中国企业海外并购的绩效评价及其影响因素

发布时间：2018-01-11 10:24

本文关键词：中国企业海外并购的绩效评价及其影响因素　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济的快速增长，近年来中国上市公司作为收购方的跨境并购数量与日俱增。但是由于绝大多数的此类并购发生在2007年金融危机之后，这方面的研究还很不充分。本文收集了金额大于1000万美元，在2000年至2012年间首次公告并已成功完成的中国上市公司跨境并购交易。运用累计超额收益衡量跨境并购业绩，并通过事件研究的方法，本文对以下两方面的问题进行了研究：1）跨境并购对收购方股东来说，是创造价值还是摧毁价值；2）跨境并购业绩的影响因素有哪些。对于第一个问题，，本文的实证研究发现，收购方股票的累计超额收益在多个事件窗口显著为正，而累计超额收益在公告日达到最大值说明可能存在并购信息提前泄露的问题。但是在同时考虑了累计超额收益和收购方并购前的市值两个因素后，中国上市公司的跨境并购对其股东来说是摧毁价值的，这表明较大市值收购方的累计超额收益更可能为负，而较小市值收购方的累计超额收益更可能为正。对于第二个问题，本文的实证研究发现，跨境并购的累计超额收益同收购方的财务杠杆、流动负债与总资产的比例，权益净利率显著正相关，而同收购方的流动比率、速动比率、自由现金流显著负相关。这一结果表明当收购方存在较大比例的负债，特别是流动负债融资时，未来还本付息的压力会使收购方的管理层在进行跨境并购时更加谨慎。债务能够对收购方管理层起到一定的监督作用，在一定程度上缓解委托代理问题。
[Abstract]:With the rapid growth of economy, the number of cross-border mergers and acquisitions of Chinese listed companies as buyers has been increasing. However, most of such mergers and acquisitions took place after the 2007 financial crisis.
This paper collected amount is greater than $10 million, for the first time the announcement and have been successfully completed in the period from 2000 to 2012 Chinese listed companies in cross-border acquisitions. By using the cumulative abnormal return to measure the performance of cross-border mergers and acquisitions, and through the method of event study, this paper in the following two aspects are studied: 1) cross-border mergers and acquisitions for the acquirer shareholders. Is to create or destroy value value; 2) what are the factors that affect the performance of cross-border mergers and acquisitions.
For the first question, this paper discovers that the acquirer stock cumulative abnormal return in the multiple event window is significantly positive, while the cumulative excess return on the announcement day reached the maximum value of mergers and acquisitions that there may be a problem of information leak. But after considering the cumulative abnormal return and the buyer before the acquisition of the market value of two a factor, Chinese cross-border mergers and acquisitions of listed companies is to destroy the value of shareholders, which indicates that the cumulative excess return large capitalization acquirers are more likely than small market value is negative, and the cumulative excess return the acquirer may be more positive.
For the second problem, this paper discovers that the financial leverage of cross-border mergers and acquisitions of the cumulative excess return with the acquirer, the proportion of total assets and current liabilities, was positively related to net interest rates, while the acquirer's liquidity ratio, quick ratio, free cash flow is negatively correlated. The results show that when the acquisition there are a large proportion of the debt, especially short-term debt financing, the future debt service pressure will make the management buyout more cautious in cross-border mergers and acquisitions. Debt to a supervisory role of the acquirer management, ease the principal-agent problem in a certain extent.

【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F279.23

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