-09 18:02

本文关键词：上市公司重大资产重组中发行股份购买资产定价研究　出处：《中央民族大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国重大资产重组始于1993年,经近二十年发展,上市公司重大资产重组数量陡然直上,形式日趋多样,涉及金额越来越大。2009年度沪深两市共计57家上市公司获中国证监会批准进行重大资产重组。其中,发行股份购买资产家数占比为87.71%,发行规模占比为74.79%,平均交易规模达到20亿左右。可见,发行股份购买资产已成为重大资产重组的主导方式,股份支付的手段创新给重大资产重组打开了新的空间。发行股份购买资产的重大资产重组交易中,资产定价是最核心的问题。它所涉及到的定价机制、定价公允性、利益分配等问题,都是决定交易是否成功的关键因素。因此,研究重大资产重组中发行股份购买资产定价,对确保资产重组的顺利进行、维护交易双方或新老股东的利益、提高资本市场的交易效率具有重要的意义。基于上述观点,本文以定价为契机,主体由定价机制、定价影响因素和定价合理性这三大问题支撑,主要研究和创新工作如下： (1)将定价机制划分为四个阶段按照价格／价值变动(即由标的资产的账面价值、标的资产的资产评估值、标的资产的交易价格、拟发行股票的价格、最终股份发行价)过程,将重大资产重组中发行股份购买资产定价划分为四个阶段,分别是：资产评估、交易定价、股票定价、发行调价。对每一阶段中定价日期、定价方法、及其评价指标详细论述,为重组资产定价的实务操作提供了现实指导。 (2)新增三个变量进行交易价格影响因素实证研究以往重组资产定价影响因素研究集中在重组方式、评估方法、关联交易对交易价格的影响。本文实证研究中新增重组动因、上市公司、国有控股三个变量,经非参数检验和回归分析得出上市公司和国有控股对交易价格呈显著负相关关系,进一步完善了重大资产重组的交易价格影响研究。 (3)修正交易定价合理性评价指标——股价变动率本文沿用“若股价变动率为正数,则视重大资产重组中发行股份购买资产定价合理”的判定方法,在股价变动率上做了相关修正,主要表现在两个方面：一是,选取了短期股价变动率和长期股价变动率两个指标,并认为仅当资产重组效应带来的长短期股价变动率同时为正数时,交易定价才合理；二是,重大资产重组股价变动,主要来自资产重组效应和同期大盘变动这两股推动力,选取资产重组效应带来的股价变动率(即；重组上市公司的股价变动率减同期大盘变动幅度的结果)作为判定指标。
[Abstract]:China's major asset restructuring began in 1993, after nearly 20 years of development, the number of major asset restructuring of listed companies has increased sharply, and the forms are becoming more and more diverse. A total of 57 listed companies in the Shanghai and Shenzhen stock markets were approved by the CSRC to carry out major asset restructuring in 2009. Among them, the number of assets purchased by issuing shares accounted for 87.71%. The proportion of issuance scale is 74.79 and the average transaction scale is about 2 billion. It can be seen that issuing shares to purchase assets has become the dominant way of major asset restructuring. The innovation of means of share payment opens up new space for major asset reorganization. Asset pricing is the core issue in the major asset restructuring transactions in which shares are issued to purchase assets. It involves pricing mechanism, pricing fairness, benefit distribution and so on. Therefore, studying the pricing of asset purchase by issuing shares in major asset restructuring will ensure the smooth progress of asset restructuring and safeguard the interests of both sides of the transaction or new and old shareholders. It is of great significance to improve the trading efficiency of the capital market. Based on the above views, this paper takes pricing as a turning point, the main body is supported by pricing mechanism, pricing influence factors and pricing rationality. The main research and innovation work is as follows: The pricing mechanism is divided into four stages Change in price / value (i.e. book value of the underlying asset, valuation value of the underlying asset, transaction price of the underlying asset, price of the stock to be issued, and final issue price of the shares). This paper divides the pricing of issue and purchase assets into four stages: asset evaluation, transaction pricing, stock pricing, issue price adjustment, and pricing dates and pricing methods in each stage. And its evaluation indexes are discussed in detail, which provides practical guidance for the practical operation of asset restructuring pricing. 2) empirical study on the influencing factors of transaction price by adding three new variables In the past, the research on the influencing factors of recombination asset pricing focused on the restructuring methods, evaluation methods and the impact of related party transactions on the transaction price. In this paper, three variables are added to the empirical study: restructuring motivation, listed companies, and state-owned holding. By non-parametric test and regression analysis, it is concluded that there is a significant negative correlation between the listed company and the state-owned holding, which further improves the research on the transaction price impact of major asset restructuring. Revised Index of rationality Evaluation of transaction pricing-rate of change in Stock Price This paper adopts the method of "if the rate of change of stock price is positive, then considers the pricing of the issue of shares to be reasonable in the recombination of major assets", and makes some relevant amendments to the rate of change of stock price, which is mainly manifested in two aspects: First, the short-term and long-term stock price change rate are selected, and it is considered that the transaction pricing is reasonable only if the long-term and short-term stock price change rate brought by the asset restructuring effect is both positive. Second, the major asset restructuring stock price changes, mainly from the asset restructuring effect and the same period market changes these two driving forces, select the asset restructuring effect brought about by the stock price change rate (that is; The recombination listed company's stock price change rate minus the same period big market movement range result) as the judgment index.
【学位授予单位】：中央民族大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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