股权分置改革背景下我国收购公司的并购绩效研究

发布时间：2018-01-16 04:16

本文关键词：股权分置改革背景下我国收购公司的并购绩效研究　出处：《上海师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：自19世纪末起，以美国为主的西方国家主要经历了五次并购浪潮，且规模和强度一次胜过一次。相对于西方国家，我国企业的并购起步较晚，直至1984年才出现真正意义上的中国现代企业并购案。由于历史原因，自1992年以来，我国资本市场上一直存在着流通股和非流通股并存的“二元股权结构”格局，这段时期被称为股权分置时期。股权分置的存在严重扭曲了证券市场的定价机制，使得大股东和小股东获利基础存在差异，掌握了高比例非流通股的大股东很容易侵占中小股东的利益，，阻碍着我国上市公司并购活动的发展。为此，2005年4月我国正式启动了股权分置改革，股权分置改革是我国证券市场发展史上重要的举措，它的实施消除了同股不同价、同股不同利、同股不同权的现象，同时为我国上市公司并购活动的市场化奠定了制度基础。因此，本文以股权分置改革为研究背景，试图研究在股权分置改革背景下，我国上市公司并购前后的绩效发生了怎样的变化，以及股改因素、并购特征等影响因素与绩效变化又有什么样的关系。本文首先采用了会计研究法对股权分置改革背景下收购公司的并购绩效进行实证分析，通过构建一个综合的财务指标体系，借助SPSS统计软件，运用因子分析法对指标体系中所包含的十三个财务指标提取了因子，计算出各年度财务绩效的综合得分后，对并购前后的差异进行了分析；其次，采用了分组检验方法对影响并购绩效的因素进行了一一检验；最后利用回归模型对影响绩效变化的因素做出判断。得到结论为：从长期来看，并购活动并不能为收购公司带来长期绩效的提高，长期绩效改善不明显。其中股改因素与并购绩效存在着显著性相关，但时间越长，效果逐渐减弱，甚至不相关。
[Abstract]:Since the end of 19th century, western countries, mainly in the United States, have experienced five waves of M & A, and the scale and intensity of M & A have been more than one at a time. Compared with the western countries, the M & A of Chinese enterprises started relatively late. It was not until 1984 that there was a real merger of modern Chinese enterprises. For historical reasons, since 1992. In China's capital market, there has always been a "dual equity structure" pattern in which tradable shares and non-tradable shares coexist. This period is called the period of split share structure. The existence of non-tradable shares seriously distorts the pricing mechanism of the securities market. It makes the profit basis of large shareholders and small shareholders different. The majority shareholders who master the high proportion of non-tradable shares easily encroach on the interests of small and medium shareholders and hinder the development of M & A activities of listed companies in China. In April 2005, China officially launched the reform of split share structure, which is an important measure in the history of the development of China's securities market. Its implementation eliminates the different prices of the same shares and different interests of the same shares. The phenomenon of different rights of the same shares, at the same time, has laid the institutional foundation for the marketization of M & A activities of listed companies in China. Therefore, this paper takes the reform of split share structure as the research background and tries to study it under the background of the reform of split share structure. What changes have taken place in the performance of listed companies before and after M & A in China, and what is the relationship between the factors of stock reform and the characteristics of M & A and the change of performance. This paper first uses the accounting research method to analyze the M & A performance of the buy-out company under the background of the split share structure reform, through the construction of a comprehensive financial index system, with the help of SPSS statistical software. The factor analysis method is used to extract the factors from the thirteen financial indexes contained in the index system. After calculating the comprehensive scores of the financial performance in each year, the difference between the pre-merger and post-merger is analyzed. Secondly, the paper uses the method of grouping test to test the factors that affect the performance of M & A. Finally, the regression model is used to judge the factors that affect the performance change. The conclusion is: in the long run, M & A can not improve the long-term performance of the acquisition company. The improvement of long-term performance is not obvious, among which there is a significant correlation between share reform factors and M & A performance, but the longer the time, the effect gradually weakens, even irrelevant.
【学位授予单位】：上海师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F271;F832.51;F224

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