管理团队在特殊目的兼并企业业绩表现中的作用

发布时间：2018-01-14 05:00

本文关键词：管理团队在特殊目的兼并企业业绩表现中的作用　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：特别并购上市公司(SPAC 即:Special Purpose Acquisition Company),由空白支票公司的演变而来,是一种可以让持股人参与私募股权收购交易的工具。简单的说,特别并购上市公司是一个”空壳公司”,它的目的是以IPO(首次公开招股)的方式上市从而筹集合并和收购交易所需要的资金。正如我们会在以下的章节中看到,拥有合并和收购公司经验的人才和投资银行的人员会组建一个管理团队,目的是为了让”空壳公司”上市和融资。随后,管理团队必须在十八到二十四个月之内确定一个可以合并的目标公司。从IPO筹集到的资金直到股东或投资者批准合并,会分开存入到信托账户,并将会投资于无风险证券。合并被批准以后,下一步就是交易的执行,否则信托账户的资金会被返还给投资者。这是为什么SPAC的结构为投资者们提供了一个保护机制。能成功运转整个交易,管理团队的专业素质和声誉的重要性是显而易见的。机构投资者,风险资本家和承销商对IPO定价的影响已经在文学中被广泛讨论过了。但是,没有多少金融文学讨论过公司管理专业性和声誉对定价的影响。2005年,Chemmanur和Paeglis利用管理团队的实力和上市后股票走势之间的关系进行了实证研究。他们的研究证实了高实力的管理团队会得到较高的资本收益、机构投资者更多地参与、较好声誉的承销商、较低的上市成本、以及上市后股票更好的走势。Chemmanur和Paeglis通过看团队的某些特征,比如平均教育水平和工作经验,来衡量团队的实力名誉。他们的研究是针对”普通”公司的IPO定价。但是,一个投资者在他要投资IPO股票的时候,他不只会看管理团队的水平,他也会看公司的经营业绩。所以,这些股票的抑价不止反映了团队的市场价格也反映了公司未来能制造的现金。这种情况是不符合特别并购上市公司的。事实上,一个”普通”公司和一个特别并购上市公司的团队实力对IPO的影响是不一样的。在分析完特别并购上市公司的特点和用处后,本论文的目的是为了解释以上描述的关系。第一个目的是更好的理解管理质量和信誉的市场价值,以及它对IPO定价影响。作为第一步,我将解释管理团队的市场价值体如何现在SPAC的IPO抑价。然后,我将实证调查管理质量和IPO抑价的关系。本论文第二个目的是更好的理解管理质量和SPAC合并成功率的联系。我观察到SPAC的市场价格最主要取决于两个因素：在信托账户的金额数目和管理团队的实力。因此,管理团队的市场价格可以从第一天交易的价格和在信托账户的金额的比例值价格的差价获得。第二,结果表明团队的质量和团员的工作经验会吸引更多的投资者,在IPO时会融到更多的资金。实际上,不是团队本身吸引投资者,而是团队的名誉起了更大的作用。进一步的调查显示,董事会中SPAC管理成员的增加会提高承销商的实力。此外,承销商给的息差会因为管理成员的增加而降低。同样,上市成本也会因为管理成员丰富的工作经验而降低。事实上,由于高质量管理会带来信息不对称的存在,承销商及其他顾问会享受到较低的并购成本。成员丰富的工作经验会让SPAC股票抑价。这个结果和金融文学中得出的结论是一致的。结论中强调IPO股票抑价和管理的实力是成正比的。第三,我发现了团员的工作经验和完成公司合并的时间是成复比的。管理成员的经验越多,他们完成合并的时间就会越少。最后,结论得出抑价和长期的股票走势是成正比的。综上所述,可以总结管理团队工作经验或抑价会正面的影响到合并的成功与否。这一结果再次证明了抑价代表着SPAC的质量。
[Abstract]:In mergers and acquisitions of listed companies (SPAC: Special Purpose Acquisition Company), by the Blank Check Company evolved, is a device that allows shareholders to participate in private equity acquisition tools. Simply put, especially mergers and acquisitions of listed companies is a "shell company", its purpose is to IPO (initial public offering). Listed on the way to raise the funds needed to exchange mergers and acquisitions. As we will see in the following sections, with merger and acquiring company experience talent and investment bank staff will set up a management team, the purpose is to let the "shell company" listing and financing. Then, the management team must determine a merger the Target Corp within eighteen to twenty-four months. From IPO to raise funds to shareholders or investors to approve the merger, will be separated into a trust account, and will invest in no The risk of securities. Merger was approved, the next step is the execution of the transaction, or trust account funds will be returned to investors. This is why provides a protective mechanism of SPAC structure for investors. Successful operation of the entire transaction, the importance of the management team of professional quality and reputation is obviously the institutional investors. And the influence of venture capitalists and underwriters of the IPO pricing has been widely discussed in the literature. However, no company management expertise and reputation effects on pricing.2005 years to discuss how much financial literature, the relationship between Chemmanur and Paeglis between the strength and the trend after the listing of stock management team conducted empirical research. They the study confirmed the high strength of the management team will get a higher return on capital, institutional investors to participate more, better reputation of underwriters, lower costs of listing, And after the listing of the stock trend better.Chemmanur and Paeglis by certain features of the team, such as the average level of education and work experience, to measure the strength of the team's reputation. Their study is IPO for "ordinary" pricing of the company. However, an investor when he wants to invest IPO stock, he will not only see the management team level, he will see the company's operating performance. Therefore, the underpricing of these stocks not only reflects the team's market price also reflects the company's future can be made in cash. This is not consistent with the special mergers and acquisitions of listed companies. In fact, a "normal", and a special merger the team's effect on IPO is not the same. After analyzing the characteristics and special use in mergers and acquisitions of listed companies, the purpose of this thesis is to explain the relationship described above. The first is to better. Understanding of the management of the quality and credibility of the market value, and its impact on IPO pricing. As the first step, I will explain how the market value management team now SPAC IPO underpricing. Then, I will survey the quality of management and the relationship between the IPO underpricing. The second objective is to gain a better understanding of quality management and SPAC with the success rate of contact. I observed that the market price of the SPAC mainly depends on two factors: in the trust account of the amount of the number and the strength of the management team. Therefore, the management team of the market price from the first day trading price and in the trust account of the amount of the proportion of the value price of the second. The results show that, the quality of the team members and working experience will attract more investors, when IPO will melt into more money. In fact, not the team itself to attract investors, but the team's reputation has been more Big role. Further investigation showed that increasing SPAC management board will improve the Underwriters strength. In addition, spreads to the Underwriters will increase because the members of the management and reduce the cost will be listed. Also, because the management members of the rich work experience is reduced. In fact, because of the high quality management will bring the information asymmetry, the Underwriters and other consultants will enjoy lower acquisition costs. Members of the rich work experience will make SPAC underpricing. This result is consistent with the literature and financial results. Conclusion that IPO stock Underpricing and management strength is proportional to the. Third, I found their work experience and complete the merger time is. The more experience than members of the management team, they completed the merger of the less time. Finally, the conclusion of Underpricing and long-term trend of the stock is To sum up, in conclusion, it can be concluded that management team work experience or underpricing will positively affect the success of merger. This result proves that underpricing represents the quality of SPAC.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F272.9;F271;F830.91

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